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📌 Tesla Buys $1.5M BTC, The Billionaire Flippening, and Mastercard Goes Crypto

February 10, 2020 | Issue #155

 MUST READS 

Tesla Buys $1.5 Billion in Bitcoin, Plans to Accept it as Payment


You're probably sick of this headline at this point as it's been everywhere, but regardless we have to cover it as it truly is a defining moment for Bitcoin. Another domino has fallen.

After teasing Bitcoin (and Dogecoin) over the past week, Elon put his money (debt?) where his mouth is and announced the purchase of $1.5 billion in Bitcoin, representing ~15% of Tesla's net cash. Following the announcement, Bitcoin prices immediately jumped 10%.

The filing also announced Tesla's intention to begin accepting Bitcoin as a form of payment for its products. 1.79 BTC = 1 Tesla Model X :)

The question remains though: How much BTC did Tesla buy?
 

Mastercard to Support Cryptocurrency Payments in 2021


Though Mastercard already works with crypto payment companies Wirex and BitPay on crypto debit cards, today's news represents a shift to allowing cryptocurrencies to move within the actual network.

Mastercard will give merchants the option to receive payments in cryptocurrency later this year without the need to settle in fiat.

The company has not yet disclosed which digital currencies it intends to support, or where.
 

On Selling...


So if BTC hits 50k this week, any of you taking off the top?

Not gonna lie, back in 2017, the $50k range was a consensus point when a lot of people we spoke to would finally "consider selling some" of their BTC.

Here we are four years later and, well... $50k BTC appears to be much more of a reality.

This thought process led to a fairly important question: Is it time to adjust investment goals? After all, selling at this point seems way too soon. The bull narrative is now legitimate and adoption is spreading like wildfire. More importantly, we're about to cross 40% more USD injected into the system.

Perhaps the $50k mark in 2017 became the $30k mark of 2020. And perhaps its time to start saying: wake me up when we stop looking at it in USD.
 

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Expert reveals how he made over $1 million on a single investment... then left the stock market for something much, much more exciting.

This true story led to a crypto strategy that he's now sharing for free today.

Find out why he sold all his stocks for Bitcoin.
 

 DEEP DIVE 

The Billionaire Flippening


When do half of the world's billionaires come from crypto?

This is a useful thing for a government to know, to understand if proposed crypto restrictions are actually causing capital flight by driving out a large portion of the world's investors.

Here's some math, courtesy of Balaji Srinivasan, of at what price the billionaire flippening might happen.
 

CME Ether Futures Launch Quietly, But With Big Industry Implications


Monday marked the first full trading day of CME's ether (ETH) futures product, in which 388 contracts (about 19,400 ETH, or $33 million) traded.

By comparison, CME's bitcoin futures product saw nearly 1,000 contracts traded on day one and saw more than $2 billion in open interest in January.

Futures contracts act to bring more participants and more liquidity into the world of digital assets.

CME has stated that there's already pressure for additional offerings such as DeFi and stablecoins, but did not disclose any concrete plans.
 

Yearn Finance Hacked; $11M Drained


DeFi platform Yearn.Finance said Thursday that one of its pools of funds had been exploited, resulting in the loss of $11 million worth of crypto from one of its vaults.

The trading price for the YFI governance token fell sharply on the news, plummeting from $34,700 to $30,500 in minutes (though it's since rebounded).

Yearn has since minted $9.7M in DAI funds to send to users who were affected by the attack.
 

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If you want to learn more about what they're calling the "bitcoin awakening," as well as the four altcoins that they think are screaming buys right now – click here now.
 

 REGULATORY FRONT 

North Korea's Lazarus Group Pulled Off 2020’s Biggest Exchange Hack and Appears to be Exploring New Money Laundering Options


Lazarus Group, a cybercriminal syndicate believed to be working on behalf of the North Korean government has been responsible for some of the largest cryptocurrency exchange attacks. Overall, the group is believed to have stolen more than $1.75 billion worth of cryptocurrency in the time it’s been active.

Experts believe proceeds from Lazarus Group hacks go toward North Korea’s nuclear weapons program, and have taken actions such as sanctioning and filing forfeiture complaints. Regardless, Lazarus still managed to pull off the biggest cryptocurrency theft of 2020, and third-largest of all time, stealing roughly $275 million worth of cryptocurrency from the exchange KuCoin.

Here's how the group is attempting to launder the money using new techniques such as DeFi platforms.
 

 TWEET OF THE WEEK 

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