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- MicroStrategy Buys $1.026B More Bitcoin as Tesla and Other Companies Follow Suit
MicroStrategy Buys $1.026B More Bitcoin as Tesla and Other Companies Follow Suit
MicroStrategy has purchased an additional 19,452 Bitcoin, worth $1.026 billion, pushing its total Bitcoin holdings to 90,500. This trend of corporate Bitcoin accumulation is growing, with companies like Tesla also increasing their positions.
Money Talks & Joe G
September 29, 2024 • Estimated Reading Time: 10 minutes
What we will talk about today...
MicroStrategy Buys $1.026B More Bitcoin as Tesla and Other Companies Follow Suit
Former Chinese Finance Minister Urges Crypto Study After US Bitcoin ETF Shift
U.S. Bitcoin ETFs See $1.1B Inflows, Largest Since Mid-July
MicroStrategy has purchased an additional 19,452 Bitcoin, worth $1.026 billion, pushing its total Bitcoin holdings to 90,500. This trend of corporate Bitcoin accumulation is growing, with companies like Tesla also increasing their positions.
If you want to do your shareholders a $100 billion favor, convert the $TSLA balance sheet from USD to #BTC. Other firms on the S&P 500 would follow your lead & in time it would grow to become a $1 trillion favor.
— Michael Saylor⚡️ (@saylor)
2:27 PM • Dec 20, 2020
Main Points:
MicroStrategy buys 19,452 more Bitcoin: The company’s latest purchase brings its total Bitcoin holdings to 90,500, valued at $4.66 billion.
Bitcoin as a strategic investment: MicroStrategy CEO Michael Saylor views Bitcoin as a superior investment to cash, positioning it as “digital gold.”
Corporate adoption increases: Tesla recently acquired $1.5 billion in Bitcoin, inspired in part by Saylor’s advice to Elon Musk.
Bitcoin integration into business strategy: MicroStrategy believes its Bitcoin holdings enhance brand awareness and customer acquisition.
Detailed Insights:
MicroStrategy buys 19,452 more Bitcoin: MicroStrategy’s recent $1.026 billion purchase brings its total Bitcoin holdings to 90,500 BTC at an average price of $23,985 per Bitcoin. The company’s Bitcoin strategy has evolved rapidly since its initial investment of $425 million in 2020.
Bitcoin as a strategic investment: CEO Michael Saylor has become one of Bitcoin’s most vocal advocates, promoting the cryptocurrency as a superior alternative to holding cash. The company continues to view Bitcoin as a long-term asset that can outperform traditional currencies.
Corporate adoption increases: Tesla joined the trend in February by purchasing $1.5 billion worth of Bitcoin, aiming to diversify and increase the return on its cash reserves. Saylor has encouraged other companies, including Tesla, to follow suit.
Bitcoin integration into business strategy: MicroStrategy believes that its Bitcoin strategy complements its core software business by increasing brand visibility and attracting new customers interested in cryptocurrency.
@michael_saylor Are such large transactions even possible?
— Elon Musk (@elonmusk)
3:20 PM • Dec 20, 2020
As more companies adopt Bitcoin, corporate interest in cryptocurrency is rising. MicroStrategy’s ongoing investments and Tesla’s entry into the market signal a growing shift toward digital assets in the corporate world.
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Former Chinese Finance Minister Urges Crypto Study After US Bitcoin ETF Shift
Former Chinese finance minister Lou Jiwei called for China to study cryptocurrency advancements, particularly in light of the US Securities and Exchange Commission's (SEC) approval of Bitcoin ETFs. He warned that cryptocurrencies pose potential risks to global financial stability and emphasized the importance of monitoring international crypto policies.
#Bitcoin hashrate dominance is shifting to U.S. mining companies.
Chinese mining pools operate 55% of the network, while U.S. pools manage 40%.
U.S. pools primarily cater to institutional miners in America, while Chinese pools support relatively smaller miners in Asia.
