The Bitcoin Briefing, 24 October 2024
Despite Michael Saylor’s comments sparking outrage, the Bitcoin market has gone from strength to strength, with several influential stories indicating a continued rise.
Bitcoin Market News
Institutional investors now hold 20% of US-traded spot Bitcoin ETFs
CryptoQuant CEO and founder Ki Young Ju revealed that the latest 13F Form filings show that institutional investors hold over 193,000 BTC via Bitcoin ETFs as of 18 October. 00
He also revealed that roughly 1,179 institutions have invested in US-traded spot Bitcoin ETFs. The list includes $70 billion asset manager Millennium Management, $438 billion trading firm Jane Street, and $2.93 trillion investment bank Goldman Sachs.
Tesla Retains $770M in Bitcoin
According to Arkham analysts, Tesla continues to hold 11,509 Bitcoin, now distributed across seven different wallets. Last week, Tesla moved its crypto holdings to new wallets. Before the recent movement, they had been sitting idle for nearly two years, leading some to speculate that Tesla might have reorganized its crypto holdings ahead of its Q3 financial report on October 24.
Metaplanet Secures 10 Billion Yen For Bitcoin Acquisition In Bold Move
Metaplanet Inc. raised 10 billion yen (about $68 million) through a recent stock sale to support its aggressive Bitcoin acquisition strategy. With more than 13,000 individual shareholders participating, Metaplanet announced on October 22 that it had successfully finished its 11th round of Stock Acquisition Right, which will go toward buying more Bitcoin to expand its already considerable holdings.
Peter Schiff Predicts A 'Bloodbath' For MicroStrategy Stock
Influential economist Peter Schiff predicted a crash for Bitcoin development company MicroStrategy Inc., terming it the most overvalued stock in the MSCI World Index. Schiff wrote, “$MSTR has got to be the most overvalued stock in the MSCI World Index. When it finally crashes, that’s gonna be the real bloodbath!” The MSCI World is a widely watched global stock market index that tracks the performance of about 1500 large and mid-cap companies from 23 developed nations.
Bitcoin Trends
Bitcoiners: Beware the Capital Gains Tax Trap
Potential increases in CGT in the UK could hit Bitcoin holders, who are subject to capital gains tax (CGT) in the UK, with rates of 10% for basic taxpayers and 20% for higher-rate taxpayers. Strategies such as using allowances, crystallising gains, and long-term holding may help mitigate this impact.
Read more on Business Reporter
Assange Thinks Blockchain Has a Higher Purpose Than Bitcoin
Wikileaks founder Julian Assange argues that blockchain's potential extends beyond Bitcoin, potentially revolutionising journalism by preserving truth in an ever-shifting landscape. “Bitcoin’s real innovation is a globally verifiable proof publishing at a certain time. The whole system is built on that concept, and many other systems can also be built on it. The blockchain nails down history, breaking Orwell’s dictum of ‘He who controls the present controls the past and he who controls the past controls the future.'”
What’s Behind the Latest Rise (and Retreat) of BTC
Bitcoin's recent rally, pushing its price past $69,000, is driven by increased stablecoin liquidity, limited exchange supply, and anticipation of key events like FTX creditor settlements and Mt. Gox repayments. Bitcoin ETFs have also seen significant inflows amid rising demand. However, market volatility remains, with political developments, such as the upcoming U.S. elections, potentially impacting the rally's future.
Billionaire Jones ‘Long’ on Bitcoin and Gold to Hedge Against Inflation
Billionaire hedge fund manager Paul Tudor Jones II revealed that he is investing heavily in gold and Bitcoin as he expects inflationary pressures will persist regardless of who wins the 2024 US presidential election. Jones emphasised his belief that inflation is inevitable and explained that his portfolio is now positioned for rising prices.
Historic Bitcoin Theft Tied to Kidnapping, Luxury Cars, $500K Bar Bills
Two men accused of committing one of the largest person-to-person crypto thefts in U.S. history went on a brazen spending spree that included buying exotic cars, a $2 million wristwatch, renting mansions and running up nightclub tabs of hundreds of thousands of dollars apiece, new court records reveal. The cyber heist swindled a Washington, D.C., resident out of $230 million in cryptocurrency. At least $100 million in bitcoin stolen from the victim remains unaccounted for.
Bit of Bitcoin fun
Vitalik Buterin Calls Michael Saylor’s Bitcoin Custody Stance Insane
MicroStrategy founder Michael Saylor’s recent recommendation that Bitcoin holders should trust large financial institutions for custody has sparked massive controversy within the cryptocurrency community. Saylor, who once championed the virtues of self-custody, now argues that “too big to fail” banks and investment firms are the ideal custodians for Bitcoin. Ethereum co-founder Vitalik Buterin labelled the suggestion “insane” and argued that it does not align with Bitcoin’s decentralised philosophy.
