Central African Republic makes BTC legal tender
Another country has made Bitcoin legal tender. The Central African Republic has boosted the cryptocurrency to parity with the CFA franc. This implies that Bitcoin may now be lawfully used to make purchases. All of this comes just eight months after El Salvador became the first government to recognize Bitcoin as a legal tender. The Central African Republic is one of the world’s poorest countries, with only 11% of the population having an internet connection. In an interview, Finance Minister Herve Ndoba told Bloomberg in an interview: “There is a widespread belief that Sub-Saharan African nations are frequently one step behind when it comes to adopting new technology.” This time, we can truly declare that our country has advanced. “
Tesla’s Share Price Tanks
Tesla’s stock dropped 12% on Tuesday as markets responded negatively to Elon Musk’s $44 billion purchase of Twitter. The massacre on Wall Street on Tuesday took $126 billion off the company’s valuation — and also caused Musk’s net worth to plummet dramatically. Investors are concerned that Musk will have to sell shares to fund his plan to acquire the social network and that this will distract him from his day job as Tesla’s CEO. Ed Moya, the senior market analyst at OANDA, has also cautioned that if Tesla’s share price continues to decrease, the billionaire may not be able to complete the Twitter acquisition. Although Tesla had one of the poorest performances on Wall Street on Tuesday, it was not alone. The Nasdaq, the tech-heavy index, fell to its lowest level since December 2020 after suffering its largest one-day slump in more than 18 months.
Fort Worth Starts Mining Bitcoin
The city administration of Fort Worth, Texas, has become the first in the United States to mine Bitcoin. Three S9 Bitcoin mining machines will be operational 24 hours a day, seven days a week in a climate-controlled data center within City Hall. The Texas Blockchain Council has generously provided the equipment for a six-month trial study. During a ceremony on Tuesday, Fort Worth Mayor Mattie Parker officially turned on the machines. Officials in the city anticipate that each Bitcoin mining equipment will consume the same amount of energy as a household vacuum cleaner — a cost that is expected to be compensated by the value of the BTC created. In other news, New York State has indicated that it would crack down on Bitcoin miners that do not use electricity from renewable sources.
Bitcoin Use in El Salvador ‘has plunged’
According to a disturbing new analysis, the use of the Chivo wallet has dropped in El Salvador. According to the National Bureau of Economic Research in the United States, there was a surge in downloads when President Nayib Bukele announced that anybody in El Salvador could get $30 in free Bitcoin if they downloaded the app. However, a survey of 1,800 households found that just 40% of people who installed Chivo continued to use it after spending their Bitcoin. According to the report, “almost no downloads” of this app occurred in 2022, with a substantial proportion of Salvadorans hesitant to give Chivo a try since they prefer cash and don’t trust Bitcoin.