Latin American e-commerce giant bought $ 7.8 million worth of bitcoins

ilovealtcoins

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The investment amount of $ 7.6 million is not too large for one of the largest e-commerce businesses in America, but it shows that the trend of cryptocurrency adoption is appearing around the world.
At the same time, Metromile, a pay-per-mile auto insurance company, adopted Bitcoin as a payment unit for its service and planned to buy back $ 10 million worth of Bitcoin.

Quote from: noorammak on May 07, 2021, 10:23:57 AM

Metroline auto insurance company recently announced the adoption of Bitcoin as a payment unit in its contracts, and it plans to buy $ 10 million worth of Bitcoin.

Link:
https://finledger.com/2021/05/06/metromile-adds-bitcoin-as-payment-option-to-create-fairer-insurance-for-all/

https://cointelegraph.com/news/nasdaq-listed-insurer-metromile-plans-10m-bitcoin-purchase

Bitcoin's value will increase to $ 1 million, which is sure to happen if companies worldwide will actively invest in Bitcoin.

btc_angela

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Quote from: Bilgent on May 07, 2021, 06:27:09 PM

I find it really low amount of investment considering their marketcap which is around 73 billion dollars now. But it is still good news for Bitcoin adoption of course. And maybe they might have a strategy like MicroStrategy that made $10m investments in parts instead of investing all of it at once.

Still big though for me, at least another millions worth is entering the ecosystem, so it's not that bad.

Yeah, its possible that they are just testing the waters and see how it goes. That's how wise investors is, not just going all in at once, so for sure they have think of this strategy. And maybe sooner when they have profited enough, they will invest more. So for now, this is just a start and pretty sure the next phase of bitcoin investment will be coming, pushing the price to at least 6 digits because of such company like Tesla and MercadoLibre.

Kong Hey Pakboy

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Quote from: Bilgent on May 07, 2021, 06:27:09 PM

I find it really low amount of investment considering their marketcap which is around 73 billion dollars now. But it is still good news for Bitcoin adoption of course. And maybe they might have a strategy like MicroStrategy that made $10m investments in parts instead of investing all of it at once.

They might be planning on buying more in the future and they are currently just testing the waters in the cryptocurrency scene. It is indeed a good news, so we all as an individual investor, we have to accumulate as much bitcoin there is because we don't want to be missing on prices going up since companies are buying bitcoin again.

TastyChillySauce00

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about a damn time. crypto is the future and if a tech giant didn't try to invest in blockchain technology it has I doubt they deserve to be called "tech" giant anymore. The thing I like about crypto is that it opens up a whole new audience and corporates to the open source project and if a company tries to invest to bitcoin or any blockchain based project, i'm pretty sure they're open to the idea of cryptocurrency. at this point I'm really looking forward to any other large corporation joining hands developing crypto space alongside the open source community as well as adopting cryptocurrency.

Alucard1

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It's nice to hear good news like this, Latin American e-commerce is really a big company, its great to see that big companies are now trusting cryptocurrency especially bitcoin. I wonder what would be the next for this, hoping that a lot of companies or all companies will invest in bitcoin as well, it will push the mass adaption if most of the big companies in different countries will invest in bitcoin, it will persuade some citizens as well to try bitcoin, including those people who don't have good knowledge yet in cryptocurrency.

uneng

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Mercadolibre is taking this adoption really seriously. They will be also accepting payments in bitcoin on their platform in Argentina and probably on the next year or years bitcoin will be accepted as payment method also in another countries where the the platform operates. I think they want to start step by step, only in Argentina for now to see how it works and soon as they get some experience with crypto, the feature will be extended. I just hope they don't retreat from now on like another platforms did, like Steam, which accepted bitcoin for a while, but due to volatility removed the feature after some time.

Bilgent

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I find it really low amount of investment considering their marketcap which is around 73 billion dollars now. But it is still good news for Bitcoin adoption of course. And maybe they might have a strategy like MicroStrategy that made $10m investments in parts instead of investing all of it at once.

verita1

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OMG! This is great news! I bought my first SmartPhone last year at MercadoLibre in Venezuela. Because it is a wide e-commerce network in Latin America. When I chose my phone, I offered the seller to pay in bitcoin and he accepted, in view of his positive response, I preferred to pay him in ethereum for the transaction time and the cheaper fees that he also accepted.

