11 Bitcoin Developments in May

By diaperfinancingfund | CryptoSensei | 30 May 2022

  1. This May, Bitcoin has had the longest downtrend in existence, with 9 red weekly closes in a row.
  2. Singapore’s sovereign wealth fund, Temasek Holdings, has no Bitcoin but may be prepping for tokenized assets. (https://forkast.news/singapore-temasek-no-bitcoin-prep-tokenized-assets/)
  3. Shanghai High People’s Court ruled that Bitcoin possesses economic value and is thus a digital asset that is protected by the country’s laws. This is a sharp turnaround from China’s unwelcoming stance on Bitcoin, given that it has banned it repeatedly. (https://finbold.com/chinese-high-court-rules-bitcoin-has-economic-value-and-is-legally-protected/)
  4. French luxury brand, Balenciaga, announced that it would start to accept Bitcoin as payment, following in the footsteps of Gucci. This suggests that Bitcoin is becoming more useful as a medium of payment as more merchants are receptive towards it. Well-heeled consumers will no doubt be pleased about this additional way of showing off their wealth and esteemed status in society.  (https://decrypt.co/101183/balenciaga-accept-bitcoin-ethereum-metaverse)
  5. The collapse of LUNA and depegging of UST not only wiped off the portfolios of those who had invested in these two assets, but also caused Bitcoin derivatives (futures, options, and perpetual contracts) traders to lose over $1.2 billion in liquidations. This suggests that if you have low risk appetite, the wisest approach you can adopt for Bitcoin is DCA regularly and HODL your portfolio. (https://decrypt.co/100573/1-2-billion-in-bitcoin-was-liquidated-during-last-weeks-crypto-crash)
  6. On May 22, Bitcoin lovers celebrated Bitcoin Pizza Day, in which Laszlo Hanyecz bought 2 Papa John’s pizzas with 10,000 pizzas 12 years ago. The fact that some people find it okay to ridicule him for not exercising better sense goes to show how mainstream and valuable Bitcoin has become. All eyes are on Bitcoin to scale greater heights during its next halving in 2024.
  7. Bitcoin is meant to be a hedge against inflation but its price movement has always been strongly correlated with the stock market. This May, Bitcoin saw signs of decoupling from the stock market as it displayed a slump - even as tech stocks in America rally after weeks in the doldrums. (https://www.bloomberg.com/news/articles/2022-05-27/bitcoin-extends-worst-losing-streak-since-2011-as-crypto-swoons?utm_campaign=socialflow-organic&utm_content=crypto&utm_source=twitter&utm_medium=social)
  8. Jamie Dimon was famously against Bitcoin, to the extent of dissing it even. But it seems that he has reframed his thinking because JP Morgan declared that crypto had replaced real estate as its preferred alternative asset. More institutional backing for Bitcoin but less BTC up for grabs for us commoners! (https://www.msn.com/en-us/money/markets/jpmorgan-backs-bitcoin-to-rise-28-25-and-says-cryptocurrencies-are-now-its-preferred-alternative-asset/ar-AAXHVy3)
  9. Do you know that besides pizzas and branded goods, you can buy an apartment with your BTC too? An apartment was sold for 3 BTC in Portugal in the first-ever direct transaction. Guess the buyer got a discount due to the current bearish market! (https://bitcoinmagazine.com/business/first-ever-direct-house-sale-for-bitcoin-in-portugal)
  10. Why is Germany lauded as the world’s most crypto-friendly nation? This could explain why. If you hold on to your BTC for a year before selling it, you don’t have to pay any capital gains tax even if you have used it for staking! This means the profits you gain during this period are truly yours. Can we have three cheers for Germany and hope that other countries emulate its fine example? (https://cryptopotato.com/germany-no-taxes-for-selling-btc-and-eth-if-held-for-over-a-year/)
  11. Now it’s your turn to write your BTC story. FaucetGamers sends Bitcoin directly to your Coinbase account. Minimum withdrawal is US$2. You gotta try it to believe it: https://faucetgamers.com/?mref=741

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