Mastercard & Amazon reveal crypto plans
Twitter may also buy Bitcoin says CFO, plus other highlights this week
Twitter CFO says they may buy Bitcoin, Mastercard to enable crypto payments, Bitcoin flips Tesla, Bank of New York Mellon Corp to custody crypto, Amazon working on ‘digital currency’ project
The total crypto market cap is $1.4T, up 6.5% over the last 24 hours
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Quick Take:
Bank of New York Mellon Corp to custody crypto
Twitter exploring how to add Bitcoin to their balance sheet
Mastercard & Amazon reveal their digital currency plans for 2021
Tesla invest $1.5 billion in Bitcoin, here’s who could be next
Grayscale reach $30 billion worth of Bitcoin in assets
DeFi TLV reaches $38 billion, up from just $600m in 2020
Why data reveals Bitcoin is more scarce that we previously thought
“We’ve done a lot of upfront thinking to consider wether we need to have Bitcoin on our balance sheet” - Twitter CFO
During an interview with CNBC’s Squawk Box, Twitter CFO Ned Segal discussed the company’s future Bitcoin plans. He stated that if Twitter employees and vendors consider accepting salaries/payments in Bitcoin, they will look to add Bitcoin to their balance sheet. Segal said:
“We’ve done a lot of the upfront thinking to consider how we might pay employees should they ask to be paid in bitcoin, how we might pay a vendor if they asked to be paid in bitcoin and whether we need to have bitcoin on our balance sheet should that happen. Its something we continue to study and look at.”
Tesla buy $1.5 billion worth of Bitcoin but who might be next?
After Tesla’s $1.5 billion Bitcoin investment was revealed, Bitcoin’s price shot up to $48,000 on Tuesday, February 9. Within an hour, $365 million worth of shorts were liquidated. As Bitcoin gained over 20% in less than 24-hours, Tesla’s Bitcoin investment value surged by $500 million in a single day, almost outperforming their entire 2020 earnings of $721 million. On the same day, Bitcoin also flipped Tesla by market capitalization.
Sources told Max Keiser that the next big corporate Bitcoin buyer would be Larry Ellison of Oracle. With $43 billion in cash holdings, Oracle are certainly primed. Chairman Larry Ellison owns 36.2% of the shares of Oracle and also sits on the Tesla board of directors. Musk also met with Ellison in December to ‘seek advice’. The $1.5 billion BTC purchase was later made in January.
The number of Bitcoin withdrawals from exchanges just reached a 3-year high
The number of Bitcoin withdrawals from exchanges just reached a 3-year high, indicating that long term investor sentiment is still extremely bullish. Data from Coinmetrics have also revealed that Bitcoin’s free float supply is actually 14.5 million BTC, making Bitcoin even more scarce that we previously estimated.
The Bitcoin supply is also being swept up rapidly. Grayscale have just reached $30 billion worth of Bitcoin in assets after adding 43,217 Bitcoin worth $2 billion over the past 30 days.
With 1,267,879 BTC, or 6% of the total supply, already in company treasuries, a new wave of institutional demand brought forward by Tesla would send Bitcoin soaring.
Mastercard & Amazon reveal their digital currency plans for 2021
Joining PayPal and Visa in the ranks of major giants entering the crypto industry, Amazon and Mastercard have revealed their plans to explore crypto and digital currencies later this year.
Amazon is hiring developers to work on a digital currency project that is due to launch in Mexico to “enable customers to convert their cash into digital currency, using which, customers can enjoy online services including shopping for goods and/or services."
Visa revealed yesterday that the firm will be incorporating crypto payments into its network for it 750 million card holders. However, the firm stated:
“To be completely clear, not all of today’s cryptocurrencies will be supported on our network. While stablecoins are more regulated and reliable than in the recent past, many of the hundreds of digital assets in circulation still need to tighten their compliance measures, so they won’t meet our requirements.”
More highlights:
Bank of New York Mellon Corp to custody crypto on behalf clients
DeFi TLV reaches $38 billion, up from just $600m in 2020
SEC Commissioner says US is ready for a Bitcoin ETP
Ray Dalio attending Consensus this year
Grayscale add 104,990 ETH over the past 7 days
Europe’s biggest telcom company is staking in DeFi
Ethereum flips Bitcoin in value settlement terms
Miami Mayor is working on adding BTC to the city’s balance sheet
Miller Value Funds: "we may seek investment exposure to Bitcoin”
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