{"id":6709,"date":"2021-02-13T14:10:43","date_gmt":"2021-02-13T19:10:43","guid":{"rendered":"https:\/\/cointelegraph.com\/magazine\/?p=6709"},"modified":"2021-02-13T14:11:04","modified_gmt":"2021-02-13T19:11:04","slug":"tesla-hodls-mastercard-payments-doge-speaks-020713","status":"publish","type":"post","link":"https:\/\/cointelegraph.com\/magazine\/2021\/02\/13\/tesla-hodls-mastercard-payments-doge-speaks-020713","title":{"rendered":"Tesla buys BTC, Mastercard supports crypto, DOGE founder speaks out: Hodler\u2019s Digest, Feb. 7\u201313"},"content":{"rendered":"

Coming every Saturday, <\/i><\/b>Hodler\u2019s Digest<\/i><\/b><\/a> will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more \u2014 a week on Cointelegraph in one link.<\/i><\/b><\/p>\n

Top Stories This Week<\/b><\/h2>\n

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Bitcoin hits all-time highs as Tesla invests $1.5 billion<\/b><\/a><\/h4>\n

The past week is going to go down as one of the best in Bitcoin\u2019s history. <\/span>It all began when an SEC filing revealed Tesla has invested $1.5 billion in BTC and planned to <\/b>start accepting crypto<\/b><\/a> as a payment method.<\/b><\/p>\n

BTC\u2019s price immediately leaped to record highs on the news, surging by <\/span>20% <\/b>in 24 hours. <\/span>The announcement came weeks after Elon Musk added #bitcoin to his bio and revealed he supported the cryptocurrency.<\/b><\/p>\n

Tesla\u2019s Bitcoin exposure represents about <\/span>7.7% of its gross cash position<\/span><\/a>, and the news has sparked hopes that other major corporations will follow suit. <\/span>Galaxy Digital\u2019s Michael Novogratz predicted that \u201cevery company in America\u201d will emulate the electric vehicle maker by allocating part of its balance sheets to BTC.<\/b><\/p>\n

But some treasury experts <\/span>have been left scratching their heads<\/span><\/a> over the change in Tesla\u2019s investment strategy, with critics describing the move as \u201cunusual\u201d and \u201crisky.\u201d <\/span>JPMorgan also piled in and said the purchase might <\/b>not trigger a ton of similar investments<\/b><\/a>.<\/b><\/p>\n

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Mastercard announces support for crypto on its network in big week for adoption<\/b><\/a><\/h4>\n

Tesla was just the tip of the iceberg, with a flurry of announcements proving that Bitcoin is now firmly in the mainstream.<\/span><\/p>\n

Mastercard unveiled plans to start supporting crypto this year, paving the way for almost 1 billion people to spend digital assets at more than 30 million merchants. <\/b>The company said the move was about giving its customers choice.<\/span><\/p>\n

Elsewhere, PayPal revealed that its crypto service is going to be <\/span>rolled out in the U.K.<\/span><\/a>, making it the first international market since a successful launch in the U.S. last fall.<\/span><\/p>\n

Twitter, home to crypto-friendly CEO Jack Dorsey, confirmed it is looking into how it might pay employees who wish to be <\/span>compensated in Bitcoin<\/span><\/a>. <\/span>Chief financial officer Ned Segal added that the social network is exploring whether it needs to have BTC on its balance sheet.<\/b><\/p>\n

There was more to come. <\/span>BNY Mellon, America\u2019s oldest bank, announced that it will <\/b>offer crypto custody services<\/b><\/a> for institutional clients. <\/b>Its chief executive, Roman Regelman, told the WSJ: \u201cDigital assets are becoming part of the mainstream.\u201d <\/span>Other major banks, such as JPMorgan, now believe <\/b>they\u2019ll eventually have to get involved<\/b><\/a> in BTC.<\/b><\/p>\n

Speculation is now growing that Apple <\/span>will be one of the next companies<\/span><\/a> to embrace Bitcoin. <\/span>The cherry on top of the cake came when the crypto-focused fintech platform BitPay revealed that card owners <\/b>can now pay for goods and services<\/b><\/a> using Apple Pay.<\/b><\/p>\n

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Key Bitcoin price metric signals traders are positioned for $50,000\u00a0<\/b><\/a><\/h4>\n

BTC surged beyond <\/span>$43,000 <\/b>without breaking a sweat on Monday, besting last month\u2019s all-time high of <\/span>$42,000<\/b>. <\/span>As the week progressed, Bitcoin managed to hit $48,900.<\/b><\/p>\n

