Tesla Earnings Report to Shed Light on its Bitcoin Holdings

This week is a big one for the tech industry, with some prominent companies to post their earnings report for the second quarter of 2021. The list includes Tesla, which is scheduled to do so after market hours on Monday. Investors are eagerly awaiting it because it will finally shed some light on the bitcoin holdings of the company. In the first quarter of the year, the company held around $1.5 billion in the pioneer cryptocurrency and reported only making just a single sale for testing the liquidity of the market. This was stated by Elon Musk, the chief executive of Tesla.

The entire crypto community has been waiting in anticipation to see the disclosures that will be made in the earnings call of the company. A lot of expectations have been generated in the overall bitcoin community regarding the earnings call of the leading electric car manufacturer because of the large stash of bitcoins that is present on its balance sheet. Elon Musk, the CEO of the firm, had decided to jump on the Bitcoin bandwagon in the previous quarter when he announced the purchase worth $1.5 billion. However, no one is aware of the current status of this stash and the earnings call will disclose if they held tightly, sold, or bought the dip in the second quarter.

Only one sale of Tesla’s bitcoin holdings has been recorded publicly. Last quarter, the company had sold off $272 million in bitcoin for testing the market’s liquidity. This news had resulted in a slump in the cryptocurrency’s price at that time. However, Musk didn’t take long to state that this had only been a test for ensuring that such sales could be handled by the market. But, soon after, Musk had had a change of heart regarding bitcoin and its effects on the environment, which had resulted in a schism between the crypto community and the entrepreneur.

Citing environmental concerns, Tesla decided to halt its support for bitcoin payments for electric cars. This fact began recommendations for a more greener and effective cryptocurrency for payments. Back then, Musk had also shared his preference for dogecoin (DOGE) and announced that this role could be fulfilled by the crypto if the Dogecoin network made certain changes. The developers at Dogecoin have been prepping it so it can offer people cheaper transaction costs. This week, a cryptocurrency conference occurred, which is known as the B Word event.

Speaking at the event, Musk said that he wanted to see bitcoin succeed, even after he had criticized the cryptocurrency harshly. He did hint that Tesla’s bitcoin holdings were still intact when he said that he only pumped and did not dump. Of course, considering how he is known for sending mixed signals, the only way to determine the authenticity of his statement is through the earnings call on Monday. It is not just the tech investors and sector that will be keeping an eye out, as the crypto community also has a vested interest.

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Circle K Stores to Deploy Bitcoin ATMs in Stores

Convenience store chain Circle K in a press release announced to install multiple bitcoin ATMs in the stores. The statement was made after an agreement has been signed between both parties. The installation of new ATMs will be an addition to already installed 700 bitcoin ATM machines. As per the new agreement, the company is looking to expand its operations across the U.S and Canada.

The Bitcoin Depot CEO Brandon Mintz said that “This strategic partnership will help us in expanding our global presence working with one the giants of convenience and fuel retail sector will strengthen our global position. We are enthralled by signing this strategic agreement.”  One of Circle K’s representatives said that company is aware of the popularity of bitcoins and cryptocurrency will be an integral part of the future’s economy and payment systems.

The addition of bitcoin ATMs and acceptance of bitcoins as a payment method will provide Circle K with new customers and further expand the company’s market reach. However, this will set Circle K apart from the market competition as well.  This partnership will allow customers to use bitcoin for daily routine transactions. Circle K intended to use bitcoin as a payment method. Apart from that, customers will also be able to purchase bitcoin from any nearby Circle K store.

Both stakeholders ensured that the current strategic partnership would play an integral part in making the bitcoin trade more accessible to the local community. Usually, bitcoin ATMs charge substantial fees for the services they offer. However, Bitcoin Depot, a large-scale network with more than 3,000 bitcoin ATMs machines across the globe has not said anything about its fee charges, finalized in the recent contract. The company’s website has not shared anything about the fee charges both parties agreed on in their contract.

