• Skip to primary navigation
  • Skip to main content
  • Skip to footer
  • Home
  • About us
  • Contact Us
  • Our Team

Blockchain Consultants

Blockchain Transformations Done Here

  • News
  • Subscribe
  • Cryptocurrency Exchange

electric vehicle

Bezos Knocks Musk Off Top of Billionaires List as Tesla and Bitcoin Craters

February 24, 2021 by Blockchain Consultants

Tesla’s Elon Musk has lost his spot as the richest man in the world. This development follows a decline in the price of Bitcoin and the shares of Tesla, his electric car company.

As the world’s biggest cryptocurrency plummeted as much as 17 percent on Tuesday, February 23, 2021, with prices fallen below $50,000, Tesla shares slid to $698, a development that came two weeks after the car company added no less than $1.5 billion in Bitcoin to its balance sheet.

In what appeared to be the greatest decline in Tesla’s value since last year’s September, about a whopping $3.56 billion was wiped out from Musk’s net worth. This is also after a plunge in the value of Bitcoin.

While Musk now ranks as the second richest man in the world with $180 billion, American industrialist Jeff Bezos is now the richest man with a total net worth of $187 billion. This is the second time the Amazon CEO is topping the billionaire’s list this month.

Musk’s Networth Drop? Blame it on Bitcoin

Dan Ives, a financial analyst with Wedbush, said while he believes Musk’s latest purchase of $1.5 billion worth of bitcoin is a strategic move, he would blame Tesla’s stock decline on the company’s association with Bitcoin.

“Investors are starting to tie Bitcoin and Tesla at the hip. While Tesla on paper made roughly a $1 billion on Bitcoin in a month that exceeded all its EV profits from 2020, the recent 48 hour sell off in Bitcoin and added volatility has driven some investors to the exits on this name in the near-term,” Fox Business quoted Ives as saying.

Further explaining his point of view in an interview with CNBC, Ives continued: “With Tesla diving into the deep end of the pool on bitcoin, Musk runs the risk that this sideshow can overshadow the fundamental EV (electric vehicle) vision in the near term for investors.”

However, in spite of popular opinions on Musk, the Wedbush analyst is optimistic that bitcoin is a “smart move at the right time for Tesla.”

Ives estimates that Tesla has already made a return of over $1 billion off its investment in Bitcoin. “On the downside, it’s playing with firecrackers and risks and volatility are added to the Tesla story,” Ives added.

Cathie Wood of Ark Invest, an investment management firm, likely supports Ives’ argument, owing to the fact that ARK’s ETF has been buying Tesla shares amid its recent decline. As seen on Ark’s daily trading log, Wood has purchased no less than 200,000 shares of Tesla.

Bitcoin’s Rebound

Meanwhile, as of Wednesday, February 24, Bitcoin rallied back above $50,000, as the bulls returned back to the markets. The world’s largest cryptocurrency went up by as much as 5.4% to about $50,557, per data from Coinmarketcap.

Bezos Knocks Musk Off Top of Billionaires List as Tesla and Bitcoin Craters

Source

Filed Under: blockchain Tagged With: amazon, analyst, Billionaires, Bitcoin, Business, car, ceo, coinmarketcap, cryptocurrency, data, electric vehicle, elon-musk, ETF, interview, investment, Investment Management, jeff bezos, Markets, opinions, tesla, Trading, view, world

Tesla buys BTC, Mastercard supports crypto, DOGE founder speaks out: Hodler’s Digest, Feb. 7–13

February 13, 2021 by Blockchain Consultants

Coming every Saturday, Hodler’s Digest 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 — a week on Cointelegraph in one link.

Top Stories This Week

Bitcoin hits all-time highs as Tesla invests $1.5 billion

The past week is going to go down as one of the best in Bitcoin’s history. It all began when an SEC filing revealed Tesla has invested $1.5 billion in BTC and planned to start accepting crypto as a payment method.

BTC’s price immediately leaped to record highs on the news, surging by 20% in 24 hours. The announcement came weeks after Elon Musk added #bitcoin to his bio and revealed he supported the cryptocurrency.