Many high-profile analysts openly predicted last year that <\/span>$50,000<\/b> was a realistic price target for 2021. <\/span>Just six weeks into the year, BTC has come tantalizingly close to this level.<\/b><\/p>\n

Despite Bitcoin\u2019s value trebling in the space of just three months, several crypto traders believe that the scene remains exceedingly bullish\u2026 and those looking for a local top might end up being disappointed.<\/span><\/p>\n

One analyst, Cheds, told Cointelegraph: <\/span>\u201cIn my view, bulls are still in complete control, and every day, we get more news of institutional adoption and demand and that, more than anything, will be the driving force.\u201d<\/b><\/p>\n

Another, CryptoWendyO, described <\/span>$50,000 <\/b>as \u201cinevitable,\u201d adding that a Bitcoin tweet from Musk could send BTC to <\/span>$54,000<\/b>.<\/span><\/p>\n

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Ethereum hits a new all-time high as CME futures go live<\/b><\/a><\/h4>\n

ETH broke <\/span>$1,800 <\/b>this week, setting new records several times along the way. <\/span>All of this came as Ether futures made their long-awaited debut on CME.<\/b><\/p>\n

It\u2019s also been a very lucrative few days in the altcoin markets. <\/span>Cardano has surged 71% over the past seven days, and Polkadot is up 49%, with Binance Coin crushing the competition after clocking gains of 103% in the space of a week. <\/b>Even XRP managed to break <\/span>$0.60 <\/b>once again, which has the Sword of Damocles hanging over its head.<\/span><\/p>\n

BNB\u2019s gains are undoubtedly linked to the <\/span>record levels of traffic<\/span><\/a> coming to the Binance exchange, with the platform suffering an outage on Thursday as it went down for maintenance.<\/span><\/p>\n

The <\/b>total value locked in decentralized finance<\/b><\/a> also managed to crack $40 billion this week. <\/b>However, much of this surge is likely down to the soaring value of Ether rather than a dramatic explosion in activity.<\/span><\/p>\n

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Founder of Dogecoin sold everything in 2015 for \u201ca used Honda Civic\u201d<\/b><\/a><\/h4>\n

Not everyone is rolling around in $100 bills as a result of the crypto bull run. <\/span>Dogecoin founder Billy Markus has revealed that he sold off his DOGE stash in 2015 for an amount equivalent to a used Honda Civic.<\/b><\/p>\n

All of that means that he missed out on the Dogecoin mania that has helped the joke cryptocurrency gain <\/span>900% <\/b>since late January, fueled by tweets from Elon Musk.<\/span><\/p>\n

Writing on Reddit, Markus said that he can\u2019t comprehend the prospect of DOGE ever reaching $1, writing: <\/span>\u201cThat would make the \u2018market cap\u2019 larger than actual companies that provide services to millions, such as Boeing, Starbucks, American Express, IBM.\u201d<\/b><\/p>\n

Musk recently revealed that he had <\/span>bought some DOGE for his nine-month-old son<\/span><\/a> so he can be a \u201ctoddler hodler,\u201d but there are fears that his days of tweeting about crypto could be numbered. <\/span>Legal advisors have warned the billionaire that his social media activity and public statements <\/b>could come under scrutiny from the SEC<\/b><\/a>.<\/b><\/p>\n

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Winners and Losers<\/b><\/h2>\n

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At the end of the week, Bitcoin is at <\/span>$47,592.20<\/b>, Ether at <\/span>$1,836.68 <\/b>and XRP at <\/span>$0.60<\/b>. The total market cap is at <\/span>$1,477,578,548,979<\/b>.<\/span><\/p>\n

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are <\/span>Avalanche<\/b>, <\/span>BitTorrent <\/b>and <\/span>The Graph<\/b>. There\u2019s just one altcoin loser in the top 100 this week: <\/span>Ampleforth<\/b>.<\/span><\/p>\n

For more info on crypto prices, make sure to read <\/span>Cointelegraph\u2019s market analysis<\/span><\/a>.\u00a0<\/span><\/p>\n

 <\/p>\n

Most Memorable Quotations<\/b><\/h2>\n

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\u201cCryptocurrency has become a worldwide transaction of which you cannot even identify who owns what. The technology is so strong that I don\u2019t see the kind of regulation that we can do. Bitcoin has made our currency almost useless or valueless.\u201d<\/span><\/p><\/blockquote>\n

Sani Musa<\/b><\/a>, Nigerian senator<\/b><\/p>\n

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\u201cElon Musk has exposed Tesla to immense mark-to-market risk.\u201d<\/span><\/p><\/blockquote>\n

