BitcoinBites: 5 BTC stories you should know – December 22nd, 2021
Bitcoin will 'replace the US Dollar' - Jack Dorsey made a radical prediction as the price suddenly surges, boosting Ethereum
Former Twitter chief executive Jack Dorsey, who recently quit the social media giant he cofounded to grow his payments company, has predicted bitcoin will eventually replace the U.S. dollar.
The bitcoin price, having surged over the last 12 months, has fallen back in recent weeks, losing more than 30% of its value in just over a month. The recent bitcoin price collapse has also hit the ethereum price, which is down almost 20%.
Bitcoin leaped higher shortly after Dorsey's tweet, however, reversing a downward trend over the last few days that added 5% to the bitcoin price over the last 24 hour period and boosting the ethereum price and wider crypto market.
An employee embezzled $154 million from Sony then converted it to Bitcoin - now the Feds are trying to return it
The US Justice Department is trying to return more than $150 million that was embezzled from a Sony subsidiary and converted into bitcoin.
In May, a worker at Sony Life Insurance Company in Tokyo allegedly diverted $154 million to a personal account at a Southern California bank when the company was instead trying to transfer the funds between financial accounts, according to a Monday press release from the US Justice Department.
The worker, identified as Rei Ishii, then converted the money to bitcoin, the release said.
Law enforcement from the US and Japan eventually found the "private key," or password, to the bitcoin address that held the 3,879 bitcoin tokens — now worth more than $180 million — and seized the funds on December 1.
Metamining uses an innovative cooling solution to make Bitcoin mining farms viable in the middle east
Metamining is a Bitcoin mining operation that spans over 30,000 machines securing the network and collecting BTC block rewards. The operation resides across the Middle East, benefiting from affordable electricity. However, these units do not require air conditioning but are kept cool through a “water curtain” system that is six times more power-efficient.
The company has announced that it evolved into one of the most profitable Bitcoin mining operations worldwide. combined with the Middle East’s affordable electricity rates and a new partnership to finance development and IPO structuring assistance, pave the way for even better things in the future.
An operation on this scale requires future expansion opportunities and solid maintenance. Metamining founder and engineer Sarah Sacrispeyre has come up with a solution to make that possible. Through a modular approach, she is able to save costs and enhance overall maintenance and efficiency to current operations while still allowing for future expansion.
First mover Asia: Asia bump sends Bitcoin over $49K
After a price bump during Asian hours, bitcoin was well above the $48,000 level for all of Tuesday after the opening of U.S. markets. At the time of publication, bitcoin had soared beyond the $49,000 threshold.
While bitcoin sellers have dominated the market during Asian hours for most of 2021, as CoinDesk has reported, the gains happened earlier Tuesday. This timing suggested that the sell-off related to China’s strengthened crypto trading ban may be ending soon.
“With Huobi completing its China exit last week, the selling pressure from Asia appears to be slowing down,” Hong Kong-based crypto lender Babel wrote in its weekly newsletter dated Tuesday.
Bitcoin bull Michael Saylor reportedly owns about $866 million of the cryptocurrency- and says the token is headed to $6 million
MicroStrategy has been acquiring bitcoin since 2019, and Chief Executive Officer Michael Saylor revealed he has a stash of his own.
The bitcoin evangelist personally owns at least 17,732 bitcoin, according to details from a November interview with The Information published in a Tuesday newsletter. At bitcoin's current price of around $48,888, that means his stash of tokens is worth about $866 million.
He's never sold any of his tokens, and in general, he doesn't "believe you should sell your bitcoin," The Information reported.
That makes sense, considering Saylor said he sees bitcoin eventually reaching $6 million per token. That's a surge of more than 12,000% from current levels.
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