The proposal states that the use of cryptocurrencies “is the absolute responsibility of their buyers.” The project highlights bitcoin as a contribution option to set up public limited companies.

Another Latin American country moves forward in Bitcoin’s regulations and the rest of the cryptocurrencies. A bill that intends to bring a legal framework for the market got introduced in Peru’s Congress, which will now have to start a debate for the legislation in plenary for possible approval.

The bill, launched on the official website of the Peruvian legislature, highlights many aspects of the emerging ecosystem. The project officially called Framework Law for crypto-assets commercialization got presented by the parliamentarian José Elías Ávalos, an active member of the Podemos Peru party.

According to the representative, the proposed bill intends to regulate companies that provide services for virtual assets, such as Bitcoin exchanges and digital wallets.

Absolute Responsibility of Buyers and Owners

Peru is a nation where the adoption of bitcoin has increased considerably. In September, various media outlets reported that cryptocurrencies in that nation grew more than 600% in just one year. According to information revealed by La República, the volume of transactions with crypto assets in Peru increased at least 613% in the first six months of 2021, compared to 2020.

In this context, the new law, introduced on December 20 and expected to face a discussion for approval, establishes that the acquisition and use of cryptocurrencies are the responsibility of their buyers and owners. The bill also presents the establishment of specific requirements for these operations, which show the need for a new public registry of service providers connected to the ecosystem.

The bill aims at the obligation to report “suspicious operations” made with bitcoin or any cryptocurrency to the Financial Intelligence Unit. Every company linked to bitcoin must get registered with the Superintendency of Banking and Insurance of the South American country, according to the provisions of the law.

Among other things to highlight, the proposal highlights cryptocurrencies as a contribution option to establish joint-stock companies (S.A.), also considering the accounting treatment of these assets, once they get recognized as companies of that type.

Bitcoin, More and more Dominant in Peru

The introduction of Bitcoin in Peru has been so relevant that, in May 2021, a study revealed that the most used cryptocurrency in that country is BTC.

The research, which took effect between March and April 2021, highlighted that more than 60% of the USD 5 million moved in operations with cryptocurrencies came from  BTC. The arrival of the new bill to regulate the market may lead to massive adoption, especially by those who, cautiously, wait for a framework that brings theme enough security and confidence before investing.

This legislative proposal came to light a few days after a deputy of the Congress of Panama also raised a bill to regulate Bitcoin. Gabriel Silva, who started the project, stated on his Twitter account that the first goal of the Panamanian law is quite simple and intends to bring more legal security in Panama to crypto assets.

By: Jenson Nuñez

The reward counts on 3.6 BTC to improve the BIP-119. The BIP-119 already receives both positive and negative opinions.

Entities and other members in the crypto environment offered at least $ 170,000, or 3.6 BTC, to any user who finds a bug or bug in the Bitcoin BIP-119 upgrade proposal, which could be the next big protocol update.

The BIP-119 update, the latest update with new ways to automate Bitcoin transactions parallel to smart contracts, received criticism against it.

Jeremy Rubin, the developer of this new update, explained that the criticism against the BIP-119 does not justify that this update has the potential to become effective in 2022. He offered USD 10,000 to whoever managed to find a bug or software flaw in this proposal.

Other members expressed their desire to reward the investigation with more bitcoins to encourage the cause. Entities like Luxor Tech and Bitcoin Magazine, and entrepreneurs like Alistair Milne, are contributing to boost the cause.

Some users argue that this is the biggest reward for open-source software development in its history. This initiative gets disputed by Strike and the Human Rights Foundation, who recently offered 3 BTC to create BTC wallets that implement Lightning and are open source.

Jeremy Rubin clarified that they would be announcing a different challenge and award structure than “winner takes all,” so they are not encouraging the finding of a single error but of single adjustments that could appear and that are necessary to fix.

Comments against the BIP-119 Strike with Strength

The main criticism against the BIP-119 highlights that the whole phenomenon reached unexplored terrains too fast according to the level of understanding that the community has about this proposal.

Two notable ecosystem personalities, developer Michael Folkson and entrepreneur John Carvalho, posted their views on the GitHub of the UTXOS organization, led by Jeremy Rubin, and led the development and discussion on the BIP-119.

Folkson explained that experimentation with BIP-119 should happen before embarking on the activation route, which got proposed by Jeremy Rubin in December 2021.

