The market seems to have stemmed the bleeding from the recent crash and is focusing on moving upward. Notable developments in the week include Reddit testing a new NFT marketplace and Elon Musk’s The Boring Company accepting DOGE as payment.


Highlights:

  • Crypto skeptic Peter Schiff has said that he would accept payment in bitcoin for the sale of his struggling Euro Pacific Bank.
  • United States Federal Reserve Vice Chair Lael Brainard has called for crypto regulation. Without strong guardrails, she says, the market could cause financial instability risks that affect other markets.
  • MicroStrategy CEO Michael Saylor has said that Ethereum is a security and offered a few reasons as to why.
  • Reddit is testing a new NFT marketplace for user avatars, and the feature is currently available on the r/CollectibleAvatars subreddit.
  • Elon Musk’s The Boring Company is now accepting DOGE for payments on its transit system.

This Week in Crypto

Peter Schiff Says That He Would Accept Bitcoin for Payment for Bank Sale

In what is an ironic turn of events, prominent bitcoin sceptic Peter Schiff has said that he would accept payment in bitcoin for the sale of his struggling Euro Pacific Bank. The bank is currently being probed for alleged insolvency, compliance, and internal control issues.

Schiff is known in the crypto world for his vociferous disapproval of bitcoin and crypto, even saying that it could go to zero — which makes one wonder why he would accept bitcoin as payment. He has been desperately trying to sell the bank, the sale of which has been blocked by Puerto Rican authorities.

Federal Vice-Chair Brainard Says Crypto Regulation a Must

United States Federal Reserve Vice Chair Lael Brainard has said that the world must establish regulation for the crypto market quickly, and not doing so would risk unprecedented financial instability. The Vice-Chair was speaking at a Bank of England conference, calling for strong guardrails that would prevent cascading effects on the economy.

Brainard essentially called for the same level of protection that exists for other markets. She has been supportive of friendly crypto regulation in the past, having said that there is strong potential for financial innovation in the technology.

Michael Saylor Says Ethereum Is a Security

MicroStrategy CEO Michael Saylor has chimed in on the debate about whether Ethereum is a security, saying that it was pretty obvious to him. Saylor made the remarks in an interview with Altcoin Daily, responding to a question about whether bitcoin and ethereum were securities.

He cites the ICO, the management team, pre-mine, and hard forks as supporting reasons. He calls BTC a commodity, which aligns with the popular belief that bitcoin is digital gold.

Reddit Begins Testing NFT Marketplace

Reddit’s Avatar Marketplace: Reddit

Social platform Reddit has announced that it will launch an NFT marketplace for its users’ avatars, allowing individuals to buy profile pictures recorded on the blockchain. The marketplace is currently in its early access phase, with 90 designs available. Owners of the avatars will also be able to license them off of the platform.

There are tens of thousands of avatars up for grabs, and for the moment, they will only be accessible to the r/CollectibleAvatars invite-only subreddit. The prices range from $9.99 to $99.99.

The Boring Company Now Takes DOGE for Payment

Elon Musk’s construction and infrastructure company, The Boring Company, has announced that it will accept Dogecoin as a means of payment. This makes The Boring Company the second company, after Tesla, to accept the crypto asset as payment.

The company is working on building an underground network of tunnels for commuting. Users will be able to use DOGE to pay for rides on the transit system. Musk has made known his appreciation for the memecoin, which often spikes by a significant amount when the mercurial entrepreneur mentions it.

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