Whew! My head is spinning. Developments in the crypto-verse are unfolding at rocket speed, like a chess game on steroids.
Yesterday, Twitter and Stripe rolled out a new crypto-tipping feature on Twitter's micro-blogging platform. Yep, guys, if you have a Stripe account and you're active on Twitter, your followers can tip you in Bitcoin. So that's huge news.
But even as I was bringing that news to you guys, even as I was digesting it myself, I learned that AMC, the largest movie theater chain in the world, was hinting that it could soon be accepting payments in Dogecoin along with a few other cryptocurrencies. Score one for the crypto-verse, right?
Not just yet. Before you get all excited and break out in victory hymns, hold off on the jubilation, because in the East, China is delivering an upper cut to the chin, Hadouken style!
According to reports earlier today, China is further clamping down on the cryptocurrency industry, with its central bank announcing this morning that all crypto-currency related transactions are illegal.
Now, hold on let me catch a breath, because if you think that was a lot to unpack, I did too. Let's get into it.
AMC considers Dogecoin Payments
On Twitter, AMC's CEO Adam Aron's experimental tweet asking consumers whether the company should start accepting Dogecoin was flooded with responses in support of the movement. AMC had previously confirmed that it will be accepting Bitcoin, Ethereum, Litecoin and Bitcoin Cash for online payments by the end of the year. This confirmation led to many Twitter followers suggesting that the company should also consider the popular meme coin, Doge.
On September 21st, in response to this outcry, Aron tweeted a poll to measure consumer response.
The response was instantaneous with over 140,000 people, including Tesla CEO and Dogecoin proponent Elon Musk expressing interest. Describing the poll as his most engaging tweet ever, Aron, 24 hours later, hinted that Dogecoin may be on the cards for AMC and asked his followers to stay tuned. I'm tuned in, sir. I am tuned in.
Is this change happening any time soon?
Well, who knows? But to temper all of this excitement with a healthy dose of reality, however, Elon Musk, also a former CEO of online payment company, PayPal, made the point that Dogecoin fees must drop in order for transactions to be feasible.
China bans ALL cryptocurrency related transactions
China is playing no games. On Friday, the country's central bank, the People's Bank of China (PBOC) warned of further crackdowns on the cryptocurrency market as it described all cryptocurrency related activities, including trading, order matching, token issuance and derivatives for virtual currencies, as illegal and strictly prohibited.
While the bank did not speak of a ban on cryptocurrency ownership outright, it warned that trading cryptocurrencies, including trading on overseas virtual currency exchanges that use the internet to offer services to residents was considered illegal activity and warned that workers at foreign crypto exchanges will be investigated as the bank moves to heighten its monitoring of crypto-related transactions.
Earlier this year, Bitcoin mining was banned across major Chinese provinces, forcing many local miners to move their operations abroad. The latest Chinese directive comes as a further blow to cryptocurrency prices as crypto transactions have also come under increased scrutiny in other parts of the world, including the United States.
Well, guys, that's it for now. But before I do, I'd like to know, what are your thoughts on these latest developments?
- What do you think of AMC possibly accepting Dogecoin payments to gain access to its theaters in the future?
- And do you think this development can lead to a faster, evolved Dogecoin with lower transaction costs?
With Bitcoin prices taking a 5% tumble after reports began circulating of China's announcement, pulling down other altcoins as it fell, how do you feel about the future for the cryptocurrency market in the short and long term? Are you, like me, prepared to ride out this storm? Or are you getting sea sick and ready to bail?
Let me know below. In the meantime, however, I'm off again, poring over the Internet and looking for some good news to bring back to you. And so, until our next chat, guys, remember, be safe! Arriverderci!