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Welcome to our first newsletter of 2024, a year that promises to be a thrilling journey for everyone in the cryptocurrency community. As we embrace the new year, we’re excited to bring you the latest updates from around the cryptocurrency industry, insightful analyses on the evolving landscape of crypto payments, and the most recent advancements in our BitPay’s product offerings.
In This Issue:
BitPay in the News
Check out the latest news from BitPay this month:
Industry news
Read news from across the blockchain industry:
- SEC Approves Spot Bitcoin ETFs: The U.S. Securities and Exchange Commission has approved the launch of spot Bitcoin ETFs, a move expected to significantly boost investment in digital currency.
- MicroStrategy’s Bitcoin Purchase: MicroStrategy, led by Michael Saylor, continues its significant investment in Bitcoin, purchasing an additional 14,620 BTC for $615.7 million, contributing to their total holdings of over 189,150 bitcoins.
- Central Bank of Nigeria Lifts Ban on Crypto Transactions: The Central Bank of Nigeria has reversed its ban on cryptocurrency transactions, allowing for renewed crypto activities in the country.
- Elon Musk’s Crypto Holdings and Plans: Elon Musk, the owner of X (formerly Twitter), reveals his personal crypto holdings and plans to revolutionize payment systems, challenging PayPal, Visa, and banks, while holding significant amounts of Dogecoin and Bitcoin through SpaceX and Tesla.
- IRS Delays Enforcement of Digital Asset Reporting Rules: The IRS has postponed the enforcement of new digital asset reporting rules, awaiting further regulatory guidelines.
- Vitalik Buterin’s Updated 2024 Roadmap for Ethereum: Vitalik Buterin, co-founder of Ethereum, has shared an updated 2024 roadmap for Ethereum, focusing on key priorities like the Merge, Surge, Scourge, Verge, Purge, and Splurge, aimed at enhancing the blockchain’s efficiency and decentralization.
How Bitcoin ETFs Can Impact Crypto-Savvy Merchants
In our latest insights for merchants, we delve into how the approval of Bitcoin ETFs is ushering in a golden era for crypto-savvy merchants.
The SEC’s green light for 11 spot Bitcoin ETFs not only boosts investment options but also signals a bullish trend for merchants accepting crypto payments, as higher Bitcoin prices typically correlate with increased consumer spending in crypto.
This development, coupled with the upcoming Bitcoin halving in April 2024, presents a prime opportunity for merchants to integrate crypto payments into their operations, tapping into a market of younger, tech-savvy, and high-spending consumers. Read the full article here.
Nominate Your Favorite Merchants for the Best of BitPay Awards 2023
We’re celebrating all of the innovating brands, retailers, and organizations that accept cryptocurrency! Whether you’re a current merchant or avid customer, we want to hear from YOU!
Nominations are open now through January 31st. Once nominations are in, voting will begin on February 1st and run through February 28th.
→ Nominate your favorite BitPay merchants for this year’s Best of BitPay Awards.
Product Focus: Payouts with BitPay Send
BitPay’s latest Stats update showcases how businesses across the globe are using BitPay Send. Affiliate payouts and customer rebates/rewards/refunds lead the way as top use cases, with payroll, cash outs, and B2B vendor payments growing steadily.
With BitPay Send, companies can effortlessly send Bitcoin, Ethereum, and other crypto payments worldwide, offering a simple, secure, and cost-effective alternative to traditional payment methods, all without the need to buy, hold, or manage crypto themselves.
→ Explore BitPay Send and discover how it can streamline your business’s payment processes.
Featured Merchant: Jomashop
This Valentine’s Day, elevate your gift-giving with the exquisite selection of jewelry, watches, and high-fashion accessories at Jomashop. Embrace the future of shopping by using cryptocurrency to purchase that perfect, luxurious gift for your loved one. Discover the ease and convenience of paying with BitPay at Jomashop, where timeless elegance meets modern payment innovation, making your Valentine’s Day shopping experience as special as your gift.
→ Start your Valentine’s Day shopping with Jomashop
Questions to Ask Your Payment Processor
Don’t risk partnering with the wrong crypto payments provider. Arm yourself with the right questions to ask when vetting potential partners.
Question #08: Do they have a list of referenceable clients? If so, who?
Read the overview here or download our expanded guide of questions to help spot a reliable and trustworthy crypto partner.
Bitcoin Halving Countdown
The Bitcoin halving is slated to take place in April 2024. With the upcoming Bitcoin halving event, merchants have a unique opportunity to capitalize on the increased interest in Bitcoin spending. By accepting Bitcoin payments through BitPay, merchants can tap into a growing customer base and benefit from the potential surge in Bitcoin transactions. Don’t miss out on this chance to stay ahead of the curve and sign up with BitPay today.
Word of the Month: Dollar-Cost Averaging
Dollar-cost averaging (DCA) means making smaller, equal investments on an ongoing basis, instead of making large or irregular crypto buys. Although cryptocurrency can be considerably more volatile than stocks, dollar-cost averaging with crypto can help you reap many of the same rewards traditional equities traders enjoy through the strategy.
By regularly buying your favorite coins, you’ll be automatically investing more over time no matter what’s going on in the crypto market. This enables you to grow your holdings, and can lower your overall cost-basis during dips.
→ Learn more about dollar-cost averaging
Not a current merchant?
Get in touch with a BitPay representative today
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