The price of Bitcoin is absolutely ripping on this fine Wednesday morning, and Twitter and Square CEO Jack Dorsey has definitely taken notice.
After seeing the price of Bitcoin hit new all-time highs against other fiat currencies such as the yen, euro, and the won yesterday, it failed to see a new high against the dollar. But today, BTC is taking no prisoners by skyrocketing past its previous all-time high of $64,840 to over $66,000, with no signs of slowing down.
Jack Dorsey has been a Bitcoin advocate for quite some time and has placed furthering Bitcoin as one of his top priorities. Recently, he announced that Square was considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide. Earlier this year at Bitcoin 2021 in Miami, Dorsey said that if Bitcoin was in dire need of his help, he would leave Twitter and Square for it.
To help further Bitcoin, Dorsey and Square decided to build a secure yet user-friendly mobile Bitcoin wallet designed for mainstream adoption. He emphasized that the importance of this wallet is to help solve the question of how to get BTC into the hands of the next 100 million users in a noncustodial fashion. “It’s important to us to build an inclusive product that brings a noncustodial solution to the global market,” said Dorsey. “Bitcoin is for everyone.”
MOON has rallied 500% this month as demand for Reddit community tokens grows.
The token’s recent launch on Arbitrum has served as a bullish catalyst as it allows for use across multiple dApps on Layer 2.
BRICKS, another Reddit token, has surged this month.
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MOON, the community token of the r/CryptoCurrency subreddit, has seen explosive price action after migrating to Arbitrum.
Reddit Tokens Surge On Arbitrum News
Reddit tokens are in high demand.
Last week, Reddit announced it would migrate its ERC-20 reward tokens to Arbitrum, a popular Layer 2 scaling solution on Ethereum.
The migration affected MOON, the native ERC-20 token used as community points on /r/CryptoCurrency.
The token is rewarded on a monthly basis to users who provide quality posts and comments. The tokens are automatically added to Reddit’s own Ethereum wallets on the Arbitrum network.
Prior to the Arbitrum migration, MOON tokens were distributed on the Ethereum test network Rinkeby. They could be bridged from testnet to the sidechain xDai and traded on HoneySwap. However, there was no direct integration with Ethereum, and it had little value because it was a testnet token.
Launching on Arbitrum means MOON can be exchanged in fast transactions with minimal gas fees while leveraging Ethereum’s security. It also means Reddit users can now use their tokens on dApps within the Arbitrum ecosystem and more easily settle them on Ethereum mainnet.
Exposure to Ethereum mainnet certainly adds value to MOON tokens. In that regard, the Arbitrum migration news has been incredibly bullish for the token.
In the last month, the MOON price has grown by more than 500% despite the broader crypto market remaining largely flat. Currently, each MOON token is trading at $0.25 according to CoinGecko. The price has doubled in the last week.
One important point to note is that the price is only applicable to the old tokens being traded on xDai as there is no DEX support available on Arbitrum yet. Hence, while MOON is showing bullish strength, a factor behind the surge may be the low trading liquidity on DEXs.
Price action aside, MOON has seen an increase in adoption in the last year. In July 2021, 26,443 users on r/CryptoCurrency claimed the token in their wallets, more than 10 times the number since inception in May 2020.
While primarily used as a community reward token, MOON also has traits of a meme coin. Due to its growing popularity on Reddit and limited total supply, some community members have described the token as a “superior memecoin” compared to crypto’s original meme currency, Dogecoin. They attribute this claim to MOON’s limited supply of 250 million tokens and adoption within the largest cryptocurrency community on Reddit.
MOON isn’t the only ERC-20 Reddit token affected by the recent Arbitrum update. The other one is BRICKS, which is used on the r/FortniteBR subreddit. It’s also experienced a price surge this month, up over 222%.
While it’s still early days for Reddit tokens, it’s possible that they could find their way into Arbitrum-based dApps in areas like DeFi, NFTs, and gaming.
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A 21st-century space race appears to be brewing between Elon Musk and BitMEX, with both parties pledging to launch their respective crypto of choice to the literal moon first.
On June 4, the popular crypto derivatives exchange BitMEX announced it would be supporting space robotics firm, Astrobotic Technology, in the company’s mission to send its first commercial lander to the moon during Q4 2020.
Noting that the mission aims to be the first instance in which “a private company leading a coalition of government, academia, industry, and international partners reaches the lunar surface,” BitMEX plans to make the occasion by delivering a one-of-a-kind physical Bitcoin to the moon’s surface. Referring to Musk as a “Dogecoin protagonist,” BitMEX added:
“We’ve nothing against Dog Money, we felt it was only right to help Bitcoin get there first.”
