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This Week in Crypto

May 7, 2021
On Monday, Ethereum founder Vitalik Buterin became a billionaire after ETH passed the $3,000 mark.

The CME (Chicago Mercantile Exchange) launched yet another new Bitcoin product: Micro Bitcoin Futures. The contract is worth 0.1 BTC. 

On Tuesday, 

Auction house Sotheby's will accept both BTC and ETH payments in an upcoming auction of Banksy’s "Love is in the Air."

Accenture and the Digital Dollar Foundation have joined forces to create five Central Bank Digital Currency (CBDC) pilot programs in the United States over a period of 12 months. Christopher Giancarlo, co-founder of the Digital Dollar Foundation and former chair of the Commodity Futures Trading Commission, stated: "There are conferences and papers coming out every week around the world on CBDCs based on data from other countries. What there is not, is any real data and testing from the United States to inform that debate. We're seeking to generate that real-world data." 

On Wednesday, 

Smartphone company Nokia announced the "Nokia Data Marketplace," a blockchain-based data infrastructure service for secure data trading and AI models. Vice President of Cloud and Cognitive Services at Nokia Friedrich Trawoeger was quoted on the company's press release: “Our customers need secure and trusted access to data for effective business decision making. With Nokia Data Marketplace, enterprises and CSPs can now benefit from richer insights and predictive models to drive digital ways of working and tap into new revenue streams.”

South Korean Bitcoin miners may be able to deduct electricity costs from their tax filings starting in 2022. 

On Thursday, 

The largest Latin American eCommerce platform, Mercado Libre, purchased $7.8 million in Bitcoin. 

Insurance company Metromile Inc. announced it will be accepting Bitcoin as a means of payment, and will be adding $10 million of Bitcoin to the company's balance sheet in Q2. Dan Preston, CEO of the Nasdaq-listed firm, said: "Supporting decentralized finance and adding Bitcoin as a new payment option is the next logical step for our digital insurance platform and end-to-end AI claims automation. The result is fairer insurance for all."

On Friday, 

Turkey's Minister of Treasury and Finance, Lütfi Elvan, announced they will now be tracking any cryptocurrency transactions above 10,000 Turkish liras, which is roughly $1,200 USD. This initiative comes as a response to the $150 million crypto exchange scam the country experienced two weeks prior. 

Citigroup's global head of foreign exchange, Itay Tuchman, stated that they have been experiencing accelerating interest in Bitcoin from large clients since August, and are therefore considering launching crypto trading, custody, and financing services. 


For more information on these stories, visit: 
Vitalik: https://edition.cnn.com/2021/05/04/investing/ethereum-founder-billionaire/index.html
CME: https://www.cmegroup.com/trading/micro-bitcoin-futures.html
Sotheby's: https://twitter.com/SquawkCNBC/status/1389550253276372994?s=20
Accenture x DDF: https://www.aljazeera.com/economy/2021/5/3/digital-dollar-project-to-pilot-us-central-bank-digital-currency
Nokia: https://www.nokia.com/about-us/news/releases/2021/05/05/nokia-launches-blockchain-powered-data-marketplace-for-secure-data-trading-and-ai-models/
Korea: https://m.pulsenews.co.kr/view.php?year=2021&no=435228
Mercado Libre: https://cointelegraph.com/news/largest-latin-american-ecommerce-platform-adds-7-8m-bitcoin-to-its-treasury 
Metromile: https://www.forbes.com/advisor/car-insurance/metromile-bitcoin-payments/
Turkey: https://www.youtube.com/watch?v=DCTQg-u6gWI | https://cointelegraph.com/news/turkish-government-to-track-crypto-transactions-over-1-200
Citigroup: https://www.theblockcrypto.com/linked/104179/citi-bank-considering-crypto-trading-custody-services

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