Category Archives: Bitcoin

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When Gerald Cotten died suddenly in 2018, he was only 30 years old, but fabulously wealthy thanks to founding Quadriga, one of the first cryptocurrency exchanges. Or at least, thats how it seemed. His death coincided with growing concerns about the legitimacy of Quadriga.

After investigating, the Ontario Securities Commission said Quadriga was run like a Ponzi scheme. More than Quadriga clients collectively lost more than $200-million.

Jennifer Kathleen Margaret Roberston was Cottens wife, and was there when he died. And despite being at the centre of a huge scandal, shes never spoken publicly about her husbands fraud or death or the suspicion it cast on her until now.

Telecom reporter Alexandra Posadzki and ROB reporter Joe Castaldo interviewed Robertson about her memoir, Bitcoin Widow: Love, Betrayal and the Missing Millions. They bring us that interview, and their expertise as journalists whove been covering this story from the beginning.

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Canada's 'Bitcoin widow' speaks - The Globe and Mail

1. Bitcoin Resumes Its Slide, Widening Crypto's Monthly Losses  Bloomberg
2. Bitcoin falls 6.1 percent to $47607  Reuters
3. First Mover Asia: Bitcoin Slumps to Below $48K Ahead of $6B Options Expiry  CoinDesk
4. Bitcoin price hovers near $48,000 after Tuesday fall  Fox Business
5. Bitcoin tumbles 7%, leads major cryptocurrency losses  MarketWatch
6. View Full Coverage on Google News

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Bitcoin Resumes Its Slide, Widening Crypto's Monthly Losses - Bloomberg

In less than a week, investors can pop the champagne corks and celebrate another successful year. Through Dec. 22, the widely followed S&P 500 was higher by 25%, which more than doubles up its average annual total return of around 11%, including dividends, since the beginning of 1980.

But it's the cryptocurrency space that's delivered the juiciest gains of all. Since the year began, the aggregate value of all digital currencies came close to tripling. Not surprisingly, Bitcoin (CRYPTO:BTC) has been one of the biggest contributors to this nominal value increase, with a year-to-date gain of 67%. It accounts for 40.5% of the entire $2.27 trillion cryptocurrency market.

Image source: Getty Images.

Bitcoin's gains, which recently reached as high as 8,000,000,000%from where it began trading in early July 2010, have come on the heels of numerous catalysts.

To begin with, Bitcoin's first-mover advantage has made it the most-popular cryptocurrency with retailers. As of late 2020, small-business financing platform Fundera estimated that 15,174 businesses worldwide accepted Bitcoin as payment -- and this figure has assuredly grown since.

To build on the above point, Bitcoin was also recognized by El Salvador as legal tender in September. It's the first country to allow Bitcoin to be used as accepted currency, and could pave a path for other nations to follow.

The world's most valuable digital currency has benefited from rapidly rising inflation in the U.S. and abroad as well. Since Bitcoin has a perceived cap of 21 million tokens, it's viewed as an inflationary hedge against a rapidly growing U.S. money supply and price hikes. In November, the Consumer Price Index for All Urban Consumers jumped 6.8% in the U.S., marking the biggest year-over-year jump in 39 years.

Investors look to be clearly excited about the upgrade potential for Bitcoin, too. In November, the long-awaited Taproot upgrade took effect. Taproot allows for smart-contract transactions to occur on the network, which opens the door for a broader use of the Bitcoin blockchain. Smart contracts are protocols that help to verify, enforce, and facilitate a contract between two parties.

Lastly, even the fear of missing out (or FOMO) has played a role. After watching Bitcoin gain 8 billion percent, crypto investors appear to be more than willing to overlook any threat of a reversion.

Image source: Getty Images.

Although Bitcoin has proved me wrong over the past year, I still wouldn't buy the most-popular digital currency on the planet with free money -- and I'd suggest others avoid it, too. Below are some of the reasons I simply can't buy into the hype surrounding Bitcoin.

For starters, it isn't the scarce token it's made out to be. Take gold as a comparison. Since we can't use alchemy to make any additional gold, what remains in the ground and what's been already mined is all there will ever be. In terms of physical scarcity, that's a true line in the sand. As for Bitcoin, lines of code are what limit its "cap" of 21 million coins. Even though consensus is unlikely to increase the number of outstanding tokens above 21 million, it's not impossible that it happens. Thus, Bitcoin only offers the perception of scarcity and not true scarcity.

