A Bitcoin Cash (BCH) YouTuber has promised to buy 111 Tesla Model 3s … but only if Tesla CEO Elon Musk agrees to accept BCH for Tesla purchases from now on.
Going by the title “1stmil.com,” the Australian YouTuber explained to almost 8,000 followers over three short videos that he believes Tesla would see a boost in sales as a result as there are many Bitcoin Cash supporters who want to spend their cryptocurrency, whereas Bitcoin (BTC) supporters tend to want to hang on to their holdings.
“You will enjoy unbelievable amount of support by people who actually want to spend the Bitcoin Cash, not the people who just want to HODL the BTC.”
In late March the Bitcoin Cash community was dismayed to learn that BCH had not been added as a payment option when Elon Musk confirmed that U.S. customers could buy a Tesla using BTC.
The day following this public rebuff, BCH hit new all-time lows against Bitcoin of 0.089 BTC.
It’s unclear whether this latest BCH offer is just a publicity stunt by the YouTuber who has hosted his channel for three years now. 1stmil’s ability to pay for 111 Telsas is also an open question as the wallet shown in the first video, only holds approximately $141,000 in BCH, or enough to buy just three Teslas. On Reddit, he clarified that he purposefully did not want to reveal his other wallets for security reasons.
Hahah!! Oh man, I am laughing out loud at the genius of this man:https://t.co/0ZaEWqwZp2
— Colin Talks Crypto (@COLINTCRYPTO) April 21, 2021
In earlier videos he alludes to already owning multiple millions in the crypto, predicting he will make $1 billion when BCH reaches $50,000 by 2025. If true that would mean he holds at least $14.88 million in BCH at current prices.
The cars he plans to purchase, white Tesla Model 3s are currently sold in Australia for approximately $52,000. Not including the volume discount, this would equate to an initial purchase of $5.8 million.
He said he intends to use the Tesla EVs for a new business project, the details of which he cannot reveal yet. However, on Reddit, he explained that the cars will be stripped out and repurposed: “Let’s just say Tesla model 3s are sold in Australia below cost. Their parts are worth more than their sum.”
This isn’t the first time BCH proponents have brought the crypto to Elon Musk’s attention. On March 25, in response to Musk tweeting that “You can now buy a Tesla with Bitcoin,” Kim Dotcom compared BCH and BTC fees saying the former “is serving the mass market, not just the 1%.”
— Elon Musk (@elonmusk) March 25, 2021
Ethereum Co-Founder Vitalik Buterin Burns $6.7 Billion in Shiba Inu (SHIB) Tokens
Vitalik Buterin, who was gifted half of Shiba Inu’s total supply, has burned 90% of his holdings worth nearly $7 billion. The Ethereum co-founder further said he would allocate the remaining 10% to charitable organizations while also praising the “dog token community” for its generosity.
Buterin Burns $6.7B in Shiba Inu
The Dogecoin rise to the top led to the creation of numerous copycats that garnered significant attention in the past several weeks. Perhaps none became more popular than the self-described DOGE-killer – Shiba Inu.
One of the compelling features came from the anonymous developers who decided to send half of the total supply to Vitalik Buterin – the co-founder of Ethereum. The other half remains locked for liquidity on Uniswap.
Buterin, who donated 50 trillion SHIB tokens (and other dog-related digital assets) to India Covid Relief Fund last week, has decided to burn the majority of his Shiba Inu holdings now.
“I have decided to burn 90% of the remaining Shiba tokens in my wallet. The remaining 10% will be sent to a (not yet decided) charity with similar values to CryptoRelief (preventing large-scale loss of life) but with a more long-term orientation.” – he explained in the transaction hash.
Buterin outlined the severe problem COVID-19 has created for the entire world and added, “it’s important to think about the longer term future too.”
Upon the time of the transaction, the 410,24 trillion SHIB tokens Buterin sent from his wallet had a value of about $6.74 billion.
The booming popularity of SHIB caused a massive price surge in the past few weeks. It culminated in an all-time high at nearly $0.00004 after a listing on the world’s leading crypto exchange – Binance.
The Generosity of Dog People
Ethereum’s co-founder touched upon his aforementioned decision to donate a substantial amount of his dog tokens to charity organizations.
“Plenty of dog people have shown their generosity and their willingness to not just focus on their own profits but also be interested in making the world as a whole better.”
However, he also attracted some heat following his actions as some angry developers created coins with offensive names. As such, he urged the community to refrain from sending him new tokens without his consent in the future.
“I don’t want to be a locus of power of that kind. Better to just print the coins into the hands of a worthy charity directly (though do talk to them first.)”
