Musk also thinks that crypto assets will find their place as a check on central banks and global monetary policies in the long run. Catch up on more memorable quotes from last week in our Hodler’s Digest:
Bitcoin largely traded between
$16,800 and $17,400 this week, showing some support around the $16,800 level, according to Cointelegraph’s BTC price index. “We’re probably entering the final phase of the bear,” pseudonymous Twitter commentator Byzantine General said on Dec. 7 after noting declining Bitcoin perpetual futures trading volume and other points. “But that last phase can last pretty long,” he added. His tweets on the subject included accompanying charts. another setback for the crypto industry
in Russia, the central bank is proposing to ban local miners from selling coins to the country’s population. The news comes just weeks after the Central Bank of the Russian Federation supported the idea of legalizing cryptocurrency mining in Russia through a draft bill introduced in mid-November 2022. Crypto sales, however, should be allowed only on foreign exchanges and to non-residents, according to the country’s central bank.
via banks and ATMs in another step to its transition to digital money systems. Citizens will only be able to withdraw $225 worth of nairas in cash each week total. Anything above those limits at banks would incur a fee. The country had prior restrictions in terms of cash withdrawals, but the limit was $338 daily per person. Since the launch of its central bank digital currency in 2021, Nigeria has seen minimal usage of the asset in the country.
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