Samsung Stores in Three Baltic Countries Start Accepting Cryptocurrency Payments

  • Samsung stores in the Baltic region are reportedly accepting payments in various different cryptocurrencies, including bitcoin and ethereum.
  • Per reports, Samsung will start accepting cryptos in other regions and online.

Electronics giant Samsung has recently started accepting cryptocurrency payments in Latvia, Estonia, and Lithuania, and is reportedly going to start accepting various cryptos on other regions in the future.

According to a blog post published by cryptocurrency payment processor CopPay, Samsung is now accepting bitcoin (BTC), litecoin (LTC), ethereum (ETH), dash (DASH), ripple (XRP), NEM (XEM) and steem (STEEM) in its Baltic region stores. The post reads:

Customers in Tallinn, Riga, Vilnius and Kaunas can buy Samsung smartphones, tablets, laptops, TV-sets, and more with digital money.

CopPay

Per CopPay, there’s a “growing trend toward business digitalization and allowing customer to pay for goods and services in cryptocurrency,” a trend that the electronics giant is seemingly joining.

The European cryptocurrency payment processor further noted that the “crypto-payment feature will be available soon at Samsung’s internet stores,” presumably meaning users outside of the Baltic region will be able to buy smartphones, tablets, laptops, and more using cryptocurrency.

Cryptocurrencies have been notably growing in popularity in the Baltic states, with most of them having relatively lax regulations towards the sector. In Latvia, as CryptoGlobe covered, the government may impose a 20% capital gains tax on crypto transactions.

While regulators in these countries have warned that investing in cryptocurrencies is risky and that these aren’t recognized as legal tender, it’s seemingly legal to buy, sell, and hold cryptocurrencies.

Samsung itself has been slowly entering the cryptocurrency space. Earlier this year, it started producing cryptocurrency mining chips. In April, the South-Koran giant revealed it was looking into distributed ledger technology to improve efficiency for its massive global shipments network.

It’s worth pointing out that CopPay lets merchants who use its services either keep received funds in crypto, trade them for their equivalent in fiat, or a mixture of both options. Whether Samsung will keep the cryptocurrencies it receives is unclear.

Bitcoin’s Price Surges Nearly 10% to Surpass $8,000 as Crypto Market Adds $20 Billion

The price of bitcoin, the flagship cryptocurrency, has recently surpassed the $8,000 mark in a move some believe is extremely bullish and could help it go up to $20,000. What’s behind the rise is unclear, although a counter trading indicator pointed towards it.

At press time, BTC is trading at $8,055 after rising 10% in the last 24-hour period, according to CryptoCompare data. The flagship cryptocurrency’s market cap is now of $142 billion, and its recovery came merely days after it had a $1,000 ‘flash crash’ caused by a 5,000 BTC sell order.

Bitcoin's price performance in the last 24-hour period

It’s currently unclear what’s behind the cryptocurrency’s rise, although some have pointed out tensions between the United States and China may be helping, as bitcoinj’s price has been moving up when trading volumes are higher on Asian exchanges.

The U.S. recently hiked tariffs on $200 billion worth of Chinese goods, with China retaliating with higher levies on billions of dollars worth of U.S. products. These developments severely affected the stock market, and could be seeing investors hedge with bitcoin and other cryptocurrencies.

Notably, some could have predicted BTC would surpass the $8,000 mark this weekend as CNBC’s Fast Money Twitter account recently posted a bearish tweet showing a head and shoulders pattern, which implied a drop was imminent.

In the cryptocurrency space CNBC’s tweets are seen as a counter trading indicator, as often bitcoin does the exact opposite of what the financial news outlet’s social media accounts predict will happen.

The cryptocurrency’s price rise also comes as search interest for it hits a 14-month high, according to Google Trends data. This means that search interest for BTC hasn’t been this high since February of last year, when it was trading between $8,000 and $11,000.

Mati Greenspan, a senior market analyst at eToro, has noted the cryptocurrency’s price performance is bullish, and that there could be “virtually no major levels of resistance until $20,000.”

Recently, the co-founder and CEO of digital asset exchange Gemini, Tyler Winklevoss, called bitcoin “gold 2.0.” Facebook has also shown it’s getting more serious about blockchain, cryptocurrencies, and payments, which could be heightening interest in the space.

Bob Iaccino, an experience fun manager and veteran trader, has earlier this week argued that the growth of BTC’s layer-two scaling solution, the Lightning Network (LN), could also be supporting the cryptocurrency’s rally.

Altcoins Follow Bitcoin’s Rally

Available data shows that most altcoins have followed the flagship cryptocurrency’s rally, with most being up well over 3% in the last 24-hour period. Top altcoins like Ethereum’s ether, litecoin, XRP, and Zcash are all up by over 7%, with ether rising nearly 10% to trade at $258.

Interestingly Bitcoin Cash, a cryptocurrency that has recently seen a hacker take advantage of an upgrade to get miners to mine empty blocks and that has seen a mining pool have over 51% of its hashrate for a brief period, has risen over 16% in the same period. BCH is currently trading at $415.

Dash and Cosmos are other cryptocurrencies that have risen over 10% in said period. Overall the rally has seen the crypto market add over $20 billion.