Weekly Wrap-Up: El Salvador, GCash, Play-to-Earn (June 7, 2021)

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Market Price as of June 7, 2021:

Bitcoin$35,834+0.81%
Ethereum$2,711+3.34%
BNB$392+1.04%
DOT$24.15+1.39%
ADA$1.68+1.2%
DOGE$0.372499-0.11%
SLP$0.13+4.3%


Bitcoin closed June 6, 2021, at $35,834 per BTC. We’re up 2.1% in the last 7 days and down 16% in the last 30 days. This is also 44% below the all-time high of $64,804, which was hit on March 13, 2021.

Bitcoin’s market capitalization stands today at $683,957,332,867 which is 39% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of  $1,732,595,914,083  (2.7%).

On the table above, there’s the cryptocurrency SLP. If you wonder what that is, check out this article: Playing Axie Infinity vs Minimum Basic Salary in the Philippines.

Zoom Out

El Salvador President to Submit Bill to Recognize Bitcoin as Legal Tender 

The Bitcoin 2021 conference in Miami came to an end with a surprise reveal: the country of El Salvador will be pushing for Bitcoin usage in the country. 

A pre-recorded video of El Salvador’s controversial President Nayib Bukele was shown to attendees — the who’s who of the crypto industry globally — where he will be sending a bill to his country’s congress to recognize Bitcoin as legal tender.

If a currency is a legal tender in a country, then it can be used to pay for goods and services and the other party cannot just say they don’t accept it. Taxes are also paid in legal tender.

President Bukele’s pronouncement was met with applause. El Salvador will be working with the Bitcoin startup company called Strike for this initiative.

Since then, the president changed his Twitter profile pic to something that has laser eyes, and many are calling him the Michael Saylor of nation states. Saylor was, of course, the first one to put Bitcoin in his company’s (MicroStrategy) reserves.

According to Caitlin Long of Avanti, Bitcoin becoming legal tender in El Salvador would mean that Bitcoin will have the status of being “money” under US commercial law: “Money means a medium of exchange currently authorized or adopted by a domestic or foreign government.”

There’s really a lot to unpack here and it will be interesting what will happen next should the El Salvador congress grant its president’s wishes.

Zoom In

GCash Explores Crypto

GCash, a BSP-licensed e-money issuer which has over 40 million users is looking to follow Paypal’s move into offering, buying, selling and storing cryptocurrency.

GCash President & Chief Executive Officer Martha Sazon said in a report from PhilStar, “While we may be considered a disruptor now, it is important in this digital age that we should be mindful of all types of disruptions out there. It’s important to know what the trends are, whether locally and globally and crypto is part of that.”

Luis Buenaventura II: PH Crypto Industry’s Dirty Little Secret?

BloomX co-founder Luis Buenaventura II, in his op-ed, laments that despite regulations in place in the Philippines regarding crypto, there’s a segment that is increasingly becoming anti-crypto through the years

“What’s worse is that their positions have become MORE aggressively anti-crypto over the years, in direct contrast to the state of global regulation. It’s truly saddening to still be marginalized after all this time operating in the regulated space.”

Feature

Beryl Chavez Li – Why ‘Play-to-Earn’ is More Powerful than ‘Banking the Unbanked’

This is BitPinas’ profile article for Beryl Li, the co-founder of Yield Guild Games. According to Beryl, it’s now possible to be financially free without actually having a bank account. Yes, you read that right. She points to the disruption happening in the way we work – play-to-earn — and the disruption happening in finance — called decentralized finance or DeFi — as two of the things that can replace how jobs and money are viewed today and in the future. 


Read More: Beryl Chavez Li – Why ‘Play-to-Earn’ is More Powerful than ‘Banking the Unbanked’

Happening Soon

New Cryptocurrencies Coming to PDAX

Philippine Digital Asset Exchange (PDAX) is teasing the launch of  seven (7) new coins that can be traded on its exchange this June. This announcement comes after the platform launched its #StartWithPDAX campaign and released a new version of its mobile app.

The announcement was made on Facebook, teasing that the new coins will be launched next week.

This article is published on BitPinas: Weekly Wrap-Up: El Salvador, GCash, Play-to-Earn (June 7, 2021)

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Michael Mislos

A business ad graduate from the Pamantasan ng Lungsod ng Maynila, Mike is the website manager of Bitpinas.com. He is responsible for almost every content you see on the site, from topic/news selection to editing of articles. Mike believes correct information about blockchain and cryptocurrency can empower people to make accurate decisions about the industry, which, in turn, should deter bad actors from taking advantage of crypto & blockchain. [Telegram @mikemislos]