Welcome to the CoinField Digest, a weekly newsletter covering the latest insights, news and analysis on all things cryptocurrency.
This week, the worldwide acceptance of Bitcoin continues to grow as cryptocurrency ATM installation increases and as banks and investment firms begin referring to Bitcoin as the new gold. Although, unlike gold it is easier to store and move. We also saw the adoption of cryptocurrency as a form of payment across multiple industries including sports and tech.
Let’s take a closer look at what happened in crypto this past week.
The number of Bitcoin ATMs in the world increased by more than 20% in 2021
According to data from the Coin ATM Radar service, the number of installed cryptocurrency ATMs has increased by 21.8% since the beginning of the year.
At the time of writing, the number of devices has reached 17,074 units, and as of January 1, 2021, there were 13,928 units.
Now new Bitcoin-ATMs are being installed at a rate of over 36 units per day.
The number of Bitcoin ATMs worldwide has more than doubled from the same period last year.
Coin ATM Radar data shows a significant growth in the first quarter of 2021, especially in the North American continent. The United States accounts for more than 80% of all Bitcoin ATMs, but the numbers show that this figure is growing in Europe as well.
Deutsche Bank says it is impossible to ignore Bitcoin
Analysts at the financial conglomerate Deutsche Bank said that the first cryptocurrency will continue to grow while attracting new large investors. The bank called the asset “too important to ignore”.
However, Deutsche Bank pointed out the low liquidity of Bitcoin as a problem and estimated that only about 30% of Bitcoin transactions are related to payment. For example, in 2020, there were 28 million Bitcoins hand changes, which is equivalent to 150% of all Bitcoins in circulation. In the case of Apple, 40 billion shares were traded annually, accounting for 270% of the total number of shares.
In addition, the average number of Bitcoins exchanged in US dollars per day is only equivalent to 0.05% of Japanese yen and 0.06% of British pounds.
Therefore, given the limited tradability, the bank expects Bitcoin to remain volatile.
Deutsche Bank analyst Marion Laboure believes that Bitcoin will continue to exist, but will maintain its price volatility. Bitcoin’s low liquidity has contributed to its price volatility.
Jack Dorsey sells NFT tweet for $ 2.91 million
Twitter founder Jack Dorsey sold his first tweet in the form of a non-fungible token (NFT) for $ 2.91 million.
According to the auction data on the Valuables Ethereum platform, the lot was bought by the founder of Bridge Oracle, Sina Estavi.
Cristiano Ronaldo becomes the first football player awarded with cryptocurrency
The Juventus star Cristiano Ronaldo became the first football player in the world to receive cryptocurrency for his career achievements.
According to Spanish outlet Marca, the club awarded him 770 JUV Fan Tokens ($JUV), one for each senior career goal scored.
Head of SkyBridge Capital: Bitcoin is better than gold
SkyBridge Capital founder Anthony Scaramucci said that gold has been a top choice of investors for 4,000 years. However, the situation has changed, and the latest investments in Bitcoin from large institutional investors confirm this.
Scaramucci added during an interview with CNBC that Bitcoin is the future and, unlike gold, it is easier to store and move.
That’s it for this week, thank you for reading!
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