VCs Continue To Invest In Crypto And US Olympians Cannot Use Digital Yuan

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Bitcoin continues its renewed march upward and enters the weekend at a value of $33,800 as Venture Capitalist investors continue to take the long stance when it comes to crypto. Meanwhile crypto takes center stage during the Olympics as well, and members of the US government call upon their Olympic federation not to use the Digital Yuan, China’s forthcoming digital currency, at the Winter Olympics next year.

$4 Billion in fresh funding

A report by CB insights shows that in the second quarter of 2021, venture capitalist profited from the downturn that Bitcoin showed to pump even more money (overall some $4 billion) into crypto companies than ever before.

The report stated that:

Q2’21 was the largest funding quarter on record. Across 657 deals, global VC-backed fintech companies raised a record $30.8B, shattering last quarter’s funding record by 30%. This impressive funding growth was accompanied by a modest 2% deal growth quarter-over-quarter (QoQ) and a 29% increase year-over-year (YoY).

Cynthia Lummis at it again

With the 2020 Olympics (now in 2021) having finally started, the United States is already proposing restrictions for its athletes for the 2022 Winter Games. The Beijing Winter Olympics, scheduled for 2022, will be a tremendous opportunity for China to familiarize the world with its digital yuan.

However, a group of influential Republican senators disagrees and wants to intervene before the event even starts. Known Bitcoin maximalists Cynthia Lummis and her colleagues Marsha Blackburn and Roger Wicker, sent an open letter about the digital yuan to the US Olympic and Paralympic Committee, asking them to:

Prohibit American athletes from receiving or using digital yuan during the Beijing Olympics.

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