Binance CEO’s net worth hits $96B, Jack Dorsey launches BTC defense fund, Bill Miller

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

Binance CEO CZ is the richest crypto billionaire at $96B: Bloomberg

Bloomberg has estimated Binance CEO Changpeng Zhao — also known as “CZ”— to be the 11th-richest person in the world at a net worth of around $96 billion, making him the wealthiest billionaire in crypto. 

However, Bloomberg’s tabulation excluded CZ’s personal holdings of crypto assets such as Bitcoin and Binance Coin, suggesting that the $96 billion could become much larger in the future. 

To make the list of the top 10 richest people, CZ will need to look under his sofa and find a spare $11 billion to surpass Oracle co-founder Larry Ellison. Topping the list is South African bad boy and Tesla co-founder Elon Musk, who has accumulated $263 billion on the back of the success of his heavily subsidized electric vehicle company.

Disney patents technology for a theme park metaverse

Disney has obtained a patent that will enable the creation of personalized interactive attractions for its theme park visitors. 

The technology could reportedly be used to develop licensed, headset-free augmented reality attractions, involving such features as personalized 3D effects displayed on physical spaces across its parks that correspond with visitors’ journeys to different locations. 

The patent, dubbed the “Virtual-world Simulator,” was filed in the United States. It appears the move is part of Disney’s broader push to enter the metaverse sector, with CEO Bob Chapek noting in a Q4 conference call last year: 

“We’ll be able to connect the physical and digital worlds even more closely, allowing for storytelling without boundaries in our own Disney metaverse.”

Billionaire investor Bill Miller puts 50% of net worth in Bitcoin

Famous investor Bill Miller has now put 50% of his net worth in Bitcoin, as well as major industry firms like Michael Saylor’s MicroStrategy and BTC mining firm Stronghold Digital Mining.

Miller was an early investor in Amazon, which he says still accounts for nearly 100% of the rest of his portfolio. He said he’s been gradually accumulating Bitcoin since the price hit $30,000 in mid-2021. 

The investor stated that he no longer considers himself just a “Bitcoin observer” but rather a real Bitcoin bull. Miller initially bought his first Bitcoin back in 2014 when BTC was trading around $200 and then purchased a “little bit more overtime” when it became $500.

Tonga to copy El Salvador bill making Bitcoin legal tender, says former MP

Former Tongan member of parliament Lord Fusitu’a outlined a bill for Bitcoin to become legal tender in the island nation. Fusitu’a stated that the country’s Bitcoin bill is almost “identical” to the one that was enacted in El Salvador. 

Fusitu’a, who currently serves as chairman of the Oceania chapter of the Global Organization of Parliamentarians Against Corruption, outlined five points in the roadmap for the bill’s adoption, predicting that it will pass in parliament around September or October, and potentially be legislated by the end of 2022 if all goes to plan. 

In 2021, it was widely speculated that Tonga would become one of the next countries to adopt BTC as legal tender, and optimism appears to be high among Tongans in 2022.

Jack Dorsey announces Bitcoin Legal Defense Fund

Former Twitter CEO, Bitcoin maxi and Block founder Jack Dorsey announced plans to create a “Bitcoin Legal Defense Fund” with Chaincode Labs co-founder Alex Morcos and University of Sussex academic Martin White.

The announcement, shared via Dorsey’s mailing list, states that the fund will help provide a legal defense for Bitcoin developers, who are “currently the subject of multi-front litigation.” 

“The main purpose of this Fund is to defend developers from lawsuits regarding their activities in the Bitcoin ecosystem, including finding and retaining defense counsel, developing litigation strategy, and paying legal bills,” the announcement stated.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $43,121, Ether (ETH) at $3,292 and XRP at $0.77. The total market cap is at $2.05 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Oasis Network (ROSE) at 47.47%, Secret (SCRT) at 32.23% and NEAR Protocol (NEAR) at 25.73%. 

The top three altcoin losers of the week are Loopring (LRC) at -14.23%, yearn.finance (YFI) at -13.52% and Ravencoin (RVN) at -13.01%.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

Most Memorable Quotations

“It’s more going to be an exercise in asking questions and seeking input from the public rather than taking a lot of positions on various issues, although we do take some positions.”

Jerome Powell, chair of the U.S. Federal Reserve, on the Fed’s upcoming digital currency report

“Centralization is antithetical to the ethos of DeFi and poses major security risks. Single points of failure can be exploited by dedicated hackers and malicious insiders alike.”

CertiK

“We’re already at a quarter of that number, so we’ve got 24% of Americans owning Bitcoin. It won’t be that much of a stretch for it to get to a third. Bitcoin is becoming more and more mainstream. People are hearing about it everywhere — it isn’t going away.”

Ric Edelman, founder of Edelman Financial Engines

“Wikipedia really can’t be in the business of deciding what counts as art or not, which is why putting NFTs, art or not, in their own list makes things a lot simpler.”

Jonas, Wikipedia editor

“Solana prioritizes scalability, but a relatively less decentralized and secure blockchain has tradeoffs, illustrated by several network performance issues since inception.”

Alkesh Shah, digital asset strategist for Bank of America

“The number of addresses with the minimum number of Bitcoin is actually growing compared to the number of whales. I think you get a profound retail trend everywhere in the world; people onboarding Bitcoin, they trust Bitcoin more and more. It’s really the people that will push the price up.” 

Pascal Gauthier, CEO of Ledger

“Subsequent employee surveys made it clear: recharge weeks work.”

L.J. Brock, chief people officer at Coinbase

“Most cryptocurrency investors are ready to pay tax but are concerned whether their move will violate the Revenue Code.”

Suppakrit Boonsat, president of the Thai Digital Asset Association

Prediction of the Week 

Traders say Bitcoin run to $44K may be a relief bounce, citing a repeat of December’s ‘nuke’

Bitcoin had somewhat of a rocky trading week, as the flagship cryptocurrency fell to a price of $39,675 on Monday, according to Cointelegraph’s BTC price index. BTC found itself priced at $44,315 by Wednesday. The asset hit $44,448 on Thursday before subsequently dropping later in the week. 

Although Bitcoin’s price increased on Tuesday, its Wednesday rally came on the same day it was reported that U.S. inflation rose at an annual pace of 7% in December, the highest in 40 years.  

Even though Bitcoin’s price rallied in the days following Monday’s drop below $40,000, the potential for further downward action remains a possibility as of Wednesday, according to widely-followed Twitter personality Material Scientist.

“Remainder of bids was just pulled,” one of the tweets stated. “Either they’re done accumulating and use liquidity to chase now, or we see the same thing as in late November (pulled bids + stacked asks a few days later).”

In the case of Bitcoin trading, bids refer to buyer demand seen on exchange order books. Following its $68,969 peak in November 2021, BTC declined notably through the rest of the month,…