It is unavoidable! One day it will happen to more businesses around the world. Bitcoin and cryptocurrencies are here to stay and contribute to improving economies in any corner of the planet.

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Quote from: famososMuertos on May 07, 2021, 02:40:15 PM

Behind the case of Mercado Libre is a guy like Marcos Galperin, a successful investor, not as popular as Elon Musk.

By the way, other important institutions such as JP Morgan have or had shares in Mercado Libre.

So the "orange" fire is burning in the pockets of these leaders and they are generating trust in their environment.

Quote

The interest of Mercado Libre in cryptocurrencies goes in line with comments from its CEO early this year. Marcos Galpering, Argentine billionaire and CEO of the e-commerce platform, said bitcoin is a better store of value than gold.

Marcos Galpering has long watched Bitcoin and trusts Bitcoin more than gold. not as popular as elon musk, but he successfully listed his company name as one of the big companies investing in Bitcoin.

famososMuertos

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In recent days I read that the owner or main shareholder of eBay is interested in bitcoin, eBay had Mercado Libre shares. Let's say there is some connection.

In particular, I believe that these movements, although with a corporation behind them, are occurring due to the leadership behind the individuals in each of these companies.

Behind the case of Mercado Libre is a guy like Marcos Galperin, a successful investor, not as popular as Elon Musk.

By the way, other important institutions such as JP Morgan have or had shares in Mercado Libre.

So the "orange" fire is burning in the pockets of these leaders and they are generating trust in their environment.

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Quote from: BitcoinPanther on May 07, 2021, 01:37:55 PM

Quote from: Blitzboy on May 06, 2021, 11:55:51 AM

Damn. More and more big hands join the race. I wonder whether any bitcoin left for us haha. Bitcoin lately has no significant movement but I bet it is having the largest accumulation ever. Too many good news but it still wanders around $56000

$90000 is definitely viable. Try to work more and buy more bitcoin

I think even $100k is viable. Bitcoin had surged to 57k+ and that is a significant movement, even breaks the $60k barrier and hits $64,863.10 according to CMC. With more company joining the race, I think it is just a matter of time before Bitcoin breaks the $100k barrier.

This is the beauty of bitcoin slowly but surely and only time will tell, as time goes by, bitcoin is increasingly in demand by large companies and big people and various circles to get involved with bitcoin.
Apart from being able to store bitcoin value, this also serves as their trading transaction and this is a sign of a significant and mutually beneficial growing adoption that will continue for the next newcomer.
to reach 100K I firmly believe this year will come true and maybe more than that.

BitcoinPanther

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Quote from: Blitzboy on May 06, 2021, 11:55:51 AM

Damn. More and more big hands join the race. I wonder whether any bitcoin left for us haha. Bitcoin lately has no significant movement but I bet it is having the largest accumulation ever. Too many good news but it still wanders around $56000

$90000 is definitely viable. Try to work more and buy more bitcoin

I think even $100k is viable. Bitcoin had surged to 57k+ and that is a significant movement, even breaks the $60k barrier and hits $64,863.10 according to CMC. With more company joining the race, I think it is just a matter of time before Bitcoin breaks the $100k barrier.

Coyster

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Quote from: ninkdwi on May 07, 2021, 12:52:51 PM

with that large amount of bitcoin purchases, is there any sign of sudden price changes on Wednesday? or the purchase aims to be the holder?
because the market movement after the purchase did not change too drastically.

