As Uptober finally appears, the Briefing looks at the stories making headlines in the Bitcoin world.
Bitcoin Market News
Bitcoin Still the Best-Performing Asset’ After Weak Q3
According to the New York Digital Investment Group, Bitcoin remains the best-performing asset this year, even after a “seasonally weak” third quarter. Bitcoin gained just 2.5% over Q3, bouncing back after falling in the second quarter but hamstrung by large sales. Trading has mainly remained rangebound for the past six months amid significant headwinds such as the Mt. Gox and Genesis creditor distributions totalling almost $13.5 billion and large BTC sell-offs from the United States and German governments.
US Budget Deficit Reaches $1.8 Trillion
According to the Congressional Budget Office (CBO), the US federal budget deficit has soared to $1.8 trillion for fiscal year 2024, marking an 11% increase from the previous year’s $1.7 trillion deficit. This surge comes as interest payments on the national debt and spending on Social Security, Medicare, and health insurance tax credits continue to rise sharply. The CBO’s estimate highlights growing concerns over the sustainability of federal spending and the increasing burden of national debt.
Man Who Dumped £400m Worth of Bitcoin Sues Council
A Wales-based software engineer filed a lawsuit against Newport City Council for roughly £500m in damages for repeatedly denying his request to excavate the landfill site housing a discarded hard drive, which contains around 8,000 units of Bitcoin.
Why SMEs are Onboarding to the Crypto Revolution
Large institutions, from Tesla to Blackrock, have invested in Bitcoin for years, but most SMEs still haven’t joined the revolution. That’s hardly surprising, given smaller businesses are focused on day-to-day operational concerns and surviving in a cut-throat market. What use is Bitcoin to them? LondonLink’s Danny Barugh explores the specific benefits of Bitcoin for SMEs and explains how forward-looking smaller businesses are harnessing it to transform their operations.
Read more on Intelligent SME Tech
Bitcoin Trends
Bitcoin Price Charts Disappeared From Google Search
Google Search stopped displaying price charts for Bitcoin and other cryptocurrencies in its search results. Over the weekend, Twitter users noted that searching for Bitcoin's price no longer yields a chart. In contrast, stock price searches still produce charts. Google's decision has prompted discussions about the reasons behind this change. Google’s VP of Engineering, Rajan Patel, later explained the issue as “a data issue on our side”.
The Satoshi Example: What it Means to Give Something to the World
J.T. Woodhouse, a freedom tech novelist, contrasts the selfless legacy of Bitcoin's anonymous creator, Satoshi Nakamoto, with today's clout-chasing culture, highlighting the importance of giving to the world without seeking fame, recognition or reward.
Morgan Stanley Urges Investors to Explore Bitcoin Mining Stocks Amid Rising Energy Prospects
Morgan Stanley’s global head of research recommended chief investment officers consider adding Bitcoin mining stocks to their portfolios as new opportunities emerge in energy infrastructure. The recommendation highlighted how new mandates for data centres incorporating additional power generation could drive demand for energy-intensive industries like Bitcoin mining. The report suggested that these mandates could spread across multiple regions, expanding the scope for new investments in natural gas-fired plants and nuclear power.
MicroStrategy Eyes Trillion-Dollar Valuation in Bitcoin Bank Endgame
MicroStrategy founder Michael Saylor detailed the company’s plan to become the leading Bitcoin bank, aiming for a trillion-dollar valuation. Unlike traditional banks, MicroStrategy focuses on borrowing funds at low rates, investing them in Bitcoin, and expecting an average annual return of 29%. Saylor highlighted that the company has accumulated over 252,000 BTC, currently valued at $15 billion. He sees Bitcoin reaching millions of dollars per coin, positioning the company as a trillion-dollar entity offering various Bitcoin capital market instruments.
Bit of Bitcoin fun
Kamala Unveils Pro-Crypto Policies... For Black Men?
Kamala Harris announced a pro-crypto policy plan to support Black men by providing protections for digital asset investments and loans for Black entrepreneurs. This move seeks to promote wealth-building in Black communities but faces criticism for its targeted demographic approach and perceived election-oriented motives.
