Welcome to another edition of This Week in Crypto, your trusted source for the latest happenings in the dynamic world of digital currencies. We start off with Reebok’s latest ventures in the Web3 world, then move on to the Swiss city Lugano’s pioneering efforts in accepting Bitcoin and Tether for tax payments. Finally, we explore Bitcoin’s market cap of $800B, eclipsing major global corporations like Berkshire Hathaway. Join us as we unpack these intriguing developments and their potential implications for the future of cryptocurrency.
Reebok and Futureverse Join Forces to Innovate Digital Fashion
Global sportswear brand Reebok is venturing into the metaverse through an exclusive partnership with crypto tech startup Futureverse. The collaboration aims to develop AI and blockchain-supported games and digital experiences, with a mission to revolutionize digital fashion. The partnership plans to convert various Reebok designs into digital wearable versions associated with NFTs, similar to initiatives by Adidas and Nike. However, Reebok’s focus extends beyond digital fashion to creating immersive virtual gaming experiences.
In the coming year, Reebok and Futureverse are set to launch “Reebok Impact”, a unique digital shoe experience that blends AI technology with on-chain digital wearables. This initiative aims to shift the focus from the shoes themselves to the experiences they enable. Reebok CEO Todd Krinsky expressed that the collaboration will allow the brand to engage consumers in the digital evolution of its products, transcending traditional boundaries.
Futureverse, which raised $54 million in a Series A round in July, aims to establish an open metaverse where digital assets like NFTs can move freely across multiple platforms. This is achieved primarily through the acquisition of other crypto companies, games, and metaverse experiences that are integrated into Futureverse’s platform. While none of the 11 companies under Futureverse have ventured into digital footwear yet, this partnership with Reebok marks a significant step in that direction. Meanwhile, Reebok has yet to announce plans for physical sneakers linked to digital tokens.
Swiss City of Lugano Now Accepts Bitcoin and Tether for Tax Payments
In a significant move highlighting the growing acceptance of cryptocurrencies, Lugano, a prominent Swiss city, has made an official declaration to accept Bitcoin (BTC) and Tether (USDT) as legitimate methods of payment for taxes and various community fees.
This initiative marks a significant step in promoting the local adoption of Bitcoin, allowing both individuals and businesses to utilize cryptocurrencies for municipal services and tax obligations. The process will be facilitated by Bitcoin Suisse, a leading Swiss cryptocurrency platform, providing a transaction system for BTC and USDT. Irrespective of the nature of the service or the invoice amount, citizens and businesses can now settle their local dues using Bitcoin.
The crypto-friendly move is a part of Lugano’s ambitious ‘Plan B’, a joint venture with Tether aimed at leveraging Bitcoin technology to revolutionize the city’s financial ecosystem. This isn’t Lugano’s first foray into embracing digital currencies; it had previously collaborated with Tether in March 2022 to start accepting cryptocurrencies for tax payments. Additionally, the city has implemented several blockchain-based solutions, including the MyLugano app, LVGA Points payment token, and the Lugano digital franc.
Bitcoin's Market Cap Tops $800B, Surpassing Berkshire Hathaway
Bitcoin has now surpassed the market capitalization of multiple global corporations, including Berkshire Hathaway. As of December 4, it crossed the $800 billion mark, following its overtaking of Berkshire Hathaway on December 3. The cryptocurrency’s market cap escalated beyond $780 billion as its price soared past $40,000 during the weekend, surpassing Berkshire Hathaway’s cap of $779 billion.
Despite Bitcoin’s significant fluctuations, it exhibited a remarkable 20% surge in the past month and an over 150% increase year-to-date, reaching new multi-month highs. Currently, Bitcoin’s market cap stands at $821 billion, 4% more than the market value of Berkshire Hathaway. The cryptocurrency is now the 10th largest asset by market cap, trailing behind Meta Platforms and Nvidia.
With its market cap crossing $800 billion, Bitcoin is only 38% away from its all-time peak price of $69,000, reached in November 2021. If the current upward trend continues, Bitcoin’s market cap might hit the $1 trillion mark for the second time in its history, the first being in February 2021 when Bitcoin was valued at $53,700.
