OTC’s Weekly Retrospect 23/01–27/01/2023

Each week we bring you a round-up of the most important Bitcoin and virtual asset-related stories making waves in the cryptosphere.­­­­

Major news stories this week;

1. ChatGPT learns Bitcoin will end central banking and fiat currency
2. Right-Wing Arizona Senator Pushes to Recognize Bitcoin as Legal Tender
3. Despite Embracing Bitcoin, El Salvador Repaid its $800 Million Bond
4. The Crypto Crackdown Is Just Getting Started
5. Trouble in Ethereum? Devs Divided Over Staking Withdrawals in Shanghai Upgrade

Story Summaries;

1. ChatGPT is a powerful new artificial intelligence (AI) tool, capable of problem-solving, advanced coding, answering complicated questions and now spelling out the end of fiat currencies. Parman, a Bitcoin self-custody mentor and writer, taught ChatGPT that Bitcoin would bring about the end of government-issued fiat currencies and shared the results in a Twitter thread.
2. An Arizona State Senator has introduced a bill to make Bitcoin legal tender in The Grand Canyon State. Wendy Rogers, a Republican and enthusiastic supporter of former President Donald Trump, yesterday put forward a proposal to amend the definition of legal tender in the state’s statutes to include the world’s biggest cryptocurrency.
3. El Salvador’s political leader, who is among the biggest proponents of bitcoin, announced the news on Twitter, regretting that most international media outlets did not spread the information. At the same time, they were among the first to doubt whether the country would be able to repay the $800 million bond that matured on January 23.
4. “In the first few weeks of 2023, watchdogs have done a lot. On Jan. 3, a joint statement by US bank regulators warned the industry of crypto risks creeping into the banking system. Then came a $100 million settlement with Coinbase Global Inc. over weak internal controls, a lawsuit against the Winklevoss twins’ Gemini and broker Genesis for allegedly selling unregistered securities, and a $45 million settlement with lending platform Nexo (which has ceased US operations). Subpoenas are flying.”
5. “Some of the network’s architects have expressed concern that the upgrade is launching too quickly for fear of public pressure over staking withdrawals. By all accounts, Shanghai appears ready to launch by March. But recently, a vocal minority of Ethereum’s core developers has begun voicing concerns that the upgrade is being rolled out too quickly, out of fear of public reprisal, at the expense of technical costs that could have lasting impact on the network.”

And that’s all for this weeks news! Wishing you an extra special weekend head!