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  • Bitcoin holds above $107 despite $172m Mt. Gox BTC transfer

    Bitcoin holds above $107 despite $172m Mt. Gox BTC transfer

    • Mt. Gox moved over $172 million in BTC to new wallet addresses.
    • The price of Bitcoin held strong despite bankrupt crypto exchange’s wallet activity.

    Bankrupt crypto exchange Mt.Gox has notably transferred about 1,620 Bitcoin to new unknown addresses. The value of the Bitcoin transfer stood at over $172.5 million, and was sent to new addresses.

    The transfers happened as BTC price hovered around $107,380, having hit new all-time highs above $107,822. Unlike in the past Mt. Gox transactions of the flagship cryptocurrency, the latest movement hasn’t seen BTC react violently lower. Dormant whales have also woken up, as Arkham Intelligence pointed out in a post on X.

    Mt.Gox Bitcoin transfers

    Two weeks ago, the crypto exchange Mt. Gox made another Bitcoin transfer of 24,000 BTC to unknown wallets. According to Arkham, the bankrupt exchange transferred 1,619.6 BTC in two chunks, one of 1427.9 BTC and the other of 191.7 bitcoin to two new addresses.

    Recently, the blockchain security and intelligence platform showed that Mt. Gox’s latest wallet activity also included the transfer of 1427.9 Bitcoin to an address starting with “1DeY. It then transferred 108 BTC and 191.7 BTC through several addresses before the coins ended in the wallet that currently holds 300 Bitcoin.

    In November, Mt. Gox transfered $2.2 billion Bitcoin to unknown wallets amid repayment plans. On December 5, Mt. Gox made another Bitcoin transfer. It moved 24,000 BTC worth $2.5 billion a time when BTC was trading at $ 100,000, an all-time high at the time.

    Arkham notes the exchange has 36,085 Bitcoin holdings estimated to be worth $3.86 billion. The deadline for creditor repayment will be October 31, 2025.

    Despite downside pressure, Bitcoin has recovered from previous Mt. Gox dumps to hit new all-time highs above $100.

    The bullish market sentiment is down to multiple catalysts. It includes greater institutional demand for spot Bitcoin ETFs, US election that has a pro-crypto administration in place and the exit of SEC’s Gary Gensler. New pro-crypto picks for the SEC and CFTC will help the push for regularity clarity.

    There’s also the buying spree by MicroStrategy and several other companies, including Boyaa Interactive, Metaplanet and the miner industry led by Marathon, Riot and Semler Scientific, are hodling BTC. The companies have adopted the Bitcoin treasury strategy that has seen MicroStrategy become the world’s largest corporate holder of BTC.

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  • MicroStrategy acquires 15,350 Bitcoin, now holds 439,000 BTC valued at over $45B

    MicroStrategy acquires 15,350 Bitcoin, now holds 439,000 BTC valued at over $45B

    • MicroStrategy bought its latest Bitcoin between December 9, 2024, and December 15, 2024
    • Last week, the company purchased 21,550 Bitcoin for $2.1 billion and the week before it bought 15,400 Bitcoin for $1.4 billion
    • The Bitcoin buying spree comes as MicroStrategy will be added to the Nasdaq-100 Index on December 23

    MicroStrategy has acquired an extra 15,350 Bitcoin worth around $1.5 billion in cash, pushing its total holdings to 439,000.

    In an 8-K filing to the US Securities and Exchange Commission (SEC), MicroStrategy, a major Bitcoin holder, bought the crypto asset between December 9, 2024, and December 15, 2024, at an average price of $100,386 per Bitcoin.

    With the latest Bitcoin addition, MicroStrategy and its subsidiaries now hold 439,000 Bitcoin, valued at $45 billion. In a post on X, Michael Saylor, MicroStrategy’s CEO, said the Bitcoin was bought for $27.1 billion or an average price of $61,725 per Bitcoin.

    Saylor also noted that MicroStrategy’s year-to-date Bitcoin Yield is 72.4% while its quarter-to-date Bitcoin Yield is 46.4%.

    This is the latest purchase from MicroStrategy. Last week, the company purchased a further 21,550 Bitcoin between December 2, 2024, and December 8, 2024, for around $2.1 billion at an average price of $98,783 per Bitcoin. This followed a purchase of 15,400 Bitcoin for $1.4 billion the week before.

