Tesla accepts Bitcoin payments, Coinbase receives a fine, and a pension fund buys BTC. Those stories and more this week in crypto.
American car buyers can now buy Tesla vehicles with Bitcoin, as Tesla’s CEO recently announced. Elon Musk also stated that none of the BTC revenue the company receives is converted into US dollars, but rather is held and held in the company’s reserves.
The Commodity Futures Trading Commission (CFTC) has fined the popular crypto exchange Coinbase $ 6.5 million for failing to use proper reporting practices. Two programs on Coinbase Pro have reportedly increased trading volume for Bitcoin and Litecoin. Despite the heavy fine, the CFTC believes that the inaccurately reported data is due to “negligence” rather than intent.
KiwiSaver Growth Strategy, a $ 350 million retirement plan operated by New Zealand Wealth Funds Management, has allocated 5% of its assets to Bitcoin. Bitcoin’s striking similarities to gold have been cited as one of the main reasons the pension fund entered the trade.
Fidelity, Goldman Sachs and SkyBridge Capital are all in a rush to launch the first bitcoin ETF in the US.
Fidelity Investments, one of the first cryptocurrency asset managers, and SkyBridge Capital’s Anthony Scaramucci have each filed an application with the SEC to set up a Bitcoin ETF. At the same time, Goldman Sachs is filing for SEC approval to issue bonds related to the ARK Innovation ETF, a fund that could also offer exposure to Bitcoin.
The popular trading app Robinhood plans to increase its crypto department tenfold in the coming months. The company recognizes the growing popularity of crypto trading and is working hard to ensure that the company is prepared for new hires. While the app doesn’t give crypto investors access to their private keys, the CEO says that could change in the future.
Crypto.com launched its NFT platform on Friday with content from Snoop Dogg and Lionel Ritchie, who claim it will be “the largest, easiest-to-use NFT platform in the world”. The platform is only available by invitation and offers collaborations between mainstream and digital artists.
Time Magazine is looking for a new CFO and the magazine wants that person to be “comfortable with Bitcoin”. The news suggests that Bitcoin and digital currencies are becoming mainstream, and likely entering the world of work in ways that no one would have thought possible just a few years ago.
This is exactly what happened in Crypto this week. Until next week.
