Jack Dorsey briefs Democrats in financial committee on bitcoin / Elon Musk's Twitter stake causes DOGE coin to jump / A DAO called TweetDAO is selling NFTs

Also, Luca Netz buys The Pudgy Penguins NFT collection for millions

Inside.com Part of   Network April 04, 2022

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On March 31, Twitter and Block founder Jack Dorsey briefed the Democrats of the House Financial Services Committee on bitcoin during a private Q&A session. In the session, Dorsey touched on a series of common crypto-related concerns, including: Environmental impacts; Its use in money laundering; Its capacity for payments. Dorsey responded to the questions with: The changes in energy sources powering proof-of-work blockchains like bitcoin; The transparency of blockchain-based transactions; The growing use of crypto for payments in non-western countries.

A DAO called TweetDAO has formed selling NFTs that entitle holders the write to tweet from the account once per day. The idea combined with the lack of vetting has led to a chaotic free-for-all of self-promotion, movie quotes, and randomness. More: The floor of the project has quickly surpassed 1ETH. The account was created over the weekend and has already reached ~5,000 followers. People are worried that Twitter will shut the account down over violations regarding automated accounts and selling tweets.

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The Pudgy Penguins NFT collection has been sold to the L.A.-based entrepreneur Luca Netz for 750 ETH ($2.5M). The purchase will give Luca Netz control over the project and its royalties.  More: A preliminary deal was struck between Netz and the project's founders in January. The Pudgy Penguins community ousted the founders in January following a Discord vote. With 49,000 ETH in trading volume, Pudgy Penguins is one of the most popular projects in NFTs.

Web3 Tweet: 17 common DeFi mistakes to avoid.

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Elon Musk now has a $3B stake in Twitter, with news of his purchase causing a spike in the DOGE coin by 10%. Musk took a 9.2% stake by purchasing 73,486,938 of common stock, worth $2.89B.  More:  The Tesla CEO started a poll on March 25, asking his followers the following question: "Free speech is essential to a functioning democracy. Do you believe Twitter rigorously adheres to this principle?" Over 70% of respondents voted "no," implying that Twitter does not follow free speech principles.  Musk soon responded by saying that a "new social media platform is needed."  Analyst Daniel Ives of Wedbush Securities commented: "Looks like Elon has his eyes laser set on Twitter, and we would expect this passive stake as just the start of broader conversations with the Twitter board/management that could ultimately lead to an active stake and a potential more aggressive ownership role of Twitter." As soon as Musk bought a stake in Twitter, the price of DOGE surged by 10%, and SHIB rose by 5%.  DOGE increased from $0.143 to over $0.156 several minutes after the announcement.  In addition, the shares of Twitter also increased by 20% to $47.20, causing rippling events that some now call "The Elon Effect." Coin Desk

On the Run (OTR), a convenience store and gas station giant in Australia, is now accepting crypto as a method of payment at all of its 170 outlets. The payment will be accepted using Pay Merchant Product services by July 2022.  More:  Consumers can now pay for gas, snacks, and even sandwiches using 30 cryptocurrencies.  The Peregrine Corporation, OTR's parent company, will be accepting crypto at its Subway, Oporto and Smokemart stores as well, making it the largest business in Australia to accept digital payment.  OTR is currently working with Crypto.com to implement its Pay Merchant service, and Yaser Shahin, Peregrine's executive chairman, stated: "The growth and mainstream acceptance of cryptocurrency adoption in Australia and the rest of the world have been phenomenal, and has offered us a clear opportunity to tap into the momentum of this fast-growing space for the benefit of our customers." Coin Telegraph

Quick Hits Pierre Poilievre strives to make Canada the world's "crypto capital," and here's why his vision might not be too far-fetched.  Why would a 30-year-old crypto billionaire want to give away his fortune?  Learn more about crypto staking: what is it, and why should you care? Russia is bullish on the future of crypto but has tried and failed in this approach in the past.  Like Canada, Britain is also looking to mint its own NFTs and wants to lead the way in crypto.

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Trevor Grant is an entrepreneur, investor, and writer based out of Chicago, Illinois. His primary area of interest is web3 venture capital, social tokens, and infrastructure. Other pursuits include screenwriting, yoga, and traveling. He holds a BS in biomedical engineering.   Connect with him on Twitter @trevorisonline Editor Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford.

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