Another big issue for Bitcoin is dilution. But I'm not talking about the modest coin inflation that comes with cryptocurrency mining. Rather, I'm alluding to Bitcoin being a first-generation blockchain network that's being left in the dust by third-generation blockchain innovation. There's absolutely no reason for Bitcoin to be worth $913 billion when blockchain projects at a fraction of its value can scale better, process faster, and handle far more complex transactions. Bitcoin may be benefiting from a first-mover advantage, but the first to the foray is rarely the victor.

Image source: Getty Images.

History provides yet another reason I want nothing to do with Bitcoin. Major price swings are somewhat commonplace in the crypto space, and reversions following huge gains happen often. Bitcoin was up 8 billion percent at one point since July 2010 and has yet to demonstrate that it truly has staying power. Since it's been unable to decouple from the stock market, I would be betting on a significant reversion following its pandemic-low bounce.

To build on this previous point, there now are considerably more avenues to bet against Bitcoin than there have ever been. The rise of Bitcoin-focused exchange-traded funds and Bitcoin futures offers a safer way for big-money players to bet on downside in the world's most-popular crypto. In other words, Bitcoin becoming more mainstream as an investment will hurt more than help.

And finally, history also tells us that investors have a really poor track record of estimating the adoption of next-big-thing technologies. Looking back on the internet, business-to-business commerce, genomics, 3D printing, and so many next-big-thing advancements reveals that their adoption took far longer than expected. This isn't to say that blockchain can't become a mainstream technology in payment and nonfinancial applications at some point in the future. But it's important to recognize that businesses aren't willing to jump at the chance to use blockchain until it's been thoroughly vetted in the real world. We're just not anywhere close to that yet.

There are plenty of cryptocurrency projects that are really intriguing and could change the course of payment processing or supply chain management. Bitcoin just isn't one of them.

This article represents the opinion of the writer, who may disagree with the official recommendation position of a Motley Fool premium advisory service. Were motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.

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Here's Why I Still Won't Buy Bitcoin, and You Shouldn't, Either - The Motley Fool

2021 was a wild year for cryptocurrency. Despite bitcoin's recent plunge, for example, its price has still risen by more than 70% in the past 52 weeks.

More important, bitcoin and other cryptocurrencies have made tremendous strides, not just in valuation today the cryptocurrencymarket capitalization is estimated at $2.5 trillion,more than double a year ago but also in growing acceptance.

Onemidyear surveyestimated that there were 221 million cryptocurrency holders, more than twice the number in January. And this year,El Salvador declared Bitcoin to be legal tender, and several countries including the U.S. have issued some form of Bitcoin-based ETFs.

At the same time, we also saw severe backlash against cryptocurrencies. China has been among the most explicit countries in cracking down, both evicting crypto miners and banning most cryptocurrency transactions for its billion-plus citizens. India isconsidering similar measures.

And even where governments are not inclined to ban crypto, 2021 has been a year of skepticism about the energy drain, and thus climate impact, that crypto potentially creates.

Given these conflicting signals, what does the new year hold? As editor of fintech newsletterFIN, here are what I see as the crucial crypto trends in 2022:

We will see further advances in mainstream cryptocurrency adoption. They may not always take the form of legal tender, but financial institutions will increasingly embrace cryptocurrency because customers are demanding that it be part of their portfolio. Many banks and financial service companies will make working with crypto a way to entice and retain customers.

In February, Canada's Purpose Investments launched what itclaimsto have been the world's first bitcoin-based ETFs. Less than a year later, it has some $1.4 billion under management.

There's no reason this can't be duplicated 10 or 100 times in markets outside the U.S. And althoughit's been reluctant to do so, the Securities and Exchange Commission could approve a bitcoin or crypto ETF in 2022.

Individual investors are also increasingly likely to realize that they can build profit in a crypto portfolio,despite the risks,and borrow against it, extending the crypto ecosystem.

A fascinating competition has developed in recent months between crypto-titanEthereumandseveral crypto blockchainsthat present themselves as faster and cheaper.

The argument might not resolve itself in 2022, but savvy investors are likely to balance their portfolios to play it safe.

2021 has been a year of remarkable retreat by techbehemoths that once dreamed of crypto domination.

Meta, formerly known as Facebook, has dragged its feet for years about their digital currency, now called Diem.The recent departure of Meta's head of cryptocurrency David Marcusall but guarantees that even if Diem makes it out of the starting gate, it will be irrelevant.

