Retail giant [Walmart](https://www.walmart.com/) announces plans to roll out 200 Bitcoin ATMs across their United States stores.

Walmart plans to install Bitcoin ATMs across 200 of their stores allowing customers to exchange physical cash for bitcoin.

Working in partnership with ATM manufacturer Coinstar and crypto wallet Coinme, Walmart aim to speed crypto adoption and make it easier for the public to purchase bitcoin with physical cash, lowering the barrier to crypto entry.

Director of Communications at Walmart Molly Blakeman said: ‘Coinstar, in partnership with Coinme, have launched a pilot that allows its customers to use cash to purchase bitcoin. There are 200 Coinstar kiosks located inside Walmart stores across the United States that are part of this pilot.’

With 25,000 terminals already installed across the US, Bitcoin ATMs are nothing new, however many view Walmart’s involvement as an encouraging signal for widespread crypto adoption, especially for those in the lower income bracket.

## Coinme

Coinme describe themselves as a bitcoin wallet provider making it ‘easy to purchase bitcoin at participating Coinstar and Moneygram locations’.

Users simply have to download the wallet app for iOS or Android, create an account and verify their identity before finding a physical location to purchase their bitcoin. The simple to use mobile application will appeal to those who are put off buying crypto through complicated centralised exchanges.

## Coinstar

Coinstar is an established American owned ‘coin-cashing machine company’ which was founded in 1991 and taken over by Apollo Global Management in 2016. Its primary business model focuses on the conversion of loose change into paper currency, donations and gift cards via their coin-counter kiosks. Branching into cryptocurrency seems like the logical next step.

The purchase process has been designed to be accessible and simple.

Bitcoin buyers simply insert physical money into the coin-counter kiosk, state how much bitcoin they would like to buy and receive a voucher with a unique redemption code. Purchasers then redeem their bitcoin by logging in to their Coinme wallet and inputting the specified code.

The initial pilot is for 200 Bitcoin ATMs through Walmart’s biggest stores with plans for a further 8,000 to be rolled out if the pilot proves popular.

However, many people were quick to criticise the high fees involved with the ATMs. With 4% added as a ‘trade fee’ and a further 7% added as a ‘cash transaction fee’ many people labelled the ATMs a ‘rip off’.

Whether the Bitcoin ATMs prove to be a hit remains to be seen, however what the pilot clearly shows is that retail giants such as Walmart have a strong interest in providing crypto accessibility to all corners of society.

Bitcoin ATMs to be Rolled Out by Walmart

The excitement caused by the launch of the world’s first Bitcoin ETF (exchange traded fund) earlier this week is raging on.

Cryptocurrency enthusiasts and investors championed the eagerly anticipated launch on social media, while commentators were quick to analyse the implications.

Coined the [ProShares Bitcoin Strategy ETF](https://money.cnn.com/quote/quote.html?symb=BITO), trading of the revolutionary fund kicked off at $40 a share under the ticker symbol BITO and headed upward, closing out the day up 5%.

## "Investment Vehicle"

According to ProShares, their Bitcoin exchange traded fund is an investment vehicle that tracks BTC (bitcoin) futures contracts. A representative for the company commented that the new ETF boasted first day trading volume of some 29 million shares and has, so far, banked assets of over $1 billion.

The successful launch of the first cryptocurrency-based ETF is considered by many to be, for now, _the_ watershed moment in terms of legitimising these digital assets as a genuine investment vehicle for anyone.

The financial brain trust has been trying for years to launch an ETF that exposes investors to bitcoin and while megabanks like JP Morgan and Wells Fargo have allowed specific segments of their client rosters the option of investing in certain types of cryptocurrency, none of those banks, before _this_ week, could offer their clients an ETF to invest in.

That’s all changed now.

## ETFs Gaining Popularity

Crypto-ETFs are expected to gain popularity, and accelerate interest, among traditional investors as a one of the simplest options for getting a bit of exposure to cryptocurrency without having to deal with the enigmatic intricacies of cryptocurrency exchanges in order to buy the digital assets.

And wouldn’t you know it? More players are joining the party.

Specialised alternative asset management firm, Valkyrie Investments, also got the green light from the SEC not long ago to launch their own version of the _next_ bitcoin futures ETF. Valkyrie’s new ETF is on par to begin trading on Nasdaq today. The fund will trade under the ticker BTF, but we can’t help but mention the storyline behind Valkyrie’s brief plan to designate a familiar acronym to the fund: BTFD.

Did you miss it?

