The Bitbuy Brief: Tesla accepting crypto again? We're giving away an NFT!

Issue 156: Tesla accepting crypto again? We’re giving away an NFT! 🙌

October 28th, 2021

Weekly Market Recap

This week, we saw a pullback on most top 10 coins, after touching Bitcoin all-time highs last week.

Although some altcoins soared, Bitcoin and Ethereum were down 11% and 15% on the week, signalling a cooling-off period after a red-hot start to October.

We’ve seen a bounce in the last 24 hours however, with Bitcoin rallying again over $76,000 CAD.

If you are looking to buy or sell the market move, click here to access your account.

Headlines & News

Mastercard And Bakkt Partner to Offer Innovative Crypto And Loyalty Solutions – Business Wire

Crypto Fund Inflows Hit Record USD $1.5B as Bitcoin Futures ETFs Go Live – Yahoo Finance

Bitcoin Could Become World Reserve Currency, Says Senator Rand Paul – Nasdaq

Nigeria Becomes First African Nation to Roll Out Digital Currency – eNaira  – Aljazeera

Canada Seen as Model For How Australia Crypto ETFs Could Develop – BNN Bloomberg

Tom Brady Says he Gave a Buccaneers Fan Bitcoin to Repay Him for Giving up Ball From 600th Career TD Pass – CBS Sports

Tesla Could Be Accepting Crypto Payments Again

On Monday, Tesla filed its quarterly report with the U.S. Securities and Exchange Commission (SEC). Tesla informed the SEC that it has purchased an aggregate amount of USD $1.5 Billion worth of Bitcoin in the 9-months leading up to September of this year. The company’s current market cap is over 1 trillion.

Tesla is known for its alternating stance on adopting crypto. The SEC report revealed that the company started accepting Bitcoin in late March as a form of payment for its EV product portfolio.

However, the company abruptly suspended the practice in May 2021. The company issued a statement explaining that they suspended vehicle purchases using Bitcoin, due to the “rapidly increasing use of fossil fuels for Bitcoin mining and transactions”.

At that time, they stated that they would not resume allowing Bitcoin transactions unless there was confirmation of reasonable (~50%) clean energy usage by miners with a positive future trend.

Now, in its recent filing with the SEC, Tesla stated that “it may restart the practice” of transacting in cryptocurrencies for its products and services. No word on why they have flipped their stance, but many experts point to the fact that China, who had some environmentally damaging mining practices, has been squeezed out of the mining industry by local laws.

Musk has always remained an avid supporter of cryptocurrencies, adding that “We believe in the long-term potential of digital assets both as an investment and also as a liquid alternative to cash”

Tesla is now the second-largest corporate holder of Bitcoin, according to a recent report by CoinDexLab. Corporate adoption by the likes of Tesla reaffirms Bitcoin’s role as a hedge against inflation, and allowing crypto payments again solidifies Bitcoin’s long-term trajectory as an alternative payment method.

NFT Artist of The Week: Michah Dowbak

Michah Dowbak, also known as Mad Dog Jones, is a Canadian NFT artist, born in Thunder-Bay, Ontario. Dowbak’s work features colour-blocking techniques, bright illustrative landscapes and surreal human faces.

Michah’s artistic style gives a nod to anime and cyberpunk themes, but his original source of artistic inspiration is his father, who is a visual artist and a stained-glass craftsman. His methods of thick line blocking are what inspired Michah’s digital work today.

Debuting his first collection, AFTERL-IFE WORLD at Tokyo’s Diesel Art Gallery, we get a glimpse of Michah’s world through Japanese animation and neon-inspired futurism. Describing his collection, Michah says “Even though a lot of the vehicle is kind of cyberpunk, anime aesthetic, I think it actually deals a lot more in colour theory and shape and form and composition”

Michah is also one of the top-selling digital artists in the NFT world, and the most expensive Canadian living artist. His NFT piece, titled REPLICATOR, sold on Philips Auction House for USD $4.1 million. The NFT depicting a photocopier is exceptionally unique in its design and functionality, being able to generate NFTs on a monthly basis, much like a traditional photocopier.

The NFT will essentially produce new variants of the same art piece every 28 days, for a total of ‘seven generations’ of different artworks. Perceived as the first-ever multi-generational NFT, the buyer of this piece could go on to own anywhere from 180 to 220 unique NFTs, each with their own resale value from just the single NFT purchase.

You can check Michah’s REPLICATOR NFT collection on OpenSea.

Bitbuy is Giving Away an NFT!

We’re launching Solana on Bitbuy next month, and we’re celebrating by giving away a Solana network Cool Beans NFT.

1 LUCKY WINNER will receive COOL BEANS NFT #1385

To enter on Twitter:

1. Follow @bitbuy on Twitter

2. Retweet the contest tweet pinned to the top of our page

To enter on Instagram:

1. Follow @bitbuyCA on Instagram

2. Like the NFT giveaway post on Instagram

Winner will be contacted via DM to arrange delivery!

Contest ends November 4 at 11AM EST.


Terms & Conditions

How To Buy Any Cryptocurrency In Canada

The age of digital money is here and everyone wants to get in on it. You may be asking yourself:  How do I actually buy this altcoin that my neighbour won’t stop talking about?

We put together this guide to take you through a couple of the categories of cryptocurrency, and an easy guide to give you the tools you need to learn how to buy ANY cryptocurrency.

You can check out the full guide here.

Bitbuy Is Hiring!

Here at Bitbuy, we’re always looking for talented people to join the rocket ship!

If you know any qualified candidates, please encourage them to apply for the following job postings:

  • Intermediate Java Developer
  • Intermediate Mobile Developer
  • Data Analyst
  • Account Manager

Visit this our website to see what positions we are actively recruiting.