Tesla’s Bitcoin exposure represents about 7.7% of its gross cash position, and the news has sparked hopes that other major corporations will follow suit. Galaxy Digital’s Michael Novogratz predicted that “every company in America” will emulate the electric vehicle maker by allocating part of its balance sheets to BTC.

But some treasury experts have been left scratching their heads over the change in Tesla’s investment strategy, with critics describing the move as “unusual” and “risky.” JPMorgan also piled in and said the purchase might not trigger a ton of similar investments.

Mastercard announces support for crypto on its network in big week for adoption

Tesla was just the tip of the iceberg, with a flurry of announcements proving that Bitcoin is now firmly in the mainstream.

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. The company said the move was about giving its customers choice.

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

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

There was more to come. BNY Mellon, America’s oldest bank, announced that it will offer crypto custody services for institutional clients. Its chief executive, Roman Regelman, told the WSJ: “Digital assets are becoming part of the mainstream.” Other major banks, such as JPMorgan, now believe they’ll eventually have to get involved in BTC.

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

Key Bitcoin price metric signals traders are positioned for $50,000 

BTC surged beyond $43,000 without breaking a sweat on Monday, besting last month’s all-time high of $42,000. As the week progressed, Bitcoin managed to hit $48,900.

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

Despite Bitcoin’s value trebling in the space of just three months, several crypto traders believe that the scene remains exceedingly bullish… and those looking for a local top might end up being disappointed.

One analyst, Cheds, told Cointelegraph: “In 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.”

Another, CryptoWendyO, described $50,000 as “inevitable,” adding that a Bitcoin tweet from Musk could send BTC to $54,000.

Ethereum hits a new all-time high as CME futures go live

ETH broke $1,800 this week, setting new records several times along the way. All of this came as Ether futures made their long-awaited debut on CME.

It’s also been a very lucrative few days in the altcoin markets. 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. Even XRP managed to break $0.60 once again, which has the Sword of Damocles hanging over its head.

BNB’s gains are undoubtedly linked to the record levels of traffic coming to the Binance exchange, with the platform suffering an outage on Thursday as it went down for maintenance.

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

Founder of Dogecoin sold everything in 2015 for “a used Honda Civic”

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

All of that means that he missed out on the Dogecoin mania that has helped the joke cryptocurrency gain 900% since late January, fueled by tweets from Elon Musk.

Writing on Reddit, Markus said that he can’t comprehend the prospect of DOGE ever reaching $1, writing: “That would make the ‘market cap’ larger than actual companies that provide services to millions, such as Boeing, Starbucks, American Express, IBM.”

Musk recently revealed that he had bought some DOGE for his nine-month-old son so he can be a “toddler hodler,” but there are fears that his days of tweeting about crypto could be numbered. Legal advisors have warned the billionaire that his social media activity and public statements could come under scrutiny from the SEC.

Winners and Losers

At the end of the week, Bitcoin is at $47,592.20, Ether at $1,836.68 and XRP at $0.60. The total market cap is at $1,477,578,548,979.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Avalanche, BitTorrent and The Graph. There’s just one altcoin loser in the top 100 this week: Ampleforth.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis. 

Most Memorable Quotations

“Cryptocurrency has become a worldwide transaction of which you cannot even identify who owns what. The technology is so strong that I don’t see the kind of regulation that we can do. Bitcoin has made our currency almost useless or valueless.”

Sani Musa, Nigerian senator

“Elon Musk has exposed Tesla to immense mark-to-market risk.”

Peter Garnry, Saxo Bank head of equity strategy

“I 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’ve been a tool to finance terrorism.”

Janet Yellen, U.S. Treasury Secretary

“New account registrations are still open, not sure for how long. Also seeing ATH on this. Better get an account soon.”

Changpeng Zhao, Binance CEO

“It would not be surprising — given the focus on the chief executive’s tweets, Bitcoin pricing and recent dramatic market moves — for the SEC to ask questions about the facts and circumstances here.”

Doug Davison, former SEC enforcement official

“Digital assets are becoming a more important part of the payments world. We are here to enable customers, merchants and businesses to move digital value — traditional or crypto — however they want. It should be your choice, it’s your money.”

Mastercard

“Bought some Dogecoin for lil X, so he can be a toddler hodler.”

