Pro basketball league in Canada will offer players Bitcoin salaries

June 18, 2021 Coin Telegraph

Basketball

"The ability to have part of my salary go directly into an investment that I believe will appreciate greatly over the next 10-30 years is a no-brainer,” said Guelph Nighthawks guard Kimbal Mackenzie.

The Canadian Elite Basketball League will be allowing players from its seven teams to accept a portion of their salaries in Bitcoin starting next week.

According to a Thursday announcement, the Canadian Elite Basketball League, or CEBL, has partnered with Toronto-based cryptocurrency exchange Bitbuy to convert part of basketball players’ existing salaries from Canadian dollars to Bitcoin (BTC) on request. The league said it will arrange for the funds to be delivered to the players’ personal crypto wallets.

More than 70 players on the active roster from the Edmonton Stingers, Fraser Valley Bandits, Guelph Nighthawks, Hamilton Honey Badgers, Ottawa Blackjacks, Niagara River Lions, and Saskatchewan Rattlers will be seemingly eligible for the crypto payments. Bitbuy will also be joining the CEBL as an official sponsor.

The Nighthawks’ Kimbal Mackenzie said he would be one of the first players to accept the CEBL’s offer. The 24-year-old guard recently re-signed with the team for the 2021 CEBL season beginning June 24.

“The opportunity to be paid in Bitcoin is something I’m incredibly excited about,” said Mackenzie. “I believe cryptocurrency is the future. The ability to have part of my salary go directly into an investment that I believe will appreciate greatly over the next 10-30 years is a no-brainer.”

Though many sports franchises and organizations have partnered with crypto and blockchain firms, many people have expressed concern about Bitcoin as a medium of exchange given the crypto asset’s price fluctuations. Mackenzie added in a separate interview that he would accept half of his salary in Bitcoin and was seemingly unconcerned about any potential volatility:

“[If Bitcoin falls], so be it. It was a decision I was prepared to make. On the other hand, if it increases, maybe I will retire in two years.”

Since reaching an all-time high price of $64,899 in April, Bitcoin has dropped significantly following Tesla CEO Elon Musk saying the company would stop accepting the crypto asset as payment for vehicles due to environmental concerns. At the time of publication, the BTC price is $36,788, having fallen more than 5% in the last 24 hours.

Hawaii had largest increase in demand for crypto out of US states this year

June 17, 2021 Coin Telegraph

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“Around 6% of the U.S. population now use or own crypto, and the trend is growing,” said the report.

A new report from MiQ Digital indicates that demand for cryptocurrency has increased the most in the U.S. states of Hawaii and California in 2021.

According to data gathered from Google Trends comparing the average interest from 2020 to 2021, MiQ Digital reported that Hawaii had seen a more than 687% increase in demand for cryptocurrencies over that in 2020, even more than runner-up state California at 655%. However, users are most likely to find businesses in California that are willing to accept crypto payments, with 440 currently doing so compared to 180 in Florida — the home of the Bitcoin 2021 conference.

“Cryptocurrency may not be part of the mainstream economy just yet, but demand is so high in some states, U.S. financial authorities are looking at ways to regulate the market,” said the report. “Around 6% of the U.S. population now use or own crypto, and the trend is growing.”

The report added that Dogecoin (DOGE) had the greatest increase in price, jumping 6,900% since December 2020. However, data suggests that demand in Bitcoin (BTC) increased the most across the U.S. in Hawaii and Nevada, with the significantly smaller 51% rise in price over the same period. At time of publication, the price of DOGE and BTC are $0.31 and $37,816, respectively.

Businesses and crypto retail investors are likely drawn to different states for different regulatory frameworks. Because the U.S. government has largely left the matter of regulating crypto to individual states — the U.S. constitution allows for this distinction between federal and state law — a state like Texas with fewer regulations on its power grid may look more appealing to crypto miners. Wyoming is seemingly attracting blockchain firms with the work done by pro-crypto Senator Cynthia Lummis and Caitlin Long, CEO of digital bank Avanti Bank & Trust.

However, lawmakers in Hawaii have also been working to establish the state as more of a regulatory safe haven for crypto traders and businesses. Early last year, the state began considering a bill that included support for banks custodying digital assets. Last March, Hawaii also established a digital-currency sandbox aimed at attracting crypto businesses to the state.

