Litecoin is Now Miami Dolphins’ Official Crypto!! Bitcoin Daily News
For today’s video, I have found three very cool pieces of news to discuss with you. Let me give you a glance at what they are. First up, according to BeinCrypto, the Chief Economist of the European Central Bank recently claimed in a Q&A session that ‘Bitcoin is not a Currency’. On the other hand, it is reported on Crypto Potato that chairman of the US Federal Reserve believes that Bitcoin is a store of value, just like the function of gold. Definitely interesting to see those differing opinions emerge. Also, the final item for the day, the Miami Dolphins, a professional American football team, adopted Litecoin as an official cryptocurrency, which creates a powerful alignment between Litecoin and one of the world’s most recognizable sports brands. If you are excited to hear these news items and want to know more about them, please make sure you stay with me until the very end.
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The Market Today
Now, let’s see how the crypto market is performing. Overall, the crypto holders seem to be very pessimistic about the market for today. On the top 10, all tokens are losing and in the reds over the past 24 hours. Bitcoin has lost 5.24% since yesterday, heading back to the $11,000 mark. Similarly, Ethereum and XRP are decreasing with 5.36% and 7.82% respectively. As you can see here, TRON and Bitcoin SV have also lost considerably, losing more than 10%, as demonstrated by Coinmarketcap. Moving on to the top 20, we can notice an identical situation with NEO and Chainlink, dropping more than 8%, Cardano and Stellar are also losing more than 7%. However, guys, do you notice the change in the 20th position? Ethereum classic now in the 21st place, replaced by Crypto.com Chain, which is gaining nearly 11% just in the last day to make it to the top 20.
European Central Bank recently claimed that ‘Bitcoin is not a Currency.’
Now, let’s jump to our first news segment. Per a report by BeinCrypto, in a recent Q&A session, Phillip R. Lane, the Chief Economist of the European Central Bank, was quoted as saying that “Bitcoin is not a currency.” The European Central Bank (ECB) is not ready to add Bitcoin to their reserves. Specifically, when a Twitter user asked them:
“Does ECB have plans to add #Bitcoin to its reserves?”
Philip R. Lane responded via the ECB tweeter, saying that:
“No. Bitcoin is not a currency, it rather is an asset and it is very volatile”
The response was mocked by many Twitter users, garnering hundreds of replies. Many of them pointed out that the Euro has depreciated significantly in the past two decades. Lane’s comments should put to rest any speculation that the ECB is looking to add Bitcoin to its currency reserves. However, this doesn’t guarantee the ECB won’t do so in the future. If you’re a crypto holder, you could be optimistic in thinking that they might add bitcoin to their reserves in the future because there’s a good chance that the ECB will become crypto-friendly sooner rather than later, especially since it was announced that the former International Monetary Fund (IMF) Managing Director Christine Lagarde would likely be the succeeding president of the ECB. Lagarde has made multiple comments in support of cryptocurrencies in the past, saying that they are “shaking the system,” so that seems like good news for us moving forward.
Chairman of the US Federal Reserve believed that Bitcoin is a store of value, just like gold
Moving on to the second news item for today. As reported on Crypto Potato, Jerome Powell, the 16th and current Chair of the US Federal Reserve, has acknowledged that Bitcoin is a store of value, just like gold. According to the high-ranked official, Bitcoin is far from achieving mass adoption as a means of payment, but it is a store of value as most people do not use Bitcoin for payments. They use it more as an alternative to gold. Luke Martin, a trader and analyst, quoted the Chairman:
“They use it as a store of value…like Gold….that’s not to say we won’t see it & if we do see it yes you could see a return to an era in the US when we had many different currencies…”
Interestingly, his comments were made as an answer to the question of whether the massive adoption of cryptocurrencies would diminish or remove the need for a reserve currency. Powell stated that while this hasn’t happened yet, there’s no saying that it won’t happen in the future.
Miami Dolphins adopted Litecoin as official cryptocurrency
Moving to the last news item for today guys. According to a report on Crypto briefing, Litecoin is now the official cryptocurrency of the Miami Dolphins, a professional American football team based in the Miami metropolitan area. This marks the first time that a football team has officially adopted a digital asset. In a momentous stride toward mainstream recognition and adoption, the Litecoin Foundation announced that:
“This unique partnership creates a powerful alignment between Litecoin and one of the world’s most recognizable sports brands the Miami Dolphins.”
For those who are unaware, after the integration, fans of Miami Dolphins will be able to use cryptocurrencies to buy 50/50 raffle tickets. Litecoin and Aliant payments will enable attendees to purchase tickets using Litecoin or Bitcoin, with half the revenues going to the Miami Dolphins Foundation and its charity fund. Raffle participants will also be able to buy tickets using the cryptocurrencies online and offline in Hard Rock Stadium. Charlie Lee, the founder and enthusiastic supporter of Litecoin, expressed his excitement regarding the news:
“This collaboration propels Litecoin in front of an audience of millions of people around the world at a time where adoption of cryptocurrencies continues to gain momentum and the ecosystem is able to support real world use cases in ways previously not possible.”
Moreover, that is the end of today’s news segment guys!
What are your thoughts on the news?
Do you agree with Phillip R. Lane that ‘Bitcoin is not a Currency’?
Is Bitcoin a suitable substitute for gold in the modern day?
Are you excited to hear the American football team Miami Dolphins adopting Litecoin as an official cryptocurrency?
Please pop a comment right below to let me know what you guys are thinking. Also, guys, this is the last chance to win this week giveaway. Please don’t forget to like and subscribe to go into the draw to win $70 worth of Bitcoin. It’s your girl Cindy with CryptoPig. I’ll see you guys next week.
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Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.