Folkson highlights that just having a long list of use cases is not enough to undertake the soft fork of the Bitcoin code. A considerable part of the community does not desire to apply the BIP-119 and there would be a breakdown of the consensus between the Bitcoin nodes.

The representative also thinks that it is still unclear whether OP_CHECKTEMPLATEVERIFY or CTV, the command proposed by BIP-119 to execute the concept of “covenants” (agreements, templates), is the best way to activate the ability to sign transactions that can run automatically in time according to established parameters.

According to John Carvalho, current CEO of Synonym, Bitcoin having updates of this type so soon is not a positive thing, noting that it has not been long since the activation of Taproot in November 2021.

By: Jenson Nuñez

Elon Musk said that Szabo might be responsible for the evolution of the ideas behind Bitcoin more than anyone else. Brock Pierce believes that inflation due to excessive fiat money printing will boost the price of BTC.

Elon Musk recently said that he believes that the anonymous creator of Bitcoin is a renowned computer scientist. The billionaire businessman thought of none other than Nick Szabo, a researcher on contracts and digital currencies.

He argued that Szabo could observe the evolution of ideas before the launch of Bitcoin and know who wrote them. Furthermore, he stated that the scientist could be responsible for the growth of those ideas more than anyone else.

Musk noted that Szabo claimed not to be Satoshi Nakamoto, but he said he was not sure that it was so. The CEO of Tesla highlighted that the computer scientist seems to be the person most responsible for the ideas behind Bitcoin.

Interestingly, developer Sahil Gupta, who worked for SpaceX and Tesla Motors, expressed that Musk is the creator of Bitcoin. He said that the entrepreneur had the resources, knowledge, and motivation to do so.

Bitcoin Price Could Break Through the USD 200,000 Mark

Cryptocurrency enthusiast Brock Pierce, co-founder of Block.One, recently spoke about the current inflation due to the over-printing of fiat money. He considers that to be the main driver of the rise in the price of the pioneering cryptocurrency.

He stated that he would not be surprised if the price of Bitcoin reached more than USD 100,000. Besides, he predicted that it could break through the USD 200,000 barrier for a moment.

The businessman added that Bitcoin could not protect against traditional assets due to its volatility and incomplete regulation. However, he believes that it is still an attractive investment, as it has a high return compared to gold and real estate.

Katie Stockton Says the Bullish Behavior of Bitcoin Will Continue

Katie Stockton, Founder and Managing Partner at Fairlead Strategies, recently expressed they were optimistic about Bitcoin in the long term. She explained that they rely on long-term trend-following indicators to say that.

Stockton added that the long-term upward trend could continue, and a more decisive breakout would indicate a price of about USD 90,000. At the moment, she considers that the correction phase remains, although there are signs of downward exhaustion in the short term.

The Policies from the Fed Will Boost Bitcoin and Other Cryptocurrencies

Antoni Trenchev, Co-Founder and Managing Partner at Nexo, said the primary driver for cryptocurrencies would be the policies from the central bank. He believes that low-interest rates, which impact crypto assets, are here to stay. He predicted that the Fed would not withstand a 10-20% collapse in the stock market.

The executive pointed out that the enormous potential of the Metaverse excites him most about 2022. In addition, he commented that it would be one of the general topics, besides the construction of the digital infrastructure and NFTs, which will be part of the economy.

Trenchev predicted that 2022 will be a hectic year and that Bitcoin will hit USD 100,000 by the end of June. Also, he does not expect tokens like Solana and Avalanche to produce returns as high as in 2021.

By Alexander Salazar

The whales moved 185,539 BTC between unknown wallets, equivalent to 62.71% of the weekly total. However, they only transferred 45,263 BTC from unidentified wallets to exchanges and 9,192 BTC between these platforms.

In the year that has just started, there is a whole new world of possibilities for the market of the pioneering cryptocurrency. The following summary of the performance of the Bitcoin whales will allow a better understanding of how they are starting 2022.

Contextualizing the activity of the whales makes it easier to investigate their status and that of the whole market. The following data is just a micro approach to one of the many factors that can influence the performance of BTC.

The Activity of Bitcoin Whales and How they Start 2022

The Bitcoin whales have moved a total of 295,854 BTC through 102 transactions in the last week. Although some things are even more significant on a weekly basis, they operated with more BTC on December 27^th.

