BitcoinBites: 5 BTC stories you should know – May 4th, 2022
Pierre Poilievre wants to bring Bitcoin adoption to Canada
In a first for Canada, Conservative Party leadership candidate Pierre Poilievre is campaigning to bring Bitcoin adoption to Canadians as a way to give people control and autonomy over their own finances.
To large crowds, unprecedented for a party leadership campaign, the long-time member of parliament and Conservative finance critic said, “We need to give people the freedom to choose other money. If the government is going to abuse our cash, we should have the right to opt to use other, higher-quality cash.”
Argentina's largest private bank now allows users to buy Bitcoin
Banco Galicia, the largest private bank in Argentina, is allowing its users to buy, sell, send and receive bitcoin on its mobile application.
- Banco Galicia is the largest private bank in Argentina by market share and recently announced it will allow its customers to invest in bitcoin and other cryptocurrencies.
- Argentina is suffering from hyper-inflation as inflation hit a 20 year high just a few weeks ago.
- Strike, a bitcoin payment infrastructure company, launched in Argentina earlier this year.
Banco Galicia (Nasdaq: GGAL), the largest Argentinian private bank, confirmed that it will allow its users to buy and sell bitcoin and other cryptocurrencies in a series of “new investment options,” in a tweet earlier today.
The bank reportedly added a feature within the investment section of its mobile application for users to acquire BTC and a select few other cryptocurrencies, according to a report from CoinDesk.
Bitcoin price trades around $38,000 ahead of Fed decision
Bitcoin is holding around $38,000 ahead of the Federal Reserve's decision on interest rates. The cryptocurrency gave up 2% on Tuesday and has traded lower in four of the past five days.
Entering Wednesday, bitcoin is down 1% for the week and more than 18% year-to-date. Bitcoin and other cryptocurrencies have had a rough week ahead of what is expected to be a half-point interest rate hike by the Federal Reserve.
‘They didn't see it coming’: Podcaster Joe Rogan sees Bitcoin as a viable form of currency
Joe Rogan noted that Bitcoin is like the “early internet,” and the “government is freaking out” about BTC in conversation with the MMA fighter Khalil Rountree.
Popular podcaster Joe Rogan just gets Bitcoin (BTC). In his most recent podcast with Khalil Rountree, a renowned mixed martial (MMA) fighter, Rogan explained that BTC is something that the “government didn’t see coming.”
“I think of Bitcoin the same way I think of the early internet. They [the government] didn’t see it coming and now it’s a viable form of currency–you can actually buy things with it.”
MicroStrategy reports $170M impairment charge on Bitcoin holdings in Q1
The company also announced Andrew Kang will take over from Phong Le as chief financial officer, effective on or about May 9, after which Le will continue in his role as MicroStrategy's president. Kang was previously the CFO of tech company Greensky Inc.
The digital asset impairment reflects the decline in the price of bitcoin (BTC) versus the price at which the bitcoin was acquired. Under standard accounting rules, the value of digital assets such as cryptocurrencies must be recorded at their cost and then only adjusted if their value is impaired, or goes down. But if the price rises, that does not get reported unless an asset is sold.
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