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<ul class="summary-list"><li>Inflows into <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> ETFs were $53 million last week, slowing from a record haul in the previous week, said <keyword id="11931715" type="UNKNOWN" weightage="60" keywordseo="coinshares" source="Orion">CoinShares</keyword>. </li><li>A record $1.2 billion was pushed into bitcoin-futures ETFs with the launch of such vehicles from ProShares and Valkyrie. </li></ul>Institutional investors pushed more than $50 million into <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> exchange-traded funds last week, a slowdown from the more than $1 billion that was poured into such vehicles upon their arrival into the marketplace. The <a href="https://markets.businessinsider.com/news/currencies/proshares-bitcoin-etf-bito-first-futures-fund-nyse-sec-approval-2021-10">ProShares Bitcoin Strategy ETF</a> followed by the <a href="https://valkyrie-funds.com/">Valkyrie's Bitcoin Strategy ETF</a> that launched toward the end of October marked total inflows of $1.24 billion, but that record-breaking haul "was not repeated" last week with only $53 million going into bitcoin ETFs, said digital asset management firm CoinShares in an update published Monday. CoinShares said other European and Canadian-based bitcoin exchange-traded products logged inflows last week. Since the first two US-based bitcoin-futures ETFs were introduced, trading in VanEck's Bitcoin Strategy ETF has started. The bitcoin-futures ETFs notch a notable development for the cryptocurrency market whose valuation this year has swelled to more than $2.5 trillion. The bitcoin-futures ETFs invest in contracts used to speculate on future prices for bitcoin and don't require buyers to hold an account at a cryptocurrency exchange or to have a crypto wallet.While there was a slowdown in the weekly inflows into those products, bitcoin products raked in the majority of inflows into cryptocurrency vehicles last week, at $269 million. Those investments drove <keyword id="12461228" type="UNKNOWN" weightage="60" keywordseo="bitcoin-inflows" source="Orion">bitcoin inflows</keyword> in October to $2 billion. At the same time, inflows into digital asset products were $288 million last week. The amount led total inflows so far this year to a record $8.7 billion, which is 30% higher than the total for 2020, said CoinShares. Bitcoin during Tuesday's session rose more than 4% to trade at $63,485. It logged a fresh record high above $67,000 two weeks ago.

Inflows to bitcoin ETFs slow after record-breaking surge driven by first futures ETFs, Coinshares says

<ul class="summary-list"><li>Investment in <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> products marked the largest weekly outflows on record in early June, said CoinShares. </li><li>$141 million was pulled out of <keyword id="5021845" type="UNKNOWN" weightage="60" keywordseo="bitcoin-investment">bitcoin investment</keyword> products during the week ended June 7. </li><li>Ether and XRP, meanwhile, logged weekly inflows. </li></ul>Investment in <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> products logged the largest weekly outflow on record, data from CoinShares showed, indicating investors in early June remain cautious toward the <keyword id="6357017" type="DEFINITION" weightage="60" keywordseo="cryptocurrency">cryptocurrency</keyword> whose price has been sliced in half since hitting a peak above $64,000 earlier this year.$141 million was pulled from bitcoin products by institutional investors in the week ended June 7, according to the digital asset investing firm. Trading volume in bitcoin digital asset investment products also slumped, by 62% compared with last month.In May, the cryptocurrency was hit with a massive selloff during which its market capitalization dropped below $1 trillion. On Tuesday, the market cap fell further, to around $587 billion, according to CoinGecko. Bitcoin has been hurt following regulatory threats from China and the US and a decision by <a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a> to stop taking the digital currency as payment for its electric vehicles, drawing its price down from an all-time record high of $64,804.72 in April. But "remaining the altcoin of choice for investors" was <a href="https://markets.businessinsider.com/currencies/eth-usd">ether</a> as it continued to see inflows into investment products, said CoinShares. Investment products for the token of the ethereum blockchain pulled in $33 million in weekly capital. Ethereum's market share in the last week of May <a href="https://markets.businessinsider.com/currencies/news/ethereum-highest-market-share-price-selloff-may-investment-27-percent-2021-6-1030488290">rose to nearly 27%, its highest point on record</a>.Also, <a href="https://markets.businessinsider.com/currencies/xrp-usd">XRP</a>, the digital asset used in Ripple Labs' payment network, logged $7 million in inflows, the largest amount since April.For bitcoin, the $141 million in weekly outflows represent just 8.3% of the net inflows it has seen this year, CoinShares said. Institutional investors have pushed in $4.25 billion into bitcoin products during 2021.Bitcoin on Tuesday dropped roughly 12% to trade below $32,000 as part of <a href="https://markets.businessinsider.com/currencies/news/cryptocurrencies-fall-regulation-trump-crypto-price-bitcoin-ether-dogecoin-2021-6-1030502615">a wider rout in cryptocurrencies</a> that erased about $200 billion off the crypto market.

