26 May 2022
A free bitcoin pizza stall were among the treats available
for attendees this year where blockchain and cryptocurrency firms took over its main street.
Why pizza
It was on May 22 that Laszlo Hanyecz used the crypto currency BTC to buy two pizzas from Papa John’s in Florida, in 2010. Hanyecz paid 10,000 BTC, then worth $41, to buy the pizza. It was the first commodity to be bought with this digital currency. Today, the value of 10,000 BTC is around USD 300 million. This is after the recent plunge in the market value of cryptocurrencies.
Cryptos had shed around USD 800 billion in market value as of May 2022. Several crypto currency companies, nevertheless have taken promotional space at Davos overshadowing bigger institutions like Bank of America.
But then that is the controversy Bitcoins and
Cryptocurrencies inherently bring.
Controversies
China has cracked down on cryptocurrencies with increasing
intensity throughout 2021. While cryptocurrency exchanges are legal in the
United States, the US Treasury has emphasized an urgent need for crypto
regulations to combat global and domestic criminal activities.
Experts believe it is likely that paper money will disappear
someday. Experts believe the rails of payments, remittances and many other
areas of the financial services industry will be re-architected to be more
efficient, cheaper and with fewer gatekeepers. They say blockchain technology
seems to be a step in this direction.
Adam Neumann, infamous for running his startup
WeWork into loss has returned with a new startup idea in cryptocurrency called
Flowcarbon. And the company has already raised a total of USD 70 million in
venture capital funding and sale of its carbon-backed token.
Amidst all this, European Central Bank President
Christine Lagarde said Bitcoin and other cryptocurrencies are “worth nothing.” Lagarde
opined that cryptos should be regulated to protect inexperienced investors.
India’s policy
India has not always been much accommodative, and RBI governor Shaktikanta Das on May 23, 2022
made it clear once again.
“We have been cautioning against crypto and look at what has
happened to the crypto market now. Had we been regulating it already, then
people would have raised questions about what happened to regulations,"
Das told CNBC TV18.
“This is something whose underlying (value) is nothing. There are big questions on how do you regulate it. Our position remains very clear, it will seriously undermine the monetary, financial and macroeconomic stability of India," the RBI Governor added. ~
*Excerpts from Business Standard, Forbes, CNBC.
Infyni invites everyone to a free webinar on Saturday May 28, 2022 to hear our expert discuss Blockchains & Cryptocurrencies. More details at https://infyni.com/users/webinar_course_details/653/blockchain-cryptocurrency-future-prospects/
Anjana Das
About Author
I handle all content for infyni. My writing career started as a foreign correspondent in Cairo, Egypt and through 12 years I wrote business articles, travel and feature stories on Europe, Middle and Far East. I grew up in West Africa, completed my Masters in Dentistry after which I taught and practiced. For the last 22 years, I have been devoted to writing & teaching young adults in Egypt, Malaysia, and now India.