You're looking at the price only for the short-term, this sort of purchase of Bitcoin doesn't immediately cause an appreciation in price. Even when the influx of institutional investors into the network started, the bull run/appreciation in price was not felt at that moment. There may/may not be any spike in price, as the amount of Bitcoin bought, though much, isn't too significant. The thing is, it's not all about just the price for now, it's the fact that the believe in the Bitcoin network is going higher, more (institutional) investors are now interested, that's an indication of mass adoption in the 'nearest future.'

fiulpro

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Quote from: Blitzboy on May 06, 2021, 11:55:51 AM

Damn. More and more big hands join the race. I wonder whether any bitcoin left for us haha. Bitcoin lately has no significant movement but I bet it is having the largest accumulation ever. Too many good news but it still wanders around $56000

$90000 is definitely viable. Try to work more and buy more bitcoin

The reason it does not have a lot of significant movement is because the moment a whale try to dump a significant amount there are people waiting to buy , literally! I do think this is a plus point for us at the end of the day. Stability is there but at the same time we have a couple of Volatile opportunities.

Quote from: ninkdwi on May 07, 2021, 12:52:51 PM

with that large amount of bitcoin purchases, is there any sign of sudden price changes on Wednesday? or the purchase aims to be the holder?
because the market movement after the purchase did not change too drastically.

Even if it did go up there would be people selling it the moment they see a uproar which would honestly cancel it all out. The price is actually higher today as compared to few days back.

Quote from: Baofeng on May 07, 2021, 12:43:53 PM

Take note that MercadoLibre is the largest e-commerce and payment in Latin America. So this is a huge company and this news is very welcoming indeed as bitcoin is really becoming a global phenomena and this could push other companies to hedge their balance sheet in bitcoin. Maybe somewhere in Asia, the board members of a big company is putting this on notice and we may hear big companies going on public and announcing that they too are joining the bandwagon.

It is indeed already a big global phenomenon therefore I do think they did join in too late. Again I do think they will take some points regarding market Manipulation saving then a whole lot of backlash like Elon Musk.

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with that large amount of bitcoin purchases, is there any sign of sudden price changes on Wednesday? or the purchase aims to be the holder?
because the market movement after the purchase did not change too drastically.

willoweb

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I get the impression that only IT companies and companies in which CTOs have loud voices have thought of this. I do not take into account banks and funds - because these guys are only doing what they are chasing profit in any guise. It is strange that other companies with high capitalization and profitability are not taking advantage of the moment they are not buying cryptocurrency now. I think this is due to a lack of understanding of the management and because of this it seems to them that it carries risks.

Baofeng

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Take note that MercadoLibre is the largest e-commerce and payment in Latin America. So this is a huge company and this news is very welcoming indeed as bitcoin is really becoming a global phenomena and this could push other companies to hedge their balance sheet in bitcoin. Maybe somewhere in Asia, the board members of a big company is putting this on notice and we may hear big companies going on public and announcing that they too are joining the bandwagon.

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Quote from: Leviathan.007 on May 06, 2021, 11:38:13 AM

MercadoLibre announced that it bought $ 7.8 million worth of bitcoins on Wednesday. The company is one of the newest public trading companies to add bitcoin to its balance sheet.
The Argentine-based company said in its revenue report that the acquisition was made in the last quarter and is part of the company's treasury strategy. MercadoLibre shares are traded on Nasdaq under the name MELI.
Although this acquisition is a far cry from the massive acquisitions of companies such as MicroStrategy (approximately $ 2.2 billion) or Tesla ($ 1.5 billion), MercadoLibre's investment is a powerful step toward popularizing bitcoin as a payment option.
Latin America, the largest e-commerce company, last week unveiled a real estate platform that allows you to buy property with Bitcoin. The company's payment platform was integrated with Bitcoin in 2015.

Source: https://www.coindesk.com/e-commerce-giant-mercadolibre-discloses-7-8m-bitcoin-buy

This is a very amazing news for the crypto community. Even though the worth of bitcoin bought by this company is relatively small as compared to Giant companies like Microstrategy and Tesla, I believe it will go a long way in adoption of crypto in the mainstream world.
I'm of the opinion that now, there will be quite some adoption in Latin America with a move like this. I wouldn't be surprised, if some few months or months, we begin to see other companies in Latin America adopting bitcoin and other crypto.

dothebeats

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It's good that the interest in bitcoin is spreading far and wide. Although in today's market, this is still a small sum, that 100+ bitcoins will go a long way if they held on to it for a long time. Bitcoin is still getting stronger and stronger and more fitting in today's economy and financial flow, and is further justified to be important by such companies who are constantly buying and stocking it up for the future. This will not be the last that we'll hear companies buying millions of dollars worth of bitcoin, that's for sure.