— Ki Young Ju (@ki_young_ju)
8:57 AM • Sep 23, 2024
Main Points:
China urged to assess crypto developments: Lou Jiwei highlighted the risks posed by cryptocurrencies to financial stability, including their role in money laundering.
US Bitcoin ETF policy shift: The US SEC’s approval of Bitcoin ETFs marks a significant change in crypto policy, which Lou noted as a crucial development for China to study.
Global financial stability concerns: Lou pointed to the volatility of cryptocurrencies and their potential impact on anti-money laundering (AML) efforts and financial systems.
China’s Bitcoin mining dominance: Despite a crypto ban, China still controls over 55% of Bitcoin mining, though US pools are gaining ground.
Detailed Insights:
China urged to assess crypto developments: During a speech at the 2024 Tsinghua Wudaokou Chief Economists Forum, Lou Jiwei urged China to study the global impact of cryptocurrencies, warning of potential risks to financial security.
US Bitcoin ETF policy shift: Lou highlighted the significance of the US SEC's recent approval of Bitcoin ETFs after years of rejection. He urged Chinese policymakers to closely monitor how the US integrates cryptocurrencies into its financial system.
Global financial stability concerns: The former finance minister warned that cryptocurrency volatility and the risks of money laundering and terrorism financing require careful examination to protect financial systems.
China’s Bitcoin mining dominance: Despite its 2021 ban, China still controls over 55% of Bitcoin mining, though US mining pools now manage around 40% of operations, a shift noted by CryptoQuant’s CEO.
Lou Jiwei’s comments highlight growing global interest in cryptocurrency regulation and adoption, particularly as major economies like the US shift their policies on Bitcoin ETFs.
₿itcoin reached $65,537. -0.50%
♢Ethereum reached $2,647. -1.28%
U.S. spot Bitcoin ETFs attracted over $1.1 billion this week, the highest inflows since mid-July. Leading the charge were BlackRock, ARK 21Shares, and Fidelity, which saw a combined $994.6 million in inflows. This surge follows the Federal Reserve’s recent interest rate cut and Bitcoin’s subsequent rally.
Bitcoin ETF Flow – All Data (US$m)
Main Points:
$1.1 billion in ETF inflows: U.S. spot Bitcoin ETFs saw their largest inflows since July, with $494.4 million recorded on Sept. 27 alone.
Top ETF inflows: BlackRock’s iShares Bitcoin Trust led with $499 million, followed by ARK 21Shares and Fidelity with $289.5 million and $206.1 million, respectively.
Bitcoin price rallies: Bitcoin is up 13.8% since the Fed’s interest rate cut, now trading at $65,800.
Ether ETFs gain too: U.S. spot Ether ETFs recorded $85 million in inflows, their largest since early August.
Detailed Insights:
$1.1 billion in ETF inflows: U.S. Bitcoin ETFs saw a significant boost this week, with $1.1 billion in inflows, led by BlackRock, ARK 21Shares, and Fidelity. The largest inflow day was Sept. 27, with $494.4 million, bringing the total inflows for all 11 spot Bitcoin ETFs to $18.8 billion since their inception.
Top ETF inflows: BlackRock’s iShares Bitcoin Trust dominated the inflows with $499 million, while ARK 21Shares and Fidelity followed closely, bringing their total contributions to nearly $1 billion this week alone.
Bitcoin price rallies: Following the Federal Reserve’s 0.5% interest rate cut on Sept. 18, Bitcoin rallied to $65,800, just 10.8% below its all-time high of $73,738.
Ether ETF inflows: U.S. spot Ether ETFs also had a strong week, drawing in $85 million, the highest since early August, bringing their total since launch to over $1.1 billion.
Ethereum ETF Flow – All Data (US$m)
Bitcoin’s momentum, coupled with strong ETF inflows and supportive monetary policy, signals a potentially bullish Q4 for the cryptocurrency market, with Bitcoin historically recording significant gains during this period.
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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results