Daily Crypto News 27 September
President Nayib Bukele of El Salvador claims that 2.1 million of his countrymen use the government-backed Chivo cryptocurrency wallet, indicating the country's apparent success with Bitcoin (BTC). After only three weeks in operation, the president boasts that Chivo has “more users than any bank in El Salvador.” El Salvador formally recognized Bitcoin as legal cash in early September, prompting the development of the state-issued Chivo wallet, a watershed moment that might serve as an example for other countries too. Individuals and businesses can use Chivo to send and receive payments in Bitcoin or dollars from anywhere over the world. Both Android and Apple devices may use the wallet. Bitso, a Mexican cryptocurrency exchange, has agreed to serve as Chivo's key service provider.
Marion Laboure, a research analyst at Deutsche Bank, believes Bitcoin will eventually take on the role of digital gold, lasting for millennia and entirely uncontrolled by the government. He believes Bitcoin has the potential to become the digital gold of the twenty-first century, but cautioned investors about the crypto asset's volatility. Most Bitcoin purchases, according to the expert, are made for investment and speculation rather than for use as a medium of exchange.
“A few more substantial purchases or market departures can have a significant impact on the supply-demand equilibrium,” Laboure explained. “Today, (Bitcoin) is far too volatile to serve as a reliable store of value. And I believe it will continue to be extremely volatile in the near future.” Despite her concerns about the absence of regulation surrounding cryptocurrencies and its possible environmental impact, the Deutsche Bank analyst predicted that Bitcoin will remain the top digital asset in the crypto industry.
Charles Hoskinson, the founder of Cardano, has contributed $20 million to CMU to establish the Hoskinson Center for Formal Mathematics. CMU's Dietrich College of Humanities and Social Sciences will house the center. The center will be led by Jeremy Avigad, a university professor of philosophy and mathematical sciences. The center will create a "new manner" of doing math by building "collaborative digital libraries" for mathematical instruments, according to a statement released by the university last week. CMU's 81st rating is attributed to "lower alumni participation levels," according to Forbes. CMU generally receives $9,483 per student.
The British Museum is foraying into the world of non-fungible tokens, partnering with LaCollection, a French firm, to turn works by renowned Japanese artist Katsushika Hokusai into digital postcards for sale on the NFT market. Two hundred NFTs of the artist's work will be available for purchase. The Great Big Picture Book Of Everything, a Hokusai exhibition at the British Museum, will contribute to half of the NFTs auctioned, with the remainder coming from the museum's own collection, as well as 103 never-before-seen drawings uncovered from the book.