This departure follows Google'sannouncementin October that it will not pursue its ambitious plans for a full-blown payment and banking service. The departure of humbled tech companies should represent a growth opportunity for existing cryptocurrenciesandstablecoins.

It's confusing, but the more the world wants crypto, the more certain governments want to crack down on it.

Technologically, banning crypto is all but impossible, but governments can make it very hard for citizens to trade (by denying licenses to exchanges, for example). In the U.S. and Europe, expect more scrutiny about the climate impact of cryptocurrency mining.

Sometimes the crypto rollercoaster can distract from the fact that, overall, market for the largest coins was way up in 2021.There's no obvious reason to think that pattern will change in 2022.

Bill Barhydt, CEO of crypto exchange Abra and a noted bitcoin bull,saysbitcoin could hit $100,000 in 2022. That's ambitious but hardly insane.What investors and would-be investors need to accept is that it could also drop another 20% on its long journey to that height.

James Ledbetter is the editor and publisher of the fintech newsletter FIN, and the former editor-in-chief of Inc. Follow him on Twitter @jledbetter.

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A fintech expert's top 6 crypto predictions: Bitcoin hitting $100,000 is 'ambitious but hardly insane' - CNBC

The top dogs of the cryptocurrency market are undeniably Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH). There are certainly strong arguments to be made about many smaller digital currencies, especially those that excel in areas where Bitcoin and Ethereum do not at the moment.

However, with a combined market cap of more than $1.4 trillion, the two largest denominations command more than half of the total crypto-market's $2.4 billion valuation. Put another way, stack all of the market's other cryptocurrencies together and they're not as big as the Bitcoin-Ethereum combo.

With this strong history of appreciation, it's easy to see why volatility-tolerant investors of the two largest cryptocurrencies are eyeing the next big major milestones. Based on Monday morning's pricing, Bitcoin would have to appreciate by 95% to hit $100,000. Ethereum is a 144% surge away from $10,000.

Bitcoin is closer to its next-round milestone, but it doesn't mean that it will get there first. Let's size up the playing field to see which meaty milestone will likely be crossed first.

Image source: Getty Images.

The knocks on Bitcoin, relative to many of the market's other denominations, are pretty well established. It's been slow to evolve its blockchain technology, leaving Bitcoin largely as a store of value beyond settling up on transactions where it's accepted. The recent taproot update hopes to change that, giving it the flexibility to make a push into decentralized finance, in general, and smart contracts, in particular -- an area where Ethereum is dominant and many smaller and nimbler denominations are making a lot of noise.

Bitcoin's biggest selling point is that it's the industry standard when it comes to crypto. A lot of non-crypto investors may not even realize that there are literally thousands and viably hundreds of alternatives to Bitcoin. A lot of forward-thinking and colorful CEOs, including Elon Musk, Jack Dorsey, and Michael Saylor, have invested substantial chunks of their company's idle cash into Bitcoin.

You don't see that kind of corporate leadership support for Ethereum. In fact, Dorsey's Blocklimits Square accounts interested in crypto exposure to only trading Bitcoin.

Landry's -- the multiconcept operator of restaurants, hotels, and casinos -- recently updated the loyalty-rewards club for its restaurants. Customers can now peg their award points to the price of Bitcoin. It's hard to see any major operator going this route with any other digital currency outside of Bitcoin. It has mindshare, and that matters.

The allure of Ethereum is clear to more seasoned crypto traders. Despite commanding roughly half the market cap, Ethereum overtook Bitcoin in trading volume on the world's largest trading exchange in the second quarter. Ethereum, with its programmable blockchain technology, is already the beating heart in more than 3,000 decentralized applications (dApps).

A big knock on both Bitcoin and Ethereum is that they're energy-depleting to mine and move around, also exposing deficiencies in the number of transactions that can be processed, as well as the related costs. Ethereum's migration from a proof-of-work model to proof of stake -- expected to be completed in the first half of next year -- will help diminish a lot of those concerns. If you think Ethereum is popular now, just imagine how it will be when it's more functional as a faster and cheaper digital tool.

Finally, the biggest reason to bet on Ethereum getting to $10,000 before Bitcoin reaches $100,000 is that it has momentum on its side. Bitcoin is up 96% over the past year, and if it duplicates that run, it would hit six figures by the end of next year. However, Ethereum has soared 501% over the past year.

