The Weekly Flip Thru — the newsletter that breaks down everything you need to know about crypto each week. We make the complex simple and the simple insightful!
This week: Bitcoin’s value lowers, crypto goes green, regulators respond to the rumors, and CoinFlip gives back.
We now have over 1,300 Bitcoin ATMs Nationwide! We’ve added 300 new ATMs since we reached 1,000 on October 1st and we’re working hard every day to bring CoinFlip closer to you.
Thank you to everyone who has helped us make this possible!
CoinFlip x Accion Partnership
We want to give back to our community this holiday season. COVID-19 has made this year hard for everyone, but small-businesses have had it particularly rough.
We’re excited to announce our partnership with Accion — a non-profit that works to empower people underserved and revolutionizes financial services for people who are left out. This year, Accion has been working hard to provide entrepreneurs the support they need during this critical time.
From December 11- 25, use code “ACCION20” and we will donate 100% of your transaction fees to help out small businesses in this time of need.
P.S. Our 12 Day of CoinFlip giveaways start on Sunday! We will be giving away over $1,000 in crypto of your choice and 12 other big prizes. Follow CoinFlip on all socials and turn notifications ON to receive updates from us!
Last week, Bitcoin’s price reached a new all-time high at $19,897.40. This week, the price is down by over $1,000. Many are speculating the reasons behind this price drop. Some suggest that it could be due to signs that gold and the US dollar are making a recovery.
Bitcoin is at a crucial resistance point right now, and it remains unclear where the price will move. Will these lower levels lead to more for big investors to buy the dip? An executive at Morgan Stanley Investment Management published an article claiming that BTC is “starting to make progress on its ambition to replace the United States dollar as a medium of exchange.”
Only time will tell what’s next for Bitcoin.
Crypto goes green?
Square, the payments company led by Twitter founder and crypto-enthusiast Jack Dorsey, has dedicated $10 million towards its new Bitcoin Clean Energy Investment Initiative. Square designed the initiative to promote clean energy consumption in Bitcoin mining by supporting companies that drive renewables within the Bitcoin ecosystem. This comes alongside another announcement by the company to become net-zero on carbon for operations by 2030.
“We believe that cryptocurrency will eventually be powered completely by clean power, eliminating its carbon footprint and driving adoption of renewables globally,” said Dorsey.
This news comes just after Apple co-founder Steve Wozniak announced his blockchain-based new startup, Efforce, that promises energy industry innovation through a virtual currency called “WOZX.” Essentially, Efforce will act as a digital marketplace where companies can raise funding for energy-efficient projects. After its launch, WOZX has skyrocketed in value, signaling greener pastures for cryptocurrency ahead.
Big names continue to buy into Bitcoin
Despite Bitcoin’s price stagnation, big-time investors continue to make moves in the crypto-sphere. MicroStrategy, a publicly-traded business intelligence firm, bought an additional $50 million in bitcoin last week — giving them a total of 40,824 bitcoins, according to this tweet by CEO Michael Saylor. On Monday, the company announced its plans to raise $400 million to fund more bitcoin buys in the future.
Global payments giant Visa has fully embraced digital currency and blockchain technology. The company has a long list of efforts to advance towards digital currencies and blockchain technology over the years, including engaging with policymakers and organizations to help shape digital currencies’ dialog and understanding. Most recently, they have partnered with crypto exchange platform BlockFi to launch a credit card that rewards purchases with Bitcoin.
Regulators respond to the rumors
Rumors have been flying about potential new regulations to self-hosted cryptocurrencies to be imposed by the Trump Administration. On Friday, Brian Books, head of the Office of the Comptroller of the Currency (OCC), went on CNBC’s Squawk Box to quell the rumors. He stated that we can expect new regulations in the coming weeks but that regulators only want to make sure that they can smoothly integrate into the financial system.
“I think you’re going to see a lot of good news for crypto by the end of the Trump term,” said Brooks. “Some of it is going to have to do with banks connecting to blockchains; some of it is going to be more clarity around the nature of these assets.”
Before the new regulations roll out, learn more about the regulatory landscape of cryptocurrency in the United States by checking out our recent blog, How is Bitcoin Regulated?.
CoinFlip in the News
Global Bitcoin ATM Count Grew by Over 1,000 in November — BTC Manager
As crypto’s spotlight grows, a bitcoin ATM maker looks to pounce — PaymentsSource
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