However, Reddit users and other netizens hinted that the company could charge up to 20% as the service fee on every bitcoin purchase, via Bitcoin depot’s ATMs. Bitcoin Depot CEO Brandon Mintz also said “another fruitful outcome of this strategic agreement is simplifying customer verification process.” The company revealed that on any bitcoin purchase of less than $250 from Circle K’s store’s customers only need to verify their phone numbers. In case of any bigger transaction, the Bitcoin Depo will ask for proof of ids such as a driving license or ID card. Removing the complications from bitcoin trading and sales and purchase will help more people entering the bitcoin space.

Bitcoin Depo and Circle K store chains both are working on a common goal to provide an easily accessible bitcoin trade solution that involves only cash, phone number, and one proof of ID. This new strategic partnership will eliminate the role of bitcoin exchanges which adds extra complexity to trade.

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Does Tesla FUD Still Matter for BTC?

Bitcoin surged 12% earlier on Monday, recording another high at $39,230. For now, the leading crypto attempts to break from a price zone that held it for about two months. Keep in mind that Bitcoin has traded in the $30,000 to $40,000 range since the May market crash. The current positivity in the financial space had the asset breaking past the critical resistance at $38,300, aiming at $40,000 for now.

Market players trust that today’s price pump comes from rumors that Amazon plans to accept BTC. Insider’s report suggests that the online marketplace might accept BTC payments by December of 2021.  Moreover, the commerce giant may launch its native token by next year. It is undeniable that such news pulled BTC out of its price slumber that existed for over a month. For now, the asset appears to be on bullish momentum. Some analysts think that Amazon’s BTC adoption will overturn Tesla’s BTC FUD.

Tesla BTC FUD Fading

Bitcoin saw substantial price pumps earlier this year when Tesla declared accepting BTC payments for the first time. However, a few months later, Musk suspended Bitcoin deals citing environmental worries. Such news coupled with China’s crackdown had BTC value losing over 50%. Nevertheless, if Amazon accepts BTC by December 2021, market players may forget about Tesla’s BTC FUD.

Amazon is a renowned online market, reporting more than two hundred million followers as Prime subscribers as of Q1 2021. Also, its platform boasts over 197 million visits per month and a growing customer market share. As much as PayPal’s BTC adoption allowed millions to access the coin’s payments, Amazon’s move will mean any individual can buy anything using their Bitcoin.

Musk’s impact seems to have faded over the last few months. At the start of the year, the executive could move crypto prices with his comments. However, with the B-Word conference, where the CEO made multiple positive statements about BTC, the coin didn’t rise as it would some months ago. Elon Musk declared that his firms still hold the leading crypto coin. He also said that Tesla might consider Bitcoin payments in some time to come.

Amazon adding BTC payment will undeniably make Tesla’s FUB inappropriate.

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Group of Salvadorans Take to Streets for Protesting New Bitcoin Law

The new Bitcoin tender law introduced by the regime of one Nayib Bukele may be appreciated by some Salvadorians located near the Playa El Zonte beach, but a number of other citizens don’t feel the same way about it. As per the regional reports of the previous week, citizens from El Salvador have decided to take to the streets to protest against the new bitcoin tender law. If you take a look at the fluffy reports from various crypto magazines, you may believe things are all good in El Salvador as it pertains to the new law. 

But, a survey conducted in the first week of July by Disruptive took responses from 1,233 people living in El Salvador and most of them said that they were highly skeptical of the pioneer crypto as a currency. After the new bitcoin tender law was implemented, there were leaked reports claiming that Nayib Bukele’s government is planning to launch a stablecoin. Now, it appears that Salvadorans are protesting the Bitcoin law. They have gathered together to speak out against the law because they said that the crypto is just ‘too volatile’. A resistance group by the name of the ‘Popular Resistance and Rebellion Block’ has also written a letter to Bukele’s regime. 

They have stated in the letter that they consider the law to be unconstitutional. According to the group, the citizenry was not first consulted by the bureaucrats under Bukele’s control and they stressed that the move by the president was similar to playing ‘the lottery’. Regarded as an authoritarian leader, Nayib Bukele recently mandated that citizens have to take vaccines for COVID-19, even though there has been significant pushback against experimental drugs. The term ‘dictator’ has been used by a number of publications for El Salvador’s president. 

