Twitter goes crazy when a singer gives away $1 million dollars at BTC… without knowing that it’s actually $11

Popular rapper Megan Thee Stallion partnered with Square’s Cash App to launch a $1 million gift on Bitcoin via Twitter.

Cash App, the Bitcoin-compatible payment application from U.S. financial services company Square, partnered with Grammy-winning rapper Megan Thee Stallion in a $1 million Bitcoin Sweepstakes.

Megan announced the promotional campaign via Twitter on December 17. The publication has received over 60,000 likes and 8,800 retuits at the time of this writing. The rapper encouraged her followers to post „#BITCOINMEG“ to be part of the raffle.

The publication doesn’t make it clear how much BTC will receive each person, saying, „I’m giving $1 MILLION in Bitcoin to as many beauties as I can. Numerous Twitter responses include screenshots of the winners indicating that they had received 50,000 satoshis each, worth approximately $11.40 at the time of writing.

It appears that many of Meg’s followers are unaware of the value of Bitcoin to individual users, and responses to her post contain ultrasound images of unborn babies, links to college application forms, a variety of bad luck stories, and photos of smiling children gathered around Christmas trees in an attempt to soften the artist’s heart.

One user claimed to have purchased a Telsa after misinterpreting that he would receive $50,000.

Amid the cries for help, computer science student „William Clemente III“ urged Megan’s followers to put away their satoshis, sharing a picture detailing the inflation of Deutsche Marks to gold over the past century along with the petition:

„Do not convert them! The goal of this is to increase understanding of bitcoin. Dollars are garbage. 30% of all dollars were printed THIS year. On the other hand, BTC’s new supply rate was reduced to HALF. Bitcoin will grow exponentially against the dollar because it’s scarce.

The campaign seems to have been very successful in its goal of boosting the adoption of Bitcoin and Cash App among non-crypt related natives, and many of Megan’s fans claim they downloaded Cash App exclusively to participate in the sweepstakes, and others indicate that they intend to investigate crypto space further after receiving their first satoshis.

Federal government’s crypto law – with a tailwind into the new year

While the global economy continues to groan under the corona pandemic, the German crypto industry is starting the new year with a tailwind. This is ensured by the federal government’s new crypto law, which is only waiting for the approval of the Bundestag.

Milestone: Cabinet Adopts Blockchain Securities Law

The first hurdle has been cleared: After the Federal Cabinet around Ministers Olaf Scholz and Christine Lambrecht passed their law on the issue of electronic securities last week, the domestic crypto industry rejoices at the upcoming location advantages. In future, digitally securitized securities should have the same status as their analogue, documented counterpart. Now only the Bundestag has to agree, which will probably not thwart the ministers‘ bill. The foundation stone for the federal government’s blockchain strategy has thus been laid.

Crypto values ​​vs. Crypto values: On the dissonance of German and European crypto regulation

The supranational coordination between the organs of the European Union and its member states has its pitfalls and bottlenecks. The regulations of one do not always go hand in hand with the implementation of the other. This also applies to the regulation of crypto values. In his guest commentary , specialist lawyer Lutz Auffenberg from the law firm Fin Law puts the German and European regulations on the dissection table – and in the process reveals many inconsistencies. It’s worth reading.

Every year again: Maduro wastes Petros at Christmas

Christmas is a time of giving: this is what Venezuelan President Nicolas Maduro also seems to have in mind. Last week he announced that he would be giving out half a petro to Venezuelan pensioners and public sector workers as a Christmas bonus. However, the fact that no one gives completely without intention also applies to the autocrat. With the initiative, this kills two proverbial birds. On the one hand, Maduro seems to want to buy back part of the long-lost support in the population with the action. On the other hand, the government will want to continue pushing the state cryptocurrency, which, according to reports, is still hardly used almost two years after its publication.

Hard bandages: Estonia takes action against letterbox companies

Thanks to cheap electricity and benevolent public authorities, Estonia has long been considered the Mecca of the blockchain industry. Now it seems to be over. After companies around the world took advantage of the favorable local legislation for a long time and moved their mailboxes to the Baltic States, the government is only now making an official announcementAccording to the authorities, licensed more than 1,000 crypto companies with „minimal ties to the country“ in the past year. The authorities simply do not have the capacity to oversee them. Now new legal regulations are on the way. The promised land seems to wither for foreign profiteers.

Former PBoC governor: Digital yuan is not a world currency

In the books of Western monetary authorities and governments, the digital yuan is one of the biggest nightmares of the coming years. For many, the currency project embodies the sick arms of Chinese imperialism, which is now also interfering in the economic order. A former governor of the PBoC is now giving the West a cautious all-clear: According to Zhou Xiaochua, Beijing is not aiming with the digital currency to replace the monetary system of other countries. However, the CBDC could facilitate cross-border trade, reports the South China Morning Post. However, diplomatic rhetoric is unlikely to calm the foreign policy hawks among Western leaders.