NFTs are stealing the show from Bitcoin’s All-Time High, the US government auctioning off crypto, and can 0.01 BTC make you a millionaire? Those stories and more this week in crypto.
https://www.youtube.com/watch?v=wGoPk790zXU
Jack Dorsey, CEO of Twitter, wants to sell a little bit of Twitter’s history. He put the first tweet up for sale in the form of a non-fungible token (NFT). Among those interested is Justin Sun, the CEO of the decentralized platform TRON, who offered $ 2.5 million for the NFT-based tweet.
Christie’s auction house made history as the company’s first ever electronic product auction. The world’s most expensive NFT token sold for over $ 69 million. Digital art is the third most expensive item ever sold by a living artist.
Business analytics company MicroStrategy made another major Bitcoin purchase, purchasing another $ 15 million. 262 more BTC were added to the company’s portfolio at an average price per coin of $ 57,000, just below the cryptocurrency’s all-time high, which topped the $ 60,000 mark on Saturday. With this final purchase, the company’s total holdings of Bitcoin are over 91,000.
Financial giant JPMorgan is introducing a new product that gives customers access to companies with a high percentage of crypto. JPMorgan doesn’t offer access to certain cryptocurrencies but instead allows its customers to invest in companies known for supporting and buying large BTC packages like MicroStrategy and Square.
China-based app company Meitu has bought around $ 40 million worth of cryptocurrency. The company said in a statement that it bought around 379 units of BTC as well as 15,000 units of ether to become the newest institutional company to deal with digital assets. The company is also reformatting its budget to make room for new crypto purchases of up to $ 100 million.
The US government is planning an auction with almost one bitcoin to be won. There have been government auctions for BTC in the US, the largest of which revolved around the seized crypto stash of Ross Ulbricht, the alleged creator of the Silk Road black market.
Video game company Atari is building a new cryptocurrency casino platform. The casino will feature many of Atari’s old titles from the 1980s and allow players to play for NFTs which can then be used to purchase additional cryptocurrencies.
Current trends in global wealth distribution and the inevitable realization of Bitcoin’s limited supply could result in 0.01 BTC being valued at $ 1 million in the future. If you compare the relative wealth concentration of the fiat and bitcoin markets, belonging to the top 13% of bitcoin has the same exclusivity as a fiat millionaire.
This is exactly what happened in Crypto this week. Until next week.