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Quote from: Blitzboy on May 06, 2021, 11:55:51 AM

Damn. More and more big hands join the race. I wonder whether any bitcoin left for us haha. Bitcoin lately has no significant movement but I bet it is having the largest accumulation ever. Too many good news but it still wanders around $56000

$90000 is definitely viable. Try to work more and buy more bitcoin

bitcoin will always be available in the market, so rest assured everyone can still get bitcoin. and you're right at the moment the news for crypto is very positive. This makes me believe that the market is getting stronger day by day.

sheenshane

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Good news around, I saw and heard a lot of institutions buying Bitcoin in the worth millions of dollars.

Anyway, I did my research about MercadoLibre because I think it was just an error but you’ve mentioned that MercadoLibre is a public trading company, but it’s not. It’s an e-commerce company that is listed in the public stock market and I think that's what you want to say.

And also, Mercadolibre isn’t based in Argentina. They were legally incorporated in the United States but the board or founders are Argentinean.

AFAIK, MercadoLibre has a wide range of payment methods and I think the reason they bought Bitcoin is in line with their business and I think they're expecting that Bitcoin will soon be accepted to their business as a mode of payment.

Lucius

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Quote from: cheezcarls on May 07, 2021, 07:31:42 AM

Now that’s very huge and it’s great that they have seen the light in owning BTCs for good!

For the average person, $7.8 million is without a doubt serious money - but if we look at today's crypto market, that amount is literally a drop in the ocean. If we convert this amount into BTC, we will only get 136 coins - which is actually very little when compared to an investment of tens of thousands of Bitcoins.

What always makes me happy is that there are some companies outside the US investing in Bitcoin, and that would mean the trend is global. Given that a much more favorable situation is expected in the rest of the year when it comes to pandemics, I expect more good news and even more companies to jump into the crypto train.

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Quote from: Leviathan.007 on May 06, 2021, 11:38:13 AM

MercadoLibre announced that it bought $ 7.8 million worth of bitcoins on Wednesday. The company is one of the newest public trading companies to add bitcoin to its balance sheet.
The Argentine-based company said in its revenue report that the acquisition was made in the last quarter and is part of the company's treasury strategy. MercadoLibre shares are traded on Nasdaq under the name MELI.
Although this acquisition is a far cry from the massive acquisitions of companies such as MicroStrategy (approximately $ 2.2 billion) or Tesla ($ 1.5 billion), MercadoLibre's investment is a powerful step toward popularizing bitcoin as a payment option.
Latin America, the largest e-commerce company, last week unveiled a real estate platform that allows you to buy property with Bitcoin. The company's payment platform was integrated with Bitcoin in 2015.

Source: https://www.coindesk.com/e-commerce-giant-mercadolibre-discloses-7-8m-bitcoin-buy

Now that’s very huge and it’s great that they have seen the light in owning BTCs for good! It seems that more huge companies and institutions from around the world are slowly buying and adopting Bitcoin. Although that massive adoption is still a long way to go, this is way better than none at all!

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Quote from: avikz on May 07, 2021, 05:51:05 AM

That's what the biggest fear as on date. With more and more corporates jumping into this field and hoarding millions worth of bitcoin is what driving us towards more centralization.

How is this leading to centralization?
What is centralized in some owning more than others?

Quote from: avikz on May 07, 2021, 05:51:05 AM

Once the corporates have their hands on to the majority of the bitcoin supply, we will be doomed to death as then the market will be controlled by few companies just the way today's financial market is getting controlled.

Why do you think corporations are one single entity that makes the same moves all the time? There is a war between them, an economical war as in any free market, you think Amazon will team up with Tesla and KFC with Subway to manipulate bitcoin's market?
And even so, how is that different from what we had before? The Winklevoss brothers had 100 000 BTC , Loaded had 50k, knightmb had more than 300k BTC god knows how many coins other people who had been here from the start had. That wasn't centralization? You would trust an anonymous user on the internet on not trying to manipulate the market for its own game but from the strat believe a company would do so?
Or, you believed that somehow only the poor will get to own bitcoins and the rich will have to beg to get some satoshi from them?