Obviously, past appreciation is no indicator of how the future will play out, but the younger Ethereum is already more successful than Bitcoin in many ways outside of the market-cap game. There's no harm in buying both, and I have allocated a small part of my overall portfolio to having some skin in the Bitcoin and Ethereum games. I still ultimately believe that Ethereum will hit $10,000 before Bitcoin hits $100,000, even if it takes a couple of years to happen.

This article represents the opinion of the writer, who may disagree with the official recommendation position of a Motley Fool premium advisory service. Were motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.

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Will Ethereum Hit $10,000 Before Bitcoin Reaches $100,000? - Motley Fool

Bitcoin was founded on principles of open access and decentralized supply. Whereas a more concentrated inventory of Bitcoin could undermine its reason to exist.

When Bitcoin and its technology were conceived and named in its now famous 2008 white paper, it was built on the concepts of distributed transaction verification and accessibility to anyone on a decentralized network. Ironically, a new study finds that after more than 12 years in existence the Bitcoin cryptocurrency is fairly centralized -- which means too few individuals hold too many Bitcoin.

According to a study by the National Bureau of Economic Research (NBER), the top Bitcoin holders own 1% of the 27% of the 19 million Bitcoin currently in circulation. The study showed that the top 10,000 Bitcoin accounts hold 5 million Bitcoins, an equivalent of approximately $232 billion.

"This measurement of concentration most likely is an understatement since we cannot rule out that some of the largest addresses are controlled by the same entity," researchers Igor Makarov and Antoinette Schoar wrote.

Further, the research by the NBER also noted that the concentration of Bitcoin miners -- those individuals who decrypt complex codes to validate blockchain transactions and "unlock" new Bitcoin -- is even more consolidated. The top 10% of miners control 90% of the Bitcoin mining capacity, and roughly 50 miners control 50% of Bitcoin mining capabilities.

"Our results suggest that despite the significant attention that Bitcoin has received over the last few years, the Bitcoin ecosystem is still dominated by large and concentrated players, be it large miners, Bitcoin holders, or exchanges," the researchers wrote. "This inherent concentration makes Bitcoin susceptible to systemic risk and also implies that the majority of the gains from further adoption are likely to fall disproportionately to a small set of participants."

There's an old saying that someone's greatest strength is usually also their greatest weakness. That seems to hold true for Bitcoin. Bitcoin seems to be a victim of its own success. As its popularity grows, its price increases and its supply decreases. These economic factors seem to be moving Bitcoin out of reach of average investors -- the very individuals for whom it was originally created to help.

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Recent Study Finds Bitcoin Ownership Could Be Too Concentrated - Motley Fool

Bitcoin (BTC) may be down over 30% from its record high of $69,000, but it has emerged as one of the best-performing financial assets in 2021. BTC has bested the United States benchmark index the S&P 500 and gold.

Arcane Research notedin its new reportthat Bitcoins year-to-date performance came out to be nearly 73%. In comparison, the S&P 500 index surged 28%, and gold dropped by 7% in the same period, which marks the third consecutive year that Bitcoin has outperformed the two.

At the core of Bitcoins extremely bullish performance was higher inflation. The U.S. consumer price index (CPI) logged its largest 12-month increase in four decades this November.

Most economists didnt see the high inflation coming, as witnessed by the 1-year ahead consumer inflation expectations, the Arcane report read, adding:

Loose monetary policies and a sustained fear of higher inflation also prompted mainstream financial houses to launch crypto-enabled investment vehicles for their rich clients in 2021.

Arcane reported an inflow of 140,000 BTC (~$6.56 billion) across spot- and future-based Bitcoin exchange-traded funds (ETF) and physically backed exchange-traded products this year.

That prompted more Bitcoin units to get absorbed into investment vehicles, underscoring a greater institutional demand for the cryptocurrency.

In contrast, gold-backed ETFs witnessed an outflow of $8.8 billion in 2021, according to the World Gold Councils report published this December.

Nonetheless, Bitcoins relatively superior performance in 2021 has included periods of high volatility.

Many analysts believe that extreme price fluctuations keep Bitcoin from becoming an ideal inflation hedge. That includes Leonard Kostovetsky, a finance professor atBoston College, who recalledin his blog postthat there have been 13 days in 2021 whenBTCs price has moved over 10% in one direction. He wrote:

Arcane, too, recognized Bitcoin for having beenmore volatile than the S&P 500 in 2021, noting that the cryptocurrency behaved like a risk-on asset by merely amplifying the most significant stock market movements.

