Summer is creeping into the United Kingdom. We have already experienced a handful of sunny days, the last few days excluded. On the sunny days, people took the chance and enjoyed a drink or food in the terraced restaurants and pubs or went to the parks. On the rainy ones again stuck to the inside home activities, video games, Netflix, and NetBet online casino.
The cryptos also see rain and sunshine at the same time. Tesla decided to announce that they will no longer sell their cars for bitcoins. This made the market startle for a moment, as the backbone reaction was a fear that the world’s wealthiest man would no longer support cryptos. Of course, this is not the case, but Tesla is mainly going to stretch into the future as crypto mining becomes more ecological.
The light on the quinones, on the other hand, shines on MicroStrategy, which Tesla’s decision doesn’t affect. One of the world’s largest institutional Bitcoin investors has only tossed more buzz on top and bought a stack of cryptocurrencies for a new brawl.
This week we are talking about both of these decisions of the big institutions. Other news include the UK central bank, which wants its own digital currency to fight stablecoins, and a Bitcoin rally car that is faster than Dogecoin-NASCAR.
Tesla no longer sells cars for bitcoins
Electric car manufacturer Tesla has stopped selling its cars for bitcoins. Tesla founder and CEO Elon Musk told about it on Twitter. The decision came just about a month after Tesla originally began receiving bitcoins.
Musk justified the decision by citing Bitcoin’s carbon footprint. According to him, Bitcoin mining is currently done with too much electricity from coal, which is why the mining cannot be considered sustainable for the time being.
“The cryptocurrency is a good idea on many levels, and we believe it has a promising future. However, it cannot be redeemed at the cost of the environment,” Musk commented on Twitter.
However, Musk continued to express his faith in Bitcoin and its future. According to Musk, Tesla will not sell the bitcoins it already has, in addition to which the company intends to use it in the future, as long as more of the extraction is switched to renewable energy sources.
MicroStrategy buys more bitcoins
MicroStrategy, a business analytics and mobile platform company, is growing its cryptographic position. The company said it had bought bitcoins for $ 15 million on top of its previous holdings.
In the first quarter, the company acquired 20,000 bitcoins. According to the company’s CEO, Michael Saylor, the company has more than 90,000 bitcoins since the latest acquisition.
“The results for the first quarter clearly showed that the acquisition of bitcoins has provided significant added value to shareholders,” Saylor commented.
MicroStrategy is the largest independent freely tradable business analytics company in the United States.
The number of Bitcoin whales is declining
The number of Bitcoin whales seems to be declining, according to data from blockchain analysis firm GlassNode. Since February, the number of whale wallets has fallen by about 16% February.
A whale wallet means a Bitcoin wallet with more than 1,000 bitcoins. In May, there are just over 2,100 such wallets, compared to almost 2,500 in February.
The decrease in the number of whale wallets and the simultaneous increase in users indicate that the ownership of bitcoins is leveling off. In the past, there were few owners, but each owner had relatively more bitcoins in proportion. Today, there are many more owners, but on average they have fewer bitcoins.
This would seem to be a sign that Bitcoin is becoming a more mundane affair rather than just a tool for a few big owners.
Ethereum’s market share is growing
The market value of Ethereum’s crypto from the total market value of all cryptos has grown significantly over the past year. At the same time, Bitcoin’s dominance in the market has declined.
At present, ether already accounts for 19.2% of the total market value of all crypts. Instead, the market value of bitcoins has already fallen by 40.7%. Ether has thus doubled its percentage of the market value of crypts over the past year.
Ethereum’s growing market value is explained, among other things, by the use of Ethereum’s blockchain in various defi projects and alternative cryptos. Many defi projects and alternative cryptos are built on top of Ethereum’s blockchain, resulting in even more demand for Ethereum tokens.
If the use of Ethereum in future defi projects continues to be strong, the market value of ether may increase even more than at present.
British digital pound sterling is “likely to happen”
The UK central bank is likely to publish its own digital currency. According to Sir Jon Cunliffe, deputy director of central bank financial stability, the state must release some form of digital currency in order to maintain public confidence in the money spent.
According to Cunliffe, the development of such a digital currency is important so that consumers do not “get stuck in private money”. According to him, the current digital currencies give consumers more usability and lower costs than traditional banks. The state must meet this challenge by creating its own digital currency that can compete with private digital currencies.
The central bank has previously published a research paper that considers various alternatives to the central bank’s own digital currency. In addition, the central bank has set up a working group to study the possibilities of digital currencies.
Bitcoin has its own race car
Bitcoin is getting its own race car for the legendary Indianapolis 500 race. Bitcoin enthusiast Ed Carpenter decided to abandon all traditional sponsors and instead decorate his car with Bitcoin graphics alone.
“This year, I don’t want to compete for chips or beer brands. I’ve worked all my life at the Indy 500, and I’ve earned the status I’ve achieved. This year, I want to include Bitcoin,” Carpenter said.
Carpenter and cryptographic company Zap’s CEO Jack Mallers are taking advantage of the visibility the car brings to collect donations from cryptocurrency users. They have reported that 70% of all donations will be used to develop open-source Bitcoin development. The rest of the proceeds will be donated to various Indianapolis charities as well as to cover the cost of the car.
The Bitcoin car is not the first cryptocurrency-funded one. In the past, the Dogecoin community has funded their own Doge car for NASCAR, decorated with images of the well-known Shiba Inu dog.
“In a world full of potato chips and energy drink sponsors, Ed decided to compete for humanity’s freedom, economic know-how, and open development,” commented Peter McCormack, host of the What Bitcoin Did podcast.