Tag: Bitcoin News

Famous American entrepreneur and bitcoin champion Michael Saylor has not missed any opportunity to express confidence in the crypto and defend it from opposing opinions. In a recent CNBC interview, he claimed that Bitcoin is an economy and the best strategy for strengthening the U.S. economy and solving its debts.

My thoughts on solving the national debt, strengthening the USD, ensuring US economic leadership via a Digital Assets Framework & #Bitcoin Strategic Reserve, $MSTR‘s inclusion in the Nasdaq 100, & value created by our treasury operations with @SaraEisen. pic.twitter.com/3Mcu2ekGe2

— Michael Saylor⚡️ (@saylor) December 16, 2024

Bitcoin to Become Cyber Manhattan

According to Saylor, Bitcoin can be called “Cyber Manhattan.” He noted that New York’s Manhattan became very urban and developed because real estate investors centuries ago did not see a price increase as a hindrance. Instead, they borrowed to purchase and develop the properties.

“Just as developers in Manhattan, they issued more debt to develop more real estate. I would call it an economy,” he said.

Similarly, his company, MicroStrategy, has adopted the same tactic for acquiring Bitcoin by periodically issuing convertible notes to eligible institutional investors to raise more funds for the investment.

Additionally, he stated that his Bitcoin purchases are unlimited. His company will keep buying BTC forever, no matter the price, because he believes every day is a good opportunity to acquire the crypto.

$13 Million BTC in 2045

The bitcoin enthusiast has periodically released predictions on where he expects the crypto to be in coming years. His last forecast noted that BTC will increase by about 29% yearly to attain a high of $13 million per BTC in the coming 21 years.

Remarkably, Saylor is not focused on the short term, as most of his bitcoin predictions are for years or decades ahead. His company adopted bitcoin as a primary reserve asset in 2020 and has continued to purchase the crypto asset every quarter since then, with no indications of a sale anytime soon.

Within the last 28 days, Saylor has led his company to acquire BTC weekly, spending about $10.5 billion on bitcoin shopping within a month. MicroStrategy holds about 439,000 BTC worth over $46 billion.

Meanwhile, MicroStrategy will be added to Nasdaq-100 on December 23, 2024.

Publicly traded healthcare services provider Semler Scientific has announced yet another round of 211 Bitcoin purchases for $21.5 million at an average cost of $101,890 per BTC. The firm spread out its purchases over 10 days, from December 5 to December 15, to buy at different prices because the Bitcoin market is volatile.

The latest purchase brought the company’s total holdings to 2,084 BTC. It was funded with proceeds from its at-the-market(ATM) offering and operating cash flow.

Meanwhile, the healthcare tools manufacturer stated that it has filed a second prospectus with Cantor Fitzgerald & Co. to supplement the first filed in August. The second prospectus will allow Semler Scientific to offer an additional $50 million worth of shares under its existing ATM offering.

Semler Scientific’s Bitcoin Journey

Recall that the publicly traded firm stepped into the crypto space earlier in May by acquiring 581 BTC. It plans to make Bitcoin its primary treasury asset, as it views the king crypto as a store of value and an asset with growth potential.

Since then, the medical tech firm has repeatedly pledged loyalty to the pioneering coin and has been on several Bitcoin purchase sprees. For instance, Semler Scientific bought 247 BTC in June after its initial purchase a month earlier, costing $17 million.

Profitable Bitcoin Yield Year-to-Date

The healthcare services-providing firm’s bitcoin holding has recorded a BTC yield of 92.8% year to date, while in Q3, Semler Scientific had a 67.0% BTC yield.

At the time of writing, data found on Bitcoin Treasuries, a crypto platform that provides comprehensive data and insights on bitcoin holdings of private and public companies, reveals that Semler Scientific now takes the 14th position among publicly traded firms holding bitcoin.

Amid growing institutional Bitcoin adoption, Bitcoin strengthens its qualification as a store of value and a means of exchange. Like MicroStrategy and Riot Platforms Inc., today’s purchase by Semler Scientific indicates its belief in Bitcoin as an asset class.

In a staggering display of investor interest, the Bitcoin network has witnessed an unprecedented surge in daily inflows, with over $3 billion entering the network daily for the past 30 days, according to a recent tweet by prominent cryptocurrency analyst Willy Woo.

