Sunday Update: 16 April 2023
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Reddit CEO says the world only needs one cryptocurrency, and that is Bitcoin (7 minute read)German magazine BTC-ECHO recently interviewed Reddit co-founder and CEO Steve Huffman and talked about how Reddit grew from a small startup into one of the largest social media platforms in the world. The most exciting part was when Huffman talked about cryptocurrencies. Asked by BTC-ECHO about Reddit’s plans to add cryptocurrency support to their platform, Hufmann responded that they are for now focussing on NFTs, while steering clear of cryptocurrencies because they are, in his view, securities. However, he makes one exception: “I think the world probably only needs one cryptocurrency—and that’s Bitcoin. It’s useful as a store of value. Ethereum is unbelievable as an application-platform, but it’s not a currency. The other use cases seem questionable to me.” Reddit will probably eventually add Bitcoin functionalities in some capacity.
The tiny Kingdom of Bhutan has secretly been stacking millions of dollars worth of Bitcoin and other altcoins (5 minute read)The Himalayan kingdom of Bhutan has been revealed to have secretly held millions of dollars in cryptocurrency. According to court documents reviewed by Forbes, Bhutan’s $2.9 billion sovereign investment arm was a customer of bankrupt crypto lenders BlockFi and Celsius, which it has never publicly disclosed. It is not the first country to consider using digital assets as a means of economic support. Wealth managers have also speculated for several years that government-backed funds are beginning to buy up Bitcoin and other altcoins. El Salvador has already started the ball rolling by adopting Bitcoin as a legal tender, thereby triggering a game theory first movers' advantage play between nations. It would not be at all surprising if more governments have been accumulating bitcoin in secret,