$2.38 billion ‘rekt’ in crypto markets as Bitcoin drops to $43,000
‘Liquidations,’ for the uninitiated, occur when leveraged positions are automatically closed out by exchanges/brokerages as a “safety mechanism.”
Futures and margin traders—who borrow capital from exchanges (usually in multiples) to place bigger bets—put up a small collateral amount before placing a trade. If the market moves against them, the collateral is fortified and the position said to be ‘liquidated.’
Yesterday saw nearly $3 billion getting liquidated. $1.26 billion of that, as the below image shows, came from Bitcoin trades alone, with Ethereum trades ($515 million), Ripple trades ($80 million), and Dogecoin trades ($69.42 million) trailing in behind.
Overall, $1.78 billion worth of liquidations came from ‘long’ positions, or from traders borrowing capital to bet at higher asset prices. $345 million came from ‘short’ positions, or traders betting for lower prices (prices did fall lower, but the volatility may have contributed to even ‘shorts’ getting liquidated.)
Among all exchanges, Huobi saw over $633 million worth of liquidations, Binance saw $399 million, while options powerhouse Deribit saw liquidations worth $287 million.
In all, over 300,000 traders were liquidated, with the single largest liquidation occurring on crypto exchange Huobi—a Bitcoin to the tune of $90 million.
Musk’s Bitcoin scare
As such, the market pullback started shortly after Tesla CEO Elon Musk tweeted with regard to the carmaker’s $1.5 billion Bitcoin position on Sunday. “Mr. Whale,” an anonymous account on Twitter popular for their market calls, wrote yesterday that Bitcoiners would ‘slap themselves’ after they find out Tesla ‘dumped the rest of its Bitcoin holdings.’
It could have been probably a joke or a mere opinion from someone on the internet. But Musk replied to that with a single word: “Indeed.”
Indeed 😉 pic.twitter.com/67Ox8V6h2X
— Mr. Whale (@CryptoWhale) May 16, 2021
At press time, however, Musk put to rest the thousands of ensuing tweets that Tesla had, indeed, sold the remaining of its Bitcoin. “To clarify speculation, Tesla has not sold any Bitcoin,” he said in a reply to ‘Bitcoin Archive.’
To clarify speculation, Tesla has not sold any Bitcoin
— Elon Musk (@elonmusk) May 17, 2021
The market rose shortly after that. But is one man’s tweets have such an impact on crypto justified?
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‘The next bitcoin’ can only be…
With blockchain technology getting upgraded and refined on a daily basis, not all coins and tokens can thrive and sustain themselves in this competitive environment. Only a few of them would be able to be resilient and shield themselves, while the rest of them would eventually cease to exist.
In a recent appearance on CNN’s Squawk Box, CEO of Insider, Henry Blodget puts forward his perspective on the future of blockchain technology. He said,
“There are good fundamental reasons why we may have cryptocurrency and blockchain in the future… but that doesn’t mean dozens of cryptocurrencies are going to do well forever.”
Blodget further stated that the price of the not-so-big cryptos would not go up forever. At the same time, he also pointed out his concerns with respect to the flagship cryptocurrency and said,
“I think with Bitcoin, the big issue is that everyone understands that it is actually not well designed as a transaction currency. It is very resource-intensive.”
He further contended that the cryptoverse would end up inclining itself to a much more better-designed cryptocurrency.
Others from the industry, however, stated the contrary. Co-founder of Twitter, Jack Dorsey recently took Twitter to state,
“Bitcoin changes everything for the better and we will forever work to make Bitcoin better.”
Underlining the fact that more than $18 billion of Bitcoin transaction volume was executed on-chain in the past day, Anthony Pompliano exclaimed,
“Bitcoin is inevitable.”
CEO of MicroStrategy, Michael Saylor, also recently asserted that Bitcoin would eventually rise to a million, despite the short-term setbacks it faces. He further said,
“Bitcoin is something that you hold for a decade or decades… If you bought Bitcoin, you could lose money in a year or two or three, but over the course of four years, nobody ever lost money in Bitcoin. That’s the story with most of the dominant networks.”
However, it should be noted that Bitcoin’s market dominance has been dropping since March. Additionally, with altcoins currently holding the baton, the number of addresses holding more than one Bitcoin reached a 7-month low of 812,286. What’s more, Bitcoin’s trading volume has also been evidently fluctuating over the past month.
Nonetheless, Danny Scott, CEO of CoinCorner went on to hypothesize on the ‘next bitcoin’. He stated:
“The next Bitcoin is Bitcoin.”
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