    Joining the Nasdaq-100 Index

    The continued push to buy more Bitcoin comes as MicroStrategy will be added to the Nasdaq-100 Index on December 23.

    In an announcement on December 13 from Nasdaq, it said three companies will be added to its Index: Palantir Technologies Inc., MicroStrategy Incorporated, and Axon Enterprise, Inc.

    Following the news, crypto analyst Will Clemente wrote on X: “Now that MSTR is getting added to the Nasdaq, every large pension fund, sovereign wealth fund, and individual retirement account in the world is going to have Bitcoin exposure.”

    The news has also rallied MicroStrategy’s stock price, pushing it up 3%, according to CNBC.

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  • Bitcoin reaches new all-time high of above $106,000

    Bitcoin reaches new all-time high of above $106,000

    Eric Trump praises Bitcoin, predicts it will hit $1M at Bitcoin MENA 2024
    • Bitcoin hit $106,400 in the early hours of December 16
    • Crypto trader believes the next three to four weeks are going to be significant for Bitcoin if history repeats
    • Investors believe Bitcoin reaching $120,000 by the end of 2024 is achievable

    Bitcoin set a new all-time high above $106,000 following news that President-elect Donald Trump is considering plans to create a US Bitcoin strategic reserve.

    In the early hours of December 16, Bitcoin topped more than $106,400, according to data from CoinMarketCap.

    Bitcoin reaches over $106,000, setting a new all-time high. Source: CoinMarketCap

    At the time of publishing, Bitcoin has retraced slightly to $104,700. Over the past year, the world’s largest crypto asset has risen nearly 148% in value. Bitcoin’s previous high was set on December 5, hitting close to $104,000.

    News of Bitcoin’s rally comes as Trump announced he’s considering creating a US Bitcoin strategic reserve similar to its oil reserve. Speaking to CNBC last week, Trump said:

    “We’re gonna do something great with crypto because we don’t want China, or anybody else … but others are embracing it, and we want to be ahead.”

    In relation to a question about whether the US will create a Bitcoin strategic reserve, Trump said: “Yes, I think so.”

    In a post on X, Ash Crypto wrote: “Bitcoin is breaking out. If history repeats, the next 3-4 weeks are going to be massive.”

    Crypto-friendly administration

    The incoming Trump administration is seen as more crypto friendly compared to Biden’s team.

    During his campaign, Trump promised to make America the “crypto capital of the planet.” Since winning the US election, his team has already made significant appointments, many of whom are crypto-friendly.

    Last week, Trump appointed Paul Atkins as the next Chair of the US Securities and Exchange Commission (SEC). He will be replacing Gary Gensler who is stepping down on January 20, 2025.

    Trump also named David Sacks as the lead policy advisor on artificial intelligence and crypto, dubbing him the “White House AI and Crypto Czar.” In November, Trump announced that Elon Musk and Vivek Ramaswamy will lead the Department of Government Efficiency (DOGE) to “dismantle government bureaucracy.”

    Speaking to the BBC, Peter McGuire from trading platform XM.com, said:

    “The Bitcoin rally since the election has been parabolic and the FOMO – or fear of missing out – rally is gathering momentum. Many investors believe $120,000 is achievable by the end of the year and then in 2025 there’s talk of greater than $150,000 by mid-year.”

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  • Microsoft shareholders reject Bitcoin treasury proposal

    Microsoft shareholders reject Bitcoin treasury proposal

    • Microsoft shareholders have voted against the proposal that sought to have the tech giant add Bitcoin to its balance sheet.
    • The vote on Tuesday, December 10, 2024, followed the proposal by the National Center for Public Policy Research, and came after MicroStrategy founder and Chairman Michael Saylor added to the call for Microsoft to adopt a Bitcoin treasury via a presentation.

    On Dec. 10, details on the vote indicated Microsoft shareholders had rejected the proposal – meaning one of the world’s most valuable companies is not primed to add BTC to its treasury any time soon. Microsoft will not now take time to study the option of having the world’s largest cryptocurrency by market cap as part of its diversified portfolio.

    Saylor, whose company is the largest corporate holder of Bitcoin after a buying spree that started in 2020, said last week that Microsoft had the potential to add trillions of dollars to its market cap if it invested in the flagship digital asset.

    MicroStrategy acquired an additional 21,550 BTC worth $2.1 billion on Dec. 9, bringing its total haul 423,650 BTC bought for approximately $25.6 billion.

