Bitcoin’s transaction volumes have hit unprecedented highs in 2024, with the most significant activity recorded on April 23, when 927,010 transfers were confirmed—a new peak for the network. This year alone has seen the top five busiest days in Bitcoin’s history, demonstrating a robust increase in network utilization. On September 8, the network experienced its second-busiest day with 910,083 transactions, signaling continued strong performance.

Throughout its 15-year history, Bitcoin has consistently grown, with daily transfer records increasing in nine out of the past 15 years. From its modest beginnings in 2009, when only 225 transactions were recorded in a day, to the rapid acceleration seen in recent years, the pattern of growth is clear. 2024’s transaction volume is poised to surpass the previous annual record set in 2023 within the next two weeks.

This remarkable surge in activity not only underscores Bitcoin’s rising popularity but also highlights its potential as a formidable player in the digital finance arena. As transaction volumes soar, Bitcoin continues to cement its position as a key innovator in the cryptocurrency space.

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The UAE Federal Tax Authority (FTA) announced significant amendments to the VAT laws on October 2, promoting growth in the cryptocurrency sector. Notably, the revisions include VAT exemptions for the transfer and conversion of virtual assets, effective retroactively from January 1, 2018. PwC, a leading consultancy firm, highlighted that these changes not only aid in managing investment funds but also in conducting transactions involving digital assets, defining them as tradeable representations of value used primarily for investment purposes.

Furthermore, PwC advised companies in the virtual asset space to reassess their VAT positions retrospectively, with a focus on optimizing input tax recovery. This development follows the collaborative effort of Dubai’s Virtual Asset Regulatory Authority (VARA) and the UAE’s Securities And Commodities Authority (SCA) to enhance oversight and licensing frameworks for virtual asset service providers (VASPs), underscoring the nation’s commitment to becoming a global hub for digital asset innovation and security.

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BlackRock, the world’s largest asset manager, sees significant potential for Bitcoin adoption, with predictions valuing the market at approximately $5.4 trillion in the coming years. At the Digital Assets Conference in Brazil, Jay Jacobs, BlackRock’s US Head of Thematics and Active ETFs, emphasized the growing demand for alternative assets, highlighting Bitcoin’s role in achieving portfolio diversification amid rising market correlations and interest rates.

Jacobs noted the strategic importance of Bitcoin in modern investment strategies, explaining that sophisticated investors are increasingly seeking liquidity and diversification. As a leader in the field with nearly 370,000 BTC under management, BlackRock is committed to educating investors about Bitcoin’s advantages. Jacobs also differentiated Bitcoin as a monetary alternative, contrasting it with Ethereum’s technological bet, underscoring the significant global shifts towards digital assets driven by demographic and technological changes.

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Bitcoin will not become more widely adopted as a result of intellectual curiosity or because it’s theoretically the best form of money ever. Instead, people will begin to use it because it solves pressing problems in their lives.

So, if you’re looking to foster greater Bitcoin adoption, show someone how they can use Bitcoin to solve an issue their facing.

Hermann Vivier, co-founder of Bitcoin Ekasi, a Bitcoin circular economy in South…

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Bitwise Asset Management today unveiled a new strategy for its crypto futures ETFs, transitioning them to trend-following funds that will alternate between cryptocurrency and US Treasuries based on market momentum. This innovative approach aims to enhance investor returns by capitalizing on crypto trends and providing stability during downturns.

The newly proposed ETFs, including the Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF, the Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF, and the Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF, will dynamically adjust their exposures. Utilizing a proprietary signal analyzing short-term exponential moving averages, these ETFs will pivot between assets—increasing crypto holdings during upward trends and switching to safer US Treasuries when the market hints at a downturn.

Set for a December 3, 2024 conversion, these changes require no action from current investors and maintain existing expense ratios and tax treatments. According to Bitwise, this strategic pivot is designed to mitigate risks and optimize returns, ensuring investor confidence through adaptable asset management.

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