Bitcoin investments hit by the highest weekly outflow on record as investors pull $141 million, data show

<ul class="summary-list"><li><keyword id="6355315" type="UNKNOWN" weightage="60" keywordseo="elon-musk">Elon Musk</keyword> said <keyword id="107096" type="COMPANY" weightage="60" keywordseo="Tesla">Tesla</keyword>'s <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> bet was "adventurous enough for an S&amp;P500 company."</li><li>Musk was responding to Binance CEO Changpeng Zhao, who had called out Musk's support of Dogecoin.</li><li>Zhao said he was surprised that Musk was an advocate of Dogecoin, which was created as a joke.</li></ul>Elon Musk defended <a href="https://markets.businessinsider.com/currencies/news/tesla-buys-bitcoin-elon-musk-stock-accept-form-of-payment-2021-2-1030055107">Tesla's $1.5 billion bet</a> on <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> after the CEO of a major <keyword id="6357017" type="DEFINITION" weightage="60" keywordseo="cryptocurrency">cryptocurrency</keyword> exchange called out the billionaire's support for Dogecoin, a meme-based token."Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&amp;P500 company," Musk <a href="https://twitter.com/elonmusk/status/1362598034866118658">tweeted</a> on Thursday in response to a <a href="https://twitter.com/business/status/1362582677199622145">Bloomberg interview</a> with Binance CEO Changpeng Zhao.<div type="image" title="Screenshot 2021 02 19 at 09.04.15" height="314" width="1190" msid="81108493" hostid="261"></div>Tesla earlier this month <a href="https://markets.businessinsider.com/currencies/news/elon-musk-tesla-6-crypto-experts-15-bln-investment-bitcoin-2021-2-1030056077">announced its significant investment in bitcoin</a> and said it planned to adopt the digital asset as payment for its products.In the interview, Zhao said he was surprised that Musk was an advocate of Dogecoin, which <a href="https://www.coindesk.com/how-dogecoin-became-popular">was created as a joke</a>. Musk has recently tweeted about the Shiba Inu-themed token, <a href="https://markets.businessinsider.com/currencies/news/dogecoin-price-surges-tweets-from-elon-musk-snoop-dogg-cryptocurrency-2021-2-1030055654?utm_source=markets&amp;utm_medium=ingestgest">sparking a surge in its price</a>. Last week, he said he had <a href="https://markets.businessinsider.com/news/stocks/elon-musk-dogecoin-tweets-bought-for-son-crypto-bitcoin-tesla-2021-2-1030067740">bought some for his 9-month-old son</a>."I strongly believe that he's not really associated with Dogecoin in any way," Zhao said of Musk, noting that Tesla's bet was on bitcoin and not on the "joke" asset.Binance has added <a href="https://www.binance.com/en/support/announcement/ee59b5c8ddf84d6bbbde4ebff7bdfaa0">Dogecoin futures</a> recently based on consumer demand. That's because it's gaining popularity for reasons nobody expected, Zhao said.Musk later explained the reason for Tesla's move."When fiat currency has negative real interest, only a fool wouldn't look elsewhere," Musk <a href="https://twitter.com/elonmusk/status/1362600676174557186">tweeted</a>. "Bitcoin is almost as bs as fiat money. The key word is 'almost.'"<div type="image" title="Screenshot 2021 02 19 at 09.05.01" height="414" width="1154" msid="81108497" hostid="261"></div>Other <a href="https://markets.businessinsider.com/currencies/news/bitcoin-investing-cryptocurrencies-wall-street-jpmorgan-morgan-stanley-blackrock-tesla-2021-2-1030083958">Wall Street names</a> have been embracing bitcoin, driving the token's price to an <a href="https://markets.businessinsider.com/currencies/news/bitcoin-btc-price-record-high-market-cap-cryptocurrency-1-trillion-2021-2-1030096685">all-time high above $52,000</a> this week.Zhao <a href="https://www.bloomberg.com/news/articles/2021-02-19/crypto-exchange-ceo-is-surprised-elon-musk-is-so-into-dogecoin">told Bloomberg</a> that as bitcoin had surged, Binance had seen more than 300,000 new user registrations daily. Volumes on the exchange are even higher than they were <a href="https://markets.businessinsider.com/news/stocks/bitcoin-price-rally-different-2017-frenzy-retail-institutional-adoption-mike-novogratz-2020-11-1029817621">in 2017</a>, he said."There's a lot more activity now in this industry than three years ago," Zhao said. "We are just at the beginning."Bitcoin on Friday rose by 2%, to about $52,740, as of 9:40 a.m. GMT.

