BITCOIN & BIG RETAIL

BEST BUY embraces Bitcoin - joining a growing list of major retailers

Major retailers around the world are feeling the pull of Bitcoin - from Brazil, Dubai, Croatia, Ukraine...and of course the USA!

The executive suite is well aware of the rising tide of consumer demand for Bitcoin, and they're getting ready to facilitate mass adoption. We have seen this manifest very slowly in banking - and now retail!

Best Buy now sells Bitcoin hardware wallets across 900 locations in the USA.

ā€¢ Multiple locations quickly sold out in a limited trial, which led to expansion across 900 stores. Customers will have the option to receive guidance through the wallet activation process.

UKRAINE: Bitcoin and crypto accepted at +100 supermarket locations by retailer Varus

ā€¢ A partnership between Varus and Binance will give customers the option to pay in Bitcoin using the Binance wallet only. Not ideal, but it's a start.

The trend among retailers is global...

Payments giant NCR has started integrating Bitcoin payments into 'point of sale' retail applications it sells to +750K merchants around the world. They've also partnered with Strike to integrate the Lightning Network.

Walmart has already dipped a toe in the Bitcoin pond.

ICYMI...

BLOOMBERG: Bitcoin adoption and demand are increasing. Itā€™s only a matter of time before it hits $100,000.

ā€¢ Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, predicted that the rising adoption and demand will eventually result in a surge in Bitcoin's price.

Chinese court rules Bitcoin and crypto trading legal, but not for payments.

ā€¢ The judgment was issued in a case involving a cryptocurrency loan in Litecoin (LTC) with the promise of interest being paid in digital currencies. According to the ruling, China only rejects the monetary characteristics of virtual currency and forbids its use as money, but the virtual currency itself is property that is protected by law.

RUSSIA: Businesses can choose which cryptocurrency to use to pay for international trade.

ā€¢ Russia is getting ready to make the use of digital assets in foreign trade settlements legal. As early as next year, Russian businesses may begin doing business with partners abroad using cryptocurrencies.

Thailand bans crypto staking and lending services.

ā€¢ The decision to ban was made to "shield traders" from the dangers posed by crypto lenders.

White House just released framework for cryptocurrency regulation.

ā€¢ The new framework is a follow-up on President Joe Biden's executive order that was issued in March in which directed federal agencies to evaluate the risks and merits of cryptocurrencies and publish official reports on their conclusions. This framework describes how the financial services sector should change to facilitate borderless transactions and combat fraud in the digital asset market

CFTC already preparing to be leading cryptocurrency regulatory, says Chairman

ā€¢ The head of the U.S. Commodity Futures Trading Commission, Rostin Behnam, claimed that the CFTC is the ideal regulator for the digital assets ā€œcommodities marketā€ because of its knowledge and experience. Last month, Sen. Debbie Stabenow announced legislation that would give the CFTC broad authority to regulate the trading of digital assets, including granting the CFTC oversight over cryptocurrency spot markets.

Bitcoin canā€™t be classified as a security. It is different from the rest of the market - U.S. Senator Pat Toomey

ā€¢ The Senator also criticized Gary Gensler, the head of the SEC, for refusing to realize how distinct cryptocurrencies are from conventional investment instruments like equities and bonds.

First solar-powered Bitcoin mining facility is now open in South Australia

ā€¢ To reduce the carbon footprint associated with Bitcoin mining, Lumos Digital Mining built a five-megawatt solar-powered power plant. The center is capable of mining +100 Bitcoin every year, depending on power availability.

Thank you for reading!

Cheers,

Archie

P.S. Pls share with friends and colleagues :)