    Microsoft board urged shareholders to vote down proposal

    The “Assessment of Investing in Bitcoin” proposal by the National Center for Public Policy Research advocated for a 1% outlay of Microsoft’s assets into BTC. According to the proposal, the company should have weighed whether diversifying with Bitcoin to hedge against inflation was in the best interests of shareholders.

    Saylor offered a 3-minute presentation to Microsoft’s Board of Directors and the chairman and CEO Satya Nadella. The Bitcoin bull explained why taking this approach would have been the right thing for the company.

    The preliminary results of the shareholders’ vote means Microsoft could adopt this strategy at a time when BTC price will be much higher than the current $97k. The company’s board had last month asked shareholders to reject the proposal.

    Despite the outcome of the vote, some in the crypto industry are bullish on what it means to have such a proposal in place.

    Notably, the National Center for Public Policy Research has also submitted a similar proposal to Amazon.

    MSFT shares traded around $446.98 at the time of writing, with the performance largely flat on the day.  Bitcoin price fell below $95,000 on the news, reaching lows of $94,550. However, BTC was back above $95k at the time of writing as bulls target a retest of the psychological $100k level.

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  • Eric Trump praises Bitcoin, predicts it will hit $1M at Bitcoin MENA 2024

    Eric Trump praises Bitcoin, predicts it will hit $1M at Bitcoin MENA 2024

    Eric Trump praises Bitcoin, predicts it will hit $1M at Bitcoin MENA 2024
    • Eric Trump has predicted Bitcoin will hit $1M, citing its scarcity and potential.
    • Eric compared Bitcoin’s adoption to email, emphasizing early adopter advantages.
    • Eric lauded Bitcoin as a hedge against inflation, instability, and global risks.

    Eric Trump, executive vice president of the Trump Organization and son of US President-elect Donald Trump, delivered a stirring keynote address at the Bitcoin MENA event in Abu Dhabi on December 10, 2024.

    In his speech, he confidently predicted that Bitcoin’s price would one day surpass $1 million per coin, describing it as a transformative force in the global economy.

    Eric Trump highlighted Bitcoin’s unique qualities, emphasizing its limited supply of 21 million coins, decentralized structure, and potential to serve as a hedge against inflation and political instability. “Bitcoin is not just another investment,” he stated. “It’s a global asset, a store of value, and a safeguard against the uncertainties of the world—be it economic turmoil, natural disasters, or geopolitical conflicts.”

    The son of the US President-elect compared Bitcoin’s adoption journey to the widespread acceptance of email, which took decades to achieve mass use. He acknowledged that technological breakthroughs often face resistance initially, but once their utility becomes apparent, they are embraced universally.

    “People are slow to adapt to new technology, just as they were with email in the 1970s. But as Bitcoin gains traction, the sceptics will realize its transformative potential,” Eric said.

    Eric also addressed the role of financial institutions and governments, noting that many are beginning to pivot toward cryptocurrency. He shared an anecdote about a major bank executive, once sceptical of Bitcoin, now overseeing a crypto desk handling billions in investments.

    According to Eric Trump, those who embrace Bitcoin early will reap significant rewards, while late adopters risk falling behind in the digital currency revolution.

    Acknowledging Bitcoin’s recent milestone of surpassing $100,000 per coin on December 5, Eric expressed optimism about the cryptocurrency’s future. He concluded by encouraging the Bitcoin community to continue driving innovation and adoption, stating, “Bitcoiners, I love you. The Trump family stands with you. Together, we are witnessing the dawn of a new financial paradigm.”

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  • El Salvador to change Bitcoin plans to secure $1.3bn IMF loan

    El Salvador to change Bitcoin plans to secure $1.3bn IMF loan

    • El Salvador would also receive $1 billion in lending from the World Bank and $1 billion from the Inter-American Development Bank
    • Under the IMF agreement, El Salvador would change a legal requirement making businesses accept Bitcoin as payment
    • Since 2021, the IMF has been against El Salvador’s Bitcoin Law, asking the government to “narrow its scope”

    El Salvador is reportedly reducing its Bitcoin ambitions as it gets ready to receive a $1.3 billion loan from the International Monetary Fund (IMF).

    The Financial Times reports that the Central American country, which was the first to accept Bitcoin as legal tender in 2021, is expected to reach a deal in the next few weeks with El Salvador’s President Nayib Bukele’s government.

    The deal is also expected to unlock a further $1 billion in lending from the World Bank and $1 billion from the Inter-American Development Bank over the next few years.