Following massive BTC purchase announcement, MicroStrategy says it may sell up to $1B in stock

June 14, 2021 Coin Telegraph

Following massive BTC purchase announcement, MicroStrategy says it may sell up to B in stock

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The firm said it intended to use the proceeds from the offering “for general corporate purposes, including the acquisition of Bitcoin.”

The same day business intelligence firm MicroStrategy announced it would use $488 million from the proceeds of a private offering sale to buy Bitcoin, the company said it may also sell up to $1 billion of its stock for the same reason.

In a Monday S-3 filing for the U.S. Securities and Exchange Commission, MicroStrategy said it would be launching an “at the market” securities offering which would allow it to sell up to $1 billion of its Class A Common stock over time. The firm said it intended to use the proceeds from the offering “for general corporate purposes, including the acquisition of Bitcoin.”

“Bitcoin does not pay interest or other returns and so ability to generate a return on investment from the net proceeds from this offering will depend on whether there is appreciation in the value of Bitcoin following our purchases of Bitcoin with the net proceeds from this offering,” said the filing. “Future fluctuations in Bitcoin trading prices may result in our converting Bitcoin purchased with the net proceeds from this offering into cash with a value substantially below the net proceeds from this offering.”

According to the SEC filing, MicroStrategy held 92,079 Bitcoin (BTC) — roughly $3.7 billion at the time of publication — as of June 4, with the company saying today it intended to purchase an additional $488 million in the cryptocurrency. The filing shows MicroStrategy purchased its existing holdings at an average BTC price of $24,450, meaning that the company has seen the value of its crypto increase by almost $1.5 billion.

Should the firm use the entirety of the $1 billion proceeds to invest in Bitcoin again, it would add roughly 25,000 coins to its coffers at the current value of $40,150. The price of the crypto asset has risen by more than 8.8% in the last 24 hours.

MicroStrategy could hold more than $4B in Bitcoin after latest private offering and crypto purchase

June 14, 2021 Coin Telegraph

MicroStrategy could hold more than B in Bitcoin after latest private offering and crypto purchase

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With the price of Bitcoin moving above $40,000 for the first time in weeks, the company could soon hold more than 100,000 BTC.

Business intelligence company MicroStrategy has completed its $500 million offering of secured notes, and said it plans to use the proceeds to purchase Bitcoin.

In a Monday announcement, MicroStrategy said it had sold $500 million worth of senior secured notes in a private offering to buyers within and outside the United States. After deducting expenses, initial purchaser discounts, and commissions, the firm said the net proceeds were roughly $488 million, funds which it intends to use to buy Bitcoin (BTC).

Since announcing its first $250 million BTC purchase in August 2020, MicroStrategy has made several major Bitcoin buys. At the time of publication, the firm’s subsidiary, MacroStrategy, currently holds 92,079 BTC — roughly $3.8 billion.

Should the price of the crypto asset stay near its current price of $40,936, the company may be able to purchase roughly 11,913 BTC. This would mean its total Bitcoin holdings would be worth more than $4.2 billion.

MicroStrategy announced the private offering on June 7, initially saying it intended “to raise $400 million aggregate principal amount of senior secured notes in private offering,” later saying it would increase the offering to $500 million. The company reportedly saw more than $1.6 billion worth of orders for the offering — four times the initial amount.

IMF plans to meet with El Salvador’s president, potentially discussing move to adopt Bitcoin

June 10, 2021 Coin Telegraph

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The International Monetary Fund has previously spoken out against smaller nations like the Marshall Islands recognizing a digital currency as legal tender.

The International Monetary Fund has said El Salvador’s recent decision to make Bitcoin legal tender in the country may raise legal and financial concerns.

In a Thursday press briefing from the International Monetary Fund, or IMF, spokesperson Gerry Rice said the group was already in discussions with lawmakers in El Salvador over a loan to support the country’s economy, having approved emergency funds related to the pandemic last year. However, Rice said an IMF team would be meeting with President Nayib Bukele today and implied crypto would be a likely topic for discussion.

“Adoption of Bitcoin as legal tender raises a number of macroeconomic, financial and legal issues that require very careful analysis,” said Rice. “We are following developments closely, and we’ll continue our consultations with the authorities.”

