Goldman Sachs' annual insurance survey has revealed that nearly 20 insurance companies are potentially looking at investing in Bitcoin. This and more news is in this handy daily roundup so you're always up to date with the latest events happening within the crypto world.
Insurance companies want Bitcoin
📍According to Goldman Sachs, Insurance companies prepare to enter Bitcoin. A survey conducted by investment bank Goldman Sachs has revealed that insurance companies, which are among the largest investors in the world, are preparing to invest in Bitcoin in the face of the US Federal Reserve (FED) raising interest rates.
Mike Siegel, global head of the insurance asset management and liquidity solutions businesses at Goldman Sachs, revealed on the podcast Exchanges at Goldman Sachs the results of the firm's latest annual insurance survey. These results indicate that almost 20 insurance companies are exploring the possibility of investing in Bitcoin and other cryptocurrencies. It even points out that some of these insurance companies, clients of the bank, had already invested in crypto assets to date.
According to Siegel, Goldman Sachs' annual insurance survey was administered to clients representing more than $13.000 billion in assets.
Bitcoin and Blockchain Adoption
📍El Salvador is still waiting for a good time to launch the Bitcoin Bonus. Alejandro Zelaya, Minister of Finance of El Salvador, has announced again that the launch of the $1.000 billion Bitcoin Bond, which the country initially planned to launch in March of this year, has been postponed until a new date due to market turbulence.
During his appearance on a local news program, El Salvador's Finance Minister reported that it is not a good time to launch the long-awaited bond, which will finance the construction of Bitcoin City and could reach up to 1.500 billion dollars, according to the forecasts published by Zelaya last February, citing the enthusiasm of industry investors.
Zelaya took advantage of the moment to reaffirm, once again, that El Salvador's strategy with Bitcoin is long-term. “We are not selling the coins (BTC) we have purchased at this time”, he said. However, he also indicated that a portion of the nation's bitcoins had been sold to finance the construction of the Chivo Pets veterinary hospital, which opened at the end of February. At that time, Salvadoran President Nayib Bukele had announced that the hospital was financed with the profits generated by El Salvador's bitcoin investment.
The Latin American country is estimated to hold more than 2.300 BTC today, worth around $70,2 million.
Miners and Node Validators
📍Blockchain mining company Bitzero to make North Dakota its headquarters. North Dakota is set to become the new headquarters for sustainable cryptocurrency mining company Bitzero Blockchain, which will set up its data center and headquarters in the US state.
Akbar Shamji, CEO of Bitzero Blockchain, Doug Burgum, Governor of North Dakota, and Kevin O'Leary, an investor in the company, announced the news during a press conference, in which they highlighted the importance that North Dakota is gaining in crypto mining.
Governor Burgum stressed that the operations of Bitzero Blockchain, which is investing nearly $500 million to establish itself in the state, are supported by clean energy.
“Bitzero’s decision to locate its North American headquarters in North Dakota is yet another example of how our state is emerging as the location of choice for clean energy data centers supported by reliable, affordable electricity produced in an environmentally responsible manner.”, said the governor of the state.
Bitzero Blockchain has partnered with MHA Nation to recycle the heat generated by its mining equipment to power a greenhouse project currently under construction.
Innovation, Development and Technology
📍KenGen will use its surplus energy to support cryptocurrency mining in Kenya. KenGen, the largest energy provider in Kenya, East Africa, has revealed that it will sell all of its surplus geothermal energy to cryptocurrency mining companies, according to local outlet Quartz Africa.
While the company did not disclose how much of its surplus power is, it is known to provide the majority of Kenya’s installed electricity capacity, currently around 863 megawatts (MW). KenGen’s geothermal development director, Peketsa Mwangi, said the company wants to create a dedicated energy park to power Bitcoin and other cryptocurrency miners.
Rules and Regulations
📍The United States is preparing new policies to minimize the environmental impact of cryptocurrencies. Bloomberg Law reported on Thursday that the administration of Joe Biden, the current president of the United States, is preparing new policies that will help the world power minimize energy consumption in cryptocurrencies, in order to mitigate the environmental impact of the industry.
The United States is currently the country that concentrates the greatest hash power of the Bitcoin network worldwide. According to data from the CBECI of the University of Cambridge, by January of this year, the United States concentrated more than 70% of the hash rate of Bitcoin, leading the mining of this cryptocurrency.
Critics, however, say the country's growing cryptocurrency mining undermines its climate goals. The current administration has decided to launch its first major foray into the industry, looking at energy costs, carbon emissions and climate impact.
The Biden administration's announcement coincides with plans revealed by crypto mining company Bitzero, which is investing nearly $500 million to move its sustainable mining facilities to the state of North Dakota.
Continue reading: South Korea creates new committee to regulate cryptocurrencies