Elon Musk defends Tesla's $1.5 billion bitcoin bet as 'adventurous enough' for a S&P 500 company - and says it's less dumb than holding cash

<ul class="summary-list"><li><keyword id="11937113" type="UNKNOWN" weightage="60" keywordseo="joel-greenblatt" source="Orion">Joel Greenblatt</keyword> isn't a <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> investor because there's no intelligent way to value the cryptocurrency, he said.</li><li>The Gotham co-CIO doesn't have "fear of missing out" on bitcoin's gains, because he likes sticking to what he knows.</li></ul>Veteran investor Joel Greenblatt hasn't bought any <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a>, because he doesn't think there's an intelligent way to value the cryptocurrency."Bitcoin is never gonna earn any money," the co-CIO of Gotham Asset Management said in a Tuesday <a href="https://www.youtube.com/watch?v=U3PLytnB1qM">episode of the "Investor's Podcast Network</a>.""To me, it's a speculation. I have no intelligent way to value it. So I'm not saying people will make money speculating in bitcoin or gold," he added."It's alien to me as an investment because I can't value it. It has no inherent value. It has no earnings."Greenblatt, famous for <a href="https://www.vanityfair.com/news/2010/04/wall-street-excerpt-201004">providing seed money to "Big Short" investor Michael Burry to start Scion Capital</a>, averaged <a href="https://www.businessinsider.in/stock-market/news/warren-buffett-disciple-joel-greenblatt-averaged-50-annual-returns-over-10-years-and-is-still-trouncing-competitors-he-offers-a-peek-inside-his-legendary-stock-picking-strategy-/articleshow/72186960.cms?_ga=2.13009015.1786192770.1648453156-1282250176.1644485188">annual returns of 50%</a> between 1985 and 1994 when he was managing Gotham Capital. He's attributed his success to following the investing philosophies of <keyword id="11915967" type="UNKNOWN" weightage="60" keywordseo="warren-buffett" source="Orion">Warren Buffett</keyword> and Ben Graham.Berkshire Hathaway CEO Buffett himself has <a href="https://markets.businessinsider.com/currencies/news/warren-buffett-best-quotes-bitcoin-cryptocurrencies-investing-rat-poison-squared-2021-1-1029974898">criticized bitcoin</a>, describing it as "rat poison squared" and saying it "doesn't produce anything."Value-investment guru Greenblatt said he'd been wrong in believing bitcoin would never hit the dizzying heights that it's managed to achieve. But sticking to what he knows is important to him, he added.Bitcoin was last up above $47,000 as market sentiment has turned bullish over the past week, alongside a broader rally in global asset prices. <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">Crypto</keyword> experts consider this to be the beginning of a strong bull market."I don't feel bad about it," Greenblatt said, adding that he feels disciplined he didn't participate in the crypto craze."And of course, you're gonna miss thousands of things that you woulda-coulda-shoulda bought. But if you just concentrate on the things that you're working on, and they do well, that's really what you have to realize."Even though Greenblatt isn't an active bitcoin investor, his view about the leading cryptocurrency doesn't seem to be negative."People have tried to make a case for me for the various uses for bitcoin, or why I should stay. And I can't say I'm completely dismissive," he said."I'm saying, 'Gee, I really can't figure this out.' I have no basis on which to say it's going to go higher or lower."He compared bitcoin to expensive art, saying some pieces can be highly valuable now, but perhaps not in the future."It's in the eye of the beholder," he said.Bitcoin is still down 31% from its all-time high of around $69,000 in November, according to data from <a href="https://www.coingecko.com/en/coins/bitcoin?__cf_chl_jschl_tk__=eR7U8uzJwMPyvElVf_fT_pSJLWkTWKcOsOkElAh2Fuw-1641461259-0-gaNycGzNCeU">CoinGecko</a>.Read more: <a href="https://www.businessinsider.com/crypto-altcoin-trading-strategy-quant-fund-millions-mgnr-bryn-solomon-2022-3" target="_blank" rel="noopener noreferrer">A little-known prop shop manages more than $100 million of crypto. The firm's cofounder outlines his strategies for finding high-upside trades — and how his team identifies which tokens to target</a>.