Elon Musk, Tesla CEO

“The main issue with the idea that mainstream corporate treasurers will follow the example of Tesla is the volatility of Bitcoin.”

JPMorgan

“We’ve 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.”

Ned Segal, Twitter chief financial officer

“Markets are going up heavily, but we’ll be seeing some downwards momentum as well. Nothing goes up in a straight line.”

Michaël van de Poppe, Cointelegraph Markets analyst

“I wouldn’t be surprised to see there being almost some sort of a race now — you have Elon Musk, you have Michael Saylor, Jack Dorsey. You’re gonna see a lot of other visionary leaders in disruptive companies actually realizing that it’s really moved from ‘why’ to ‘why not.’”

Michael Sonnenshein, Grayscale CEO

“The target for consolidation is near $52k, where I’m expecting a bit of a correction but the measured move overall should take us towards $63,000.”

filbfilb, Cointelegraph Markets analyst

“Any wallet that won’t give you your private keys should be avoided at all costs.”

Elon Musk, Tesla CEO

“Central 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.”

Nick Boles, former British MP

“ETH 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.”

Ryan Sean Adams, Ethereum researcher

“If [Apple] decides to enter into the crypto exchange business, we think the firm could immediately gain market share and disrupt the industry.”

Paul Steves, Royal Bank of Canada Dominion Securities

“We expect to begin accepting bitcoin as a form of payment for our products in the near future.”

Tesla

Prediction of the Week

Bitcoin price poised to hit $63,000, says trader filbfilb

The popular analyst filbfilb has declared that “the game has changed” for Bitcoin — and has revealed what he thinks will come next for the world’s biggest cryptocurrency.

The Cointelegraph Markets contributor has said that he’s anticipating “a bit of a correction” once BTC hits $52,000 but believes “the measured move overall should take us towards $63,000.”

And on the matter of corporate adoption, he wrote: “I really don’t think people understand that S&P 500 companies owning Bitcoin means that by default people’s pensions are exposed to Bitcoin. The % of people invested in Bitcoin has already reached the masses, they just don’t even know it.”

FUD of the Week 

Ethereum-based social media project shuts down as ETH fees approach new highs

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.

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.

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. Developers also confirmed that they have decided against building the platform on a layer-two solution.

FTX CEO claims competitor responsible for racist messages delivered to Blockfolio users

Blockfolio’s Signal feed was briefly compromised this week, with some users receiving racist messages within the company’s app.

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

He claimed that the offensive content was produced and published by a competitor exchange that maliciously gained access to someone’s account.

Bankman-Fried didn’t name the culprit but stressed that funds were not jeopardized at any time. He also confirmed that Blockfolio has now fixed the vulnerability that led to this situation.

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

India’s crypto ban is coming, hodlers to be given transition period: Bloomberg

An unnamed senior finance ministry official has claimed that India will soon completely ban crypto assets.

It’s reported that the use of cryptocurrency in all forms will be prohibited under the new law — meaning transacting through foreign exchanges won’t be allowed either.

Crypto exchanges have reacted with dismay to the news. Unocoin co-founder Sathvik Vishwanath said: “If 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’ll have to wait and watch.”

The Indian government has been determined to clamp down on crypto use after the supreme court overturned the RBI’s blanket ban on local banks providing services to businesses dealing with crypto.

Best Cointelegraph Features

Moment of truth? Tesla purchase is the moment Bitcoin has been waiting for

Despite some expected near-term volatility, Tesla’s exploration of the crypto realm will likely help the industry scale up to new heights.

Coincidence? Company stocks rise after they buy Bitcoin as a reserve

The market caps of most companies that bought Bitcoin have increased recently, but is that solely thanks to BTC?

A new trend? Non-crypto CEOs and celebrities embrace Bitcoin on Twitter

Are business leaders signaling the technological future they believe is coming to pass — an international and decentralized one?

