KW 12: Tesla accepts payments in Bitcoin, Bundesbank reports successful test for processing digital bond purchases, Bank of America renews criticism of cryptocurrencies

NEWS

Tesla accepts payments in Bitcoin: Tesla now accepts bitcoin as payment for its cars in the United States, CEO Elon Musk announced on Twitter. The option to pay using the cryptocurrency now appears on the company’s US website, where it’s available alongside the traditional card payment option. Musk said that the option to pay with bitcoin will be available to other countries later this year. Tesla lays out how the bitcoin payment process works in an FAQ on its site, where it notes that users will have the option of scanning a QR code or copying and pasting its bitcoin wallet address to initiate the payment. Tesla announced its intention to start accepting bitcoin as payment a little over a month ago. In the same filing, the company said it had also invested a total of $1.5 billion in the cryptocurrency.
theverge.com

Bundesbank reports successful test for processing digital bond purchases: Together with Deutsche Börse and the Federal Finance Agency, the Deutsche Bundesbank has initiated a successful test run for processing digital bond purchases. The plan is to limit the default risk for buyers and sellers in the future. The process is based on blockchain technology and shows that it is possible to build a bridge between conventional payment methods and the new blockchain technology on which cryptocurrencies are based.
handelsblatt.com

Bank of America renews criticism of cryptocurrencies: Booming institutional adoption has lifted the world’s largest cryptocurrency to meteoric new highs this year, but bitcoin’s underlying technology has also piqued the interest of central banks looking to forge their own digital currencies–a move that Bank of America warned is bad news for the cryptocurrency market. Government-promoted central bank digital currencies would likely displace cash and other cryptocurrencies in the long term by inevitably reducing the demand for both. That’s particularly bad for bitcoin, whose booming prices have been exclusively dependent on heightened demand that’s outpaced the token’s fixed supply, Bank of America says, pointing out that bitcoin’s volatility makes it impractical as a store of wealth or payments mechanism—unlike the allure of a CBDC.
forbes.com

Hamburg-based company offers tokenization of wine: The tokenization of assets is right on trend. Be it art objects or music jingles (blockchain-ticker.de reported), ever more investors are recognizing the potential of the technology with which rights to assets can be divided into the smallest units. The company Finexity from Hamburg now offers a new opportunity with the tokenization of wine. Specifically, the project involves seven bottles of selected products from the Domaine de la Romanée-Conti winery, which is counted among the best in the world. Subscribers have the option of purchasing at least 500 tokens worth one euro, which basically represent bonds.
faz.net

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NUMBER OF THE WEEK

Cryptocurrency exchange platform Coinbase has paid $6.5 million to settle regulators’ claims that it reported misleading transaction data.
theverge.com

BACKGROUND

Fan tokens make soccer clubs even richer: An increasing number of top European clubs are discovering cryptocurrencies and tokens as a potential new source of income for themselves. Clubs like FC Barcelona, Manchester City but also FC Bayern München have already put up fan tokens that fans of the clubs can purchase and trade with. The business model is often garnished with apparently grassroots democratic decision-making options, such as the promise to token holders to be able to vote on the goal anthem or cabin equipment of their favorite club. However, critics see this as a threat to the culture of co-determination in the clubs. After all, the principle of being able to buy one’s influence overrides the fact that at least some of the “one person, one vote” principle still exists in the clubs.
sportschau.de

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What became of the “Bitcoin Kiez” Kreuzberg: Seven years ago, Germany’s first Bitcoin ATM opened in the pub “Room 77” in Berlin-Kreuzberg. It was supposed to be the starting signal for the hip district to turn into a “Bitcoin Kiez”. In the meantime, the Bitcoin hype has risen rapidly, the value of the cryptocurrency almost even higher, but not much is left of the “Bitcoin Kiez”. The bar “Room 77” no longer exists and only two bars and a café in Kreuzberg as well as the computer game museum and the hacking club c-base are marked as places that accept payment in cryptocurrency.
golem.de

QUOTE

„Unlike stocks or real estate, with which one usually earns a dividend or rental return, Bitcoin does not generate any income, which is why an appropriate intrinsic value cannot be calculated.“
Historian, political scientist and sociologist Rainer Zitelmann warns against a purely emotion-driven investment decision in Bitcoin.
theeuropean.de

BLOCKBUG

Satirical reactions on the blockchain even make money for creators: A Brooklyn-based film director is simultaneously mocking and attempting to profit off the cryptocurrency craze for non-fungible tokens (NFTs) by selling a year’s worth of fart audio clips recorded in quarantine. Alex Ramírez-Mallis‘ NFT, “One Calendar Year of Recorded Farts,” began incubating in March 2020 when, at the beginning of the global coronavirus lockdown, Ramírez-Mallis and four of his friends began sharing recordings of their farts to a group chat on WhatsApp. Ramírez-Mallis and his fellow farters compiled the recordings into a 52-minute “Master Collection” audio file. The top bid for the file is currently $183.
nypost.com

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