Bitcoiners warn global economy in 'death spiral'

Inflation was a big theme on day one of Bitcoin Amsterdam. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ Market Activity Total Market Cap 901.53B (-2.24%) 24 Hour Volume 68.02B (+41.06%) Notable Movers[(HT) $7.30]( (+16.12%) Notable Movers (DeFi)[(XTZ) 1.38]( (+2.44%) Bitcoin Dominance 39,99%[(+0.23%)]( Bitcoin Price[(BTC) $18,948.55 (+0.87%)]( Ethereum Price[(ETH) $1,257.29 (-3.10%)]( Cardano Price[(ADA) $0,3744 (-4.37%)]( Editor's Note A Surreal Whale Night Bitcoin conferences are for big announcements. Who could forget when President Nayib Bukele declared that El Salvador was going to adopt Bitcoin as legal tender — completely out of the blue? But now that the bull market has died down, and bearish activity is setting in, you could argue that the caliber of announcements has taken a bit of a hit. Wednesday evening was Whale Night, with high-profile attendees invited to an exclusive event that was sponsored by Hive Blockchain. The announcement of the night, we hear you ask? Excess heat from a datacenter is now being used to power a greenhouse in Sweden, meaning that tomatoes and cucumbers can be grown all year round. Platters were handed around so people could try the food for themselves. Meat-loving Bitcoiners making full use of the free bar might not have been all that impressed. CMC-Community Spotlight of the Day Chain's Web3 European Innovation Incubator Begins]( In today’s CMC Community Spotlight, BNB Chain announces the launch of their new incubator aimed at driving Web3 innovation. Today’s Top Stories Check out [CoinMarketCap Alexandria]( for tech deep dives, analysis, daily news and easy-to-understand guides on how crypto works! [Today’s Top Stories ] Live from Amsterdam!]( 🤩 We've got all the highlights from day one of Bitcoin Amsterdam in the CoinMarketRecap podcast. You can find us on [Apple Podcasts]( [Spotify]( and [Google Podcasts]( too! economy in 'death spiral']( 🚨 One of the first panels at Bitcoin Amsterdam centered on inflation — with a warning that the Fed's push to tighten interest rates will create a "death spiral" and a credit collapse. Entrepreneur Jeff Booth argued that inflation is manmade, and prices should fall as mankind invents ways of doing things better. Inflation is currently running hot in many major economies — and he warned that even the 2% target rate is "theft in your money." Fellow panelist Greg Foss told the crowd that total global debt now stands at $400 trillion — but as the global economy is only worth $100 trillion per year, it's unable to keep up. Both men argued that Bitcoin serves as insurance and a hedge against inflation, describing it as "pure mathematics." Portugal's crypto tax hurt Madeira?]( 😬 Earlier this month, Portugal announced that it was planning to tax crypto gains at 28% — potentially affecting its reputation as a Bitcoin-friendly destination. But according to André Loja, this won't affect efforts to bring BTC to Madeira. He's spearheading efforts to make the autonomous region a hub for crypto. Speaking to our podcast, Loja said the proposals could have been far worse — and Madeiran officials want to help make improvements to the law. In the years to come, Loja hopes that support for Bitcoin will attract younger people and better salaries to the island, as well as crypto-focused businesses. But he said there are lessons to be learned from El Salvador — and there needs to be a focus on educating the public about Bitcoin. adoption slowing in the U.K.]( 🇬🇧 the CEO of CoinCorner has told us that the cost-of-living crisis has had an impact on Bitcoin adoption in the U.K. Danny Scott said many Britons currently have "bigger problems to deal with" — and are distracted as interest rates, mortgage payments and energy bills rise. While sign ups at the British crypto exchange have slowed down as a result of the bear market, Scott believes that they may have already bottomed out — and will start to increase again. The interview came as CoinCorner announced that it was expanding its Bitcoin and Lightning services to El Salvador — meaning consumers there will be able to start using the company's Bolt Card. The company says it wants to improve the experience for everyday users. Thanks for reading! Have a great day — more news tomorrow! [Facebook]( [Twitter]( [Instagram]( [Telegram]( Written by Molly Zuckerman and Connor Sephton Was this email forwarded to you? [Sign up here](. WANT MORE CRYPTO BITES? [Sign up here]( for Daily Newsletters, Promotions and Events and Prices [ADVERTISE]( | [CAREERS]( | [FAQ]( © 2022 CoinMarketCap [Unsubscribe]( [coinmarketcap.com]( CoinMarketCap OpCo LLC, 8 The Green, STE 6703, Dover, Delaware 19901, United States