Quote of the week:
“We can envision a future in which your crypto address becomes as important as your mailing address.” – Cuy Sheffield, head of cryptocurrency at Visa
International Mass Adoption: PayPal is rolling out crypto services in the United Kingdom, offering users the opportunity and ability to buy and sell cryptocurrencies. United Kingdom users will be able to buy, hold, and sell Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. This is PayPal’s first international expansion on its cryptocurrency platform.
NFT Mass Adoption Continues: Visa entered the NFT world for the first time with its CryptoPunk purchase for approximately $150,000. Cuy Sheffield, Visa’s head of cryptocurrency, said in a blog post that “the decision to enter the NFT sector was to learn more about the growing market for the company and its clients.”
Major Bank, Wells Fargo, Getting Skin in the Game: This summer, JPMorgan Chase partnered with NYDIG to create a new Bitcoin fund. This past week, Wells Fargo filed for its Bitcoin fund. Through its partnership with NYDIG and FS Investments, Wells Fargo is offering its high net worth clients exposure to cryptocurrency through its pooled investment fund. Source: https://cointelegraph.com/news/wells-fargo-files-for-bitcoin-fund
International Regulation Featuring Iran: Iran stated that it will lift its Bitcoin mining ban in September, and let miners resume their operations. In May 2021, Iran’s government banned Bitcoin and crypto mining operations in an effort to conserve energy during the hot summer months. In the past, Bitcoin miners have been blamed for blackouts and power shortages in Iran.
Bitcoin Update: On August 22, 2021, Bitcoin hit its highest price since February 16. Bitcoin’s price traded at over $50,000. Since this past weekend, Bitcoin’s price has dipped; as of August 25, Bitcoin is down 4% to $46,000.
And, that’s a wrap!