Forbes - Bitcoin prophets 🛐

CryptoCodex


	Happy Friday! Billy Bambrough here with what's driving the day in the world of crypto and what to look out for over the weekend. (I'm on the road this month so you may receive your copy of *CryptoCodex* a little early/late—apologies in advance for any disruption and normal service will resume the week beginning August 23)

24-hour crypto market snapshot

$46,390

$3,236

$2.07

$0.2771

Landmarks on the horizon 🗽


	Crypto prices are climbing this morning with many top ten cryptocurrencies eyeing significant milestones today and over the weekend. Bitcoin, hovering at under $50,000 for the last few days, could finally break through the psychological barrier after this morning it got harder and less profitable to mine for bitcoin as part of the network's regular recalibration. Cardano, one of a handful of ethereum rivals jostling for market share, has just broken above $2 per ADA token. Cardano has risen almost 50% over the last week. Elsewhere, the meme-based dogecoin could climb back over 30 cents per doge even as Tesla billionaire, the largest dogecoin booster around, continues to eschew tweeting about the tongue-in-cheek "joke" cryptocurrency. Dogecoin has soared almost 40% during the last seven days. Among the biggest cryptocurrencies, some have already broken through psychological barriers this week. Ethereum found support above $3,000 per ether token, Ripple's XRP broke above $1 and Binance's BNB climbed over the $400 level. Over the weekend, watch out for the virtual crypto and blockchain conference Reimagine 2021 on Sunday with top-billed speakers Sam Bankman-Fried, the FTX exchange chief executive, and former ShapeShift CEO Erik Voorhees—a bitcoin and crypto pioneer. Now watch this: Bitcoin to $60,000? What to Expect the Rest of 2021 & Beyond

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Nagging Nancy 🤌


	Not over until it's over: After the U.S. Senate passed the $1.2 trillion infrastructure bill, including a cryptocurrency provision to broaden the definition of "broker" to potentially untenable levels, House Speaker Nancy Pelosi is under pressure to amend the bill's language. Forbes contributor Emily Mason has a full write-up. Growing calls: Yesterday, California representative Anna Eshoo (D) added her voice to the clammer, writing to Pelosi and calling on her to adopt the more crypto-friendly wording used in the bipartisan amendment drafted by Cynthia Lummis (R-Wyo) and Pat Toomey (R-Pa). "I share the goals of the underlying provision to address tax evasion in the cryptocurrency market, but the House should amend it, as the bipartisan compromise amendment would have, to meet this goal without stifling innovation in a nascent industry by imposing unworkable regulations," wrote Eshoo. Spamming reps: Earlier this week, Blockchain Caucus co-chairs Tom Emmer, Darren Soto, David Schweikert and Bill Foster wrote to all 435 representatives in the House protesting the proposed new reporting requirements that some fear could drive crypto innovation out of the country. What's next: The House is due to return on August 23 to consider the plan.

An antidote to "centralized authority"



	Controversial Canadian psychologist Jordan Peterson speaking in 2018 Getty Images


	Jordon Peterson, a Canadian academic and darling of the right who made a name for himself with his straight-talking, no-nonsense approach to self-help, is on the verge of becoming a full-blown bitcoin prophet. This week, Peterson, who started accepting bitcoin donations in 2018 after he boycotted Patreon over free speech issues, released a podcast with four "vocal members of the bitcoin community"—including host of the Bitcoin Rapid-Fire podcast John Vallis, Richard James, the creator of the film Hard Money, software engineer and author of 21 Lessons, the anonymous Gigi Der, and Robert Breedlove, an ex-hedge fund manager-turned bitcoin podcaster and philosopher. In a wide-ranging 90-minute chat, the group discussed "the intricacies of bitcoin, other cryptocurrencies and blockchain security ... philosophical opinions on the utility of money, ideal economics, and mapping value." Some choice quotes from Peterson included: 🪙 - "It’s a very interesting idea that bitcoin provides an incorruptible language of value, preferable to gold." 🎈 - "[Bitcoin] is completely transparent. It’s completely distributed. There’s no centralized authority. It can’t be cracked. It can’t be stolen. It doesn’t inflate. It can’t be inflated. It isn’t subject to any form of overt administrative control." 👑 - "The very act of bitcoin sanctifying the sovereignty of the individual is actually tilting individuals towards doing something good rather than something bad ... there’s an intrinsic ethic to bitcoin that is more likely to tilt it in a positive direction." 🙄 - And, with classic Peterson pessimism: "There's a whole bunch of problems that this new system solves, but you can be bloody certain that there's a whole bunch of problems it's going to introduce."

Dorsey's bitcoin tweetstorm ⛈️


	Twitter chief executive Jack Dorsey, one of the loudest bitcoin proponents in Silicon Valley, last night took to his own platform to share his plans for crypto. A long-time fan of bitcoin's second-layer lightning network that can process small transactions "off-chain," Dorsey floated the idea that Twitter accounts could be lightning linked in response to a suggestion "Twitter should have a wallet address for storing NFTs" (digital media-linked unique crypto tokens). Dorsey also defended his support of bitcoin over other cryptocurrencies after some suggested he should spend his time working with other blockchain networks. "Def not in it for the money (I intend to give all mine away)," Dorsey said. "I’m in it to help fix the money." In one reply, Dorsey revealed his Bluesky project, focused on developing a blockchain-based, decentralized social network, will announce a leader next week. Earlier this week, Dorsey proclaimed: "Bitcoin will unite a deeply divided country. (and eventually: world)."

	Billy Bambrough
	Forbes Contributor

I am a journalist with significant experience covering technology, finance, economics, and business around the world. I write about how bitcoin, crypto and blockchain can change the world.

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