This week brought us more juicy crypto stories, many of which have broader implications for the industry as a whole. For a start, Craig Wright was officially confirmed as the original Bitcoin (BTC) creator, as per a court case ruling.
Wright had to defend his legacy and legitimacy as the original creator of the world’s most famous currency after numerous critics dismissed the claim as pompous and narcissistic, the exact opposite of Satoshi Nakamoto, the nickname Wright picked for himself back when he first released the Bitcoin Whitepaper.
Even though the ruling is in, the crypto community is not really sure Wright is the man, or if he is the man, he seems to have failed to live up to people’s expectations. But it doesn’t matter, because BTC is here, and it has changed the world.
So much, that the Central Intelligence Agency is now working on a variety of cryptocurrency projects, some designed to understand the tech better and others designed to crack down on threats from abroad. All of this comes in the broader context of people pushing for more crypto regulation.
Thailand, a country that wants to promote crypto tourism, has had its central bank warn commercial banks off crypto tech in general. Meanwhile, Australia is now expediting six proposals that have to do directly with cryptocurrencies as there seems to be a growing momentum for the tech in the country.
Speaking of Australia, it seems that investment by women in the country has increased exponentially in 2021, specifically insofar as the crypto sector goes. This means that as regulators bicker over the legitimacy of crypto, we are seeing more consumers adopting it.
The biggest story of the week, though, is probably the one about Bitmart. The project got hit with a hack that supposedly first stole $150m of player funds but it ended up resulting in $196m of consumer losses. Unsurprisingly, many users took to Twitter and social media to express their frustration.
However, Bitmart is bucking the trend and has confirmed that it will be repaying all affected consumers out of pocket.
Crypto does have its risks, and Warren Buffett’s right-hand man, Charlie Munger, is actually happy whenever the crypto industry is targeted by governments. Earlier this week, Munger expressed his appreciation and support of the Chinese ban on crypto, calling it the right way forward.
Meanwhile, Reddit is expanding its involvement with crypto. The Community Points will be extended to more consumers and more subreddits, with Redditors eventually able to convert those community points into real currency.
To top the week off, it seems that crypto executives keep talking legislators ear off in the US, with more meetings set up by industry representatives and senators.