Warren Buffett disciple Joel Greenblatt doesn't own bitcoin because he believes there's no intelligent way to value it — and has no FOMO about that

<keyword id="6354947" type="General" weightage="20" keywordseo="bitcoin" source="Orion">Bitcoin</keyword> investors are likely to lose up to $545 million this year, owing to various reasons like forgetting passwords to their wallets or making a mistake in recording their "seed phrases", according to a new report. A seed phrase is a series of words generated by your <keyword id="2721952" type="General" weightage="80" keywordseo="crypto" source="Orion">crypto</keyword>currency wallet that give you access to the crypto associated with that wallet. Analysts have estimated that at least 20 per cent of all Bitcoin is lost and that the majority of those funds are irretrievably lost. According to new research from CryptoAssetRecovery.com, between $272 million to $545 million of Bitcoin will be lost this year. "Crypto gets lost for a host of reasons: People forget the passwords to their wallets; people make a mistake in recording their seed phrases and some die without giving adequate instructions for how to access their funds," according to the report. "However, this does not include Bitcoin lost to scams or theft. "While such funds are lost to the original wallet holder, they are not lost to the total money supply of Bitcoin. Those funds will likely continue to circulate," the report noted. People also unintentionally (or occasionally intentionally) send crypto to a burn address, or to an address on a different network, and lose it. A new Bitcoin block reward is issued every 10 minutes, and in 2022, the block reward is 6.25 Bitcoin. The block reward will halve again in 2024, to 3.125 BTC/ block reward. "Since there are 525,600 minutes in a year, and a block reward is issued every 10 minutes, 52,560 block rewards or 328,500 <keyword id="61972" type="General" weightage="80" keywordseo="btc" source="Orion">BTC</keyword> will be issued in 2022," the report noted. "It's clear that the vast majority of the approximately 3.8 million lost Bitcoin were lost early in the blockchain's history, before it had any economic value. Given that between 2-4 per cent of the 328,500 Bitcoin mined in 2022 is likely to get lost, somewhere between 6,570-13,140 Bitcoin are likely to get lost. "When Bitcoin's price is approximately $41,500, this means that between $272 million and $545 million in Bitcoin alone is likely to be removed from the Bitcoin money supply in 2022," the report claimed. Bitcoin's price on Wednesday fell below $40,000 as other major cryptocurrencies were trading in the red, according to Coindesk data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/furniture-and-home-decore-startup-woodenstreet-raises-30-million-led-by-westbridge-capital/articleshow/91125277.cms">Furniture and home decore startup WoodenStreet raises $30 million led by WestBridge Capital</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/this-ai-algorithm-predicts-your-first-impressions-based-on-your-facial-expressions/articleshow/91121558.cms">This AI algorithm predicts your first impressions based on your facial expressions</a>

Investors likely to lose almost $545 million worth Bitcoin in 2022 by forgetting passwords and various other mistakes, suggests report

<ul class="summary-list"><li><keyword id="107096" type="COMPANY" weightage="60" keywordseo="Tesla">Tesla</keyword> has made roughly $1 billion on its <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> investment, according to <keyword id="1038917" type="PERSON" weightage="60" keywordseo="Wedbush">Wedbush</keyword> analyst Dan Ives.</li><li>The electric-vehicle maker is set to make more from bitcoin than profit from car sales in 2020, he said.</li><li>Wedbush expects less than 5% of public companies to head down the same route.</li></ul><a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a> has racked up paper profits worth $1 billion on its <a href="https://markets.businessinsider.com/currencies/news/tesla-buys-bitcoin-elon-musk-stock-accept-form-of-payment-2021-2-1030055107">bitcoin investment</a> as the price of the cryptocurrency soars, according to estimates by Dan Ives, an equity analyst at Wedbush Securities."Based on our calculations, we estimate that Tesla so far has made roughly $1 billion of profit over the last month from its <a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> investment given the skyrocketing price of Bitcoin, which now tops a trillion of market value," Ives wrote in a note published Saturday.The company "is on a trajectory to make more from its Bitcoin investments than profits from selling its EV cars in all of 2020," he added.Earlier this month, the electric-car maker disclosed an investment of <a href="https://ir.tesla.com/_flysystem/s3/sec/000156459021004599/tsla-10k_20201231-gen.pdf">$1.5 billion in bitcoin</a> and said it would soon begin to accept the digital asset as payment for its products. Following the announcement, bitcoin has surged almost 72% and its <a href="https://markets.businessinsider.com/currencies/news/bitcoin-market-value-1-trillion-for-the-first-time-cryptocurrency-2021-2-1030102808">market value hit $1 trillion</a> for the first time. The token has now crossed an all-time high of $57,000, but was trading lower around $55,863 on Monday.Tesla made its bitcoin purchase in January, when the price was fluctuating between $30,000 to $40,000, but the company didn't specify when, or at what price, it bought the token. It remains unclear whether Tesla has sold any bitcoin."While the Bitcoin investment is a side show for Tesla, its clearly been a good initial investment and a trend we expect could have a ripple impact for other public companies over the next 12 to 18 months," Ives said in the note. But the analyst expect less than 5% of public companies to head down the same route until more clarity around crypto regulations are determined.Tesla founder <keyword id="6355315" type="UNKNOWN" weightage="60" keywordseo="elon-musk">Elon Musk</keyword> has been on a consistent tweeting spree about bitcoin, most recently saying it's a "<a href="https://markets.businessinsider.com/currencies/news/elon-musk-defends-tesla-bitcoin-bet-safer-than-dogecoin-binance-2021-2-1030100793">less dumb form of liquidity than holding cash</a>." On Saturday, he said the price of bitcoin "<a href="https://www.businessinsider.com/elon-musk-admits-on-twitter-that-bitcoin-and-ethereum-seem-high-2021-2?r=US&amp;IR=TIR=T">seems high</a>" after its market value surpassed $1 trillion.

