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Well, well, well—if it isn’t Jack Mallers dropping truth bombs like they’re going out of fashion! His latest video on Bitcoin scarcity has me more thrilled than a Brit who’s just found out the pub’s open early.
You see, we Brits have a knack for understatement, but when it comes to Bitcoin, subtlety takes a backseat. We often babble on about Bitcoin being an inflation hedge—as if it’s some sort of financial umbrella protecting us from the…
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In his Take from Wednesday, Shinobi argued that the surge of institutional bitcoin adoption will lead to premature ossification of the Bitcoin protocol. While I share this concern to an extent, I am less convinced this is necessarily true.
Bitcoin is inherently a permissionsless system. For protocol changes specifically, it “just” requires users to upgrade their software. And when it comes to deploying soft forks, it really…
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Michael Saylor, MicroStrategy’s Executive Chairman, champions a pivotal move for the U.S. to amass a significant Bitcoin reserve, potentially the greatest economic strategy of the 21st century. At a recent conference in Miami, Saylor paralleled the proposal to historic U.S. acquisitions like Manhattan and California, which generated vast returns. He argued that securing Bitcoin could similarly safeguard the nation’s economic future.
The momentum for this crypto-centric vision gained traction when Senator Cynthia Lummis introduced a bill aiming to expand the U.S. government’s Bitcoin holdings to one million tokens within five years. This proposal, aligning with Donald Trump’s commitment to maintain existing crypto assets, could redefine fiscal strategy if the Republicans secure congressional majorities next year.
Envisioning an even more ambitious future, Saylor outlined a “Trump Max” scenario where the U.S. could acquire four million bitcoins. Such a bold move, he suggests, might yield a staggering $81 trillion, positioning Bitcoin as a cornerstone of national wealth and security.
US-traded spot Bitcoin ETFs now hold over 1.07 million BTC, valued at nearly $96 billion, signaling a growing investor appetite for direct cryptocurrency exposure. Bloomberg analyst James Seyffart notes these ETFs are close to surpassing the stash of Bitcoin’s creator, Satoshi Nakamoto, estimated at 1.1 million BTC. This marks a significant milestone in cryptocurrency investment, reflecting increased mainstream acceptance.
BlackRock’s iShares Bitcoin Trust (IBIT) has quickly become a standout, accumulating over $40 billion in assets under management in just 211 days, making it one of the fastest-growing ETFs ever. Eric Balchunas of Bloomberg highlighted that IBIT achieved this growth 6x faster than the previous record holder, showcasing the high demand and rapid inflow of capital into Bitcoin-focused investment products.
This week alone, spot Bitcoin ETFs in the US witnessed inflows of approximately $2.4 billion, with IBIT leading at $1.8 billion. This robust inflow surpasses last week’s figures and underscores a shift in investor preference from Bitcoin futures to spot ETFs, driven by the stability and potential of spot market investments. The trend suggests a bullish outlook for Bitcoin, reinforcing its position in investment portfolios amid rising market acceptance.
Shiba Inu SHIB/USD has cooled off 6% on Friday after its recent rally, but growing optimism stems from rising burn rates and favorable technical analysis.
What Happened: Shiba Inu’s burn rate soared 114.5% in the past 24 hours after burning 16.2 million tokens in a single transaction, according to Shibburn. Over the past week, the burn rate increased 323.7%, with a total of 641.9 million SHIB tokens burned.
Whale activity has also been noteworthy. A whale moved 4 trillion SHIB, worth $99 million, to a newly created wallet on Nov. 14. The sender is Shiba Inu’s ninth-largest holder, with over 7 trillion SHIB (0.73% of the total supply).
Both addresses involved belong to BitGo, a…
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Goldman Sachs has significantly increased its investment in Bitcoin ETFs, reflecting a strong endorsement of cryptocurrency’s future. The financial titan’s latest 13F filing reveals holdings of approximately $710 million in Bitcoin-related ETFs as of September 30, 2024. Notably, investments include $461 million in the IBIT ETF—an 83% surge—alongside notable increases in other Bitcoin ETFs such as FBTC, GBTC, and BITB, with GBTC alone climbing by 116%.
This strategic accumulation aligns with a broader market rally following the U.S. Presidential election, where Bitcoin reached a new peak of $93,477.11. Analysts correlate this surge to Donald Trump’s victory, which has historically favored a bullish crypto market. Bitcoin’s price experienced a slight dip of 4.5% subsequent to reaching its high, yet the market sentiment remains overwhelmingly positive.
Futures predictions further bolster this optimism; Standard Chartered forecasts a potential Bitcoin price of $125,000. CoinCodex also projects a continued rally, with Bitcoin expected to hit $108,031 by mid-December 2024, underscoring sustained confidence in cryptocurrency from major institutional investors.
Leading cryptocurrencies pulled back Thursday as Federal Reserve Chair Jerome Powell’s remarks poured cold water on rate cut optimism.
CryptocurrencyGains +/-Price (Recorded at 7:30 p.m. ET)Bitcoin BTC/USD-2.23%$88,282.07Ethereum ETH/USD -3.55%$3,091.21Dogecoin DOGE/USD -4.46%$0.3726
What Happened: Bitcoin rose past $91,000 early morning hours, only to slip below $88,000 after the market close, resulting in more than a 2% decline over the last 24 hours.
Ethereum sharply descended from $3,240 to $3,040 over the day. Over the week, the second-largest cryptocurrency gained 3.89%, significantly trailing its senior partner, which was up…
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Ethereum circles are endlessly debating whether ETH should be seen as “money” in the same way bitcoin is embraced as a commodity currency.
In a Devcon talk Thursday, Ethereum Foundation researcher Mike Neuder laid out his case for ether’s foundational attributes both as a permissionless and programmable asset, and as a resilient form of decentralized money. Neuder explored how ETH can serve as a secure, global currency— one with intrinsic safeguards for property rights, censorship resistance, and self-sovereignty across the multi-layered Ethereum ecosystem, eventually including its rollups.
To explain Ethereum’s “permissionlessness,” Neuder referenced Hayek and…
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