The researcher cited VIX,a measure of the expectation of volatility based on S&P 500 index options, to exemplify the relationship between Bitcoin and stock markets. It noted that BTCs price fell hard whenever VIX readings spiked in recent times, underscoring that institutional traders viewed Bitcoin as a risk-on asset.

As a result, Bitcoins potential to fall harder in the wake of a stock market correction also became higher. Arcane also noted that a bearish 2022 for the S&P 500 may end up wiping a big portion of Bitcoins gains.

Therefore, be aware of stock market headwinds in the next year and their possibleimplications for bitcoins short-term price trajectory, it added.

Related:Arcane Research releases its crypto predictions for 2022

But Aristides Capital managing member Chris Brown went far in predicting an all-and-all Bitcoin doom in 2022. He stated that cryptocurrencies could face massive selloffs ahead as the U.S. Federal Reserve ends its $120-billion-a-month asset-purchasing program followed by three rate hikes next year.

If the Fed really does hike rates enough to make money considerably less loose, or if markets believe they will, you are going to see certain areas of speculation come to a screeching halt, Brown said, adding:

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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What BTC price slump? Bitcoin outperforms stocks and gold for 3rd year in a row - Cointelegraph

Photo: Jim Watson (Getty Images)

Good news if you have a used car but dont have bitcoin: Used auto prices are rising faster than bitcoin and other assets, market researcher Jim Bianco told CNBC.

If you want to know what the best investment you probably had in 2021, its that car sitting in your driveway or in that garage, the Bianco Research President told CNBCs Trading Nation on Thursday. It is appreciating faster than the stock market and lately faster than some cryptocurrencies.

This analysis is based on the Manheim index of used car prices which is designed to track pricing trends in the car market.

In the past four months, these prices have gone up more than 20 percent. That is more than the S&P 500 and more than bitcoin itself.

Bitcoin is up about 5 percent over the past four months, and the S&P 500 is up about 26 percent so far this year. This means youre in a better financial position if youve got a couple of used cars in your driveway rather a couple of bitcoin on your hard drive.

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Bianco cites two drivers in the used car market semiconductor shortage and speculators who want to flip vehicles for a profit.

January 1995 = 100Graphic: Manheim

Manheim reports auto prices are at a record high. In November, the average new car prices was just over $46,000 and the average used car was around $27,500. Thats a 27 percent increase from the same time in 2020.

Bianco said that this market has all the tell tale signs of a bubble.

In a market where used car prices are supposed to be a depreciating asset, theyve continued to rise in price. And Bianco says this year prices have gone up 49-50 percent.

As for when these sky-high prices could start to come back to Earth, Bianco says its anyones guess.

This could go on for another year. It could go on for two more weeks, Bianco said. The activity that youre seeing is probably bubblicious.

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Used Car Prices Are Now Rising Faster Than Bitcoin, Other Assets - Jalopnik

Here are five things you must know for Wednesday, December 29:

U.S. equity futures bumped higher Wednesday, putting the Dow on pace for its sixth consecutive gain, as investors continue to edge stock markets higher, while shrugging off Omicron concerns, over the final full trading days of the year.

Global oil prices were marked at a one-month high in overnight trading, with WTI futures for February delivery trading just under $76 a barrel, as investors grow incrementally more bullish on growth prospects once the current Omicron wave dissipates.

However, trading volumes remain light, with just over 7.55 billion shares changing hands on U.S. exchanges Tuesday, a level representing around two thirds of the recent 20-day average.

Still, with overall U.S. Covid cases hitting a record high 258,312 over the past seven days, lead by gains in New York, California and Texas as the Omicron variant retains in dominance, investors are likely to remain cautious until more data emerges to confirm earlier studies that suggest it carries milder symptoms and a reduced risk of hospitalization.

On Wall Street, futures contracts tied to the Dow Jones Industrial Average are indicating a 45 point opening bell gain, while those linked to the S&P 500 are priced for an 8.5 point advance after failing to reach a 70th record close of the year last night.

The tech-focused Nasdaq Composite is looking to open 55 points higher as benchmark 10-year Treasury note yields rise to 1.492% in overnight trading.

