Crypto Market Update 02-12-2022

Hello everyone and welcome back to our weekly recap with hottest news in crypto 🔥

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Fun fact

Yesterday officially started the Christmas season and if you happen to have your Christmas lights on before, know that only now you are free from judgments from your friends and neighbour's. A recent survey of ~4,000 homeowners found that Dec. 1 was the day most people identified as acceptable to put up Christmas lights 🎄😄

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Now that you’re forgiven, let’s get down to business 💼💵

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🔴 BlockFi filed for bankruptcy.

The year’s worst-kept secret in crypto has finally come out. BlockFi, one of the biggest crypto lenders valued at more than $3B last year, is the latest victim of the domino effect after the FTX crash (more here).

This year has brought us one fact for sure, trusting others to lend your money without knowing where it goes is like giving your phone to your two-year-old baby, you really never know what can come out of there 💸

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🟡 Russia is on the move.

In a not-so-surprising move, the highest figures in the Moscow regime are beginning to adopt blockchain technology. This week Russian President Vladimir Putin called (more here) for a blockchain-based payment system that is independent of banks and even Russia’s largest Bank announced compatibility (more here) with Ethereum and MetaMask integration.

Blockchain’s characteristics of freedom and decentralization, allow citizens not to be subjected to authoritarian regimes, but also allows those regimes to exit the sphere of sanctions. Once again the inescapable comparison with the internet, when a revolutionary technology appears, it is for everyone, good or bad, to take advantage of its potential. 🌎

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🟢 Brazil legalizes crypto as a method of payment.

But first we must say that, despite having Neymar, Vinícius Jr and an endless list of stars, Brazilian politics is more defensive and not with as many forwards as El Salvador. The law approved by the Chamber of Deputies of Brazil (more here) has not made Bitcoin as legal tender (official money) and still requires the approval of Mr. Lula Da Silva, President of Brazil.

Either way the bill passed is a significant milestone enabling the use of cryptocurrency as a means of payment across the country and potentially giving a boost to the adoption of digital goods in the South American nation.

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As always, positive news to end 🚀