The most prominent trend regarding moved bitcoins was the transfer between unknown wallets. The whales transferred 185,539 BTC, equivalent to 62.71% of the weekly total.

The second-highest trend was accumulation, as they moved a total of 55,860 BTC, 18.88% of the weekly total. In other words, the introduction of liquidity to the market for a possible sale has decreased, but it has not entirely disappeared.

Therefore, it is crucial to note that this was precisely the third-highest trend. The whales transferred 45,263 BTC from unknown wallets to exchanges, equivalent to 15.30% of the weekly total.

Finally, the lowest trend was the transfer between exchanges, with just 9,192 BTC, 3.11% of the weekly total. Although that context allows observing in broad strokes how the Bitcoin whales are starting 2022, it is still necessary to continue delving into it.

Understanding the Performance of Bitcoin until Now

Bitcoin is currently trading at around USD 47,436, representing a 1.5% gain in the last 24 hours. That constitutes a rebound from the downward trend occurring since late December 2021. BTC was worth close to USD 45,000 on December 31^st but reached USD 48,000 in just over 21 hours.

There was a decrease in the overall volume of spot trading on leading centralized exchanges over the weekend. That indicates that no increased activity in the market supported the movement of the price of BTC.

That may have prompted the whales to stay away from markets but close enough to monitor their activity. The determining factor could be that roughly USD 8.67 billion worth of Bitcoin options contracts expired on December 31^st.

The relevance of the pioneering cryptocurrency continues to be increasingly prevalent despite the current drop in its price. Bitcoin has resumed its all-time highs throughout its history, so investors maintain their trust in it. Many holders keep their coins on their balance sheets for the long term as a store of value.

It is only a matter of time before the price of BTC exceeds its previous all-time high. The whales must be waiting for that moment to sell their coins and make handsome profits.

By Alexander Salazar

For the first time in nine years, the S2F model failed to forecast the price of Bitcoin, for which PlanB is reviewing his predictive models. Nayib Bukele posted that Bitcoin will reach USD 100,000 this year, but with no bases to support it.

The pioneering cryptocurrency could not reach USD 100,000 in 2021, and the Stock-to-Flow (S2F) model failed for the first time in nine years. Financial analyst PlanB recently noted that he submitted his S2F-based predictive models to a review process. However, the president of El Salvador, Nayib Bukele, speculates that Bitcoin will hit that figure.

The Bitcoin community knows PlanB for its various predictive models, for which he now has over 1.7 million Twitter followers. His popularity grew for his accurate annual predictions about the price through S2F since 2012.

Nevertheless, in 2021, his prediction that Bitcoin would reach USD 100,000 failed, for which he is reconsidering how he will make more accurate forecasts.

The creator of the S2F model also relies on his other models, called the on-chain model and the floor model. However, he clarifies that there is no way to predict the price of Bitcoin accurately.

Even though he is rethinking his models, PlanB believes the S2F model remains in force. He considers that the mistake was predicting a specific figure rather than a range. He said that it is never a precise estimate but a range. For that reason, he believes that it is more relevant that BTC is in the band between USD 50,000 and USD 200,000.

Bukele Speculates about the Price of the Pioneering Cryptocurrency

PlanB reviews his predictive models because the market has spoken against his forecasts about the price of Bitcoin. At the same time, Nayib Bukele believes that Bitcoin will reach USD 100,000 this year.

On his Twitter account, the president of El Salvador posted his predictions for 2022, but with no bases to support them. Bukele thinks that Bitcoin will double its current price and become a relevant issue in the US Senate elections.

According to the president, two other countries will follow the lead of El Salvador and adopt Bitcoin as legal tender. Among his plans, he mentions that his nation will issue an excess of volcano bonds that Bitcoin mined with energy from volcanoes will back.

This new measure indicates that Bukele is making it clear that he wants to become an authority in the ecosystem. Curiously, in his eagerness to become a leading figure in the Bitcoin world, he seems to forget other tasks concerning him more as a president.

Until now, Nayib Bukele has not told citizens who is taking care of the Bitcoin funds of El Salvador. Ha has not responded to the many complaints about the Chivo Wallet or the disappearance of funds from accounts.

Bitcoin is currently trading at around USD 46,089 and has accumulated a loss of 9.4% in the last seven days. Its daily trading volume is above USD 21.97 billion, and its market capitalization is about USD 871.98 billion, according to CoinGecko.

By Alexander Salazar