Tesla Accepts Bitcoins and Keeps Them All | This Week in Crypto




Tesla accepts Bitcoin payments, Coinbase is issued a penalty, and a retirement fund buys BTC.  These stories and more, this week in crypto.

American car buyers can now purchase Tesla vehicles with Bitcoin according to a recent announcement by the CEO of Tesla. Elon Musk also stated that none of the BTC revenues the company receives will be converted to US dollars, but will rather be stored away and kept in the company’s reserves.

The Commodity Futures Trading Commission (CFTC) has fined popular crypto exchange Coinbase $6.5 million for failing to engage in proper reporting practices. Two programs on Coinbase Pro allegedly inflated trading volumes for both Bitcoin and Litecoin. Despite the hefty fine, the CFTC believes that the inaccurately reported data was more a result of “carelessness” than of malintent.

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 were cited as one of the biggest reasons for the retirement fund to enter into the trade.

Fidelity, Goldman Sachs and SkyBridge Capital are all in the rush for launching the first Bitcoin ETF in the US.

Fidelity Investments, one of the first asset managers to engage with cryptocurrencies, and Anthony Scaramucci of SkyBridge Capital have each filed applications with the SEC to launch a Bitcoin ETF. At the same time, Goldman Sachs is seeking approval from the SEC to launch notes linked to the ARK Innovation ETF, a fund that could also offer exposure to bitcoin.

Popular trading app Robinhood is looking to expand its crypto department tenfold in the coming months. The company acknowledges the growing popularity of crypto trading and is working hard to ensure the firm is prepared with new hires. While the app does not give crypto investors access to their private keys, the CEO says this could change in the future.

Crypto.com launched its NFT platform on Friday with content from Snoop Dogg and Lionel Ritchie claiming it will be the “world’s largest and most user-friendly NFT platform.”. The platform will be invite-only and will feature collaborations between mainstream and digital artists.

Time Magazine is looking for a new chief financial officer and the magazine wants that person to feel “comfortable with bitcoin”. The news suggests that bitcoin and digital currencies are becoming more mainstream and are likely penetrating the job world in ways nobody thought possible only a few years ago.

That’s what’s happened this week in crypto. See you next week.



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