The U.S. Federal Reserve Chairman Jerome Powell has reiterated bitcoin should be considered a substitute for gold, supporting several market participants’ view that BTC is “digital gold.”

Microsoft is reportedly polling users to gauge their interest in paying with bitcoin on the Xbox gaming console. The poll asked users participating in insider programs about their views on payment methods that included BTC.

Twitter CEO Jack Dorsey has sold the first-ever published tweet as a non-fungible token (NFT) for $2.9 million to an investor going by sinaEstavi.

Top stories in the Crypto Roundup today:

• Bitcoin Is ‘Essentially a Substitute for Gold Rather Than Dollar’ Says Fed Chair Powell
• Microsoft Reportedly Polls Users on Bitcoin Payments for Xbox
• Twitter CEO Sells First-Ever Tweet as NFT for $2.9 Million

Bitcoin Is ‘Essentially a Substitute for Gold Rather Than Dollar’ Says Fed Chair Powell

The U.S. Federal Reserve Chairman Jerome Powell has reiterated bitcoin should be considered a substitute for gold, supporting several market participants’ view that BTC is “digital gold.”

During the Bank of International Settlements Innovation Summit virtual event, Powell warned that the cryptocurrency is still volatile and a “speculative asset,” which is “therefore not very useful as a store of value.” Powell said:

“They're more of an asset for speculation, so they're not particularly in use as a means of payment. It's more a speculative asset. It's essentially a substitute for gold rather than for the dollar.”

Powell has in the past expressed similar views. In 2019, he said bitcoin is a “speculative store of value, like gold.” The cryptocurrency, in his opinion, has no chance of replacing the dollar as “there’s the volatility, there’s also the energy requirements for mining and the fact that they’re not backed by anything.”

Microsoft Reportedly Polls Users on Bitcoin Payments for Xbox

Microsoft is reportedly polling users to gauge their interest in paying with bitcoin on the Xbox gaming console. The poll asked users participating in insider programs about their views on payment methods that included BTC.

The tech giant has notably accepted bitcoin payments back in 2014, allowing its users to buy Windows content with BTC. It currently doesn’t accept the cryptocurrency in its online store for Xbox.

The company hasn’t yet followed the likes of Tesla or Square in buying bitcoin for its corporate treasury. In an interview with CNN, Microsoft CEO Brad Smith said that he has not “heard any conversation” around including cryptoassets in the company’s treasury.

Twitter CEO Sells First-Ever Tweet as NFT for $2.9 Million

Twitter CEO Jack Dorsey has sold the first-ever published tweet as a non-fungible token (NFT) for $2.9 million to an investor going by sinaEstavi.

The tweet was minted earlier this month using an Ethereum-based service that allows users to mint, sell, and bid on NFTs of tweets called Cent. Dorsey’s tweet, published on March 21, 2006, reads “just setting up my twttr.”

Dorsey has said he will donate all of the sale proceeds to GiveDirectly, a non-profit organization that sends cash to families living in extreme poverty. After Dorsey received the funds, he reportedly transferred them to cryptocurrency exchange Kraken.

A Major Step for Decentralized Governance

Last week, Tally launched its governance app, which lets anyone easily create and vote on proposals put forth by various DeFi projects.

The app brings much needed transparency to on-chain governance — not only within specific proposals so users can see which stakeholders are voting and how — but also more broadly within DeFi, by regrouping key projects on a single platform.

Participating in on-chain governance has been greatly hindered by a lack of transparency and awareness. Stakeholders have to be actively following each project separately on social to know when and how to take part in voting. Tally is helping tackle the problem in a few ways:

1. It brings greater transparency
2. It allows users to set up alerts
3. It providers a better UX

 In an effort to tackle the transparency issue, Tally’s interface provides a clear overview of each projects’ governance activity, as seen in the screenshot above. Then at the proposal level, Tally provides access to who has voted and how.

Compound, Uniswap, Indexed Finance, PoolTogether, Radicle, Idle Finance, Inverse Finance and Unslashed Finance are all on there already. Fei Protocol will join next week.

 

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