UK Company Acquires ‘Bitcoin’ Trademark, Uses It to Threaten Etsy Vendor

Francisco Memoria
  • A UK-based firm has recently managed to acquire the trademar for the term "Bitcoin," and has decided to use to threaten a small business owner.
  • The firm claims the business owner may no longer sell BTC-themed merchandise, and that it must hand it over.

A company in the United Kingdom has recently managed to acquire the trademark for the term “Bitcoin,” and reportedly used it to threaten a small business owner who’s been selling BTC-themed merchandise on the popular marketplace.

The business owner shared its plight on the r/Bitcoin subreddit, in which he revealled that the company, A.B.C IPHoldings South West LLC, sent them a letter explaining that they owned the UK trademark for “Bitcoin.”

The business owner’s Reddit post reads:

“I didn’t believe it at first since I knew that bitcoin and the bitcoin logo are public domain, and even a similar trademark application in the US failed. Well turns out they did manage to get a trademark filed, it can be viewed here. So basically anyone in the UK that puts the word bitcoin on any type of clothing or even a drink, can be sued.”

Reddit user "AlarmingAdhesiveness"

The letter the Etsy vendor received stated they must remove all Bitcoin-themed merchandise from their store, cancel new orders, recall all related products, and hand it over to the trademark’s owner, A.B.C IPHoldings South West LLC. Failure to do so, it adds, will lead to a trademark infringement lawsuit.

According to available data, A.B.C IPHoldings South West LLC is a subsidiary of Monolip LTD. The company submitted an application to acquire the “Bitcoin” trademark in December 27, 2017, at a time in which the flagship cryptocurrency was close to its all-time high of nearly $20,000, according to CryptoCompare data.

The company, who’s seemingly patent trolling the Etsy vendor, also attempted to trademark the term “Westworld,” presumably because of its association with an HBO show with the same name.

These kinds of moves aren’t new in the cryptocurrency ecosystem, as a Moscow-based company has, in 2016, attempted to trademark the term “Bitcoin” as well, but failed. A similar attempt was also rejected in the US.

Digging a little deeper, a simple internet search shows us that a company called Inshallah Limited has applied to trademark the word “Litecoin” in the UK. The company also applied to trademark the term “Worldcoin,” which is the name of a small-cap cryptocurrency.

According to another Reddit user, however, these types of trademarks are unenforceable, as the terms are “far too generic to be trade marked like that.”

Weekly Newsletter

Bitcoin Continues Correction to the Downside Amid High Stakes — Price Analysis

Colin Muller
  • Short term trend: Good chance for an end to the downtrend soon
  • Medium term trend: Uptrend intact but coming under more pressure
  • Long term trend: Downtrend holding strong, unchallenged

As we correctly forecast here yesterday, Bitcoin (BTC) has completed its consolidation around $8,600 and continued to the downside in an extension of its correction from $9,100. It has entered clear support starting at about $8,200, and there is a decent chance of the correction find a bottom within that zone.

We start on the 4-hour and see that the drop in volume telegraphed today’s move down. The typical 3-wave movement of a correction is likely to find support above $8,140 or thereabouts, with support derived from recent resistance.

Within supportBTC chart by TradingView

The histogram is still pointing down hard at time of writing, implying that momentum is still to the downside and might take a bit more time to bleed off. Of course, all of this assumes that Bitcoin’s movement here is a simple correction and not a trend change; in other words, this assumes that the medium-term trend is still up, which may well turn out to be false.

If we take a look at the daily, we see that the scope for a retracement is liberal within the medium timeframe uptrend, starting on January 3. Price can come down to $7,700 without setting off major alarm bells within this market structure; down, namely, to the “golden pocket” .618-65 area of the Fibonacci scale.

Plenty of roomBTC chart by TradingView

We see that the RSI here is engaging a key inflection point on its scale, around 50%. Ideally, we’d like to see this hold and preserve a strong medium uptrend. The histogram looks alarming here, poised to cross over negative with a decent momentum. It is noteworthy that the last two times we’ve seen this, Bitcoin was bought up at the 11th hour and the medium uptrend preserved.

High stakesBTC chart by TradingView

Finally, moving to the weekly chart, we see the larger picture and the overall risky position that Bitcoin is in. The leading crypto has so far soundly failed to break out of the downtrend it's been in for seven months, and failed to surmount the important $9,100 mark.

At this point, it is threatening to again lose the 21-week EMA; and this would put the 55 EMA into serious question. This week is likely very important for setting Bitcoin’s trend in 2020 – and so far, things are not looking great.

The views and opinions expressed here do not reflect those of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

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