MicroStrategy will put $500 million from the sale of stock into Bitcoin
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Famous brands like Nike and Gucci have profited $260 million from NFT sales
What images do you have in mind when you think about Gucci? Designer purses, trendy jewelry, and classy Swiss watches? What about integrating payments with a Web3-powered ERC-20 governance and utility token? Doesn't it seem easy to say? The renowned Italian clothing company declared this week that it will add the ApeCoin (APE), which is linked to the Bored Ape Yacht Club, to its list of available payment methods, but only through BitPay. In other words, Gucci will allow you to sell your APE for US dollars and then use the money to shop at its stores.
If the news surprised you, keep reading to find out more about Gucci's expanding cryptocurrency ambitions. Keep an eye out for this week's Crypto Biz, as we analyze the most recent information pertaining to Michael Saylor and Robinhood. We'll leave you with a somber assessment of the collapse of the cryptocurrency market caused by Terra from a top Kraken executive.
Gucci is the first well-known company to accept payments with apecoin.
If you missed it, Gucci was the first significant company to accept APE payments through Bitpay. Months earlier, Gucci had declared that it would take 12 cryptocurrencies in exchange for payment at more than 100 of its retail locations in North America. Owners of digital currencies like Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE), and others may now exchange their holdings for a $5,000 GUCCI tote bag. In addition to accepting cryptocurrency payments, Gucci introduced two nonfungible token (NFT) collections this year, the SUPERGUCCI NFT lineup coming out in February.
Michael Saylor will continue as executive chair of MicroStrategy but leave his position as CEO.
Michael Saylor, the lead evangelist for Bitcoin, is clearing his schedule to devote practically all of his time to promoting the virtual currency. Saylor made the announcement this week that he was resigning as MicroStrategy's CEO in favor of a new executive chair post. Saylor's new position will concentrate on MicroStrategy's "Bitcoin acquisition strategy and related Bitcoin advocacy projects" as of August 8. The day after the announcement, the stock price of MicroStrategy soared to three-month highs. Investors appear to be happy with Saylor's position. If crypto winter persists for another year, we'll see how they react.
In my next job, I intend to focus more on #Bitcoin.
— Michael Saylor⚡️ (@saylor) August 3, 2022
‘This is on me’ — Robinhood CEO to lay off 23% of staff after Q2 loss
When we were riding the bull market over a year ago, Robinhood's entry into the cryptocurrency space looked fantastic. The bargain brokerage has been forced to let go of nearly a quarter of its workforce as a result of the decline in cryptocurrency, equities, and the overall economy. The terrible news was provided by Robinhood's CEO, Vlad Tenev, soon after the business released its dreadful second-quarter financial results, which included a 44 percent fall in net revenues over the same period last year. As asset values fell and transaction volumes dried up, organizations with a focus on cryptocurrencies experienced widespread layoffs this year.
"Departing Robinhoodies will be offered the opportunity to remain employed with Robinhood through October 1, 2022 and receive their regular pay and benefits. They will also be offered job search assistance (including an opt in Robinhood Alumni Talent Directory)."
— zerohedge (@zerohedge) August 2, 2022
Contagion only hit firms with ‘poor balance sheet management’ — Kraken Aus boss
The cataclysmic failure of Terra (Luna), now known as Terra Classic (LUNC), created a crypto industry-wide pandemic that ultimately resulted in multiple bankruptcies and trillions of dollars' worth of market capitalization loss. However, the only businesses and protocols that failed were those with "poor balance sheet management" and a total ignorance of how blockchain technology operates. Jonathon Miller, managing director of Kraken Australia, offered that sober analysis. He also discussed why his parent firm, Kraken, is expected to continue expanding and why Ethereum demonstrated resilience in the face of disaster.
Don’t miss it! What’s next for Bitcoin and Ether?
Both Bitcoin bulls and bitcoin bearish were surprised by how Bitcoin has performed over the last week. Ether, meanwhile, has recovered impressively from its lows as anticipation for its impending Merge grows. The outlook for both assets, though, is as transparent as mud. Have BTC and ETH reached their bottoms yet? is a question I discussed with fellow analysts Marcel Pechman and Benton Yaun in this week's Market Report. Below is a link to the whole replay of the program.