Spokespeople for the IMF have often voiced concerns about countries adopting digital currency. In March, the group issued a similar warning against the Marshall Islands’ recognizing its digital sovereign currency, called SOV, as legal tender, as it may pose similar legal and financial risks. In that case, a spokesman said the islands’ local economy had been strained by the economic fallout of the pandemic and likely wouldn’t be corrected with the SOV.

In the case of El Salvador, the time between the introduction of ideas and action is seemingly short. President Bukele first announced he would propose a bill making Bitcoin (BTC) legal tender in El Salvador at a pre-recorded video message at the Bitcoin 2021 conference this weekend. The legislation passed with a supermajority in the nation's Legislative Assembly yesterday.

Though the country is still seeking support from the IMF related to the pandemic this year, it has already begun to consider the energy needs of Bitcoin miners. Bukele said he would be instructing state-owned electrical company LaGeo, to make certain facilities available to miners to utilize geothermal power from the country’s volcanoes — El Salvador currently operates the two geothermal plants in Ahuachapán and Berlín.

“Crypto assets can pose significant risks,” said Rice. “Effective regulatory measures are very important when dealing with them.”

‘I should have bought a lot more,’ laments billionaire investor on Bitcoin

June 8, 2021 Coin Telegraph

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"The probability as more and more people keep using Bitcoin, it’s going to keep moving up," said Marc Lasry.

Marc Lasry, co-founder and CEO of Avenue Capital Group, believes that despite recent volatility in the crypto market, it likely isn’t going away.

In a Tuesday interview with CNBC’s Squawk Box, Lasry said that while the price of Bitcoin (BTC) could go anywhere from $20,000 to $100,000, the market has been established, implying it is unlikely to go to zero. The billionaire commented that his 2018 prediction that BTC would reach $40,000 was based on institutional investors driving interest.

“Once a market is created, it’s there,” said Lasry. "The probability as more and more people keep using Bitcoin, it’s going to keep moving up. It's happened a little bit quicker than I thought it would.”

He added:

“I should have bought a lot more — that was my mistake.”

Lasry’s prediction three years ago came when the price of Bitcoin was under $10,000 following the 2017 bull run and subsequent crash. At the time, he said BTC investors could make “5 to 10 times their money in 3 to 5 years.”

Since reaching an all-time high price of $64,899 in April, the crypto asset has dropped significantly, seemingly triggered by Elon Musk's Tesla saying it had ceased accepting BTC as payment for vehicles due to environmental concerns. On Tuesday, BTC's price fell under $32,000 following a United States Department of Justice announcement that a task force had seized $2.3 million in crypto used to pay for ransom as part of an attack on the Colonial Pipeline system.

Bitcoin bull launches pizza company that doesn’t accept crypto payments

May 18, 2021 Coin Telegraph

Anthony Pompliano

A guy who loves Domino's is launching a pizza brand based on a Papa John's event that doesn't accept the crypto he espouses.

Just days before the anniversary of Bitcoin Pizza Day, Bitcoin proponent Anthony 'Pomp' Pompliano has launched a pizza company aimed at supporting small business and the Human Rights Foundation's Bitcoin Development Fund.

In an announcement on Twitter today, Pomp said his Bitcoin Pizza brand would be launching in ten U.S. cities beginning on Saturday, May 22. The start date coincides with the 11th anniversary of the first successfully documented commercial transaction of cryptocurrency for two Papa John’s pizzas — an event now known as Bitcoin Pizza Day. However, while Laszlo Hanyecz’s purchase of those pies in 2010 cost him 10,000 Bitcoin (BTC), Pomp’s venture currently does not accept crypto as payment.

“Just as Bitcoin is working to disrupt the incumbent banks, Bitcoin Pizza will be working to disrupt the incumbent corporate pizza chains,” said Pomp, referring to the venture as “the first decentralized pizza brand” on the Bitcoin Pizza website.

Pomp, who is a well known fan of national pizza franchise Domino’s, said Bitcoin Pizza would only be offering 10,000 pies on its launch day to commemorate the historic BTC transaction. Pizza lovers can choose from a variety of pies with crypto-themed pun names, including Laser Eyes, Satoshi's Favorite, Lightning Meat, Capital Greens, and No Keys, No Cheese.

