Will You Part With Your Bitcoins to Buy a Tesla? (March 27, 2021)

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Good morning. Welcome to Saturday Sats, part of our new series: BitPinas Daily. We will look at the price of Bitcoin, Ethereum and the major cryptocurrencies. Crypto is global, but sometimes news that matters happens while we sleep. So we bring to you what’s happening in our space here and abroad.    

Market Price as of March 27, 2021:

Bitcoin$55,033+7.03%
Ethereum$1,700.37+7.14%
BNB$254.70+8.85%
DOT$33.13+11.51%
ADA$1.21+10%
SLP$0.05+6.8%


Bitcoin closed March 26, 2021, at $55,033 per BTC. We’re down 10% in the last 7 days and up 88% since the year began. This is also 10% below the all-time high of $61,711, which was hit on March 13, 2021.

Bitcoin’s market capitalization stands today at $1,020,890,100,838 which is 58% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $1,756,145,239,288  (+4.6%).

On the table above, there’s the cryptocurrency SLP. If you wonder what that is, check out this article: Playing Axie Infinity vs Minimum Basic Salary in the Philippines.

Buy Tesla With Bitcoin

Elon Musk said via Twitter that Tesla had begun letting those interested to buy Tesla with Bitcoin to do so. He also said the company will not swap the Bitcoin for $ at the point of sale. If you pay Tesla in Bitcoin, that Bitcoin will stay as Bitcoin. 

A couple of notes, of course, us here locally, it might be impossible to purchase Tesla, but it’s just interesting to highlight the process that the company laid out to Bitcoiners.

  1. There’s a 30-minute time window to complete the purchase
  2. No early-adopter discount
  3. “IF YOU INPUT THE BITCOIN ADDRESS INCORRECTLY, YOUR BITCOIN MAY BE IRRETRIEVABLY LOST OR DESTROYED.”
  4. “BITCOIN TRANSACTIONS CANNOT BE REVERSED. WE ARE NOT RESPONSIBLE FOR ANY FAILURE TO ACCURATELY INPUT THE ALPHANUMERIC CODE INTO THE RECIPIENT FIELD.”

^Yes.

Hut 8 Buys $30M Worth of Nvidia’s New Crypto Mining GPUs

Hut 8 buys, specifically, the CMP – Cryptocurrency Mining Processor – from Nvidia, so gamers can relax. 

The CMPs were made so that miners won’t buy the GPUs that are supposed to be for gamers, Nvidia’s bread and butter. 

Coindesk noted that Nvidia said before that it expects $50 million in total CMP sales. Hut 8 buys $30 million worth already, so that’s a 60% target reached.

“The machines “open up new opportunities” for Hut 8’s plans for diversified revenue streams, said CEO Jamie Leverton in a statement. The new CMPs will add roughly 1,600 GH of power to the firm’s mining capacity, which it will use to mine alternate blockchains. Hut 8 expects full delivery and deployment of the CMPs this summer.”

Read more on Coindesk

Uniswap to Launch V3

“‘In this paper, we present Uniswap v3, a novel AMM that gives liquidity providers more control over the price ranges in which their capital is used, with limited effect on liquidity fragmentation and gas inefficiency,’ it states.”

The new version further allows different pools to be created with different fees. Up to now, all trades in all Uniswap pools have had a 0.03% fee for trading. 

“Over time we expect increasingly sophisticated strategies to be tokenized, making it possible for LPs to participate while maintaining a passive user experience. This could include multi-positions, auto-rebalancing to concentrate around the market price, fee reinvestment, lending, and more.”

Finally, Uniswap v3 Core will launch under the Business Source License 1.1

Read more here.

BitPinas Feature: Yvana Wong on Working in Collaboration with Each Other

Yvana Wong said that her long-term motivation is to work with startups, incubators, and accelerators. She also sees fintech as the “enabler” of all the other industries’ growth. It’s a critical way to give a leg up to the country’s financial sector, that can serve as the springboard for more innovative solutions. There is a need to guarantee that our banking and payments infrastructure that facilitates commerce is there. “I wanted to be part of the team that enabled SMEs to grow. They have so much potential to grow and expand,” Yvana pointed out.

What else is happening

  • New York Times Sells NFT Column in an Auction for $560,000
  • New crypto regulations could initially prove ‘brutal‘ for bitcoin’s price, warns Amundi
  • NFT craze and institutional money to bring next 100 million crypto users, says Crypto.com CEO

This article is published on BitPinas: Will You Part With Your Bitcoins to Buy a Tesla? (March 27, 2021)

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Michael Mislos

A business ad graduate from the Pamantasan ng Lungsod ng Maynila, Mike is the website manager of Bitpinas.com. He is responsible for almost every content you see on the site, from topic/news selection to editing of articles. Mike believes correct information about blockchain and cryptocurrency can empower people to make accurate decisions about the industry, which, in turn, should deter bad actors from taking advantage of crypto & blockchain. [Telegram @mikemislos]

Michael Mislos
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