KW 32: MicroStrategy CEO Michael Saylor stands by Bitcoin investment, Cardano’s ADA surges as much as 22% after creator stokes hopes its smart-contract update is imminent, First „green“ Bitcoin ETF launches in Brazil

NEWS

MicroStrategy CEO Michael Saylor stands by Bitcoin investment: Tesla first announced its billion-dollar investment in Bitcoin in the spring, but a few months later voiced its concerns about the high power consumption involved in mining the cryptocurrency. Entrepreneur Michael Saylor also invested in Bitcoin with his software company MicroStrategy, and he is not thinking of selling. Saylor said the company will continuing buying more of the volatile asset amid strong support from institutional investors. Everyone is talking about the cryptocurrency, with rumors surfacing that Apple could be adding billions in Bitcoin to its balance sheet and that Amazon is preparing to accept Bitcoin as payment for its goods and services – although both of these rumors are still unconfirmed. As of June 30, MicroStrategy owns about 105,085 bitcoins. Saylor recently learned that a rapid drop in the price of Bitcoin can be problematic for companies. But he defended his enterprise software company’s debt-financed purchases of Bitcoin, telling CNBC he sees buying the cryptocurrency right now as comparable to investing in Facebook in the social network’s early days.
forbes.com, cointelegraph.com, cnbc.com

Cardano’s ADA surges as much as 22% after creator Charles Hoskinson stokes hopes its smart-contract update is imminent: Input-Output Hong Kong (IOHK) is a blockchain infrastructure research and engineering company behind the development of the proof-of-stake Cardano (ADA) platform. Cardano’s native token ADA shot up as much as 20% early Wednesday after its creator Charles Hoskinson stoked hopes that a much-anticipated update is imminent. Hoskinson, who is CEO of Cardano’s developer Input Output HK, said Tuesday he will reveal the date of the final release of the alonzo update on Friday. The Cardano network’s alonzo upgrade will incorporate more-advanced smart contracts and decentralized finance, or DeFi, applications to the blockchain. The „alonzo purple“ hard fork release is the final step in a multi-stage process, and it could help Cardano match the bigger ethereum network in incorporating smart contracts.
markets.businessinsider.com

First „green“ Bitcoin ETF launches in Brazil: BITH11, a new exchange-traded fund (ETF) launched in Brazil by crypto-focused alternative investment firm Hashdex Asset Management, claims to be the country’s first “green” Bitcoin ETF. The fund plans to neutralize its associated carbon emissions through purchasing carbon credits. To meet the ETF’s objectives, Hashdex has partnered with Germany’s Crypto Carbon Ratings Institute, which will produce annual reports estimating the energy consumption and carbon emissions underpinning the creation of Bitcoin (BTC) acquired by the fund. The ETF is currently aiming to invest 0.15% of its liquid assets into carbon credits and eco-friendly technologies every year. The fund was launched on the B3 Brazilian Stock Exchange late last week under the ticker BITH11.
cointelegraph.com

Poly Network hacker appears ready to return stolen funds: Following a massive $600-million exploit of cross-chain protocol Poly Network, the Poly Network hacker has claimed his willingness to return the stolen cryptocurrency funds. On Wednesday, the hacker sent an Ethereum transaction to themselves, stating that they were “ready to return the fund” in an embedded transaction message. In a subsequent message, the hacker asked for a multisig wallet address to return the funds to Poly Network. “Failed to contact the poly. I need a secured multisig wallet from you,” the hacker noted. Poly Network’s Twitter account posted an update on Wednesday, providing three separate wallet addresses intended for the hacker to send the stolen funds back to the network. “We are preparing a multisig address controlled by known Poly addresses,” Poly Network noted in a message embedded to an Ethereum transaction to the hacker’s address.
cointelegraph.com

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PayPal: Online payment service wants to expand its team with over 100 blockchain experts news.bitcoin.com
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NUMBER OF THE WEEK

According to the German federal association for information technology, telecommunication and new media (BITKOM), the German economy suffers a total annual loss of 223 billion euros as a result of theft, espionage and sabotage.
tagesspiegel.de

BACKGROUND

Ethereum supply flips briefly into deflation as gas fees spike: The theoretical deflationary properties of Ethereum’s London upgrade last week have already been seen in action on the blockchain, with almost 800 “deflationary blocks” produced. A spike in the Ethereum transaction fee burn rate has resulted in at least two hours when the supply was deflationary. The network has come under heavy load over the past couple of days, which has resulted in a lot more gas being burnt. As of 22:00 UTC, ETH Burn Bot recorded an instance when 545 Ether (ETH) was burned within a one-hour period. With Ethereum issuance reported at 532 ETH per hour, it resulted in the asset seeing deflation of minus 13 ETH for that brief period. A larger deflationary burn was detected by ETH Burn Bot a couple of hours later, in which 945 tokens were burned within the hour resulting in a temporary negative issuance of -417 ETH. It calculated this as an annualized deflation rate of -3.12%. When the amount of ETH burned is greater than the mining reward, deflationary blocks are produced and the supply temporarily decreases.
cointelegraph.com

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YouTube superstar KSI dropped the mic: ‘Bitcoin is the future’: British YouTuber and rapper KSI revealed that he is a strong supporter of Bitcoin. According to him, the primary cryptocurrency represents the future, and holders would profit in the next years. The 29-year-old rapper and YouTube star believes that the primary virtual currency is the right investment instrument for the long term. According to him, people who have allocated some of their wealth in it would “be laughing” in 10 years. Subsequently, KSI compared BTC to fiat money and gave his preference to the virtual asset. He reminded that while traditional currencies are inflationary, bitcoin’s amount is set, and “that has value.”
cryptopotato.com

QUOTE

„Tesla is a technology company, but it’s not just one technology company.“
Investor Cathie Wood.
marketwatch.com

BLOCKBUG

Eleven-year-old camps out for 500 days and collects donations for a hospice: Max Woosey has woken up in his tent in the depths of winter, teeth chattering, his sleeping bag and blankets coated with frost. The 11-year-old was almost tempted indoors one night when his tent blew down in a storm but he repitched and carried on. On Tuesday night Max, from Braunton in north Devon, will enjoy his 500th consecutive night camping out, an adventure that has raised more than £600,000 for charity. The Woosey family saw first-hand how the support of North Devon hospice helped their neighbor, Rick Abbott, remain in his own home and, just before he died, Abbott gave Max his tent and told him to have an adventure with it. When the first national lockdown was announced in March 2020 and it became clear the hospice would suffer a financial hit, Max decided to do a fundraising camp out until lockdown was over.
theguardian.com

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