As the U.S. presidential election approaches, it’s worth examining how past elections have influenced Bitcoin’s price. Historically, the U.S. stock market has shown notable trends around election periods. Given Bitcoin’s correlation with equities and, most notably, the S&P 500, these trends could offer insights into what might happen next.

S&P 500 Correlation

Bitcoin and the S&P 500 have historically held a strong correlation, particularly during BTC’s bull cycles and periods of a risk-on sentiment throughout traditional markets. This could phenomenon could potentially come to an end as Bitcoin matures and ‘decouples’ from equities and it’s narrative as a speculative asset….

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MicroStrategy has significantly expanded its Bitcoin portfolio, acquiring 7,420 BTC for $458 million, solidifying its position as a major player in the cryptocurrency space. The latest addition brings the company’s total Bitcoin assets to an impressive 252,220 BTC, purchased at an average of $39,266 each, well below the current market price exceeding $63,000.

The strategic acquisition was announced after MicroStrategy successfully raised over $1 billion, earmarked specifically for expanding its Bitcoin holdings. This move underscores the firm’s commitment to cryptocurrency as a crucial asset class, coinciding with a peak in Bitcoin’s value at $73,000 earlier in March, driven by increasing adoption by traditional finance entities.

2024 marks a pivotal year for Bitcoin, with its rising prominence and record valuation reflecting broader sectoral growth and investor confidence. Michael Saylor, CEO of MicroStrategy, continues to champion the vast potential of Bitcoin, reinforcing the company’s bullish outlook on the future of digital assets.

MicroStrategy CEO Michael Saylor announced on September 20 that it has purchased an additional 7,420 bitcoins for approximately $489 million. The company now holds over 252,000 Bitcoin, acquired for $9.9 billion.

BREAKING: MicroStrategy buys another 7,420 #Bitcoin for $458.2 million. pic.twitter.com/4nBm3EUH6M

— Bitcoin Magazine (@BitcoinMagazine) September 20, 2024

Since 2020, MicroStrategy has adopted a Bitcoin-focused corporate strategy, taking advantage of Bitcoin’s potential as an inflation hedge and store of value. The company has accumulated over 252,000 bitcoins worth more than $15 billion, substantially increasing shareholder value.

MicroStrategy has borrowed money by issuing…

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Proof of Workforce, joined by Santa Monica Vice Mayor Lana Negrete, will showcase the Santa Monica Bitcoin Office at the upcoming California Municipal Revenue and Tax Association (CMRTA) Annual Conference on October 9-10. They will present a case study on the innovative municipal office, the first of its kind in the U.S.

Launched in July 2024 after a unanimous city council vote, the Santa Monica Bitcoin Office aims to educate residents about Bitcoin’s potential while identifying industry partnerships to support economic recovery and job creation.

“Proof of Workforce is excited to share our experiences and insights with other municipal leaders at the CMRTA conference,” said founder Dom Bei….

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MicroStrategy Incorporated has successfully closed a $1.01 billion private offering of 0.625% convertible senior notes due in 2028, aimed primarily at institutional investors. The company has announced plans to allocate a substantial portion of the proceeds towards expanding its Bitcoin holdings. This move highlights MicroStrategy’s continued commitment to integrating cryptocurrency into its financial strategy.

The offering allows for the notes to be converted into either cash or MicroStrategy stock. This strategic flexibility supports potential growth and investor confidence. Additionally, MicroStrategy intends to use part of the funds to redeem $500 million in Senior Secured Notes, effectively freeing up 69,080 Bitcoin as collateral.

Scheduled to mature in 2027 unless earlier converted, redeemed, or repurchased, these convertible notes offer an initial conversion rate of 5.4589 shares of class A common stock per $1,000 principal, corresponding to a 40% premium over the stock’s price as of September 17. This initiative not only strengthens the company’s financial footing but also solidifies its position as a major player in the cryptocurrency sphere.

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