Apple (AAPL) - Get Apple Inc. Reportshares edged higher in pre-market trading after the tech giant suspended operations at a Foxconn assembly plant in India following a dispute over working conditions and employee safety.

The plant, located near the city of Chennai, employs around 17,000 people and leads assembly of the tech giant's iPhone 12, as well as a small amount of the new iPhone 13.

Reports of food poisoning at the plant earlier this month, linked to one of its cafeterias, shut down operations on December 18, with Apple dispatching a group of independent auditors to inspect the site.

Apple shares were marked 0.15% higher in pre-market trading to indicate an opening bell price of $179.56 each.

Tesla (TSLA) - Get Tesla Inc Reportshares jumped higher in pre-market trading after founder and CEO Elon Musk exercised the final batch of stock options expected to expire next year, signaling and end to his current run on share sales.

Securities and Exchange Commission filings late Tuesday show Musk exercised options on 1.6 million shares -- first granted in 2012 -- taking his total to 22.8 million. He also sold 934,090 shares to raise money for the tax liability linked to the 1.6 million exercise.

Collectively, Musk has sold 15.7 million shares -- with around 10.3 million likely earmarked for tax liabilities -- since asking his 68 million Twitter followers in early November if he should dump 10% of his holdings in the clean-energy carmaker.

Tesla shares were marked 2.25% higher in pre-market trading to indicate an opening bell price of $1,113.00 each.

Bitcoin prices extended declines Wednesday, taking the world's most popular cryptocurrency more than 30% from its November peak, as traders cash out over the final sessions of the year.

TheStreet Recommends:Here's Why Gold and Crypto Should Be In Your Portfolio Now

Bitcoin, which hit an all-time peak of just under $69,000 on November 10, has lost more than a third of its value over the past six weeks, with analysts citing a multitude of factors, including a hawkish Federal Reserve which boosts the value of the dollar and lifts market interest rates, thin trading volumes and year-end account closures.

All that said, Bitcoin is still up 65% on the year, with many of its proponents, including Ark Invest head Cathie Wood, forecasting another record run in 2022.

Bitcoin was last seen trading 0.1% lower on the session at $47,811.40 each.

Advanced Micro Devices (AMD) - Get Advanced Micro Devices, Inc. Reportand Procter & Gamble (PG) - Get Procter & Gamble Company Reportadded their name to a growing list of blue chip companies that have pulled out of this year'sConsumer Electronics Show in Las Vegas due to increasing concerns over Covid infections.

The Las Vegas-based CES-- which attracts as many as 180,000 people each year as the tech and electronics industry's flagship event -- is slated to start on January 5. However, with U.S. Covid cases rising at a record pace, and companies from Apple to Google either delaying plans to return to office work (or in some cases closing retail outlets), attendance at a massive indoor event doesn't appear to be a risk many are prepared to take.

Amazon, Twitter, Meta Platforms and Pinterest have all confirmed that they will not send reps to Las Vegas, and the CEO of the conference's major sponsor -- Mike Sievert of T-Mobile -- will no longer be delivering its keynote speech.

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Musk Sells More Tesla, Apple Shuts India Plant, Bitcoin Extends Slump, Stocks Resume Santa Rally -Five Things to Know - TheStreet

Quarterbacks have a long tradition of giving their offensive linemen holiday gifts as a way to show appreciation for blocking defenses all year.New England PatriotsquarterbackMac Joneswanted to thank his offensive line for protecting him all season and he did so in a lucrative way: gifting them Bitcoin.

Jones discussed the gifts with Patriots.com, saying that when the holidays rolled around he reached out to Bitcoin Magazine to ask how to gift the currency to other people.

"I've been studying Bitcoin for a while now," the QB told the Patriots team website. "This year, I just knew I had to give some Bitcoin to my teammates, so I reached out to Bitcoin Magazine and asked for help on how to give Bitcoin as a gift."

Jones also gave his offensive linemen subscriptions to Bitcoin Magazine.

Offensive lineman Ted Karras mentioned the gift during his Friday press conference, referring to his quarterback as "Santa Mac."

"Santa Mac did an outstanding job. We got a big haul over here. I'll let him explain everything that he got, but it was a myriad of items, each one cooler than the next. One of the best efforts, especially by a rookie, to show appreciation," Karras said.

Jones has been sacked 26 times so far this season, which is sixth to last in the league.

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Mac Jones gifts Patriots offensive linemen Bitcoin for the holidays - CBS Sports