NFTs stealing the show from Bitcoin’s All-Time High, the US government auctioning crypto and can 0.01 BTC make you a millionaire? These stories and more, this week in crypto.
Twitter CEO, Jack Dorsey is looking to sell a little bit of Twitter’s history. He’s put the first tweet ever up for sale in the form of a non-fungible token (NFT). Among the interested parties is Justin Sun, the CEO of the decentralized platform TRON who offered $2.5 million for the NFT-based tweet.
Christie’s auction house made history as the company’s first auction of an electronic product, the world’s most expensive NFT token was sold for over $69 million. The digital art is the third most expensive piece ever sold by a living artist.
Business analytics firm MicroStrategy has made yet another large bitcoin purchase, buying a further $15 million worth. 262 more BTC were added to the firm’s portfolio at an average price per coin of $57000, which is just shy of the cryptocurrency’s all-time high, which on Saturday eclipsed the 60 thousand dollar mark. This latest purchase brings the firm’s total bitcoin holdings to over 91000.
Financial giant JPMorgan is unveiling a new product that gives customers access to companies with high stakes in crypto. To be clear, JPMorgan is not providing access to specific cryptocurrencies but is instead allowing its clients to invest in enterprises that are known for supporting and purchasing large bundles of BTC such as MicroStrategy and Square.
China-based app company Meitu has purchased approximately $40 million-worth of cryptocurrency. The company explained in a statement that it has bought roughly 379 units of BTC along with 15,000 units of ether to become the latest institutional firm to get its fingers on digital assets. The company is also reformatting its budget to allow room for as much as $100 million in new crypto purchases.
The U.S. government is planning an auction where items up for grabs include almost one bitcoin. Government auctions of BTC have occurred in the United States before, with the biggest ones centering around the confiscated crypto stash of Ross Ulbricht, the alleged creator of the Silk Road black market.
Video game company Atari is building a new cryptocurrency casino platform. The casino will feature many of Atari’s old titles from the 1980s and will allow gamblers to play for NFTs which then can then use to purchase additional cryptocurrencies.
Current trends in global wealth distribution and the inevitable realization of Bitcoin’s limited supply could result in 0.01 BTC being worth $1 million in the future. When comparing the relative wealth concentration of the fiat and Bitcoin markets, being among Bitcoin’s top 13% shares the same exclusivity as being a fiat millionaire.
That’s what’s happened this week in crypto. See you next week.