Quote from: Bitstar_coin on May 06, 2021, 02:50:16 PM

Institutions are really getting involved in btc,

Why do people keep on saying institutions, institutions are one thing institutional investors are a different thing.

Obito

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Quote from: avikz on May 07, 2021, 05:51:05 AM

That's what the biggest fear as on date. With more and more corporates jumping into this field and hoarding millions worth of bitcoin is what driving us towards more centralization. Definitely a lot of additional liquidity is flowing into the market, but bitcoin market was never deprived of liquidity so that's not what we want.

Once the corporates have their hands on to the majority of the bitcoin supply, we will be doomed to death as then the market will be controlled by few companies just the way today's financial market is getting controlled. Not a matter to cheer on!

Yeah it is scary but we have to understand that we just have to accumulate more of cryptocurrency before that happens so when it really does happen and the prices starts to go up, then you can get more profit out of it. I don't think that that kind of corporate takeover in the decentralized market is going to easily happen, I am sure that they are going to be fighting other companies too.

avikz

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That's what the biggest fear as on date. With more and more corporates jumping into this field and hoarding millions worth of bitcoin is what driving us towards more centralization. Definitely a lot of additional liquidity is flowing into the market, but bitcoin market was never deprived of liquidity so that's not what we want.

Once the corporates have their hands on to the majority of the bitcoin supply, we will be doomed to death as then the market will be controlled by few companies just the way today's financial market is getting controlled. Not a matter to cheer on!

Bitstar_coin

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Institutions are really getting involved in btc, I assume some of them feel challenged and left out to be part of this great tech, this is going to be part of btc everyday news because many more will dive in, this type of news makes me very bullish and hope that the market will stay bullish through out this year.

acener

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Well another great news for us and I think we could expect more to come in the future,
They only started to accept it now and decided to invest in it I am sure there would be more big names and big investors in the future.
But expect that there would also be some butt hurt people who would talk shit about it let's just ignore them and enjoy the ride guys HODL.

Review Master

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Looks like, institutional adoptions are still on the track and more good news will come in the upcoming days. First, news about bitcoin will be added into hundreds of USA Banks for giving supports towards bank users so that they can buy, sell or hodl. Second, Ebay is looking forward to add crypto as a payment method and now, MercadoLibre's investing into Bitcoin which is a great thing. Though dominance is still down, but bull run of bitcoin isn't over yet. Now just hoping to see bitcoin at $70k or more.

Rruchi man

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This is such great news for the bitcoin community, and an even greater news for the hodlers of bitcoin. We need more companies to take initiative and follow likewise, hopefully this will drive the price of bitcoin upwards towards the desired price that most people predicted the price to get to ( The 70k-100k range).

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Damn. More and more big hands join the race. I wonder whether any bitcoin left for us haha. Bitcoin lately has no significant movement but I bet it is having the largest accumulation ever. Too many good news but it still wanders around $56000

$90000 is definitely viable. Try to work more and buy more bitcoin

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MercadoLibre announced that it bought $ 7.8 million worth of bitcoins on Wednesday. The company is one of the newest public trading companies to add bitcoin to its balance sheet.
The Argentine-based company said in its revenue report that the acquisition was made in the last quarter and is part of the company's treasury strategy. MercadoLibre shares are traded on Nasdaq under the name MELI.
Although this acquisition is a far cry from the massive acquisitions of companies such as MicroStrategy (approximately $ 2.2 billion) or Tesla ($ 1.5 billion), MercadoLibre's investment is a powerful step toward popularizing bitcoin as a payment option.
Latin America, the largest e-commerce company, last week unveiled a real estate platform that allows you to buy property with Bitcoin. The company's payment platform was integrated with Bitcoin in 2015.

Source: https://www.coindesk.com/e-commerce-giant-mercadolibre-discloses-7-8m-bitcoin-buy

Topic: Latin American e-commerce giant bought $ 7.8 million worth of bitcoins (Read 256 times)