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Tuesday, October 19, 2021
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News of the Week: Tesla Buys Bitcoin and Institutional Investments Increase

Among the highlights of the last seven days is the decision of the billionaire, Elon Musk to invest in bitcoin through the car company Tesla. Upon learning of the fact that this company had bought 1.5 billion in BTC, the price of the pioneer cryptocurrency soared to a price that it had not reached before in its history, trading above $ 44,000 at the beginning of the week.

Bitcoin’s growth continued its march, even after Tesla’s announcement, approaching $ 50,000 in the last few hours. The average advance in the week was 22.8% . At the time of writing this article, BTC is trading at USD 48,154, as reflected in the market price of Latin America and Spain, according to the CriptoNoticias price calculator.

With CriptoNoticias, Those interested can keep up to date on the changes in the market prices of bitcoin and ether in relation to their local currency. To do this, they can visit the BTC and ETH Prices section, which has a calculator to make conversions quickly and easily to your national currency.

These are the most outstanding news:

  • The automotive company Tesla bought $ 1.5 billion in bitcoins last month January , as reported in its annual report to the United States SEC. The acquisition is due to an update of its financial policies. Shortly after this announcement another company, Opportunity Trust , one of the billionaire’s investment funds Bill Miller noted that he could put up to $ 400 million in Grayscale’s trust for bitcoin (GBTC). He explained that his investment strategy would be aimed at indirect investments in the cryptocurrency. Meanwhile, the CFO of the social network Twitter, Ned Segal, stated that they are also evaluating an investment in the cryptocurrency, although they have not made a decision yet.
  • According to a report released by Bloomberg, the multinational financial services and investment banking company, Morgan Stanley, would inject millions of dollars in bitcoin through its subsidiary Counterpoint Global . The dissemination of this information would have pushed the price of BTC up to almost $ 50,000. Meanwhile, in Canada, investment firm Purpose Investments announced that it had been licensed by the securities regulators of that country to launch what they describe as “the first Exchange Traded Investment Fund (ETF) of Bitcoin of direct custody in the world”. The ETF is designed to provide investors with exposure to bitcoin, through direct investment in that cryptocurrency, with physical settlement.
  • Mastercard will enable all its affiliated merchants to receive payments in bitcoin later this year. In an official statement published this week, the company noted that once the use of cryptocurrencies is allowed, payments can be settled in digital assets. On the other hand, the commercial bank Ridge Blue Bank, which has been operating in the United States since 1983, announced that 19 ATMs are now available for the sale of bitcoins . It is the first bank in the world to integrate this service into its ATMs, initially configured for the withdrawal and deposit of fiat money. BitPay also announced that prepaid Mastercard users can now add the cards to their Apple wallet for cryptocurrency purchases. The application offers support for bitcoin, ether and Bitcoin Cash, as well as for the stablecoins USD Coin , Gemini Dollar, Paxos Standard and Binance USD.
  • The Chicago Mercantile Exchange (CME) started on February 8 the commercialization of future contracts of ethers (ETH), the cryptocurrency of Ethereum. The new product seeks to replicate the one already offered with bitcoin since 2017. Additionally, a report by CoinShares indicated that during the first week of February investments in ETH were higher than those of bitcoin . The cryptocurrency monopolized 80% of institutional investments in that period. For its part, data from the site howmanyconfs indicate that Ethereum and Bitcoin now offer the same degree of security. The website measures the security of different chains using the Proof of Work (PoW) algorithm and shows that Bitcoin requires 56 minutes to perform 6 block confirmations; while Ethereum requires 237 confirmations and a 51 minute wait time for secure transactions.
  • According to a study published by the Library of Congress of the United States, neither Chile nor Colombia authorities have ruled on how the gains derived from staking should be declared, while in countries such as Venezuela and Spain tax experts argue that such income must be declared in accordance with current regulations for similar activities. Meanwhile, in the province of Mendoza, Argentina, a prosecutor from the Public Ministry initiated an investigation against “Sports Gains” for alleged fraud with bitcoin (BTC), money laundering and tax evasion. It is a rapidly growing online platform offering so-called investment packages.
  • The administrator of SWIFT, the most used network for bank transfers worldwide, formed an alliance with the China International Payment System (CIPS) and the China Clearing and Payment Association. According to a Reuters Agency report, this is a sign that China is exploring the global use of the digital yuan , now in the testing phase. The alliance group has created a joint venture called Finance Gateway Information Services .

If you want to know the meaning of several words in the crypto world terminology, you can consult them in the extensive CryptoNews Glossary.

Bear: is a term borrowed from Wall Street lingo and refers to a trader or investor who believes that the price of a certain cryptocurrency will plummet and wants to profit from the fall.

Cryptotutorial of the week:

LocalBitcoins is a decentralized exchange for P2P exchange that allows quick exchanges. This without neglecting security and with a wide range of payment methods. The exchange is basic since we carry it out directly between users, based on a system of guarantee and reputation deposits. In this tutorial we show you how to use this platform to buy bitcoin.

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Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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