Elon Musk’s child with Canadian musician Claire Elise Boucher, or Grimes, may now be one of the youngest public crypto users on record. In a tweet today from the Tesla CEO, Musk said his 9-month-old son is now the proud — or maybe just fussy — owner of some Dogecoin (DOGE), referring to him as a "toddler HODLer." The boy, born last May, is named X Æ A-Xii — pronounced “ex ash eh twelve” — with the last two syllables an homage to Lockheed’s A-12 aircraft. Bought some Dogecoin for lil X, so he can be a toddler hodler — …

Strategists at JPMorgan Chase, one of the largest investment banks in the United States, believe that Tesla’s $1.5 billion Bitcoin (BTC) purchase will not necessarily trigger a ton of similar investments. A group of JPMorgan strategists led by Nikolaos Panigirtzoglou reportedly argued that Bitcoin’s highly volatile nature could keep mainstream corporate treasurers away from Bitcoin. “The main issue with the idea that mainstream corporate treasurers will follow the example of Tesla is the volatility of Bitcoin,” the strategists wrote in a note to investors, Bloomberg reported Tuesday. According to JPMorgan, even a small portion of Bitcoin in corporate treasures’ portfolios …

It seems to be the season of giving, and Bitcoin is doing just that, at least for its institutional backers, such as MicroStrategy, Galaxy Digital, Square and Marathon Patent Group, which got in somewhat early on the BTC gravy train. In this regard, PayPal revealed on Feb. 4 that its fourth-quarter profits for the year 2020 had increased by 200% as compared to the previous fiscal cycle, citing its two new offerings — i.e., a cryptocurrency tool and a “buy now pay later” feature — as being the primary drivers for its monumental growth. And even though PayPal did not …

Grayscale CEO Michael Sonnnenshein says institutional demand for Bitcoin (BTC) has only increased, moving into 2021, following a record-breaking year that saw Grayscale’s assets under management soar to new heights. Sonnenshein told CNBC’s Squawk Box on Feb. 10 that the record inflows witnessed last year have continued, and interpreted this as a sign that Bitcoin’s current upsurge could continue. Contrary to narratives emanating from government entities, Sonnenshein says regulation is not a concern for would-be investors, many of whom, he claimed, are satisfied that enough regulatory clarity has been provided. Sonnenshein said, “Conversation point number one starts around regulatory concerns, …

Cryptocurrency markets have hit a significant milestone shortly after Elon Musk’s Tesla officially announced their investment in Bitcoin (BTC). For the first time in history, the crypto market has surpassed Alphabet’s GOOG and GOOGL in terms of market capitalization. On Feb. 10, the total crypto market cap hit $1.413 trillion, overtaking the market cap levels of Google class-A and class-C shares. At the time of writing, the market capitalizations of GOOGL and GOOG amount to $1.39 trillion and $1.404 trillion, respectively. Crypto market capitalization has been gaining momentum amid an ongoing crypto rally this year, breaking the $1 trillion mark …

The Monero community has posted a proposal to add XMR as a payment option on the Tesla website. Shortly after Elon Musk’s Tesla Motors hinted that they may start accepting Bitcoin (BTC) payments its electric cars, the Monero community suggested that XMR could also be a good payment option. After posting a CCS proposal on Feb. 9, the Monero community has raised 890 XMR ($155,000) in a move to add Monero as a payment option for a new Tesla alongside Bitcoin. As part of the proposal, the community will strive to get Musk’s attention during a 21-day period starting on …

Following Tesla’s groundbreaking Bitcoin announcement, pro-crypto Senator Cynthia Lummis set out the welcome mat for Elon Musk in her home state of Wyoming. Taking to Twitter yesterday, Lummis invited the Tesla and SpaceX CEO to consider relocating to “one of the most business friendly states” with “the best laws for digital assets” in the United States. The offer followed the news that Tesla had purchased $1.5 billion in Bitcoin (BTC) and would be accepting the crypto asset for payments. Hey @elonmusk, I hear Wyoming is one of the most business friendly states in the nation and has the best laws …

Corporate treasury commentators are criticizing Tesla's $1.5 billion Bitcoin splurge, echoing the well-worn rhetoric of BTC’s volatility. Speaking to Financial Times, Jerry Klein, managing director at New York-based investment management firm Treasury Partners said that there was no use case for plowing corporate cash into Bitcoin. Another critic quoted by FT, Campbell Harvey of Duke University in Durham North Carolina, called Tesla’s Bitcoin acquisition “unusual” and “risky” adding that it will not serve as a hedge against market uncertainties. Critics of Tesla’s Bitcoin purchase say the move potentially puts shareholders at risk given the volatility of Bitcoin. Some point to …

Bitcoin (BTC) has extended its rally over $46,000 on Feb. 9, a day after a U.S. Securities and Exchange Commission (SEC) filing revealed that Tesla bought $1.5 billion worth of BTC. The price of Bitcoin immediately soared from around $39,000 to $45,000 across major exchanges on Feb. 8 after the news began to spread. Mass Bitcoin liquidation As the Bitcoin price initially rallied to $45,000, it caused $500 million worth of short positions to get liquidated. The term liquidation in the Bitcoin futures market refers to when the price of BTC moves quickly in a short period beyond the liquidation …

Tesla (TSLA) sent shockwaves across the financial markets Monday after a United States Securities and Exchange Commission filing confirmed that the electric vehicle maker has added Bitcoin (BTC) to its balance sheet. Tesla’s latest Form 10-K filing for the fiscal year ended Dec. 31, 2020 shows a $1.5 billion allocation to Bitcoin. As Bitwise researcher David Lawant points out, Tesla’s BItcoin exposure represents roughly 7.7% of its gross cash position. According to the most recent 10K filing, @Tesla had cash & equivalents of $19.4 billion (gross), or $98 billion (net of debt and finance leases). Using these figures as a …

Service outages have been reported at major cryptocurrency exchanges on Feb. 8, following the news that Tesla invested $1.5 billion in Bitcoin (BTC). As Cointelegraph reported earlier, news of Tesla's sizeable investment broke after the discovery of a filing with the U.S. Securities and Exchange Commission. This caused Bitcoin price to jump $3,000 in a matter of minutes, eventually claiming a newall-time high of $44,850. Problems were reported at a number of exchanges, including Binance, whose CEO CZ tweeted that a traffic influx was causing temporary delays while auto-scaling caught up, and that Tesla CEO Elon Musk was to blame. …

Earlier this morning, Tesla Motors announced that it had allocated part of its balance sheet to Bitcoin. Not even two hours have passed, and the crypto asset’s market cap briefly exceeded that of the car manufacturer itself. For a short time today, Bitcoin (BTC) held a market cap of $807,869,728,188 according to data from AssetDash, surpassing Tesla’s at $807,829,441,685. Bitcoin held the 7th spot on the list following the announcement, with both Tesla and BTC sitting comfortably above Facebook’s market cap, $765 billion at the time. The major flippening occurred this morning as news broke Tesla had purchased an aggregate …