Tesla buys BTC, Mastercard supports crypto, DOGE founder speaks out: Hodler’s Digest, Feb. 7–13

Source

Filed Under: blockchain technology Tagged With: Adoption, altcoin, analyst, Apple, Apple Pay, Bank, Banks, Better, Binance, Binance Coin, Bitcoin, Bitcoin Price, Bitpay, blockchain, btc, Business, Canada, Cash, celebrities, ceo, chief, Co-founder, commodity, Companies, correction, crypto, Crypto Ban, crypto exchange, Cryptocurrencies, cryptocurrency, Currency, Custody, decentralized, Digital, Disrupt, dogecoin, electric vehicle, elon-musk, equity, ETH, ether, ethereum, exchange, Exchanges, executive, finance, fintech, founder, Futures, Go, government, grayscale, head, Hodler's, Hodler's Digest, IBM, India, indian government, investment, jack dorsey, jpmorgan, Law, LINE, Mainstream, maker, Market, Markets, mastercard, money, news, other, payments, PayPal, Polkadot, Predictions, reddit, Regulation, SEC, security, signal, Social Media, social-network, Space, starbucks, Stocks, supreme court, Technology, tesla, Tokens, Trading, twitter, u.s., U.S. Treasury, us, view, vulnerability, world, xrp

Elon Musk’s Tesla Invests $1.5 Billion in Bitcoin to Accept Cryptocurrency as a Payment Form

February 9, 2021 by Blockchain Consultants

Elon Musk's Tesla Invests $1.5 Billion in Bitcoin to Accept Cryptocurrency as a Payment Form

According to the latest announcement, San Francisco, Tech billionaire Elon Musk’s electric vehicle company Tesla has invested $1.5 billion in Bitcoin and is expected to begin accepting the digital token for its cars and other products.

The announcement arrives amid renewed interest shown by Elon Musk in Bitcoin and requests from Tesla buyers to accept Bitcoin to buy the cars. Following the announcement that Tesla has invested such a huge amount, Bitcoin has soared by 21%, hitting $47,000.

Elon Musk’s Investment Appears to be Durable Rally 

As a part of the announcement, in a regulatory filing, Tesla said the decision was part of its broad investment policy as a company and was aimed at expanding and maximizing its returns on cash.

Antoni Trenchev, a managing partner and co-founder of Nexo in London, expressed his views regarding this huge investment. He believes that Tesla has now paved the way. Trenchev is expecting that by the end of 2022, at least 10% of S&P 500 companies will be invested in Bitcoin. 

Eric Turner, a vice president of market intelligence at cryptocurrency research and data firm Messari, also expects that there will be an acceleration of several companies looking to allocate to Bitcoin.

Analysts also believe that the move by one of the world’s best-known companies will prove to be a game-changer for Bitcoin.

Bitcoin has Drawn Support From Major Financial Institutions

Apart from tech billionaire Elon Musk’s electric vehicle company Tesla, Musk has also been sending tweets in support of Dogecoin over the past week, leading to a surge in the cryptocurrency’s value.

Several other companies and financial institutions have made similar investments in Bitcoin cryptocurrency. 

MicroStrategy Inc. has spent around $1.1 billion on the token. Square Inc. also announced that it converted around $50 million of its total assets as of the second quarter of 2020 into the token. Blackrock, the world’s biggest money manager, has also recently changed a handful of investment charges to allow some of its funds to invest in the currency.

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council.

Elon Musk’s Tesla Invests $1.5 Billion in Bitcoin to Accept Cryptocurrency as a Payment Form

Source

Filed Under: blockchain, blockchain technology, cryptocurrency Tagged With: Bitcoin, blockchain, blockchain news, Cash, Co-founder, Companies, cryptocurrency, Currency, data, Digital, dogecoin, electric vehicle, elon-musk, investment, Investments, London, managing partner, Market, money, other, partner, San Francisco, Square, tech, tesla, Vice President

Canoo, the electric vehicle startup formed from Faraday Futures ashes, seeks $200 million

April 24, 2019 by Blockchain Consultants

Less than a month after rebranding as Canoo, the startup electric vehicle company formerly known as Evelozcity is on the hunt for $200 million in new capital.

The startup, which is backed by a clutch of private individuals and family offices hailing from China, Germany and Taiwan, is hoping to line up the new capital from some more recognizable names as it finalizes supply deals with vendors, according to a person with knowledge of the company’s plans.