It’s okay. I did too.

## The Cryptoverse

Valkyrie took a swing at a brilliant marketing strategy, and almost got away with it. The temporary ticker symbol of BTFD was purported to be an acronym that stood for ‘buy the {expletive} dip,’ which is a heavily promoted maxim for a certain trading strategy in the cryptoverse that has yielded hefty returns for the traders who have adopted the strategy. The security and exchange commission (SEC), no doubt, had their reservations and now it appears the fund will start trading under the original ticker symbol of BTF.

Whatever the ticker symbol, it is undeniable that cryptocurrency has now achieved a ‘stamp of approval’ from both regulatory and traditional sceptics and the market’s evolutionary pace now includes the ETF market. The cryptocurrency market continued its moonshot trajectory achieving a value of over $2.6 trillion earlier this week, after bitcoin hit record highs of more than $66,000.

Bitcoin ETF Mania Rages on

Electric car-maker [Tesla](https://www.tesla.com/en_GB/) yesterday reported record revenue and profits for the third quarter of the year.

However, Tesla's accounts also record a $51 million impairment charge relating to its bitcoin investment.

The company, led by CEO Elon Musk, reported no new purchases or sales of digital assets in its Q3 accounts, just like in Q2. However, under accounting rules for digital assets a company must record an impairment charge if the value of an asset it holds falls during the quarter it is reporting on. Any increase in value is not reported as a gain on the accounts.

## Tesla Purchased 41.5 billion Bitcoin

It is reported that because Tesla holds crypto as an 'indefinite-lived intangible asset' the company is required by accountancy rules to record the value of bitcoin at the time of purchase. If the BTC value falls well below the price at the time of purchase, Tesla must write down the value of its holdings as an impairment charge. 

It was announced in February that Tesla had purchases $1.5 billion-worth of bitcoin and sales of around 10% of that holding saw Tesla's balance sheet later boosted by some $272 million.

Plans to allow the purchase of Tesla vehicles with bitcoin were suspended in May, amid apparent concerns about the environmental impact of the cryptocurrency. However, over the summer, Musk stated that the plan could 'likely' be resurrected if ecological concerns were addressed.

More [Bitcoin news](/news/category/bitcoin-news).

Tesla Records $51m Bitcoin Impairment Charge

So, the Bitcoin ETF launch happened in New York, and attracted a lot of attention. You've heard about it, but what does it mean?

The first futures-based Bitcoin Exchange Traded Fund (ETF) finally launched on the New York Stock Exchange amid a fanfare in what many are calling a watershed moment not just for Bitcoin but for the cryptocurrency industry as a whole.

After years of rejected applications and many a false dawn, the world’s first futures based Bitcoin ETF became available to investors yesterday.

The ‘ProShares Bitcoin Futures ETF’ will provide investors with exposure to Bitcoin without having to personally hold the asset themselves. Investment brokers will be able to purchase and trade shares in the fund which will give their customers exposure to the world’s premier cryptocurrency.

## Crypto Legitimacy

The sanction and launch of the latest financial product added legitimacy to Bitcoin and cryptocurrency with many people viewing the event as a watershed moment for the entire industry.

Whilst crypto industry milestones have historically led to massive sell-off’s many industry experts are expecting prices to soar to new all time highs as a professional and licenced ETF will provide a legitimate avenue for institutional capital to enter the industry.

Michael Spahir, CEO of ProShares told the New York Times that '2021 will be remembered for this milestone' as traditional investors want 'convenient access to Bitcoin in a wrapper that has market integrity'.

## Only futures for now

While the ProShares ETF is a purely futures based product, meaning buyers can only trade contracts based on the speculation of the future price of Bitcoin, many experts agree that this is a step in the right direction for those institutional clients looking for Bitcoin exposure.

Michael Saylor, CEO of MicroStrategy, announced in September that “When we have a Bitcoin ETF in the US, billions and billions of dollars will flow into Bitcoin that under no circumstances would have found their way into Bitcoin otherwise”.

With a Bitcoin price of just over $63,000 the future remains to be seen but with market sentiment riding high many are expecting today’s milestone to be the catalyst the market has been waiting for.


What Does the Bitcoin ETF Launch Mean?

Positivity around the approval of United States Bitcoin ETF products by the SEC has propelled the value of vitcoin beyond $60,000 for the first time since March 2021. The U.S ETF industry is enormous – the industry is worth an astounding $6.7 trillion and we may see the approval of not one but up to four products, including a ProShares product later in October.