Tesla has scored profits worth $1 billion on its bitcoin bet, a Wedbush analyst estimates

<ul><li> A new study of 30,000 Americans reveals 50% view cryptocurrencies as safe investments.</li><li>The survey also revealed 57% of investors think companies should accept crypto as payment.</li><li>Though crypto enthusiasts have mixed opinions on whether bitcoin will ultimately serve as a medium of exchange or simply a store of value. </li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell">Sign up here for our daily newsletter, 10 Things Before the Opening Bell.</a></li></ul>Bitcoin's record-breaking rally to a <a href="https://markets.businessinsider.com/currencies/news/bitcoin-market-value-1-trillion-for-the-first-time-cryptocurrency-2021-2-1030102808">$1 trillion market capitalization </a>on Friday has increased the buzz around cryptocurrencies. Debates on whether these are worthy investments have flourished among investors, analysts, and the public. Despite critics arguing against the legitimacy of these assets, a new <a href="https://piplsay.com/the-growing-crypto-universe-how-interested-are-americans/?utm_source=Email&amp;utm_medium=Text&amp;utm_campaign=CryptowaveUStowaveUS">study</a> reveals that cryptocurrencies are viewed as safe investments by 50% of Americans. Additionally, 41% of those surveyed said investing in the stock market and cryptocurrencies are equally risky investments. Conducted by Piplsay, a global consumer research platform, the study surveyed over 30,000 people in February on their views on digital currencies."The crypto bull run has seized the attention of millions of people who previously had never considered digital currencies like Bitcoin to be an alternative asset," said Pavel Matveev, CEO of Wirex, a digital payments platform. "Bitcoin and other currencies are intended to have several uses, not least ease of exchange, purchase, and liquidity." The survey also revealed that 57% of Americans think major companies should start accepting cryptocurrencies as payments. In a separate survey of 1,050 Americans conducted by DealAid, 50% of investors said they would be willing to pay for products using bitcoin. Some companies this year have already taken steps towards accepting cryptocurrency as a means of payment. PayPal in October 2020 said it will <a href="https://www.businessinsider.com/paypal-to-allow-cryptocurrency-buying-selling-and-shopping-on-its-network-2020-10">start allowing people to use cryptocurrencies</a> starting this year, while Tesla announced in January it <a href="https://www.businessinsider.com/tesla-buys-bitcoin-elon-musk-stock-accept-form-of-payment-2021-2?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">plans to start accepting bitcoin as payment</a>. Investment banks JP Morgan and Morgan Stanley have both also <a href="https://markets.businessinsider.com/currencies/news/bitcoin-investing-cryptocurrencies-wall-street-jpmorgan-morgan-stanley-blackrock-tesla-2021-2-1030083958">expressed interest</a> in considering cryptocurrency as payment.Critics however are quick to argue that the <a href="https://markets.businessinsider.com/news/stocks/bitcoin-price-today-analysis-volatility-unsustainable-cryptocurrency-jpmorgan-institutional-btc-2021-2-1030102109">volatility</a> of cryptocurrencies makes them poor medium of exchange."If you bought a $50,000 Tesla with four bitcoins on October 1st, that purchase now has an opportunity cost of $212,000, because bitcoin's dollar price has risen from $10,000 to $53,000 in those four and a half months," said Robert Minter, Director of Investment Strategy, Aberdeen Standard Investments. "That type of volatility is unsuitable for transacting in an economy." Bitcoin has skyrocketed in recent days, surging 60% this month alone. Ethereum, the second-largest cryptocurrency by market value, also <a href="https://www.coindesk.com/ether-looks-overleveraged-as-cryptocurrency-hits-new-high-over-1900">soared to record highs Thursday</a>. Even dogecoin, a cryptocurrency that began as a joke, has been <a href="https://markets.businessinsider.com/currencies/news/elon-musk-defends-tesla-bitcoin-bet-safer-than-dogecoin-binance-2021-2-1030100793">gaining traction in recent weeks</a>. "Bitcoin's market cap hitting $1 trillion demonstrates the mainstreaming of cryptocurrency as a store of value," said Adam Liposky, Ecosystem Operations Lead at <a href="https://pokt.network/">Pocket Network</a>, a blockchain data ecosystem for Web3 applications. "We expect that Bitcoin is only the first of many $1TR market caps that we'll see in the blockchain economy."Enthusiasts argue bitcoin may exist solely as a form of value akin to "digital gold," while other forms of digital currencies will emerge as forms of payment. Mike Venuto <a href="https://www.businessinsider.com/bitcoin-price-nosebleed-levels-investors-stay-away-sheila-bair-2021-2">told Insider</a> he doubts "we will ever buy coffee with bitcoin." "This excitement obscures the reality of the original bitcoin thesis of decentralization, replacing the trusted third party and banking the unbanked," Venuto, who manages an approximately $1 billion ETF, said. "The focus now seems to be the store of value argument from the limited supply."

