Date: 05/01/2021
“I have not sold any of my Bitcoin. Tesla sold 10% of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet.” — Elon Musk
Weekly Headline News
1. ‘I have not sold any of my Bitcoin’: Elon Musk
Cointelegraph
2. Tesla books huge profit from Bitcoin sale in Q1
Cointelegraph
3. Russian space agency uses blockchain to protect intellectual property
Cointelegraph
4. Luxembourg PM wants nation to be the ‘digital frontrunner’ in blockchain
Cointelegraph
5. Possible Bitcoin treasury adoption as more companies cite inflation concerns
Cointelegraph
6. Iran’s central bank says officially mined crypto can be used to pay for imports
Cointelegraph
7. Biden’s proposed capital gains tax rise will hit only richest 0.3%
Cointelegraph
8. Today marks the 10-year anniversary of Satoshi Nakamoto’s final message
Cointelegraph
9. Nigerian hotel becomes country’s first to accept Bitcoin payments
Cointelegraph
10. Mark Cuban tried to convince Ellen DeGeneres to accept Dogecoin
Cointelegraph
11. Time magazine names two crypto firms in Top 100 ‘Most Influential Companies’ list
Cointelegraph
12. Ethereum’s market cap exceeds that of platinum for the first time
Cointelegraph
13. Long-Term Bitcoin Holders Unmoved Despite Volatility, Blockchain Data Shows
Coindesk
14. Ether Could Hit $10K, FundStrat Says, Touting Network Value Versus Bitcoin’s
Coindesk
Summary
‘I have not sold any of my Bitcoin’: Elon Musk
● Tesla may have realized some of its Bitcoin profits, but CEO Elon Musk continues to hodl. Billionaire entrepreneur Elon Musk has taken to Twitter to assure the crypto community that he has not sold any of his personal BTC stashes despite his company Tesla realizing profits from its recent Bitcoin buys.
Tesla books huge profit from Bitcoin sale in Q1
● In February, the electric vehicle maker announced it had purchased $1.5 billion worth of Bitcoin. Tesla Motors sold a portion of its Bitcoin holdings in the first quarter of 2021, generating net proceeds of $272 million, the electric vehicle maker reported Monday. The company also announced that it will accept Bitcoin as payment for its cars without necessarily converting it into fiat currency. Beyond its cryptocurrency activity, Tesla posted a net income of $438 million during the quarter, marking a new all-time high.
Russian space agency uses blockchain to protect intellectual property
● Russia’s space agency, Roscosmos, aims to fight intellectual property infringement in the space industry with blockchain technology. Roscosmos started testing an IP protection solution based on the Waves Enterprise blockchain platform, a hybrid blockchain platform developed by the eponymous local blockchain firm. Dubbed IP Guard, the blockchain-based tool detects violations of IP belonging to Roscosmos and other industry organizations.
Luxembourg PM wants nation to be the ‘digital frontrunner’ in blockchain
● Prime Minister Xavier Bettel said that he was “not a technical person” or a developer but still backed blockchain technology for the future of Luxembourg. “My government’s goal is to make out of Luxembourg the digital frontrunner it already is,” said the prime minister. “It is in the frontrunner’s nature to keep progressing, rather than preserving the lead of the moment.”
Possible Bitcoin treasury adoption as more companies cite inflation concerns
● Bitcoin is likely a topic of conversation among the treasury department of many U.S. companies amid rising inflation. With inflation expected to continue in its upward trajectory at least in the short term, more U.S. companies might convert some of their cash reserves to Bitcoin. Back in March, Dawn Fitzpatrick, chief investment officer of Soros Fund Management, said that BTC was no longer a fringe asset on account of U.S. dollar debasement.
Iran’s central bank says officially mined crypto can be used to pay for imports
● A developing strategy to mitigate the crippling effect of economic sanctions could see cryptocurrencies being used by Iranian firms to pay for imports such as raw materials and electronics. Iran is continuing to explore the potential use of cryptocurrency as a tool for mitigating the devastating impact of economic sanctions imposed by the United States. According to a report from the English-language Iranian economic news source Financial Tribune, the Central Bank of Iran, or CBI, is authorizing banks and licensed forex shops to use cryptocurrency as payments for imports.
Biden’s proposed capital gains tax rise will hit only richest 0.3%
● Following major sell-offs in cryptocurrency markets amid reports of United States President Joe Biden’s capital gains tax rise proposal last week, the Biden administration defended nearly doubling tax levies for only the “very, very richest.” A senior Biden administration official claimed that only 0.3% of taxpayers in the U.S. would be affected by higher levies on their investments under the new capital tax plan.
Today marks the 10-year anniversary of Satoshi Nakamoto’s final message
● On April 26, 2011, Bitcoin’s pseudonymous creator, Satoshi Nakamoto, allegedly left the nascent cryptocurrency community to work on other projects. Nobody has been able to track them down ever since. In the years since, Bitcoin has evolved from an obscure, esoteric project to a trillion-dollar financial asset drawing attention from governments, financial institutions, corporations and investors.
Nigerian hotel becomes country’s first to accept Bitcoin payments
● A luxury hotel in Lagos, Nigeria will reportedly accept Bitcoin as a form of payment and adopt the digital asset as its primary reserve currency as concerns about inflation continue to grip Africa’s largest economy. “We have allocated around 50% of our cash reserves to Bitcoin. […] We hope to increase that as time goes on,’’ said ‘Yanju George, the company’s CEO.
Mark Cuban tried to convince Ellen DeGeneres to accept Dogecoin
● In a virtual interview with TV talk show host Ellen DeGeneres on Tuesday, Cuban said Dogecoin (DOGE) may have started as a joke, but it was now “becoming a digital currency.” “I’m interested in Dogecoin, and I really want to know more about this,” said DeGeneres. “I wouldn’t say [DOGE is] the world’s best investment, but it’s whole lot better than a lottery ticket,” said Cuban on DeGeneres’ show.
Time magazine names two crypto firms in Top 100 ‘Most Influential Companies’ list
● Time Magazine continues to warm up to crypto, naming Digital Currency Group and Coinbase in its 2021 Top 100 Most Influential Companies list. Published on Tuesday, the Top 100 emphasized the impact that the two crypto giants have made over the past 12 months. The list consisted of five different categories — Pioneers, Leaders, Innovators, Titans and Disrupters.
Ethereum’s market cap exceeds that of platinum for the first time
● Ether (ETH) is approaching the top 30 most valuable assets in the world following its latest price breakthrough, offering further evidence that the developer network is in the midst of a powerful bull market. With a current value of around $2,730, Ether’s total market capitalization is now $315.4 billion. With the gain, Ether is now the 33rd most valuable asset in the world, swiftly overtaking the precious metal platinum.
Long-Term Bitcoin Holders Unmoved Despite Volatility, Blockchain Data Shows
● Long-term bitcoin holders were unmoved during the recent correction, similar to previous turning points, according to Glassnode. “Old hands remain confident despite volatility and higher prices creating an incentive to take profits,” the report stated.
Ether Could Hit $10K, FundStrat Says, Touting Network Value Versus Bitcoin’s
● Ether (ETH), the second-largest cryptocurrency by market cap, could see further gains towards $10,000 this year after reaching a new all-time high around $2,780 on Thursday — a roughly threefold increase forecasted by FundStrat, a market research firm.