The last 30 days has seen more than 3 BILLION DOLLARS per day entering the #Bitcoin network. pic.twitter.com/2ZqovhA9WL

— Willy Woo (@woonomic) December 16, 2024

The crypto market also witnessed a tenth consecutive week of inflows into investment products, with a substantial $3.2 billion of new investments recorded during December 9-13, as revealed in CoinShares’ latest report.

A combination of influential factors has contributed to the remarkable inflows into the crypto market. The heightened market volatility and liquidity have created an attractive environment for traders.

Over the past 30 days, Bitcoin’s price has experienced a notable surge, successfully breaking through critical resistance levels and achieving new all-time highs (ATH). This development has predictably sparked a flurry of trading activity as market participants seek to leverage the price movements and market adjustments to their advantage, resulting in the massive capital inflow into the Bitcoin network.

The increasing involvement of institutional investors in the Bitcoin market is also a primary catalyst for the remarkable inflows. As numerous prominent investors and hedge funds jump on the bandwagon, the Bitcoin network is witnessing a significant surge in investment, further solidifying its position as a leading asset class.

Institutions are Doubling Down on Bitcoin

Fidelity Investments, a prominent global asset management firm, took advantage of the market downturn last week, adding a substantial $196 million in Bitcoin to its portfolio, which now stands at 199,237 BTC, with a valuation exceeding $19.3 billion at the time of the report.

In a similar move, another asset management giant, BlackRock, which has over $11.5 trillion in assets under management (AUM), recently invested significantly in Bitcoin, acquiring 4295 BTC worth $429.5 million.

Meanwhile, Bitcoin mining firms are also actively expanding their holdings. Notably, North American Bitcoin mining firm Riot Blockchain added significantly to its Bitcoin reserves, acquiring 5,117 BTC on Friday.

The firm’s latest purchase increased its total Bitcoin holdings to 16,728 BTC, which has a total value exceeding $1.67 billion.

No End in Sight

The trend of institutional influx into Bitcoin is showing no signs of slowing. It is likely to gain momentum as governments continue introducing regulatory reforms that foster a more favorable environment for the industry.

For instance, in September, the Qatar Financial Centre Authority (QFCA) and Qatar Financial Centre Regulatory Authority (QFCRA) unveiled the QFC Digital Assets Framework, a comprehensive set of regulations to facilitate institutional investors’ adoption of cryptocurrencies.

Bitcoin (BTC), the leading cryptocurrency by market capitalization, has reached a historic milestone, breaking past the $106,000 mark for the first time. The surge comes amid a wave of institutional adoption, reinforcing BTC as a store of value in the financial sector.

BTC has experienced a significant rise in the past month. Despite its price swing, the crypto asset surpassed its $100,000 price mark for the first time on December 4, 2024, in the early hours of the day. However, at the time of writing, BTC was trading at above $103,900, with a market cap of more than $2 trillion.

Bitcoin On The Rise

Over the past year, the crypto market has witnessed a significant influx of institutional investment. Companies like BlackRock, Fidelity, and ARK Invest have doubled down on their crypto strategies, increasing their BTC portfolios.

On December 13, 2024, the world’s largest asset management firm, BlackRock, went BTC shopping. The asset manager acquired 4295 BTC worth $429.5 million. The current purchase further cements BlackRock’s growing footprint in the crypto asset market.

Following the massive purchase, asset management giant Fidelity Investment went a step further by adding more bitcoin to its holdings. The firm added over $196 million in BTC to its investment vehicle. Over the week, the asset manager purchased approximately 5,200 BTC, worth more than $524.6 million. Before the latest acquisition, Fidelity held 199,237 BTC, worth roughly $19.3 billion.

A Bitcoin Reserve

The BTC surge comes as the United States plans a strategic BTC reserve under President Donald Trump’s administration. Just recently, Cynthia Lummis, an American attorney and politician serving as the junior US senator from Wyoming, met with Scott Bessent, an American investor, philanthropist, and hedge fund billionaire, to discuss implementing a national BTC reserve strategy.

Senator Lummis also proposed that the US government accumulate more bitcoin to establish a strategic BTC reserve fund. The politician further stated that the US could become the first developed nation to develop a strategic reserve by embracing BTC, securing a brighter future for generations of Americans.