The New Ideas Party of the president fired the attorney general as well as a number of other Supreme Court members last May. In fact, Bukele himself tweeted about it and used the term ‘dismissed’ for the representatives. Many people believe that these members were fired as the Supreme Court had ruled that Bukele had made unconstitutional mistakes a couple of times. Several of the ministers of Bukele’s regime were being investigated by the Salvadoran attorney general. On 4^th May, Kamala Harris, the vice president of the United States, talked about the Salvadoran nation in her speech.

She said that they had learned over the weekend that the Salvadoran parliament had attempted to undermine the country’s highest court. She went on to say that a healthy democracy, as well as a strong economy, could only be maintained through an independent judiciary, so a response was necessary. Those who are protesting against the new Bitcoin law also believe that the New Ideas Party is not right. According to the Popular Resistance and Rebellion Block group, Bitcoin is only beneficial for a few large businessmen, particularly those who are connected to the government, for laundering money. While the law has been passed in Salvador, Bitcoin will not be recognized officially until September 7^th, 2021. 

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Virgil Griffith Sentenced to Jail on Checking Coinbase Account

The reporter allegedly claimed that Virgil Griffith is likely to spend two months in jail, as his case will be put forward to court for hearing in September. The Ethereum developer is accused of violating the security protocols of his bail and accessed his Coinbase account.  The remand order was provided by U.S. District Judge P. Kevin Castel after Griffith is caught redhandedly accessing his Coinbase account in May.

The Ethereum founder is sent to jail for his offense. Griffith was accused of breaching sanctions with North Korea.

According to Law360, Judge Castel said that the main concern for regulatory authorities was a flight risk since Griffith’s digital assets risen to the $1millon range. The judge further added that this could be the reason he tried to check into his crypto account. His bail terms strictly prohibited the use of the internet of any form at any cost. The prosecutor on 9th July announced that Griffith is caught accessing his account.  Griffith accessed his account and contacted Coinbase and asked them to remove the security protocols attached with his account. He said to exchange that they need to remove the two factors authentication associated with his account.

 Since his device was kept by the FBI there was no way for him to fulfill the two factors authentication security protocol.  However, in response to these accusations, the defense lawyer pleads that the attempt to access his account was made after having a detailed consultation with his counsel. The defense lawyer also added that it was not his client who tried to access his account. But the attempts were made by his family based in Alabama.

Griffith was initially arrested in November 2019. He got convicted by the court on January 7, 2020. The court stated in its detailed decision that Mr. Griffith’s involvement in violating the International Emergency Economic Powers Act is proven with clear-cut evidence.  The court further rejected his bail initially. However, later on, bale was granted to him against submitting the bond order for $1 million.

The U.S federal agencies are convinced that he helped North Korea to launder the money using his cryptocurrency circle and expertise to avoid the sanctions.  He discussed this with a North Korean representative during a conference in Pyongyang.  The defense lawyer labeled these accusations as a conspiracy theory against his client. Griffith further moved a petition against these allegations.  Griffith argued that all the information about that conference and his traveling activities are easily accessible by the public, therefore there were no secret discussions, and neither was he providing any services to any country. The claims against him are fabricated his Layer said. However, hearings will resume in the coming month of September.

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Currenxro Review – Is Currenxro Scam or Legit Crypto Broker?

Currenxro Review

The number of online brokers offering their services to traders has increased twofold in the last few years and it is not surprising. The financial markets offer a ton of opportunities for people to make money and a greater number of people are now interested in taking advantage of them. Of course, this doesn’t mean that you can expect the same set and standard of services from every company, which means you have to do your homework. Finding a broker that’s the right fit for you is imperative for a seamless trading experience. Go over this Currenxro review to see if it is what you are looking for.

You will come to know that Currenxro is not as old as some of the other brokers in the market, given that it was launched in 2021. Yet, it has managed to become a well-known name in the financial markets rather quickly. Nonetheless, this doesn’t mean that you follow the hype and sign up. You have to do your homework and this review can give some insight:

Currenxro’s Trading Instruments

To find a brokerage that’s the right fit for you, it is a good idea to start with the trading instruments. Trading these is how you generate profits in the financial markets, which means you want the most profitable options, but they should also be in accordance with your risk tolerance. As all brokers don’t offer the same instruments, you need to take a look at Currenxro appears to be very impressive in this regard. They have given their clients access to the world’s top markets via a single platform.