Americans are becoming increasingly bullish on cryptocurrency as bitcoin soars to new records

<div class="image-container float_right"><div class="image"><a href="http://www.flickr.com/photos/100239928@N08/10680258673/sizes/l/in/photolist-hgM7NV-hgKXBn-hgL6pL-hgM36Z-hgLc1q-hgM48i-hgNx9i-idi783-idijdK-ec7iA2-idifwN-gLQbGM-idhJ4V-idhSTu-idhQXW-idiemF-idifen-idhL1R-idhGX6-i5Ki1a-fD4SZs-e3sApC-dqRE9e-dPcqJ1-edhswK-edo3nm-ec7iAz-hWQeQb-frS6bV-frRZfV-frS34B-fs7uhY-fs7uis-fs7ujW-frS28r-fs7ujE-frS19n-frRZVT-frS2vz-ahVhqp-hVj2YT-hVjZCg-hVjYLr-gAtfuY-gAub5c-gAtK29-gAtcyN-gAtJLD-edhu7Z-fNpNJY-gaRCV5/">btckeychain/flickr</a></div></div>You may have heard that Fidelity, the world's largest IRA provider, was now <a href="http://blogs.marketwatch.com/thetell/2013/12/11/fidelity-now-allows-clients-to-put-bitcoins-in-iras/">providing their clients </a>with the <a href="http://www.zerohedge.com/news/2013-12-11/fidelity-now-allowing-bitcoins-iras">means to invest in Bitcoin</a>.
This is not accurate. 
"At this time, Fidelity does not allow investments in the <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="Bitcoin">Bitcoin</keyword> Investment Trust through our retail platform, including in IRAs," a Fidelity spokesman told Business Insider in an email.
However, accredited investors with IRA accounts do have access, according to SecondMarket.
But to be an an accredited investor, you must be worth more than $1 million - excluding your primary residence - or have made over $200,000 a year for the past two consecutive years.
Basically, you have to be someone like <a href="http://www.nba.com/warriors/chamath_palihapitiya_bio.html">venture capitalist Chamath Palihapitiya</a>, an owner of the Golden State Warriors, who announced his Bitcoin retirement account last week:
<blockquote class="twitter-tweet" lang="en">
According to my family office, I am the first person to have bought BTC thru my Fidelity IRA. Long live tax free compounding!
- Chamath Palihapitiya (@chamath) <a href="https://twitter.com/chamath/statuses/408748156642271232">December 6, 2013</a></blockquote>

However, since at least November, investment management firms PENSCO and Entrust have also offered Bitcoin retirement options, according to SecondMarket - although here again, you must be an accredited investor, according to SecondMarket
Widespread retirement on your Bitcoin savings could happen some day.
But it's still in a pretty nascent, amorphous stage.