Peter Garnry<\/b><\/a>, Saxo Bank head of equity strategy<\/b><\/p>\n

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\u201cI see the promise of these new technologies, but I also see the reality: cryptocurrencies have been used to launder the profits of online drug traffickers; they\u2019ve been a tool to finance terrorism.\u201d<\/span><\/p><\/blockquote>\n

Janet Yellen<\/b><\/a>, U.S. Treasury Secretary<\/b><\/p>\n

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\u201cNew account registrations are still open, not sure for how long. Also seeing ATH on this. Better get an account soon.\u201d<\/span><\/p><\/blockquote>\n

Changpeng Zhao<\/b><\/a>, Binance CEO<\/b><\/p>\n

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\u201cIt would not be surprising \u2014 given the focus on the chief executive\u2019s tweets, Bitcoin pricing and recent dramatic market moves \u2014 for the SEC to ask questions about the facts and circumstances here.\u201d<\/span><\/p><\/blockquote>\n

Doug Davison<\/b><\/a>, former SEC enforcement official<\/b><\/p>\n

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\u201cDigital assets are becoming a more important part of the payments world. We are here to enable customers, merchants and businesses to move digital value \u2014 traditional or crypto \u2014 however they want. It should be your choice, it\u2019s your money.\u201d<\/span><\/p><\/blockquote>\n

Mastercard<\/b><\/a><\/p>\n

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\u201cBought some Dogecoin for lil X, so he can be a toddler hodler.\u201d<\/span><\/p><\/blockquote>\n

Elon Musk<\/b><\/a>, Tesla CEO<\/b><\/p>\n

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\u201cThe main issue with the idea that mainstream corporate treasurers will follow the example of Tesla is the volatility of Bitcoin.\u201d<\/span><\/p><\/blockquote>\n

JPMorgan<\/b><\/a><\/p>\n

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\u201cWe\u2019ve 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 should they ask to be paid in Bitcoin, and whether we need to have Bitcoin on our balance sheet.\u201d<\/span><\/p><\/blockquote>\n

Ned Segal<\/b><\/a>, Twitter chief financial officer<\/b><\/p>\n

 <\/p>\n

\u201cMarkets are going up heavily, but we\u2019ll be seeing some downwards momentum as well. Nothing goes up in a straight line.\u201d<\/span><\/p><\/blockquote>\n

Micha\u00ebl van de Poppe<\/b><\/a>, Cointelegraph Markets analyst<\/b><\/p>\n

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\u201cI wouldn\u2019t be surprised to see there being almost some sort of a race now \u2014 you have Elon Musk, you have Michael Saylor, Jack Dorsey. You\u2019re gonna see a lot of other visionary leaders in disruptive companies actually realizing that it\u2019s really moved from \u2018why\u2019 to \u2018why not.\u2019\u201d<\/span><\/p><\/blockquote>\n

Michael Sonnenshein<\/b><\/a>, Grayscale CEO<\/b><\/p>\n

 <\/p>\n

\u201cThe target for consolidation is near $52k, where I\u2019m expecting a bit of a correction but the measured move overall should take us towards $63,000.\u201d<\/span><\/p><\/blockquote>\n

filbfilb<\/b><\/a>, Cointelegraph Markets analyst<\/b><\/p>\n

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\u201cAny wallet that won\u2019t give you your private keys should be avoided at all costs.\u201d<\/span><\/p><\/blockquote>\n

Elon Musk<\/b><\/a>, Tesla CEO<\/b><\/p>\n

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\u201cCentral banks should ban the trading of it, and force anyone who holds Bitcoin and wants to use it in any transaction, to exchange it for another currency that does not have such a damaging side effect.\u201d<\/span><\/p><\/blockquote>\n

Nick Boles<\/b><\/a>, former British MP<\/b><\/p>\n

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\u201cETH futures go live on the CME today. This is huge. This is a bridge to institutions. This is a green light from U.S. regulators. ETH is becoming globally accepted commodity money.\u201d<\/span><\/p><\/blockquote>\n

Ryan Sean Adams<\/b><\/a>, Ethereum researcher<\/b><\/p>\n

 <\/p>\n

\u201cIf [Apple] decides to enter into the crypto exchange business, we think the firm could immediately gain market share and disrupt the industry.\u201d<\/span><\/p><\/blockquote>\n

Paul Steves<\/b><\/a>, Royal Bank of Canada Dominion Securities<\/b><\/p>\n

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\u201cWe expect to begin accepting bitcoin as a form of payment for our products in the near future.\u201d<\/span><\/p><\/blockquote>\n