This can help you in maximizing your profits and minimizing trading risks because you can easily diversify your portfolio when you choose Currenxro for your trading needs. They give you access to the renowned crypto and forex markets, as well as the more traditional markets like stock, commodities and indices. You can find some of the most popular instruments from each market available.

Currenxro’s Trading Platforms

The trading platform should also be factored in your decision because if the software is lacking in any way, or too complex, you will not be able to enjoy your trading experience. Every broker doesn’t offer the same platforms, which means doing your homework is important. Where Currenxro is concerned, you will find multiple trading platforms to choose from, which means you will most likely find a solution you are comfortable with.

Given that Currenxro has added the market leading MT4 and MT5 trading platforms, no trader will have any cause for complaint. These are known for their advanced technology and superior trading tools. Along with these options, you will also have a web trading platform and mobile trading apps available. This ensures that you can trade from anywhere and anytime, without any problems.

Currenxro’s Security Infrastructure

One of the primary concerns of online traders is the security of their funds and their personal information. You don’t want cybercriminals to steal your data, or your money, but trading online means that you have to trust a broker to keep you safe. You will not be disappointed with Currenxro in this regard because they have created a robust security infrastructure. They use SSL (Secure Socket Layer) technology and digital encryption for protecting your information.

They have also chosen to maintain segregated customer accounts for storing all deposits and these are kept with the best banks for preventing any misappropriation and theft. In addition, you will find that Currenxro is also compliant with the KYC (Know-Your-Customer) and AML (Anti-Money Laundering) policies that require the broker to verify all trading accounts with proof of identity and residence. This can reduce the chances of money laundering, financial fraud and identity theft.

What is the Verdict?

Take into account their 24/5 customer support, thorough educational resources, variety of account options, quick and simple registration process and transparent trading conditions and you will find Currenxro to be the right fit for your trading needs.

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Ethereum Founder Follows Dogecoin Founder in Leaving Crypto Industry Behind

Di Lorio of the co-founders of Eethereum made headlines. His comments spread like fire and created chaos. In his recent interview, he told Bloomberg about his plans to exit the crypto market for good. This news came hard on the heels of other bad news. Previously, Jackson Palmer, Dogecoin co-founder explained why he left the industry. He said that industry is controlled by the world’s wealthiest mafias. It is nothing more than a “get rich quick,” scheme.

This news quickly followed by another devastated news of Ethereum co-founder leaving the industry for good, shocked the crypto community. As Jackson Palmer revealed that he is leaving the industry for some ethical reasons. However, Di Lorio told Bloomberg that he is leaving the crypto industry behind for personal reasons.  He metaphorically hinted that there were some concerns regarding his personal security, so he decided to quit the industry for good.

He added that he now feels irrelevant, least secure, and isolated in the massive industry. Di Lorio was the earliest admirer and investor of Bitcoins. This cemented him as one of the pioneers of cryptocurrency. He also remained the critical figure while investing in the new ventures to launch the new cryptocurrencies. Di Lorio made headlines back in 2018 when used cryptocurrency to buy the biggest and most expensive condominiums in Canada.  He later invested his stakes in the formation of Ethereum. Forb confirmed that his net worth was over $1Bn.

The founder during a phone conversation with CoinDesk revealed that in the past couple of years he was too busy investing his time and money in crypto that he had nearly forgotten his passion for philanthropy. He further added that he wants to give more time to philanthropy now.  He shared his aim to start a philanthropic foundation in the coming years. Di Lorio also stressed that he will cut his ties with all the upcoming crypto startups funded by him. Which included Ethereum and his personal crypto exchange Decentral.

The co-founder seems to have discussions going on with the potential buyers regarding the sale of his crypto companies and assets.  His company Decentral has valued at around a few hundred million dollars.  The CEO is also exploring his options whether he needs fiat money in return or a stake in some other companies. He said that he is evaluating his options and will reveal his decision soon.

When asked about how he will be honored for his services to the crypto market. He said that he has no desire whatsoever to be known as a crypto pioneer. He rather would love to be memorized as a “problem solver.” However, the crypto community said that they are heartbroken to hear that one of the pioneers is departing from the industry.

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