PRViously on Crypto: Dogecoin now accepted for Tesla merch, German savings banks want to enable crypto for 50M clients
From the news that Dogecoin is now accepted as a payment method for Tesla merch to German savings banks to allow its 50 Million customers to invest in Bitcoin and the likes, we got it covered.
It’s a brand-new week for the cryptoverse, and we are here to give you the latest happenings and trends that caught our eyes. It’s been a week of roller coasters, and we are here to update you on the hottest news.
Are you ready for it? Let’s go! Here are last week’s top headlines!
PRViously on Crypto, Tesla will accept Dogecoin as payment for some of its merchandise, German savings banks are planning to allow customers to invest in major digital currencies.
Tesla to Make “Merch” Buyable With Dogecoin
Elon Musk, the CEO of Tesla, has stated that the company would accept Dogecoin as payment for Tesla’s merchandise.
Musk tweeted, “Tesla will make some stuff buyable with Doge and see how it goes.”
Within minutes following the news, Dogecoin soared over 28%. Musk, the self-proclaimed “Dogefather,” has been in the news for embracing the joke cryptocurrency throughout the year.
Musk’s tweets and live appearances referencing the coin have frequently had a big influence on its price, with 66.3 million followers on Twitter and a cult-like following outside of it.
For example, during his inaugural Saturday Night Live performance on NBC in May, Musk referred to Dogecoin as “a hustle,” causing the asset’s price to collapse by as much as 29.5 percent.
While Tesla is one of the largest corporate Bitcoin investors, with around 42,000 Bitcoin on its balance sheet, Musk appears to prefer Dogecoin. Musk owns Dogecoin, in addition to Bitcoin and Ethereum, and has contemplated tasking his developers with assisting the meme-inspired cryptocurrency in scaling to attain better throughput.
“Bitcoin is not a good alternative for transactional cash at its core.” “Despite the fact that it was founded as a joke, Dogecoin is better suited for transactions,” Musk told Time Magazine after being named the publication’s Person of the Year for 2021. According to him, Dogecoin is a currency that “encourages individuals to spend rather than hoard as a store of value.”
Dogecoin is presently trading at $0.21, up from $0.16 when Musk made his remark. Despite this, it’s still a long way from its all-time high of $0.78 set in May.
German savings banks want to enable Bitcoin for 50M clients
Customers will be able to invest in major digital currencies such as Bitcoin (BTC) and Ether (ETH) straight from their checking accounts, according to German savings banks.
According to local business magazine Capital, German-speaking savings banks, often known as Sparkassen, are working on a pilot to introduce an in-house bitcoin wallet and exchange next year.
Sparkasse committees must approve the trial project early next year, with the banking association aiming to establish associated services by the beginning of 2022.
The story was confirmed by a spokeswoman for the German Savings Banks Association, who told Cointelegraph:
“More and more consumers are interested in crypto-assets. One in ten customers of the German Savings Banks states he/she owns or has owned crypto-assets. Considering their expectations, the Savings Banks Finance Group has to look into crypto-assets, too.”German Savings Banks Association
A group of experts from the German IT service company S-Payment is now “exploring ways to give an alternative for chosen clients to safely keep crypto-assets in a wallet,” according to the spokesman.
A similar trial initiative should begin with individual savings banks, with each of the 370 Sparkassen determining whether or not to launch crypto trading on their own. According to Capital’s sources, the crypto platform has already piqued the interest of a number of institutions.
Sparkassen is a decentralized organization of commercial savings banks that operate freely in German-speaking nations. Savings banks, which have roughly 50 million users, are said to have a total asset base of 1 trillion euros ($1.2 trillion). S-Payment did not immediately react to a request for comment from Cointelegraph.