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Is the US Developing a Digital Dollar? This Week’s Top Bitcoin & Crypto News

Here’s what happened in the crypto world this week.

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Welcome to Nonfungible Tidbits, a weekly roundup of news in crypto, NFTs and related fields.

Our lead story this week is the possibility of a Federal Reserve digital currency, or “digital dollar.” We’ll also cover the million-dollar NFT of a cartoon rock that accidentally sold for less than a penny, and declining Google searches for NFTs.

Stay tuned for more next week.


The US is considering a centralized cryptocurrency

detailed closeup of pillars at the Federal Reserve in Washington, DC.

Lance Nelson/The Image Bank/Getty Images

Biden last week signed an executive order directing various federal agencies to make policy recommendations on cryptocurrency. The order included a call to explore the United States Central bank digital currency, a type of cryptocurrency controlled by the government. Part of Biden’s strategy includes ensuring that each US CBDC is aligned with the country’s priorities and democratic values, according to the order sheet.

The Federal Reserve has been researching CBDCs for some time. In January, the Fed published a report that goes into what a CBDC might look like in the US. Countries around the world including Australia, China and Brazil, are also working on CBDCs from their own.

Read CNET’s full story on a potential US Federal Reserve digital currency.


The owner of a $1 million rock NFT accidentally sells it for less than a dime

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Sarah Tew/CNET

There is an NFT collection called EtherRock containing NFTs of clipart rocks, each a slightly different color. Last year an EtherRock NFT sold for 400 ether, or about $1.3 million at the time. Earlier this month, the owner of an EtherRock NFT accidentally put the NFT up for sale for 444 Wei instead of 444 Ether. Wei is the smallest denomination of ether, like pennies to dollars, with one ether containing 1,000,000,000,000,000,000 wei. This means that the owner has sold the EtherRock NFT NFT is potentially worth over a million dollars for less than a penny. People are now using bots to gain an edge when buying NFTs, and one bot grabbed it immediately after being listed.


Google searches for NFTs are declining rapidly

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According to a recent study, searches for NFTs on Google plummeted in the first few months of 2022 report by Statista based on Google Trends data. Google searches for NFTs increased in December 2021 and peaked in January 2022. Since then there has been a sharp decline. Currently, Google Trends is only showing a third of the search volume for NFTs as of January.

Despite the apparent waning interest in NFTs from Google search users, Meta (Facebook) founder Mark Zuckerberg said NFTs are coming to Instagram during a lecture he gave at South by Southwest in Austin, Texas.


Thank you for reading. We’ll be back with a lot more next week. In the meantime, I encourage you to do so Read this feature on how cryptocurrency and NFTs fund Ukraine’s resistance to Russia by Roger Cheng. Roger also recorded a series of interviews with Alex Bornyakov, Ukraine’s Deputy Minister for Digital Transformation, which you’ll find embedded in the story.

Is the US Developing a Digital Dollar? This Week’s Top Bitcoin & Crypto News Source link Is the US Developing a Digital Dollar? This Week’s Top Bitcoin & Crypto News

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