Canoo is locking in final contracts with its vendors and is going to be in production with prototypes before the end of the year. The company, which will make its vehicles available through a subscription-based model, already has 400 employees and just announced new key hires along with its rebranding.

It’s a quick ramp for a company that only two years ago was struggling to extricate itself from the morass that was Faraday Future.

Canoo began life as Evelozcity back in 2017. It was formed after Stefan Krause, a former executive at BMW and Deutsche Bank, and another former BMW executive, Ulrich Kranz, absconded from Faraday Future amid that company’s struggles.

Reportedly, Krause and Kranz left over repeated clashes with Faraday’s founding team of Jia Yueting, the main investor and shareholder, and Chaoying Deng, according to the Verge.

The situation at Evelozcity became so toxic that after the two men left, Jia accused them of “malfeasance and dereliction of duty.”

The company was launched in secret, but news of its existence came to light after Faraday Future filed a lawsuit accusing the new company of the theft of trade secrets.

Now, Canoo is rounding out its executive team and pushing forward with plans to bring prototype vehicles to market by the end of the year.

Olivier Bellin joined the company as its head of operations from STMicroelectronics, a Geneva-based semiconductor company where he served as chief financial officer of the company’s U.S. operations.

Former president of BMW manufacturing Clemens Schmitz-Justen also joined the company as its head of manufacturing — overseeing the contract manufacturing strategy, which will see the company outsource production of vehicles in the U.S. and China.

Canoo said that it intends to use a modular “skateboard” approach to its vehicle design where different form factors can rest atop its chassis. The company touts that its different cabins can be tailored to suit the needs of different customers — ranging from commuter vehicles, public or group transportation, delivery vehicles and private cars.

The company is also crafting its user interface and subscription services around its passengers and renters. To that end, Canoo has brought on James Cox, a former Uber executive in charge of product operations for the ride-hailing business’ rider application, who will be developing digital products for the company’s initial customers, according to a March statement.

Initially, Canoo will target customers in Los Angeles and the Bay Area, with additional plans to expand to San Diego and Seattle when the company brings its commercial vehicles to market in 2021.

Canoo plans to use blockchain technology to secure its subscription services and ensure an asset-light approach to development by outsourcing its manufacturing in the U.S. and China, according to one person with knowledge of the company’s plans.

With the development of that subscription model, the car company is taking a page from the playbook other automakers are beginning to toy with. Despite the fact that Cadillac cancelled its Book subscription service late last year, companies like BMW, Volvo and Porsche have all pressed on with their experiments with subscriptions.

Porsche launches on-demand subscription for its sports cars and SUVs

As it rolls out its subscription service, Canoo is targeting a lower price point than its competitors for its fully electric and “autonomous-ready” vehicles.

At the end of the day the company believes that there are more than 35 cities around the world that are suitable for its offering.

And now that the lawsuits are over and Faraday Future continues to wobble, it seems that plans for Canoo are gathering steam.

The rebranding effort, and the company’s new name itself, is indicative of its goals.

“We picked Canoo because it sounds distinctive, looks cool and creates a feeling of both relaxation and movement,” said Krause, in a statement. “For thousands of years, a canoe has been a simple, sustainable transportation device used all over the world.”

Read more: https://techcrunch.com/2019/04/23/canoo-the-electric-vehicle-startup-formed-from-faraday-futures-ashes-seeks-200-million/

Filed Under: blockchain Tagged With: automotive industry, BMW, Canoo, car, China, deutsche bank, electric vehicle, Evelozcity, faraday future, geneva, Germany, Jia Yueting, Los Angeles, manufacturing, Porsche, rebranding, san diego, Seattle, semiconductor, stmicroelectronics, subscription services, Taiwan, transport, Uber, Ulrich Kranz, United States, volvo

Footer

Get the latest news delivered weekly. Simple as that.

  • Cryptocurrency Exchange
  • About us
  • ANTI-SPAM POLICY
  • Cookies Policy
  • Digital Millennium Copyright Act (DMCA) Notice
  • Earnings Disclaimer
  • Exchanges
  • Our Team
  • Terms of Use

Copyright © 2021 · Blockchain Consultants LLC · WordPress · Log in