The culmination of eight years of anticipation may be a watershed moment for the crypto industry. Proposals from ProShares and Invesco are for futures-based Bitcoin ETFs, filed under The Investment Company Act of 1940 – this will allow more protection for investors.

There are several other factors that have led to the current bullish sentiment around the value of bitcoin, including El Salvador's goodwill gesture with regards to The Bitcoin Trust, India's emergence as the world's largest crypto user base, the US's emergence as the world's leading Bitcoin mining hub and the disappointment of China's definitive crypto ban being put behind the public.

## Can the Value of Bitcoin reach $80,000 in 2021?

Realistically, the answer is no. While US Bitcoin ETF approval is around the corner, you never know when a setback to growth may appear. Yes, the value of bitcoin will surpass its all-time high and perhaps even cross $72,500 but it is difficult to see the prized crypto asset crossing the $80,000 mark even if the current bullish trend continues into November. That said, bitcoin could very much reach $100,000 in 2022.

The whole industry is likely to benefit from current value of bitcoin positivity and it is only a matter of time before altcoins like Ether and Cardano pick up (rapid) pace as well. 2022 is likely to be one of the most important years in recent crypto history, as CBDCs are poised to play a prominent role in global finance.

More [Bitcoin news](/news/category/bitcoin-news).

Bitcoin Future Value Prediction by the end of 2021

Bitcoin price has hit $60,000 for the first time since April this year, after reports of approved Bitcoin ETF trading.

The price of Bitcoin breached the $60K mark on Monday and is trading at a price of $61,051 with a market cap of more than $112 billion.

## ETFs Likely To Be Approved

Bloomberg reported that there was indications to suggest that the Securities and Exchange Commission ([SEC])(https://www.sec.gov/) would be likely to approve several Bitcoin futures ETFs to begin trading next week.

The CME group is seen to have the most likely chance of being approved. If this happens, it will make Bitcoin even more attractive to traders and help push up prices of the cryptocurrency higher.

## SEC Give Positive Reception

The approval of a Bitcoin ETF was also highlighted back in August when VanEck submitted a proposal to the SEC which received a positive reception from them.

Many expect that once Bitcoin futures are approved, there will be a new interest in trading it and this would help push up its price.

Bitcoin Breaks $60K for First Time Since April

The bitcoin price took another massive step forward yesterday peaking at $57,500, just $7,000 short of its April all time high.

What are the factors behind this recent surge in price? Are we about to eclipse the yearly record or is this just another false dawn on the long road to crypto adoption. Lets take a closer look.

**‘Institutional Bitcoin Products’**
------------------------------------

Online data from _Digital Asset Fund Flows_ by CoinSharesshow that in the previous week $225 million of capital had entered ‘institutional Bitcoin products’ bringing the combined Assets Under Management (AUM) of institutional crypto to $66.7 billion, just 5% from the all time high the market witnessed in April this year.

Institutional Products may be described as funds, derivatives or any traditional asset management company which continue to enter the cryptocurrency market in increasing numbers.

Interestingly, as money flowed into Bitcoin nearly $13.5 million flowed out of Ethereum products in the same week reflecting Bitcoin’s current market dominance of 46.9%, it’s highest since mid May.

**Bitcoin ETF imminent?**

So what has caused the spike in interest in Bitcoin over the last few days?

Many people believe the US securities and Exchange commission is about to give the green light for investment firms to offer their clients Bitcoin Exchange Traded Fund or ETF for short.

An ETF is an investment vehicle which tracks the price of the underlying assets without requiring investors to own the assets themselves. If the SEC gave the green light for investment firms to offer this form of product the market could witness massive investment as customers look for safe and trusted ways for Bitcoin exposure.

Many people believe October could be the month as the four applications the SEC is currently reviewing are based on established, regulated and insured futures contracts offered by the Chicago Mercantile Exchange (CME).

**Not all rosy**

However, Pantera Capital CEO Dan Morehead isn’t so optimistic pointing out that many historically anticipated events in crypto have often resulted in up to 90% market downturns.

Furthermore, many experts believe that while a Bitcoin ETF would mean investment funds would scramble to buy up ‘real’ Bitcoin, the long term price would be heavily manipulated if a Bitcoin ETF is approved pointing to the price suppression witnessed when gold and silver ETF’s were launched in 2004.

As with governments all over the world policy decision is closely guarded and leaks are rare. However, the intense price action from Bitcoin over the past week suggest institutional investors know that something special is in the air.