Following the talks on a national BTC reserve, Trump confirmed the BTC reserve on December 14, 2024. The reserve aims to stabilize the financial market during a crisis.

American asset manager and crypto exchange-traded funds (EFT) issuer VanEck has predicted that the world’s leading crypto, bitcoin (BTC), will soar by about 80% from its current price to reach $180,000 in the coming year as investors and analysts anticipate a massive bull run in 2025.

In previous months, VanEck’s head of digital assets research, Matthew Sigel, has highlighted that this year’s bullish movement mirrors the 2020 pattern, which set up the massive uptrend in 2021.

2025 Bull Run Flow

According to the asset manager, the inevitable bull run will not only focus on BTC; altcoins like Ethereum (ETH), SUI, and Solana (SOL) will also soar in value as many investors who join the crypto market diversify their portfolios to include other assets, pushing their prices upward.

A highlight of VanEck’s prediction is the U.S. Securities and Exchange Commission’s (SEC) approval of new crypto ETFs, including the spot Solana ETF, within the first quarter of 2025. This will make the crypto surge to $500 per SOL by the 2025 bull run. Prior to this prediction, the agency has shed a green light on the ETF applications, signaling a potential approval in no distant time.

The asset manager noted that the market will not be all rosey next year. After reaching its mid-term peak in Q1 2025, BTC is expected to drop by 30%, while altcoins will double the price drop, retracing by about 60% in the summer. Thereafter, the market will surge, with ETH reaching $6,000 and SUI taking a position at the $10 mark.

VanEck also added that many countries will adopt crypto and bitcoin as the number of countries mining Bitcoin with government resources is expected to reach 14 in 2025.

Will the Market Reach These Highs?

The asset manager also highlighted a reason for its prediction of an upward trajectory, most of all the election of Donald Trump as the new president of the United States. The president-elect has appointed many pro-crypto personnel to take on pivotal positions under his administration, marking an end to anti-crypto policies and beginning a new era with frameworks centered around a strategic Bitcoin reserve.

Meanwhile, over 55% of VanEck’s predictions for 2024 played out, boosting confidence in its 2025 market expectations.

Asset Manager Blackrock has recommended a 2% allocation into bitcoin (BTC). The announcement marks a significant milestone in the crypto asset’s journey toward mainstream acceptance.

According to a recent report on X, the world has approximately $900 trillion in assets. If BTC captured 2% of it, it would result in a market capitalization of roughly $18 trillion, translating to around $900,000 per coin.

While investing in the crypto asset, BlackRock also highlights bitcoin’s potential as a hedge against inflation and a store of value. The world’s largest asset manager has long been investing in BTC, increasing its portfolio.

Over $429.5M in BTC Purchase 

Recall that BlackRock, with over $11.5 trillion in assets under management (AUM), acquired 4295 BTC worth $429.5 million. The investment reflects a deliberate strategy by the management giant. The asset manager signals its confidence in the long-term growth of the crypto asset.

Amid the adoption season, several asset managers like Fidelity Investments are focused on investing significantly in crypto assets. As such, both institutional and retail investors are smiling at their profits. For instance, the asset manager recently acquired 1205 BTC, valued at over $121.5 million, in its Bitcoin portfolio.

This is not the only purchase the asset giant has made over the week. It also added approximately 5200 BTC, worth more than $524.6 million. At the time, Fidelity held a total of 199,237 BTC, valued at roughly $19.3 billion.

Meanwhile, BTC is currently trading at over $101,100, down from its all-time high of over $103,000 last week.

5,117 BTC Bagged

In line with the adoption of BTC, other corporations have also begun investing in digital assets. On December 13, 2024, North American Bitcoin mining firm Riot acquired an additional 5,117 BTC. The company spread its latest purchase over three days, from December 10 to December 12, 2024, to obtain the crypto at varied prices due to the volatile nature of the market.

Despite being a miner and holding its mining rewards, Riot has taken steps to increase its stash by acquiring BTC from the open market. The firm spent roughly $510 million to acquire its latest bitcoins at an average price of $99,669 per coin, including trading fees and expenses.

