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Mi Store Portugal Announces Crypto Acceptance. Xiaomi says ‘Decision was Made Without Knowledge Or Approval’

Mi Store Portugal Reveals Crypto Acceptance, Xiaomi Says 'Decision Was Made Without Knowledge or Approval'

The Mi Store in Portugal declared that it would accept cryptocurrencies such as bitcoin, ethereum and tether on August 5.

On August 5, the Mi Store in Portugal announced that it would accept cryptocurrencies including bitcoin, ethereum, and tether.

MiStore Portugal’s Crypto Acceptance Decision didn’t go as planned

Digital currency lovers from Portugal were excited to learn that the MiStore in their region had announced it would accept cryptocurrencies for payment. The Mi Store sells Xiaomi brand smartphones and accessories and the retail store told its Facebook followers on August 5, it would accept bitcoin, ethereum, tether, and dash for payments.

Mi Store Portugal Reveals Crypto Acceptance, Xiaomi Says 'Decision Was Made Without Knowledge or Approval'
Screenshot of the Mi Store in Portugal’s social media post.

However, the post has been deleted but a number of sleuths uncovered archived URLs and screenshots from the Mi Store Portugal’s social media channels. The Facebook post stated:

From now on, shopping at Mi Store Portugal is more inclusive and comprehensive because you’ll be able to buy your favorite gadgets using your electronic cryptocurrency or the most favorable one like bitcoin, ethereum, tether, dash, or the token utrust. Amazing isn’t it?

In addition to the Mi Store social media posts, the blockchain payments project Utrust which is the issuer of the utrust token, also tweeted about the Mi Store in Portugal accepting crypto assets. “Mi Store Portugal is now accepting crypto payments. Xiaomi is the second largest smartphone manufacturer in the world. Now, their local branch accepts the Money of Tomorrow. Phones, wearables, and more – Shop now,” the now-deleted Twitter post said.

Xiaomi Corporation Responds

It’s believed that Utrust and Mi Store Portugal removed these social media posts due to the parent company Xiaomi Corporation. The statement by the Chinese multinational electronics company Xiaomi Corporation stating that Mi Store Portugal accepts crypto assets for accessory and smartphone purchases was made. It is China’s largest smartphone manufacturer and India’s second-largest.

Both of these regions have a strong dislike for decentralized crypto assets. This year China, specifically, has been very harsh toward the cryptocurrency industry and bitcoin miners. Xiaomi’s statement, concerning Mi Store Portugal, indicates the firm was not notified of such decisions as the store is an autonomous satellite, and Mi Store Portugal’s acceptance does not reflect Xiaomi Corporation.

“Xiaomi Corporation wishes to clarify that “Mi Store Portugal” and the associated social media channels are managed by a third party store,” Xiaomi stated. “We respect and appreciate the legitimate autonomy of third-party shops, but the decision to accept cryptocurrency was made without our approval .'”

What do you think about the Mi Store in Portugal announcing it would accept crypto assets and Xiaomi’s follow-up statement? Please comment below to let us know your thoughts on this topic.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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BTC slips amid poor debut for Hong Kong spot ETFs

Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading. Data showed trading volumes hit just over $11 million, against expectations of over $3oo million. Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading…


  • Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading.
  • Data showed trading volumes hit just over $11 million, against expectations of over $3oo million.

Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading for much hyped spot Bitcoin and Ethereum ETFs in Hong Kong.

BTC was down about 1.4% at the time of writing, having touched lows of $61,587 across major crypto exchanges.

The benchmark cryptocurrency, which has struggled to reclaim key levels since its recent halving event, was seeing a 24-hour trading volume of $28.4 billion.

Bitcoin price and Hong Kong spot ETFs debut

Earlier, Bitcoin price surged to above $64,000 as the six spot Bitcoin and spot Ethereum ETFs went live in Hong Kong.

The flagship cryptocurrency rose to over $64,727 on US-based crypto exchange Coinbase. BTC also soared after reports Hong Kong approved the listing of the ETFs.

NEW: 🇭🇰 Opening ceremony of Hong Kong spot #Bitcoin ETFs 👏 pic.twitter.com/ux1eb5PqRn

— Bitcoin Magazine (@BitcoinMagazine) April 30, 2024

However, as data streamed in showing disappointing trading volumes and inflows, Bitcoin price took a hit. According to details of the six ETFs’s debut day, total trading volume reached just $11 million, not impressive given projections were much higher at over $300 million.

Bitcoin ETFs saw about $8.5 million while Ethereum ETFs recorded just $2.5 million on the first day. Ethereum price fell to $3,040.

Notably, the figures from Hong Kong are way lower compared to those recorded amid the enthusiasm that greeted the launch of spot Bitcoin ETFs in the US in January. On their debut, the US spot BTC ETFs raked in over $4.6 billion in trading volume.

The start to trading for the ETFs has not helped BTC price and BTC could face a slide under the $60k level if sentiment flips negative. On the upside, resistance at $65k remains critical and a breakout could see the bellwether digital asset soar towards its recent peak.


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