The profits from the first week of sales will go to support small businesses — local pizza eateries — as well as the Human Rights Foundation's Bitcoin Development Fund. Launched by the foundation in June 2020, the fund is a privacy-focused project aimed at supporting developers making Bitcoin a safer tool for activists and journalists around the world. As of April 15, the Bitcoin Development Fund has given away $746,000 in BTC and fiat.

Within a few hours of the announcement, “Bitcoin Pizza” was trending on Twitter in the United States. The venture generally received positive support on social media from big names including Daryl Morey, the president of basketball operations of the Philadelphia 76ers, Binance CEO Changpeng Zhao, and What Bitcoin Did podcaster Peter McCormack.

Get delicious pizza and stop authoritarian oppression - win/win https://t.co/SyxmlLZYg1
— Daryl MorΞy (@dmorey) May 18, 2021

However, some people including Twitter user Joel Valenzuela and Banana Capital founder Turner Novak were quick to ask why Pomp was seemingly unable to accept BTC payments for the pizza. According to the checkout page on the website, only credit cards are accepted at time of publication.

You're not even accepting Bitcoin (or any coin for payments? How did you set back Bitcoin 11 years? Come on man!
— Joel Valenzuela (@TheDesertLynx) May 18, 2021

A Bitcoin bull and crypto proponent, Pomp is well known for educating others in finance on BTC through his podcast. He has persuaded Jim Cramer, the outspoken host of CNBC’s Mad Money, to invest in crypto, as well as comedian Bill Burr and many others.

Cointelegraph reached out to Pomp, but did not receive a response at the time of publication.

Data analytics giant Palantir now accepts Bitcoin payments

May 11, 2021 Coin Telegraph

Adoption

The firm added Bitcoin was "definitely on the table" as consideration for a treasury reserve asset.

The $30 billion Colorado-based data analytics company founded by billionaire Peter Thiel now accepts Bitcoin from clients as a form of payment.

According to a CNBC report today, Palantir said during its earnings call for the first quarter of 2021 that it had begun accepting Bitcoin (BTC) payments. In addition, the firm is mulling following in Tesla’s and MicroStrategy’s footsteps by adding BTC to its balance sheet, saying the crypto asset was “definitely on the table.” Palantir likely has more than $2 billion in cash on hand for investments.

MicroStrategy was one of the first major firms to adopt Bitcoin as a reserve asset, making several multimillion dollar crypto purchases in 2020 and 2021. Tesla entered the crypto space in February, announcing it had bought $1.5 billion worth of Bitcoin. The car manufacturer later sold 10% of its crypto holdings “to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet.”

Thiel also helped found PayPal, which launched crypto trading in late 2020. In April, PayPal-owned payments platform Venmo introduced crypto trading for BTC, Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).

NFL quarterback Tom Brady hints at owning Bitcoin

May 10, 2021 Coin Telegraph

Adoption

The GOAT's Twitter profile picture now shows him with laser eyes.

Tampa Bay Buccaneers quarterback Tom Brady, arguably one of the most talented American football players of all time, has hinted that he’s a Bitcoiner.

On Monday, Brady changed his Twitter profile picture to one with laser eyes, potentially implying to his 1.9 million followers that he is invested in Bitcoin (BTC). The football star made the change less than a day after Blockworks co-founder Jason Yanowitz challenged him to do so and provided the updated picture.

The crypto asset's price was seemingly unaffected by the NFL player's pseudo-announcement. At the time of publication, BTC's price is $57,500, having risen 8% in the last seven days. However, players in the crypto space including MicroStrategy CEO Michael Saylor and Anthony Pompliano both acknowledged Brady's presumed entry as a Bitcoiner.

The seven-time Super Bowl champion announced in April that he would be backing a new nonfungible token, or NFT, platform called Autograph. The marketplace aims to provide a tool for digital collectibles and will feature big names in sports and entertainment.

At the time of publication, Brady’s representatives have not provided any comments regarding his Bitcoin holdings.

Reports suggest Goldman Sachs is now offering Bitcoin derivatives

May 6, 2021 Coin Telegraph

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