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  • πŸ‡§πŸ‡Ή Bhutan Confirms BTC rumours, 🧐 Cruz says CBDCs threaten Bitcoin, 🏦 Standard Chartered predicts BTC $100K

πŸ‡§πŸ‡Ή Bhutan Confirms BTC rumours, 🧐 Cruz says CBDCs threaten Bitcoin, 🏦 Standard Chartered predicts BTC $100K

Monday Update: 1 May 2023

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Highlights

(13 min read)

The Himalayan kingdom confirmed it has been running a Bitcoin mining operation for years as mystery surrounds the scale of its earlier cryptocurrency investments. The country seeks to take advantage of its immense stores of hydroelectricity that accounts for 30% of its GDP. It plans to harness it further to power racks of mining machines to earn Bitcoin rewards, with earnings going towards subsidizing power and hardware costs. The move has fueled concerns from the ignorant and ill-informed alike that the secretive investment could result in a significant environmental burden. The kingdom is however in talks with Bitdeer, one of the world's largest Bitcoin miners. They are planning to build a state-owned Bitcoin mining operation. It would be the only country in the world to do so, alongside El Salvador.

(4 min read)

US Senator Ted Cruz has reiterated his concern about central bank digital currencies (CBDCs) and their potential impact on Bitcoin. Speaking at the recent Bitcoin Policy Summit, he argued that CBDCs are designed to "destroy all the value of Bitcoin" and warned of the "profoundly dangerous" consequences for society if they are implemented. Cruz claimed that CBDCs would allow the government to observe every transaction made by citizens and undermine the anonymity and decentralization that Bitcoin offers. Last month, Cruz led a legislative effort to prevent the Fed from developing a CBDC, arguing that it lacked the authority to do so unilaterally.

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