The announcement followed Elon Musk’s early May news that SpaceX is planning to launch a Dogecoin-funded payload on one of its first rockets to the moon, asserting that DOGE would become the first cryptocurrency to reach lunar orbit next year.
Elon Musk responded to BitMEX’s newfound astronomic ambitions on Twitter, proclaiming: “A new space race has begun!”
While replies to Elon’s tweet are largely his followers barracking for DOGE to win the crypto space race, others noted there are more pressing problems on Earth than whether one’s crypto token of choice is the first to enter the orbit of another celestial body.
Can we take care of the problems here on Earth before we thrust ourselves into space, while homeless people sleep in the streets and the middle class struggles to get by?
Wtf is wrong with you? Look around
— Dougzart (@Dougzart1) June 6, 2021
While few projects exploring the utility of establishing crypto infrastructure from space have captured the mainstream imagination like Musk’s Dogecoin expedition has, the Tesla CEO’s plans to take cryptocurrency out of this world are not the first.
Blockstream appears to have been the first in pioneering the use of crypto satellites, launching satellites to broadcast Bitcoin transactions from space in August 2017.
In August 2020, Robonomics and Kusama announced an ambitious plan to develop “an interplanetary architecture” capable of relaying data between Mars and Earth using the Kusama network.
CryptoSat outlined the concept behind its ambitious plan to launch a nano-satellite the size of a coffee mug into space in a November 2017 whitepaper, with the satellite slated to operate as an isolated cryptographic module from orbit. The team plans to prove the concept with a launch this year before sending an entire constellation of CryptoSats into orbit later on.
Spacechain similarly launched in 2017, and has successfully deployed nodes in orbit. On June 3, 2021, the project announced its multisig Ethereum payload destined for installation on the International Space Station had been launched aboard a SpaceX rocket.
BitMEX will place a bitcoin wallet holding 1 BTC on the surface of the moon as part of the first-ever commercial soft landing on its surface.
Bitcoin exchange platform BitMEX has partnered with space robotics company Astrobotic to literally put bitcoin on the moon through an upcoming lunar mission that is expected to launch later this year.
A physical coin, similar in design to a Casascius coin, will be included in the payload of an Astrobotic Peregrin lander that will touch down on the moon in a mission to deliver scientific and demonstration items to the surface of the celestial body, according to a BitMEX press release shared with Bitcoin Magazine. This will be the first-ever commercial soft landing on the surface of the moon and the coin will have the private keys that control access to the bitcoin, effectively the bitcoin itself, printed on them.
“BitMEX will mint a one-of-a-kind physical bitcoin, similar to the Casascius coins of 2013, which will be delivered to the moon by Astrobotic,” according to the release. “The coin will hold one bitcoin at an address to be publicly released, underneath a tamper-evident hologram covering. The coin will proudly display the BitMEX name, the mission name, the date it was minted and the bitcoin price at the time of minting.”
Bitcoin has taken off like a rocket over the last few months, heading toward what those in the bitcoin and cryptocurrency community call “the moon.”
The bitcoin price smashed through its 2017 all-time highs this month, pushed on by institutional adoption and support from payments giant PayPal PYPL .
Now, after sparking speculation earlier this month his electric car company Tesla TSLA could add bitcoin to its balance sheet, Elon Musk, who’s also the chief executive of aerospace company SpaceX, has said a future Mars economy could be based on cryptocurrency, such as bitcoin.
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Musk, commenting on a tweet made by influential artificial intelligence researcher and podcaster Lex Fridman last week, agreed that a “Mars economy will run on crypto”—without specifying whether it could be bitcoin or another smaller cryptocurrency.
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Another commenter in the Twitter thread named the now defunct cryptocurrency and Mars “colonization” project Marscoin, but it was likely a tongue-in-cheek nod to the number of highly specialized but largely unused digital tokens that have flooded the cryptocurrency market in recent years.
For Musk, a billionaire serial entrepreneur who’s ridden Tesla’s soaring share price toward the top of the global rich list this year, manned missions to Mars aren’t a distant possibility but a near-term goal.
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Earlier this month, Musk said he is “highly confident” SpaceX will land humans on Mars by 2026: “If we get lucky, maybe four years. We want to send an uncrewed vehicle there in two years.”
The colonization of Mars is something Musk thinks humanity needs to do to ensure “the continuance of consciousness as we know it,” he told Mars Society founder Robert Zubrin in October.
The bitcoin and cryptocurrency community is sharply attuned to Musk’s interest in crypto, with Musk repeatedly teasing crypto watchers with bitcoin memes and cryptic references despite revealing he’s “neither here nor there on bitcoin” in a podcast at the beginning of 2020.
Musk’s influence is such that he sent the the price of “joke” cryptocurrency dogecoin sharply higher when he made a reference to it this month.