Welcome to this week’s edition of This Week in Crypto, where we bring you the latest and most significant developments in the world of cryptocurrency. This week, we delve into Senator Cynthia Lummis’s proposed Bitcoin Act, which aims to establish a national Bitcoin reserve to enhance the U.S.’s financial position globally. We also explore California’s innovative move to digitize 42 million car titles on the Avalanche blockchain, streamlining vehicle title transfers and setting a precedent for blockchain integration in government operations. Lastly, we highlight Dunkin’s exciting partnership with Bithumb in South Korea, where customers can now receive Bitcoin vouchers with their donut purchases, reflecting the country’s growing enthusiasm for cryptocurrency. Stay tuned for an in-depth look at these stories!
BITCOIN Act of 2024 Introduced, Aims to Establish U.S. Bitcoin Reserve
Senator Cynthia Lummis of Wyoming has introduced the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act of 2024 to the U.S. Senate. This bill proposes the creation of a national Bitcoin reserve to enhance the global financial standing of the U.S. dollar. The legislation, first announced at the annual Bitcoin conference in Nashville, aims to position Bitcoin as a key asset, similar to how gold reserves have historically contributed to national financial stability. By acquiring 1 million Bitcoin, valued at approximately $54 million, the bill seeks to strengthen America’s financial leadership in the 21st-century economy.
The Act also emphasizes transparency in the management of the Bitcoin reserve by the U.S. Treasury Department. Presently, the U.S. government holds over 183,000 Bitcoin, valued at around $9.8 billion, underscoring its significant position as the largest geopolitical owner of the cryptocurrency.
California DMV Digitizes 42 Million Car Titles Using Avalanche Blockchain
California’s Department of Motor Vehicles (DMV) is using the Avalanche blockchain network to streamline vehicle title transfers for the state’s 39 million residents. The DMV has digitized 42 million car titles on this network, enabling residents to claim titles via a mobile wallet app using a verifiable credential. This new system uses smart contracts on the Avalanche blockchain to manage and track vehicle titles digitally, potentially reducing the need for physical visits to the DMV.
Andrew Smith, president of Web3 consultancy Oxhead Alpha, emphasized that this blockchain infrastructure provides secure, automated transactions that were previously only accessible to large financial institutions. This initiative is part of California Governor Gavin Newsom’s broader plan to integrate blockchain technology into government operations, aiming to improve regulatory environments and enhance efficiency in public services.
Dunkin’ Offers Free Bitcoin with Donuts in South Korea
Dunkin’ has partnered with South Korean crypto exchange Bithumb to offer customers Bitcoin vouchers through a series of promotions. From July 26 to August 8, Dunkin’ customers in South Korea can receive Bitcoin “coupons” by participating in various promotional activities. One promotion gives a Bitcoin coupon worth 5,000 won (about $3.50) to customers who purchase a Bithumb Donut Pack. Another promotion offers up to 15,000 won ($10) in Bitcoin to those who spend over 8,000 won. Additionally, Bithumb users have a chance to win a Dunkin’ mobile gift card, according to Dunkin’s South Korean website.
This initiative aligns with South Korea’s growing interest in cryptocurrency. The country has become one of the leading markets for Bitcoin adoption and trading, driven by a tech-savvy population. South Korea’s crypto market reached a value of $45.9 billion by the end of 2021 despite strict regulations, and the country processes about 14% of global Bitcoin trades, making it the third largest market behind the US and Japan, according to CoinTelegraph.
