Bitcoin

Tesla Takes $51M Impairment Charge for Bitcoin Holdings in Third Quarter

Tesla Takes $51M Impairment Charge for Bitcoin Holdings in Third Quarter

Electric car maker Tesla (TSLA) took an impairment charge of $51 million in the third quarter to account for its bitcoin holdings. Elon Musk’s electric vehicle company reported no new sales or purchases of digital assets, according to its 3Q earnings presentation. The company currently holds $1.26 billion in bitcoin. Bitcoin gained roughly 30% in …

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A Bitcoin ETF is about to launch. Here’s what you need to know

A Bitcoin ETF is about to launch. Here’s what you need to know

This Tuesday, the first U.S. bitcoin exchange-traded fund (ETF) is set to be launched, ending around six years of demand and anticipation. Assuming nothing goes wrong, ProShares’ ETF will begin trading on NYSE Arca under the ticker $BITO. But it’s not entirely straightforward. This ETF will focus on bitcoin futures as opposed to holding spot …

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Bitcoin Futures ETFs May Boost Cash and Carry Yields

Bitcoin Futures ETFs May Boost Cash and Carry Yields

Assuming Wall Street embraces these ETFs, the futures premium, or the spread between futures prices and spot prices, would rise significantly, boosting yields from cash and carry strategy, which involves buying the asset in the spot market and simultaneously selling futures contracts. Carry trades are direction-neutral and profit from an eventual convergence of the two …

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Square is considering building Bitcoin miners, says CEO Jack Dorsey

Square is considering building Bitcoin miners, says CEO Jack Dorsey

advertisement Digital payment platform Square may become the next big thing in ASICs. In an October 15 tweet thread, CEO Jack Dorsey announced Square’s plans for Bitcoin mining: In addition to promising to “build in the open,” Dorsey emphasized the need for greater accessibility and decentralization of Bitcoin mining. The outsized role of the major …

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Stacks Foundation, Brink to Fund Bitcoin Development Fellowship Using ‘Stacking’ Rewards

Stacks Foundation, Brink to Fund Bitcoin Development Fellowship Using ‘Stacking’ Rewards

The Stacks Foundation and crypto organization Brink will fund a new full-time Bitcoin developer fellowship position through “stacking” rewards. The foundation will stack 1.32 million stacks tokens (STX) for Brink, which it estimates will yield $165,000 in bitcoin in one year, according to a Stacks blog post. The funds will be paid directly to Brink’s …

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USA gains dominance as Bitcoin mining demographics change again

USA gains dominance as Bitcoin mining demographics change again

The United States of America has emerged to be one of the leading countries for Bitcoin mining after China banned its participation and involvement in crypto. It has been a surprising turn of events since until recently, crypto-enthusiasts in the U.S were worried about losing out to the world amid its regulatory pace. Nevertheless, the …

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El Salvador’s biggest bank is now accepting bitcoin payments

El Salvador’s president says it will use bitcoin surplus to build a pet hospital

El Salvador will use part of its $4 million in bitcoin profits to build a modern-looking pet hospital, its president Nayib Bukele explained Saturday in a series of tweets. Bukele said the trust El Salvador created to help make Bitcoin legal tender now has a surplus due to the cryptocurrency gaining value. El Salvador’s lawmakers …

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Buterin calls out 'Bitcoin maximalists' for supporting El Salvador president

Buterin calls out ‘Bitcoin maximalists’ for supporting El Salvador president

Ethereum creator Vitalik Buterin criticized El Salvador president Nayib Bukele on Friday for forcing businesses in the country to adopt bitcoin. Buterin also called out “Bitcoin maximalists” for supporting Bukele. “Making it mandatory for businesses to accept a specific cryptocurrency is contrary to the ideals of freedom that are supposed to be so important to …

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'If you want to build a Bitcoin or crypto-business, come to...'

‘If you want to build a Bitcoin or crypto-business, come to…’

With the crypto-sector trying to move past China declaring all crypto-transactions illegal, American miners and crypto-investors were nervously looking at their own governments for signs of a crackdown. However, there was a wave of relief after Federal Reserve Chair Jerome Powell and U.S. SEC Chair Gary Gensler asserted that the U.S. will not ban crypto. …

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