In the second trading week of 2022, Bitcoin did not attract too much action in terms of long-term investing, at least not enough to create a rally towards the $50,000 pricing level. Notwithstanding this lack of enthusiasm in the markets, the week produced quite a few news headlines. Let's take a look at some of the most significant updates that transpired in the middle of January:
Disney Files Patent for Virtual World With Cryptocurrency Economy
Theme park giant Disney is preparing to make a big move into the metaverse with a patent that involves augmented reality experiences at properties such as Disneyland, Epcot Center, and Disney World. Details of the patent suggest that Disney may also seek to coin its own digital currency; perhaps as a collectible non-fungible token or as a means to manage customer rewards.
Tonga Could Make Bitcoin Legal Tender
Similar to the historic legislative action enacted by El Salvador last year, Bitcoin could become legal tender in the Pacific island nation. This would only be possible if the country passes a revised Foreign Currency Law to allow the use of digital currencies, thus paving the way for Bitcoin to legally circulate.
It is estimated that a third of the Tongan population are online and some 30% of households have used BTC in some capacity, mostly for trading purposes.
Technology Entrepreneur Jack Dorsey Explains Plans for a Bitcoin Legal Defense Fund
The co-founder of Twitter, who recently stepped down from his chief executive officer position, has announced the creation of a special fund that will provide blockchain developers legal assistance and representation when they are targeted by lawsuits. The organization will be known as the “Bitcoin Legal Defense Fund,” and it will be headed by Dorsey along with a former federal prosecutor who boasts a long career in law and finance.
The legal assistance is provided in response to the fact that Bitcoin is a new and unfamiliar legal instrument, in addition to the fact that many of its users come from countries that do not have a good track record of legal protection for online activities. In fact, in China, Bitcoin and other cryptocurrencies have become a form of digital currency for payment of black-market products.