The market capitalization of Bitcoin has exceeded the total volume of Visa and Mastercard. Inside Tesla there were “grandiose promotions” – Elon Musk received the title of “Technoking”, and the CFO became the “Master of Coins”. Investors have filed a petition to participate in the SEC lawsuit against Ripple, and the robot Sophia has created paintings in the form of NFT and is going to sell them at auction. Read more about the cryptocurrency market this week in our review.
Elon Musk became the “Technoking”, and the CFO of Tesla – the “Master of Coins”Elon Musk “bullied” again. This time, the US Securities and Exchange Commission fell under the distribution (SEC). On March 15, Tesla filed a report with the SEC, in which new titles of management positions appear. Elon Musk now bears the official title of the “Technoking of Tesla “, and Zach Kirkhorn, the company’s chief financial officer, is “Master of coin”. There is a note in the document that the positions of Tesla’s CEO and CFO, respectively, also remain with Musk and Kirkhorn.
Elon Musk and the SEC have been looking askance at each other for several years in a row. Back in 2018, the SEC banned Musk from making public decisions that could mislead Tesla shareholders. Then Musk had the imprudence on Twitter to joke about his desire to make Tesla a private company and his readiness to buy back all shares from minority shareholders. As a result, Tesla’s securities soared 11%, investors who were short on the stock exchange lost millions of dollars, and Musk received a $ 20 million fine from the SEC for his antics.
According to some reports, Musk has now come to the attention of the SEC because of his “reverent attitude” towards Dogecoin and its influence on the price of the coin. As we know, Musk has the superpower to send DOGE “to the Moon” by tweeting a few words about the coin.
Bitcoin overtook Visa and Mastercard in market capitalizationBitcoin can be congratulated on another achievement – the flagship cryptocurrency has “pushed” the leaders of the financial market in the market capitalization rating.
With an all-time high of $61,700, Bitcoin’s market cap skyrocketed to $1.12 trillion. The great value of this indicator can be properly felt in the context of comparison: the total capitalization of the world’s three largest banks JPMorgan Chase, Bank of America, and Industrial and Commercial Bank of China is $1.08 trillion.
Bitcoin also looks good against the background of payment giants Visa and Mastercard, whose combined capitalization reaches $871 billion. The dynamic of Bitcoin is impressive: the cryptocurrency was able to increase from zero to 1 trillion dollars on a market scale 3.6 times faster than Microsoft. Analysts estimate that Bitcoin must trade at $590,000 to bypass Gold in terms of market capitalization.
Despite the price pullback to $56,000, Bitcoin continues to hold onto its long-awaited trophy – a capitalization of $1 trillion. Analyst Willie Woo is convinced that Bitcoin will no longer fall below its predetermined level, as investors show consistently high interest in buying cryptocurrencies, even at the highs.
The Court rejects the petition for the participation of investors in the Ripple caseThe relationship between Ripple Labs and the SEC continues to heat up. While both sides bombarded each other with accusations of injustice, the deliberate substitution of facts, a third person involved in the case appeared in the arena. These are the investors who have been hit by the SEC’s lawsuit against Ripple.
Deaton Law Firm founder John Deaton has filed a petition on behalf of 6,000 XRP token holders to participate in the Ripple lawsuit. Against the backdrop of the Ripple scandal, XRP retail investors were virtually “left with nothing”– according to the lawyer, they suffered losses of $15 billion.
After the SEC announced a lawsuit against Ripple, the token price fell by more than 60% from $0.58 to $0.21 in December 2020, some major exchanges delisted the coin. Soon, MoneyGram and Grayscale, and other major market players also distanced themselves from Ripple.
The District Court dismissed the motion based on “no compelling reasons” for participating in the trial. But the court left the opportunity to re-petition for the participation of investors as a third party in this litigation. According to independent experts, the outcome of the “Ripple case” is still far from the final. Preliminary, the court proceedings may drag on until the end of June 2021.
Tesla has already earned more than $700 million on BitcoinTesla bought Bitcoin just over a month ago for $1.5 billion. It’s time to summarize how much the corporation was able to earn on the purchase of the flagship cryptocurrency.
Notably, Tesla did not indicate the size of the BTC purchase in the SEC report. Given that Bitcoin traded in the region of $29,000 to $37,000 in January, Tesla’s $1.5 billion spendings could mean that the company has at least 40,000 BTC on its balance sheet. It is hypothetically, of course.
The Bitcoin rally played into Tesla’s hands perfectly: at the current rate, 40,000 BTC is now worth about $2.2 billion. Thus, the corporation received about 700 million in profit in more than a month of holding Bitcoin, or $19 million daily.
Tesla has already earned more from investing in Bitcoin than selling electric cars. According to data for 2020, Tesla sells an average of about 1,368 vehicles per day, making a profit of $1.98 million. To achieve the same profit from car sales as from holding Bitcoin, the corporation needs to increase its daily sales by more than 860%. Well, Tesla can be congratulated on a successful purchase.
Will US wealth tax become another crypto driver?The tax on the super-rich is a hot topic for the United States (and not only). Once again, this bill was submitted to the Senate. A Democratic group led by Elizabeth Warren has proposed a 2% annual tax on the net worth of any household of $50 000 to $1 billion and a 3% tax for those business owners with more than $1 billion in profits.
Will this tax push millionaires to accept Bitcoin? The opinions of financial market participants were divided on this issue. In particular, billionaire Leon Kuperman believes that the wealth tax encourages business owners to look for assets that will be “less visible to the government than assets held in bank and brokerage accounts. “
Some experts agree that the tax on the super-rich is not correctly considered as a determining factor in the acceptance of digital assets by billionaires.
However, taxing excess wealth can have an indirect effect on the rise of interest in cryptocurrency. Hypothetically, the tax could induce billionaires to invest in cryptocurrencies and crypto derivatives to offset stagnating returns from more traditional assets.
Robot Sofia will auction her artworks as NFTThe excitement around NFT is rapidly gaining momentum. Sophia, a humanoid robot with artificial intelligence, has joined the new digital mainstream.
An auction will take place on March 23rd, which will display digital paintings in the form of Sophia’s NFT robot To create her artworks, Sofia was “inspired” by the works of the famous digital artist Andrea Bonaceto. What was the creative process like? The developers uploaded Bonacheto’s paintings to Sofia’s neural networks. Using her “life experience”, the robot interpreted them into her own paintings.
The artist Bonaceto himself praised the creative abilities of the robot. He is convinced that this collaboration can become a powerful impetus for a new stage in the development of art.
Considering that crypto artist Beeple sold NFT for $69.3 million last week, Sofia’s paintings have the potential to be a big hit. In addition to artists, show business quickly took up the mainstream NFT. Tokenized album? Why not? – thought the musicians from Kings of Leon and sold the album in March for $1.45 million.
