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Welcome back to The Watch: A Bi-Weekly Bitcoin Newsletter

In this week's exciting edition of The Watch, we cover Elon Musk sharing his views on Bitcoin, MicroStrategy's Bitcoin for Corporations virtual summit, and PayPal shares their first earnings report with Bitcoin sales included.

 News 

Bitcoin exceeds PayPal's expectations

US-based payments provider PayPal just released their first earnings report that included Bitcoin sales on their platform and the data was extremely promising for Bitcoin use on their platform. 

  • Launched buy, hold, and sell experience in the U.S. on October 21, 2020 

  • Plans to expand to Venmo and select international markets in H1-21 

What To Watch Out for Next: Though is data is promising and will lead to more Bitcoin use on the PayPal platform, there is still a concern for how Bitcoin will be transacted as PayPal has clearly stated that users are not able to send Bitcoin to their friends or family. 

Read more here

 Capital 

Bitcoin for Big Business

This week MicroStrategy held their first Bitcoin for Corporations virtual summit where CEO Michael Saylor and a slate of BTC industry luminaries discussed Bitcoin as a groundbreaking treasury reserve strategy. 

  • In 2020 Microstrategy purchased ~70,469 Bitcoins at an aggregate cost of ~$1.125B with an average price of ~$15,964 per Bitcoin.

  • "In the current environment of monetary inflation, Bitcoin is a logical solution to the store of value problem," said Michael Saylor 

What To Watch Out for Next: MicroStrategy and its Bitcoin Advocate CEO Michael Saylor are intent on "Avalanche of companies" joining the Bitcoin crusade. With attendees from SpaceX and other large companies at their Bitcoin for corporations event, MicroStrategy is leading the front on Bitcoin adoption by big business. 

Read more here

 News 

Late But Worth the Wait

Elon Musk, the CEO of Tesla, has been thrown into the Bitcoin party after last month he tweeted that he would be open to accepting Bitcoin. This week Musk voiced his opinion on Bitcoin and the Bitcoin community rejoiced. 

  • Elon added "#Bitcoin" to his Twitter bio which prompted pandemonium from his supporters in the bitcoin community. 
  • "I am a supporter of bitcoin. I am late to the party but a supporter. I think bitcoin is on the verge of getting broad acceptance by conventional finance people." Said Elon during his talk on Clubhouse

What To Watch Out for Next: Elon Musk is perhaps one of the most influential people on the planet with millions of followers on social media and his acceptance of Bitcoin has sent shockwaves around the world. If Elon starts accepting Bitcoin payments at Tesla, expect thousands of businesses around the world to follow suit. 

Read more here

Social Post of the Week 

Check this out!  

House of Helmet is the first Art Gallery dedicated to Art Helmets which has the vocation to collaborate with recognized and emerging artists from different countries, ethnicity, and genders through symbolic unifying pillars: Art Helmets. House of Helmet is now accepting Bitcoin payments through OpenNode, check out their current collection of pieces here.

Words of a Legendary Hero

"The future belongs to those who prepare for it today." 

- Malcolm X 

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