Bitcoin sets all-time high, Vattenfall rejects PoW ban in Sweden and Zimbabwe not considering BTC-adoption
Bitcoin price sets new all-time high after U.S. inflation rates
U.S. consumer prices rose last month at the fastest annual pace since 1990, cementing high inflation as a hallmark of the pandemic recovery and eroding spending power even as wages surge.
The consumer price index increased 6.2% from October 2020, according to Labor Department data released Wednesday. The CPI rose 0.9% from September, the largest gain in four months. Both advances exceeded all estimates in a Bloomberg survey of economists.
Right after the moment of publication on Bloomberg, the Bitcoin price rose to an all-time high. The cryptocurrency reached the $69.000 level for the first time ever.
Vattenfall rejects PoW mining ban in Sweden
In Sweden, financial and environmental regulators want to ban PoW mining. Unfortunately, they forgot to add Vattenfall to the email.
Sweden’s biggest green energy power company categorically rejected their claims on national public television.
According to Erick Wall, Chief Investment Officer at Arcane Assets, “they talked about how crypto mining was an excellent ”buffer” in energy production that is highly useful for controllable load management and a way to monetize excess energy which would otherwise go to waste.”
“Their thesis is that if countries with great access and infrastructure to harvest fossil-free fuel were to ban crypto mining, crypto mining will happen in countries and from sources with much worse CO2 emissions. So banning it here would be shooting nature in the foot.”
Zimbabwe minister signals CBDC interest amid Bitcoin adoption rumors
Minister Monica Mutsvangwa clarified that Zimbabwe is not considering the adoption of cryptocurrencies or Bitcoin.
She dismissed ongoing rumors about the country considering the adoption of cryptocurrencies and Bitcoin. Rather, Minister Monica Mutsvangwa clarified that the government of Zimbabwe is keen to experiment with a central banking digital currency (CBDC).
“Government would like to assure the nation that it is not considering introducing another currency in the economy as reported in some sections of the media. Our local currency is the Zimbabwe dollar (ZW$) and not cryptocurrency.”
A CBDC is the opposite of Bitcoin: centralized, not scarce, not permissionless and not privacy-friendly.
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