Weekly Roundup: Crypto Market Cap Hits $2T, ICE3X Ceases Operations

Jack Dorsey’s NFT tweet will help the poor in East Africa through an upcoming bitcoin donation. To learn more about this developing story and other news, keep reading.

Jack Dorsey’s NFT Tweet to Help the Poor in East Africa

As the non-fungible token (NFT) craze continues, Jack Dorsey is auctioning his first tweet on Twitter as an NFT. Dorsey posted this tweet on May 6, 2006. The auction is taking place on Valuables and will end on March 21, 2021.

Jack Dorsey NFT Tweet

Dorsey has tweeted he will convert the proceeds of this auction to bitcoin and donate them to GiveDirectly. This is a non-profit organization that seeks to end extreme poverty in East Africa. Donations sent to GiveDirectly benefit people in Kenya, Rwanda, and Uganda.

Currently, the highest bidder of this NFT tweet was a Twitter user with the handle @sinaEstavi. He outbid Tron CEO Justin Sun, who had bid $1 million. Estavi bid $2.5 million.

Valuables wrote: “The tweet itself will continue to live on Twitter. What you are purchasing is a digital certificate of the tweet, unique because it has been signed and verified by the creator. Owning any digital content can be a financial investment, hold sentimental value, and create a relationship between collector and creator. Like an autograph on a baseball card, the NFT itself is the creator’s autograph on the content, making it scarce, unique, and valuable.”

Uncertain Regulatory Environment Pushes Crypto Firms Out of South Africa

The uncertain regulatory environment is pushing crypto firms out of South Africa. According to an article on Business Tech, the MTI scam gave regulators in South Africa a jolt and some firms will not wait to see how the matter pans out from a regulatory standpoint.

These crypto firms are planning on moving to Singapore and the UK. That is because Singapore is redrawing legislation to attract crypto firms while the UK is getting requests to embrace cryptocurrencies.

Revix, a crypto investment platform that allows customers to invest in a bundle of cryptocurrencies, is moving its headquarters from Cape Town to the UK. The company is also considering setting up in Germany to scale its operations.

Luno is another crypto company with headquarters in the UK despite being owned by South Africans. The exchange also operates in Singapore.

South African regulators “have been incredibly slow in terms of regulation in the industry and that leads to businesses looking internationally. In an unregulated environment, a customer arrives at our platform with skepticism, and rightfully so,” said Revix CEO Sean Sanders in an interview.

According to Sanders, the uncertainty regarding potential regulation is also making it difficult for crypto firms to market their services on social media platforms thereby limiting growth.

Binance CEO CZ Among the Top Blockchain Billionaires in 2021

Binance CEO, Changpeng Zhao (CZ), is among the top blockchain billionaires in 2021 according to the latest Hurun global list. CZ and 16 other billionaires have cumulative wealth of US$ 77 billion. These billionaires have generated their wealth from running crypto exchanges, investing in cryptocurrencies, and mining crypto.

After facing a price correction in 2018, crypto billionaires are enjoying a boost in their wealth thanks to the recent bull run.

The top five billionaires are Brian Armstrong of Coinbase, Sam Bankman-Fried of FTX, Changpeng Zhao, Chris Larsen, and Jed McCaleb of Ripple. Their net worth is $11.5 billion, $10 billion, $8 billion, $5.1 billion, and $3.2 billion, in that order.

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PayPal CEO Says Bitcoin Could Be a Chinese Financial Weapon Against the U.S.

PayPal CEO Peter Thiel loves Bitcoin but hates it when China mines or uses it.

In a virtual event organized by the Richard Nixon Foundation, Peter Thiel explained that Bitcoin could be used by China as a weapon in the non-conventional war against the United States, taking advantage of its characteristics to counteract the hegemonic power of the dollar.

“Even though I’m sort of a pro-crypto, pro-Bitcoin maximalist person, I do wonder whether at this point Bitcoin should also be thought in part of as a Chinese financial weapon against the U.S.”

The World vs. The United States

Peter Thiel explained that Bitcoin threatens the very idea of fiat money but is especially dangerous to the U.S. dollar and called on U.S. strategists to take Bitcoin-related developments more seriously when studying the international geopolitical landscape.

However, Bitcoin hodlers are not the only ones who might take offense at being called a weapon of the Chinese communist party. According to the CEO of PayPal, the existence of the Euro itseld¿f is also a weapon of China in its conspiracy to destroy the power of the United States to control some critical aspects of the world economy:

“From China’s point of view, they don’t like the U.S. having this reserve currency, because it gives us a lot of leverage over things like the oil supply chain and things like that. They don’t want the Renminbi to become a reserve currency because then you have to open your capital account and do all sorts of things they really don’t want to do. I think the Euro you could think it is in part a Chinese weapon against the dollar”.

Regarding DECP, the digital currency that China is developing, Peter Thiel believes it cannot be compared to a cryptocurrency and called it a “totalitarian measuring device.”

The Global Tech Race According to The CEO of Paypal

Thiel’s words do not seem very harmonious with the patriotism he so proudly showed when attacking China. Several countries are developing their own digital currencies. Even the United States is beginning to advance the idea of creating a digital dollar with very similar characteristics to those of the Chinese money.

The CEO of PayPal is not concerned about China’s potential to innovate and create but rather about its power to copy things. In response to Michael Pompeo, he explained that China had not made many advances concerning blockchain technology. Still, if China reaches a position of parity with the United States from a technological point of view, the West would lose its advantage as a world geopolitical dominator.

Thiel regretted that Silicon Valley did not see China as an adversary. He pointed to Apple as a company that is a real structural problem for having “real synergies with China.” Google and Facebook were also mentioned by Thiel, who noted that they were friendly to the dreaded Chinese adversary.

Paypal has played a key role in the recent bullish trend of Bitcoin and the increase in cryptocurrency adoption.

Bitcoin price before and after Paypal supported it. Image: Tradingview

As reported by Cryptopotato, PayPal recently enabled service to purchase, store and process cryptocurrency payments for US customers, with prospects to release their support to other countries later in the year.

Hopefully, this massive boost to Bitcoin adoption will not be seen by regulators as a support for China’s crypto plans in the years ahead.