Recently, MicroStrategy has also acquired a significant amount of the digital asset. The company noted it purchased 21,550 BTC for approximately $2.1 billion. The acquisition, executed at an average price of $95,976, brings its total Bitcoin holdings to 423,650 BTC, valued at around $42 billion.

North American Bitcoin mining firm Riot has added to its bitcoin holds by acquiring an additional 5,117 BTC. Notably, the company spread its latest purchase within three days, from December 10 to December 12, 2024, to obtain the crypto at varied prices due to the volatile nature of the market.

Concluding the purchase, Riot holds 16,728 BTC valued at $1.67 billion by bitcoins spot price of $100,000.

5,117 BTC Bagged

Despite being a miner and hodling its mining rewards, Riot has taken steps to increase its stash by acquiring BTC from the open market. According to the U.S. Securities and Exchanges Commission’s (SEC) release, the firm spent approximately $510 million to acquire its latest bitcoins at an average price of $99,669 per coin, including trading fees and expenses.

To raise funds for its just-concluded purchase, Riot offered about $500 million in convertible notes to qualified institutional investors, due 2030, with just 0.75% interest. Its purchase was announced about four days after the notes were sold.

Riot’s adoption of a BTC reserve has helped it stay in operation despite the slash in mining rewards from the Bitcoin halving earlier this year, which threw many low-class miners out of the game as they couldn’t meet the energy cost and other operation expenses.

Miners BTC Reserve

Remarkably, Riot is not the only miner who has adopted a strategic Bitcoin reserve. Marathon Digital, a famous American-based bitcoin miner, also fully adopted BTC as its reserve asset earlier this year and has periodically acquired the crypto from the open market since then.

Concluding its last purchase, Marathon acquired 5.771 BTC and now holds about 33,875 BTC, more than double Riot’s holdings. It is valued at almost $3.4 billion.

Similarly, the Bitcoin miner Cathedra suspended its mining operations and switched to a data center development. Using profits from its new business, it acquired more BTC from the market to ensure that it kept up with investors’ expectations.

Meanwhile, MicroStrategy, the world’s first Bitcoin company, now holds over 2% of the total Bitcoin supply and has secured about $40 billion in unrealized profits.

AMP, an Australian superannuation fund, announced a $27 million investment in Bitcoin. It is the first major fund of its kind in Australia to adopt the digital asset. The latest acquisition represents a significant step in integrating crypto into institutional investment portfolios.

According to a Financial Review report, the fund manages approximately $57 billion in assets. Its Bitcoin allocation is modest, representing just 0.05% of its total assets under management (AUM).

AMP’s decision to invest in the crypto asset is a strategic move to diversify its portfolio during economic uncertainty. The investment is intended to act as a hedge against inflation while expanding beyond conventional assets like stocks and bonds.

The superannuation fund reportedly purchased bitcoin at prices between $60,000 and $70,000, aiming to diversify its holdings and benefit from BTC’s historical price surge, which followed Donald Trump’s electoral victory on November 5.

Despite BTC price surging past the $100,000 level, other Australian superannuation funds remain hesitant to follow AMP’s example, considering the emerging asset too risky for adoption.

BTC Adoption & Investments

Australia is not alone in this acquisition. On July 27, 2024, the state of Michigan’s pension fund announced it had invested $6.6 million into its crypto investment vehicle through ARK 21Shares’ Bitcoin exchange-traded fund (ETF). The decision underscored the increasing global interest in Bitcoin and its investment vehicles.

Following Michigan’s investment, Jimmy Patronis, Florida’s Chief Financial Officer (CFO), pushed for BTC to be included in the state’s investment portfolio. If implemented by the State Board of Administration (SBA), Florida will join many American states like Wisconsin, which has added crypto assets to its holdings.

In light of BTC purchases, top corporations like MicroStrategy and Tesla have positioned themselves among the largest bitcoin holders. On December 5, 2024, the business intelligence firm exceeded $40 billion in value. MicroStrategy holds roughly 402,100 BTC, purchased at an average of $58,402, and is collectively worth $41.33 billion. 

On December 9, the publicly traded company purchased 21,550 BTC for approximately $2.1 billion. The acquisition, executed at an average price of $95,976, brings its total Bitcoin holdings to 423,650 BTC, valued at around $42 billion. With this big buy, the company boasts over 2% of the Bitcoin supply.