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Bitcoin in Twitter’s future, Elon Musk owns ETH, SpaceX bought BTC

2021.07.25 Adam James

Regulatory efforts continue to ramp up in the United Kingdom as Amazon looks to enter the digital currency space.

It's been another eventful week in the blockchain and cryptocurrency industry, which looks to be further brought in line by authorities in the United Kingdom. With Twitter planning on incorporating Bitcoin into its future in a major way, Amazon is also looking to enter the digital currency space. Furthermore, Elon Musk confirmed this week that he owns ETH and that SpaceX owns BTC.

Here's everything you need to know about these stories, and more, in this week's edition of OKEx Insights' News of the Week.

Bitcoin to be a "big part" of Twitter's future

Bitcoin will apparently play a "big part" in Twitter's future, according to the social media giant's founder and CEO. Jack Dorsey shared this belief in a Q2 earnings call on Thursday, where he also claimed that the foremost cryptocurrency is the most likely candidate to become the internet's "native currency."

Key takeaways

  • Dorsey believes that a native currency of the internet, such as Bitcoin, would accelerate the company's implementation of Super Follows, Commerce, Subscriptions, Tip Jar and other products. "I think it's hugely important to Twitter and to Twitter shareholders that we continue to look at the space and invest aggressively in it," he stated.
  • Dorsey himself is a well-known Bitcoin bull that also owns Square, a payments firm that holds BTC on its balance sheet while allowing users to buy and sell the leading digital currency. The company is also building its own Bitcoin hardware wallet.

Amazon interested in entering digital currency space

Amazon is apparently interested in entering the digital currency space, per a new blockchain-specific job posting mentioning central bank digital currencies and various industry-related buzzwords. The listing reads:

"You will leverage your domain expertise in Blockchain, Distributed Ledger, Central Bank Digital Currencies and Cryptocurrency to develop the case for the capabilities which should be developed, drive overall vision and product strategy, and gain leadership buy-in and investment for new capabilities. You will work closely with teams across Amazon including AWS to develop the roadmap including the customer experience, technical strategy and capabilities as well as the launch strategy."

Key takeaways

  • The specific details pertaining to Amazon's interest in the digital currency space remain sparse, though some are speculating that the e-commerce behemoth is interested in its own digital currency.

U.K. to apply FATF's travel rule to crypto transactions

The United Kingdom's finance ministry is planning to implement the Financial Action Task Force's travel rule to cryptocurrency transactions, per a public consultation unveiled by HM Treasury on Thursday that states:

"The government has been kept informed of technological developments, such as the development of common data standards and the progress of a large number of software solutions, and considers that the time is now right to begin planning for the implementation of the travel rule."

The consultation will run until Oct. 14, with legislation planned for next spring.

Key takeaways

  • The planned legislative efforts are geared toward monitoring the financing of terrorism, money laundering and large transfers of funds.
  • As it currently stands, transfers of 1,000 GBP-worth of cryptocurrencies would need to be reported under the planned scheme.

JPMorgan Chase's wealth managers to process crypto fund orders

JPMorgan Chase has greenlit the ability for its wealth-management advisors to provide crypto-based offerings — specifically, those from Grayscale and Osprey — at the request of their clients.

Key takeaway

  • JPMorgan Chase's wealth managers are not allowed to present crypto-based funds to their clients. In line with its historically bearish stance on crypto, the Wall Street giant's advisors may only process crypto-related orders from their clients.

Elon Musk owns ETH, and Tesla and SpaceX own BTC

Elon Musk confirmed that he owns ETH in a high-profile conversation featuring Jack Dorsey at The B Word conference this week. The enigmatic Tesla and SpaceX founder also confirmed that both companies own BTC.

Key takeaways

  • Despite his frequent trolling and seemingly bearish sentiment regarding Bitcoin mining, Musk stated that he owns significantly more BTC than ETH and DOGE.
  • Nevertheless, Musk made it clear throughout the conversation that he remains a Bitcoin skeptic — particularly due to its environmental impact.

OKEx Insights presents market analyses, in-depth features and curated news from crypto professionals.

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.