Shanghai No. 2 Intermediate People's Court characterizes Bitcoin as a scarce, unique, and irreproducible asset. This and more news in this handy daily digest so that you are always informed with the latest events occurring within the crypto world.
A court in Shanghai recognizes the attributes of Bitcoin
📍Shanghai No. 2 Intermediate People's Court released a report on Bitcoin in judicial practice. The court said the report was submitted with the aim of demonstrating the legal attributes of virtual currencies such as Bitcoin. The court noted that there is currently a major dilemma regarding the judicial disposition of cryptocurrencies. Still, it stressed that Bitcoin is a “unique and irreproducible” currency, which cannot be compared to the rest of the virtual currencies that exist on the market.
On reportThe court noted that the relative scarcity of Bitcoin issuance is widely recognized and that the property attributes it possesses are “inevitable in the field of social life or finance.”
On the other hand, the court spoke about the characteristics of Bitcoin as a form of virtual money. Although it considers that, being decentralized and not issued by a central bank, it does not have reserve or credit characteristics, it does recognize that Bitcoin fulfills the functions of money, due to its market value, means of circulation, storage and payment. It also highlighted that the cryptocurrency is being widely used as a global currency.
Ethereum Overtakes Web2 Tech Giants
📍It took the Ethereum network 7,5 years to reach $10.000 billion in revenue. Tommy Rogulj of Caleb & Brown shared a chart on X (formerly Twitter) detailing how long it took tech giants Google, Microsoft, Meta, and Shopify to reach cumulative revenues of $10.000 billion.
The chart also shows the Ethereum network, which is second only to Alphabet, Google's parent company.
The chart shows that it took Vitalik Buterin's blockchain network about 7,5 years to earn $10.000 billion in revenue. In addition to this, Rogulj said that as of today, the blockchain network has accumulated a total of $16.500 billion in revenue paid to the network's validators.
Source: Caleb & Brown
Runes, a new protocol for minting Bitcoin tokens
📍Casey Rodarmor, creator of Bitcoin's Ordinals Protocol, has introduced a new token protocol for the most robust blockchain in the crypto ecosystem. Call for applications Runes, this new protocol focuses on minting alternative fungible tokens on the Bitcoin blockchain.
As Rodarmor explained, runes are an alternative to BRC-20 tokens, Taproot Assets, RGB and other existing protocols on the network.
Although Rodarmor commented that many of the fungible tokens created on blockchain networks end up being scams, this is a trend that will not disappear anytime soon, making the creation of a “good fungible token protocol” necessary.
Regarding Runes, he highlighted that the new token protocol prevents UTXO proliferation, especially of BRC-20 tokens, which create a large number of unused UTXOs. “To spend runes, you have to destroy UTXOs, which is good for the system as a whole,” said Rodarmor.
El Salvador: Tourism and Bitcoin
📍El Salvador is the country with the greatest growth in the tourism sector this year. According to data published by the UNWTO in its World Tourism Barometer 2023 report, El Salvador is the country with the highest growth in tourism in the Western Hemisphere this year and the fourth worldwide, after Qatar, Saudi Arabia and Albania.
According to the United Nations World Tourism Organization, the tourism sector in the Central American country has grown by 32% since January to date.
Source: UNWTO
El Salvador's President Nayib Bukele attributes the surge in tourists interested in the country to Bitcoin, the global decentralized cryptocurrency he adopted as legal tender in September 2021. In the first quarter, Bukele reported that international tourism had grown in the nation by 95% thanks to Bitcoin.
Continue reading: Adam Back: Bitcoin is digital gold for the next millennia
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