No, Fidelity's Retail Clients Can't Save For Retirement In Bitcoin

<ul class="summary-list"><li><keyword id="107096" type="COMPANY" weightage="60" keywordseo="Tesla">Tesla</keyword> disclosed in a SEC filing on Feb 8 that it purchased $1.5 billion of <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword>.</li><li>If its holding has remained the same size, it will reportedly have made a $930 million profit.</li><li>That's almost 30% more than the company made from car sales in 2020, The <a href="https://www.thetimes.co.uk/article/tesla-makes-more-money-on-bitcoin-than-on-cars-5sfl6qd0h">Times of London</a> reported.</li></ul>Tesla's $1.5 billion bitcoin investment didn't just make headlines, it has also made the company more profit than its car sales last year, according to a <a href="https://www.thetimes.co.uk/article/tesla-makes-more-money-on-bitcoin-than-on-cars-5sfl6qd0h">Times of London</a> report.On Friday, the <keyword id="6357017" type="DEFINITION" weightage="60" keywordseo="cryptocurrency">cryptocurrency</keyword> smashed through the $55,000 level, bringing its market cap above $1 trillion. This means if Tesla owns the same amount of Bitcoin as it did on January 31, it made a paper profit of about $930 million since January. That's almost 30% more than its $721 million revenue from electric vehicles, per the report.Bitcoin's historic rally has been a source of debate across the investing community, with many concerned that its 546% year-on-year gains (according to CoinDesk data) might have created a bubble and UBS flagging that <a href="https://www.businessinsider.com/bitcoin-bubble-ubs-cryptocurrency-could-become-worthless-volatility-not-currency-2021-2?r=US&amp;IR=TIR=T">the asset could be 'worthless'</a>.However, Tesla's CEO, <keyword id="6355315" type="UNKNOWN" weightage="60" keywordseo="elon-musk">Elon Musk</keyword>, defended the investment. "Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&amp;P500 company," Musk <a href="https://twitter.com/elonmusk/status/1362598034866118658" target="_blank" rel="noopener">tweeted</a> on Thursday, responding to a <a href="https://twitter.com/business/status/1362582677199622145" target="_blank" rel="noopener">Bloomberg interview</a> with Binance CEO Changpeng Zhao.Tesla's original bitcoin investment was disclosed in its annual 10-k filing on February 8, showing that it bought $1.5 billion worth of bitcoin in January. The company also announced that it plans to begin accepting the cryptocurrency as a form of payment in the near future, according to <a href="https://www.cnbc.com/2021/02/08/tesla-buys-1point5-billion-in-bitcoin.html">a CNBC report</a>. Tesla shares rose 2% on the news, with bitcoin also hitting then record highs of $44,795.20.Despite JPMorgan CEO Jamie Dimon calling it a <a href="https://www.cnbc.com/2017/09/12/jpmorgan-ceo-jamie-dimon-raises-flag-on-trading-revenue-sees-20-percent-fall-for-the-third-quarter.html">"bit of a fraud"</a> in 2017, as <a href="https://www.cnbc.com/2017/09/12/jpmorgan-ceo-jamie-dimon-raises-flag-on-trading-revenue-sees-20-percent-fall-for-the-third-quarter.html">reported by CNBC</a>, institutional investors are starting to take note of the cryptocurrency. Even JPMorgan is now touting a case for <a href="https://markets.businessinsider.com/commodities/news/bitcoin-could-rally-to-$146k-as-it-competes-with-gold-for-alternative-currency-status---jpmorgan-9665657">the price of bitcoin hitting $146,000,</a> but a recent note published by the firm did suggest that Bitcoin was worth only $25,000 with such high levels of current volatility.BNY Mellon, America's oldest bank, has also started to dabble in Bitcoin, the <a href="https://www-wsj-com.cdn.ampproject.org/c/s/www.wsj.com/amp/articles/bitcoin-to-come-to-america-s-oldest-bank-bny-mellon-11613044810">WSJ reported.</a>All eyes are now watching for the next institutional to invest in the cryptocurrency."If you are a company CEO and thinking about adding <a href="https://twitter.com/hashtag/Bitcoin?src=hashtag_click">#Bitcoin</a> to your balance sheet you still have the opportunity to be an early adopter. But not for long," <a href="https://twitter.com/cameron/status/1358785128638644224">tweeted</a> Tyler Winklevoss, the billionaire and co-founder of <a href="https://www.businessinsider.com/crypto-investing-winklevoss-gemini-bitcoin-stable-coins-regulation-ethereum-fincen-2021-1">crypto-exchange Gemini</a>.

Tesla's bitcoin investment reportedly made more profit this year than car sales in the whole of 2020

