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Elon Musk has revealed that SpaceX has invested its cash reserves in bitcoin, following on from Tesla’s announcement earlier this year that it bought $1.5 billion of the cryptocurrency.
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Mr Musk said he floated an idea to the SpaceX team of building a space heater that also functioned as a cryptocurrency miner.
“I had this idea that was kind of off the wall,” he says. “What if a space heater was also a bitcoin/ ethereum/ dogecoin miner.”
It would make sense, he claimed, to have the heater serve a function beyond simply generating heat.
The technology billionaire has proved divisive within the crypto community after his decision to allow bitcoin payments for Tesla vehicles contributed to a price rally that saw the cryptocurrency hit a new all-time high above $60,000 in April.
His subsequent announcement that crypto payments would be suspended due to environmental concerns of the bitcoin network coincided with a major price crash that saw btc lose more than half of its value.
Mr Musk said Tesla could soon begin accepting payments in bitcoin once the firm has done its “due diligence” in evaluating the actual impact of bitcoin on climate change.
Cathie Wood, founder, CEO and CIO of Ark Investment Management is one of the latest entrants to launching a bitcoin ETF in the US. The Winklevoss twins of Facebook fame have been trying this for years, but have been turned down by the SEC each time. Oddly enough, this has not deterred Wood or other firms, and the SEC has received at least six further Bitcoin ETF applications waiting to be reviewed.
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The funding is part of Celsius’ planned $200 million investment in bitcoin mining in North America, according to the company. Celsius said the investment, which occurred during the second quarter, would make it one of the largest U.S. investors in the bitcoin mining industry.
Celsius CEO Alex Mashinsky described the deal with Core in a CoinDesk interview as “good for our community.” He added: “They have a lot of assets. That’s safer than just investing in a [decentralized finance] project.”
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Fans of fund manager Cathie Wood have built websites that track her every investment move. They sell T-shirts with her picture in the style of the Barack Obama “Hope” poster and with the ticker symbol of her flagship exchange-traded fund, ARK Innovation. On social media, they call her “Mamma Cathie,” “Aunt Cathie” and, in South Korea, “Money Tree.”
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Ethereum's London hard fork upgrade that went into effect this past week sets the cryptocurrency up well for important upgrades in the future, its founder Vitalik Buterin told Bloomberg in an interview on Thursday.
The London hard fork upgrade to ethereum's blockchain included EIP-1599, a fee-reduction feature that has been burning $8,900 worth of ether every minute since it went into effect. That ongoing reduction in the supply of ether is likely aiding to its recent price gains, with the cryptocurrency up 18% since the London fork went into effect.
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JP Morgan changed his mind and went from criticizing Bitcoin to integrating it into his investment optionsAlthough the CEO of financial firm JP Morgan was one of the main detractors of Bitcoin and cryptocurrencies, he has already given in to their charm and now they will offer BTC funds to their clients.
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As bitcoin bounces above $40,000, regulators are circling the blockchain in what looks like a coordinated attempted to rein crypto in.
BlockFi is just one example of a high profile fintech on the receiving end of the regulators’ focus. BlockFi provides a savings and loan type product where customers can lodge their crypto to earn interest and use it as collateral to borrow “fiat” and to trade/swap/convert (however you want to define that) one crypto into another. It has raised a lot of cash at lofty valuations, so it has a proper pedigree
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Although the pandemic diminished the value of several financial instruments, it seems the crypto market became immune to Covid-19. Rising from approx. $7000 in March 2020 to more than $54,000 in a year, Bitcoin has definitely stunned the world.
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