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The Bitbuy Brief: Who’s Changing Their Business For Bitcoin?

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February 20, 2021
Bitbuy Staff
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Issue #131

Thursday, February 18th, 2021

Weekly Market Update: Smashing $50K USD! 


Analysis: Bitcoin finally passed the crucial $50,000 USD level, and is currently sitting above $66,000 CAD for the first time this week. Bitcoin Cash had the biggest gain of all coins supported on Bitbuy on the week, with over a 25% gain.


Big Story: Many Are Buying, But Who’s Changing Their Business For Bitcoin?


BTC Has Made New All-Time Highs On The Back Of Prominent Investors Such As Paul Tudor Jones Endorsing The Asset’s Attractiveness As An Investment. At The Same Time, A Number Of Prominent Institutions Have Integrated BTC Into Their Actual Business. We Provide An Overview Of Those That Have Recently Announced Business Lines Incorporating BTC/Crypto


PayPal: PayPal announced in October 2020 that it will allow users to buy, sell, and hold BTC, along with Ethereum, Bitcoin Cash and Litecoin. PayPal has placed its crypto ambitions within a broader vision of an increasingly digitized financial system. The firm also indicated that it intends to ‘increase cryptocurrency’s utility by making it available as a funding source for purchases at [PayPal’s] 26 million merchants worldwide.’

Mastercard: Last week payment processor Mastercard announced it will begin supporting unspecified cryptocurrencies on its network later in the year. The firm wrote that it wants to ‘enable customers, merchants and businesses to move digital value – traditional or crypto – however they want.’ Mastercard has previously partnered with crypto payments firms Wirex and BitPay and exchange LVL ‘to create crypto cards that allow people to transact using their cryptocurrencies.’

Visa: At the beginning of the month Visa announced a partnership with ‘digitally native neobank’ First Boulevard to pilot Visa’s new crypto APIs. These APIs are described as allowing First Boulevard to ‘enable their customers to purchase, custody and trade digital assets held by Anchorage, a federally chartered digital asset bank.’ In a Q1 2021 earnings call CEO Al Kelly said the firm is ‘uniquely positioned to help make cryptocurrencies more safe, useful and applicable for payments…’ and broadly described plans to allow users to ‘cash out onto our Visa credential to make a fiat purchase…’

City of Miami: Last week Miami’s Commissioners passed a resolution that will see the city study the feasibility of paying city employees in BTC and allowing residents to pay fees and taxes in the coin. The resolution also requests the State Government to support the city’s plan to invest in BTC in the future according to Mayor Francis Suarez.

BNY Mellon: The US’ oldest bank announced plans to custody, transfer and sell BTC and other cryptocurrencies on behalf of its clients last week. The bank plans to allow cryptocurrencies to eventually pass through the same infrastructure currently being used by its asset-management clients.

Tesla: Last week’s news that Tesla had made an addition of USD 1.5B equivalent of BTC to its balance sheet was paired with news that the automaker would start accepting the coin as payments for its products.


More Weekly Headlines

The Ontario Securities Commission has approved the Evolve Bitcoin ETF for trading on the Toronto Stock Exchange. The ETF is managed by Toronto-based Evolve ETFs while Gemini will act as the fund’s BTC custodian. – link – @CoinTelegraph



The Osprey Bitcoin Trust has begun trading via OTC markets and is now accessible ‘US investors through traditional brokerage and IRA accounts,’ according to an announcement. The product, offered by crypto investment firm Osprey, currently has USD 80M AUM.  – link – @CoinDesk



BTC custody and investment firm NYDIG has filed to offer a BTC ETF. According to documents filed with the SEC, Morgan Stanley, is an ‘Authorized Participant’ and will purchase or redeem ‘creation baskets’ of the ETF.  – link – @CoinDesk



MicroStrategy has increased the amount it plans to raise from the sale of ‘senior convertible notes’ from USD 650M to 900M in order to purchase BTC. The firm bought USD 650M equivalent of BTC via a similar offering in December. – link – @MarketsInsider



Counterpoint Global, a unit of Morgan Stanley Investment Management, is considering investing in BTC, writes Bloomberg citing people with knowledge of the matter. An eventual investment in BTC would require regulatory approval. The fund’s investment objective is described as seeking ‘long-term capital appreciation.’ – link – @Bloomberg



SEC Commissioner Hester Peirce said that recent mainstream adoptions of BTC add ‘to the urgency of us taking some sort of action in this area to provide more clarity.‘ Peirce made the remark in an interview with Reuters. – link – @Reuters



Crypto payment processor BitPay announced that its prepaid crypto Mastercard will be usable via Apple Pay. The firm plans to add support for Google and Samsung’s payment services. BitPay is seeking a to become a national bank headquartered in Georgia. – link – @HypeBeast

Other Crypto Headlines & Media

CNBCRipple, SEC Say Settlement Unlikely


Fortune: Elon Musk May Be Betting On Bitcoin—But Here’s What 50 Other CFOs Really Think About It


CNBC: Nvidia Announces Chips Meant For Ethereum Mining, Stock Soars


PODCAST: Michael Saylor on The Fiat Standard, The Bitcoin Standard Podcast, February 16, 2021 Dermot O’Riordan, a Partner at Eden Block, a European VC firm investing in blockchain networks and infrastructure discusses the perceived adoption of cryptocurrencies and their networks.


DISCLAIMER: Nothing in this newsletter should be considered investment advice. The opinions and analysis in this are those of the writer and not of Bitbuy. Buying and selling cryptocurrencies is not without risk.
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Photo of Author Bitbuy Staff
Bitbuy Staff
Bitbuy is a Canadian owned and operated digital currency platform. Trade on or on the Bitbuy app today.
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