<ul class="summary-list"><li><keyword id="11900744" type="UNKNOWN" weightage="60" keywordseo="tesla" source="Orion">Tesla</keyword> took a $51 million hit on its <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> holdings in the third quarter, its earnings showed Wednesday.</li><li>That's despite the cryptocurrency rising around 30% across the July to September period.</li></ul><a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a> posted solid third-quarter <a href="https://tesla-cdn.thron.com/static/TWPKBV_TSLA_Q3_2021_Quarterly_Update_SI1AKE.pdf?xseo=&amp;response-content-disposition=inline%3Bfilename%3D%22TSLA-Q3-2021-Quarterly-Update.pdf%22f%22">earnings</a> on Wednesday night, with profit and revenue up sharply.But Elon Musk's electric car company took a $51 million hit on its <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> investment - despite the token jumping around 30% in the third quarter.Confused?The answer to the riddle lies in the weird way Tesla has to account for the more than $1 billion of bitcoin on its books.It's "very asymmetric," according to Philippe Houchois, equity analyst at Jefferies.Houchois said Tesla has to value its bitcoin at the lowest point to which it falls over the quarter. That means it officially has to recognize a loss if it drops below the purchase price.Under the quirky accounting rules, Tesla can't ever revise the value of its bitcoin upwards. It only gets to recognize any gains if it sells the tokens.Tesla is thought to have bought its bitcoin for <a href="https://fortune.com/2021/04/27/tesla-tsla-bitcoin-btc-bet-how-much-has-it-made-elon-musk-profits/">around $34,000</a>. So even though bitcoin rose roughly 30% to $43,800 in the third quarter, Tesla had to write down the value of its holding because it <a href="https://markets.businessinsider.com/news/stocks/bitcoin-price-30000-first-time-since-june-delta-fear-22-2021-7">fell to $29,000</a> at one point in July.According to the accountants, Tesla's digital asset holding fell $51 million to $1.26 billion in the July to September period. That was down from $1.31 billion in the final quarter.And Houchois said the peculiar rules mean Tesla won't get to boast about its investment in the fourth quarter either, unless it sells some.Read more: <a href="https://www.businessinsider.com/bitcoin-etf-futures-contracts-proshares-sec-cme-crypto-investing-analysis-2021-10">As ProShares launches the first bitcoin futures ETF in the US, its global investment strategist told us why futures can be a powerful way to get crypto exposure</a>Bitcoin hit a <a href="https://markets.businessinsider.com/news/currencies/bitcoin-etf-price-prediction-btc-65000-100000-new-high-proshares-2021-10">new all-time high</a> on Wednesday of above $67,000. But Tesla is likely to face another "impairment charge" because it fell as low as $40,000 in September.Houchois said the rules are strange, but reflect the fact that accountants think bitcoin is an "intangible asset." They reckon it's hard to properly value and may not be very liquid - despite billions of dollars worth changing hands each day.However, Tesla's investment has been an excellent one when considering the actual gain bitcoin has notched up from January to today.Tesla <a href="https://www.businessinsider.com/tesla-buys-bitcoin-elon-musk-stock-accept-form-of-payment-2021-2">bought $1.5 billion</a> of bitcoin in January for somewhere around the $35,000 mark, before <a href="https://markets.businessinsider.com/news/currencies/elon-musk-tesla-bitcoin-holdings-sold-good-cash-alternative-personal-2021-4">selling 10%</a> later in the first quarter.Bitcoin was trading at around $66,000 on Thursday, meaning the value of Tesla's purchase has likely risen around 90% in just under a year, on paper at least.

Tesla took a $51 million hit on its bitcoin investment in Q3 despite the token soaring 30%. Here's why.

<ul class="summary-list"><li>El Salvador's president Nayib Bukele praised his country's bitcoin investment on Monday.</li><li>"Of course, we have no intention of selling; that has never been our objective," he said.</li></ul><a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> breached $42,000 on Monday for the <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-btc-fed-rate-cuts-crypto-stocks-riot-coinbase-2023-12">first time in 20 months</a>, and El Salvador's millennial president Nayib Bukele took to X to tout his country's investment in the crypto amid the big gains. In a <a href="https://x.com/nayibbukele/status/1731653743668572498?s=20" target="_blank" rel="noopener">post</a> on X early Monday, Bukele shared a screenshot of what he said was El Salvador's bitcoin portfolio. "El Salvador's #Bitcoin investments are in the black!" he said. At the cryptocurrency's current price following its recent climb, the country would notch a profit of more than $3.6 million. The 42-year-old leader said the country would not be exiting its position anytime soon, as that would run counter to long-term objectives."Of course, we have no intention of selling; that has never been our objective," Bukele said. "We are fully aware that the price will continue to fluctuate in the future, this doesn't affect our long-term strategy."He added that "naysayers" including journalists should offer apologies for doubting the country's investment decision. As for the bitcoin itself, investors' expectations for the Federal Reserve to ease interest rates have fueled a rally of more than 150% year-to-date.<a href="https://markets.businessinsider.com/news/stocks/crypto-stocks-coinbase-microstrategy-riot-marathon-bitcoin-ether-ftx-binance-2023-12?utm_medium=ingest&amp;utm_source=markets">Crypto-linked equities, too, have seen similar, triple-digit gains</a>. Names including Coinbase, MicroStrategy, and Riot Platforms have all surged over 200%.Meanwhile, the potential approval of a spot bitcoin ETF has added to the optimism, along with the looming bitcoin <a href="https://www.businessinsider.com/bitcoin-price-forecast-100000-crypto-spring-spot-etf-mining-halving-2023-11?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*19icdeg*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTcwMTcwMDA0NS4xNDQ5LjEuMTcwMTcwMjE0Mi42MC4wLjA.">halving event expected in April 2024</a>.

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