Bitcoin price closes in on all-time high

It’s time we talked about bitcoin. Yes, about bitcoin. The prodigal son has indeed returned and has been acting rather differently this past week especially given his unruly behaviour over the last 6 months. Is he finally coming out of his shell? Let’s take a closer look.

The price of bitcoin currently stands at a little over $55,500, an increase of roughly 25% over the last week alone. With a market capitalisation of over $1.05 trillion it is safe to say October has started well for cryptocurrency’s first born.

What are the factors driving this growth? Is it different this time? Can bitcoin be trusted, or do we need to keep it under close supervision?

## About bitcoin in the Current Economic Climate

As no doubt everyone is aware we are in turbulent economic waters. Supply chain problems, rising energy prices, weaker than forecast growth and climbing inflation are all combining to create a perfect environment in which bitcoin can flourish and show its true colours.

It is within this macro-economic climate that bitcoin has generated massive interest from institutional investors this week, with everyone from J.P Morgan to Bank of America finally accepting bitcoin’s potential.

While behaving like any other tradable tech equity, BTC, by its very design, becomes the perfect hedge in times of economic crisis due to its limited total supply.

## Uncorrelation from Traditional Stocks

When NASDAQ and Dow Jones indices fell this week, many cryptocurrency advocates rejoiced as bitcoin began to move upwards and uncouple from traditional stocks. However, acting as an economic hedge is only part of the reason for BTC’s recent price surge.

Bitcoin’s coming of age really began on October 1st when Jerome Powell of the US Federal Reserve stated that he had no intention of banning bitcoin or any form of cryptocurrency.

This in turn restarted rumours concerning the launch of a futures-based ETF this quarter which brought added context to Bank of America’s recent comment that ‘bitcoin is too big to ignore’.

Additionally, there has been a massive recent increase in the purchase of bitcoin futures indicating that those in the financial know anticipate BTC to be trading at a significant premium by Christmas 2021.

J.P Morgan had a recent change in stance from May this year when the world largest investment bank reduced their exposure to bitcoin in favour of gold. However, this week the bank rescinded with the announcement that bitcoin was the perfect hedge in times of economic woe and was indeed ‘better than gold’.

## Little Trouble from Big China

Over in China the crackdown on the mining of BTC and other energy intensive proof of stake cryptocurrencies has enhanced bitcoin’s reputation on the green stage and again adds to the attraction of bitcoin as a serious and worthwhile long-term investment.

The future certainly looks bright for the once maligned BTC and his handful of close associates. If they continue to behave, mature and provide a beacon of stability then a world of limitless opportunity is sure to present itself. Let’s hope so.

What is Bitcoin Doing?

Dutch football team, PSV, has announced that it is now holding Bitcoin (BTC) on its balance sheet following partnership with Bitcoin exchange, Anycoin Direct, in August earlier this year.

## Cryptocurrencies 'Fit Well'

When the sponsorship agreement was signed, commercial director of PSV Frans Janssen said "The possibilities and the future that the world of cryptocurrency offers is very promising, as a club in the heart of the Brainport region, we are always innovating, and cryptocurrency fits well into this picture."

PSV Football Team to Hold Bitcoin on Balance Sheet

El Salvador has upped its investment in [bitcoin (BTC)](/coins/btc) following a 5% last week. The country, the first to make BTC a legal tender, took advantage of the fall to increase its position. El Salvador President Nayib Bukele, on Twitter, said the country has bought an additional 150 BTC worth $6.8 million. 

## President Advises Buying the Dip

That brings El Salvador’s holding to 700 BTC, just two weeks after starting to buy. Interestingly, the President advised people that they should buy during dips, rather than worrying about the price fall. In June, El Salvador passed the Bitcoin bill, making BTC legal tender from September 12. This prompted warnings from, among others, the World Bank and IMF that there could be disastrous economic impact. 

They also refused to help the country in the technical integration of BTC as legal tender and several rating agencies, like Fitch and Moody’s, downgraded Salvador’s credit rating. In El Salvador the move prompted protests, some violent. 

## Could Other Countries Follow?

Yet the President maintains most of the population support the move and use BTC for daily needs. He also pointed to the success of the official bitcoin wallet app, [Chivo](https://marketrealist.com/p/chivo-wallet-explained/), which was downloaded more than 500,000 times in two weeks. Other countries could follow the lead of El Salvador, with Cuba and Panama among those looking at bitcoin to assist in economic revival.

El Salvador Increases Bitcoin Position