The Bitcoin Briefing, 30 May 2024

Written by LondonLink | May 30, 2024 8:24:00 AM

As we head into the last month of the first half of 2024, it’s another opportunity to catch up on the fast moving world of bitcoin. With crypto becoming the key talking point in the US election, this is a bitcoin world and we’re all just living in it…

Bitcoin Market News

Crypto’s ‘huge moment’ scrambling US politics

The cryptocurrency industry is exerting significant influence on US politics, illustrated by recent legislative victories and increased bipartisan support in Congress. The industry plans to spend over $80 million on the 2024 elections, gaining allies and challenging crypto sceptics like Sen. Elizabeth Warren. This growing political clout comes despite a decline in crypto users and ongoing regulatory concerns (Politico).

BlackRock Takes the Crown for the Largest Spot Bitcoin ETF From Grayscale

BlackRock’s spot bitcoin exchange-traded fund (ETF) is now the largest product of its kind, flipping Grayscale's GBTC after a $102 million inflow. IBIT holds nearly $20 billion worth of bitcoin as of Wednesday morning, its product page shows. GBTC holds $19.7 billion after seeing $105 million in outflows on Tuesday (Coindesk).

Japan’s Metaplanet Sees Massive Stock Gains After Bitcoin Bet

Metaplanet, a Japanese investment advisor, is being hailed as the “Asian MicroStrategy” after its audacious Bitcoin investment strategy has massively paid off. Metaplanet is seeing historic stock gains after adopting Bitcoin as a reserve asset earlier this May (Bitcoin Magazine Pro).

Mt. Gox moves at least $2.9 billion in bitcoin for first time in five years

Mt. Gox appears to have transferred out at least 42,830 BTC, worth about $2.9 billion, from its cold wallets, according to data from Arkham Intelligence. The defunct bitcoin exchange, which collapsed in 2014, transferred the assets in multiple transactions to an unknown address. The move marked the first time in five years that Mt. Gox transferred assets out of its wallets (The Block).

Healthcare Company Semler Scientific Buys $40 Million Bitcoin

Semler Scientific, Inc., known for its healthcare solutions to combat chronic diseases, has announced a significant shift in its treasury strategy. The company's board of directors has adopted Bitcoin as its primary treasury reserve asset, alongside a substantial purchase of 581 Bitcoins for an aggregate amount of $40 million, inclusive of fees and expenses (Bitcoin Magazine).

Bitcoin Nation El Salvador Embraces AI Technology and Bitcoin to 10X GDP Over Next 5 Years Spurring Economic Revolution

El Salvador is aiming for a 10X GDP increase in 5 years through AI and Bitcoin by collaborating with Cathie Wood, CEO of ARK Invest. Wood has been working closely with El Salvador’s President Nayib Bukele to investigate how Bitcoin can improve capital markets and foster technological innovation, supporting the country’s ongoing initiatives to become a leader in the blockchain and cryptocurrency industries (Coin Market Cap).

Long-term bitcoin holders reaccumulating for first time since last December: Glassnode

Long-term bitcoin holders are starting to re-accumulate for the first time since December 2023 after multiple months of selling, according to Glassnode data. "Residing just shy of its all-time high, bitcoin continues to consolidate, with long-term holders beginning to re-accumulate coins for the first time since December 2023," a report from the market intelligence firm said (Coin Market Cap).

Video: Why Gold Is Such A Terrible Investment

An interesting short [7 min] video from Bitcoin University, on why Bitcoin is gold for a digital 21st century (YouTube).

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