Tesla<\/b><\/a><\/p>\n

 <\/p>\n

Prediction of the Week<\/b><\/h2>\n

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Bitcoin price poised to hit $63,000, says trader filbfilb<\/b><\/a><\/h4>\n

The popular analyst filbfilb has declared that \u201cthe game has changed\u201d for Bitcoin \u2014 and has revealed what he thinks will come next for the world\u2019s biggest cryptocurrency.<\/span><\/p>\n

The Cointelegraph Markets contributor has said that he\u2019s anticipating \u201ca bit of a correction\u201d once BTC hits $52,000 but believes \u201cthe measured move overall should take us towards $63,000.\u201d<\/b><\/p>\n

And on the matter of corporate adoption, he wrote: \u201cI really don\u2019t think people understand that S&P 500 companies owning Bitcoin means that by default people\u2019s pensions are exposed to Bitcoin. <\/span>The % of people invested in Bitcoin has already reached the masses, they just don\u2019t even know it.<\/b>\u201d<\/span><\/p>\n

 <\/p>\n

FUD of the Week\u00a0<\/b><\/h2>\n

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Ethereum-based social media project shuts down as ETH fees approach new highs<\/b><\/a><\/h4>\n

An Ethereum-based project has ceased development due to rising gas prices, as the cost of transacting on the blockchain continues to push new highs.<\/span><\/p>\n

Unite, which aimed to offer social media tokens, said the original idea for the project has been rendered unfeasible by the recent spike in fees, with the average cost of using Ethereum rising by a staggering 35,600% since last January.<\/b><\/p>\n

The startup intended to allow social media users on sites such as Twitter and Discord to distribute Ethereum ERC-20 tokens to their audience and community. <\/span>Developers also confirmed that they have decided against building the platform on a layer-two solution.<\/b><\/p>\n

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FTX CEO claims competitor responsible for racist messages delivered to Blockfolio users<\/b><\/a><\/h4>\n

Blockfolio\u2019s Signal feed was briefly compromised this week, with some users receiving racist messages within the company\u2019s app.<\/span><\/p>\n

Now, FTX CEO Sam Bankman-Fried, who acquired Blockfolio for $150 million last August, has shed light on what happened following a security review.<\/b><\/p>\n

He claimed that the offensive content was produced and published by a competitor exchange that maliciously gained access to someone\u2019s account.<\/span><\/p>\n

Bankman-Fried didn\u2019t name the culprit but stressed that funds were not jeopardized at any time. <\/b>He also confirmed that Blockfolio has now fixed the vulnerability that led to this situation.<\/span><\/p>\n

The executive has been praised for his handling of the situation, and he has apparently added <\/span>$10 <\/b>to the trading accounts of affected users, as well as donating to organizations dedicated to fighting racial and societal injustice.<\/span><\/p>\n

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India\u2019s crypto ban is coming, hodlers to be given transition period: Bloomberg<\/b><\/a><\/h4>\n

An unnamed senior finance ministry official has claimed that India will soon completely ban crypto assets.<\/span><\/p>\n

It\u2019s reported that the use of cryptocurrency in all forms will be prohibited under the new law \u2014 meaning transacting through foreign exchanges won\u2019t be allowed either.<\/b><\/p>\n

Crypto exchanges have reacted with dismay to the news. Unocoin co-founder Sathvik Vishwanath said:<\/span> \u201cIf government goes ahead with banning all cryptocurrencies, except the one backed by the state, it will not make sense to continue our business in India. But we\u2019ll have to wait and watch.\u201d<\/b><\/p>\n

The Indian government has been determined to clamp down on crypto use after the supreme court overturned the RBI\u2019s blanket ban on local banks providing services to businesses dealing with crypto.<\/span><\/p>\n

 <\/p>\n

Best Cointelegraph Features<\/b><\/h2>\n

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Moment of truth? Tesla purchase is the moment Bitcoin has been waiting for<\/b><\/a><\/h4>\n

Despite some expected near-term volatility, Tesla\u2019s exploration of the crypto realm will likely help the industry scale up to new heights.<\/span><\/p>\n

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Coincidence? Company stocks rise after they buy Bitcoin as a reserve<\/b><\/a><\/h4>\n

The market caps of most companies that bought Bitcoin have increased recently, but is that solely thanks to BTC?<\/span><\/p>\n

<\/h4>\n

A new trend? Non-crypto CEOs and celebrities embrace Bitcoin on Twitter<\/b><\/a><\/h4>\n

Are business leaders signaling the technological future they believe is coming to pass \u2014 an international and decentralized one?<\/span><\/p>\n

<\/h4>\n","protected":false},"excerpt":{"rendered":"

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