Another day, another dollar… or $12 million of them! That’s right, somebody paid $12 million for a diamond at yesterday’s Sotheby’s Auction, which wouldn’t usually be very newsworthy except that they paid for it in cryptocurrency. The event marks the first time that Sotheby’s has accepted cryptocurrency for the sale of a physical item (they have sold NFT’s before), and is the most expensive jewel ever sold for crypto.
The buyer – a Hong Kong national whose identity remains undisclosed – was lucky enough to get the rare diamond for less than the expected price of $15 million. The 101-carat diamond is one of only two flawless pear-shaped diamonds ever offered in an auction. Besides cash, Sotheby’s also accepted Bitcoin or Ethereum for the sale, although it’s unclear which cryptocurrency was used.
TikTok Crypto Ban
In other crypto news, the popular video creation service TikTok has banned all advertising related to cryptocurrency, along with other financial and investment-related services. The update to its Brand Content Policy states that “All financial services and products are prohibited,” and continues to list various items such as “cryptocurrency, foreign exchange, debit and pre-payment cards, forex trading, commemorative coins, pyramid schemes…”.
The ban adds financial products to its growing list of banned industries, such as alcohol, tobacco, weapons, gambling, political content, and sexual services. Tiktok says the ban comes in light of an increasing number of young users falling victim to investment scams and schemes promoted on the platform. The meme-inspired cryptocurrency Dogecoin (DOGE), in particular, has seen exponential growth as a result of influencers promoting it on TikTok.
The Dogecoin Saga Continues
In other Dogecoin news, Tesla CEO and self-proclaimed ‘Dogefather’, Elon Musk, continues to insist that the joke cryptocurrency could eventually be better than Bitcoin and Ethereum. He even went so far as attempting to explain to the coin’s developers how they can improve Dogecoin, such as “maximizing base layer transactions and minimizing transaction costs” – although he didn’t provide any further details.
The problem is, not only is Dogecoin a meme that was never designed for real-life use, but it is merge-mined with Litecoin, meaning it would need to be hard-forked to its own blockchain before any changes can be made. While it all seems a little ridiculous, this is the cryptocurrency industry we’re talking about so I wouldn’t be surprised if he actually pulled it off. Despite so minor gains on the news, DOGE remains down 70% from its all-time high of $0.73.