    Under the proposed plans, El Salvador would change a legal requirement making businesses accept Bitcoin as payment, making it optional instead. The government would also reduce the budget deficit by 3.5% of GDP over three years through spending cuts and tax rises while boosting reserves from $11 billion to $15 billion.

    IMF against El Salvador’s Bitcoin adoption

    Following El Salvador’s adoption of Bitcoin in 2021, the IMF sent a statement in November 2021 “recommend[ing] narrowing the scope of the Bitcoin law” while “strengthening the regulation and supervision of the new payment system.”

    This was again called for in January 2022 when the IMF advised El Salvador to reconsider its decision on Bitcoin as the country’s legal tender. More recently, the IMF recommended El Salvador limit the public’s exposure to Bitcoin.

    Despite the advisories, El Salvador and its president remain committed to Bitcoin, going on to buy more of the asset during price dips.

    With Bitcoin reaching $100,000 last week for the first time, Bukele posted a tweet on X, showcasing its Bitcoin balance was now worth more than $600 million.

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  • Amazon shareholders call for the company to hold 5% of its assets in Bitcoin

    Amazon shareholders call for the company to hold 5% of its assets in Bitcoin

    • MicroStrategy’s stock has outperformed Amazon’s stock by 537% in the past year
    • The proposal calls for Amazon to include some Bitcoin to maximize shareholder value without taking on too much risk
    • Last week, Michael Saylor, CEO of MicroStrategy called on Microsoft to adopt Bitcoin, calling it “digital capital”

    A group of Amazon shareholders has requested that the company allocate 5% of its assets in Bitcoin.

    The National Center for Public Policy Research, a free-market, independent conservative think tank, submitted the proposal to Amazon for consideration at its 2025 annual shareholder meeting.

    The proposal, shared by Tim Kotzman, a podcast host covering Bitcoin and MicroStrategy, recommends adding “assets to its treasury that appreciate more than bonds, even if those assets are more volatile short-term.”

    The proposal points to Bitcoin’s price, which has increased more than 131% over the past year, outperforming corporate bonds by more than 126%, on average.

    “MicroStrategy – which holds Bitcoin on its balance sheet – has had its stock outperform Amazon stock by 537% in the previous year,” the proposal said.

    “And they’re not alone. Institutional and corporate Bitcoin adoption is becoming more commonplace: more public companies such as Tesla and Block have added Bitcoin to their balance sheets; Amazon’s second and fourth largest institutional shareholders – BlackRock and Fidelity, respectively – offer their clients a Bitcoin ETF; and the US government may form a Bitcoin strategic reserve in 2025.”

    The proposal points out that while Bitcoin is a “volatile asset,” Amazon’s stock was the same in the past. Because of this, companies have “a responsibility to maximize shareholder value over the long-term as well as the short-term,” adding:

    “Diversifying the balance sheet by including some Bitcoin solves this problem without taking on too much volatility. At minimum, Amazon should evaluate the benefits of holding some, even just 5%, of its assets in Bitcoin.”

    Michael Saylor calls Bitcoin “digital capital”

    The shareholder proposal comes as Michael Saylor, CEO of MicroStrategy, said to Microsoft that Bitcoin is the best asset a company should own, claiming it represents the “greatest digital transformation of the 21st century.”

    In a three-minute video posted on X last week, Saylor said:

    “Microsoft can’t afford to miss the next technology wave, and Bitcoin is the next wave. Bitcoin represents the greatest digital transformation of the 21st century; it represents digital capital.”

    Talking about long-term capital, Saylor noted that risk – including general taxes, politics, recession, regulation, war, and the weather – is destroying over $10 trillion in capital each year.

    Because of this, investors are turning their attention to digital capital, such as Bitcoin, to avoid these risks. In Saylor’s view, “it makes sense” for Microsoft to buy and hold Bitcoin rather than buy back stock or hold bonds.

    “If you’re going to outperform, you’re going to need Bitcoin,” Saylor said. “You’ve surrendered hundreds of billions of dollars of capital over the past five years, and you’ve just amplified the risks that your own shareholders face. If you want to escape that vicious cycle, you’re going to need an asset without counterparty risk.”

    In Saylor’s opinion, that lies with Bitcoin.

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  • Bitcoin hits $100k for the first time as bull run continues

    Bitcoin hits $100k for the first time as bull run continues

    An image of a Bitcoin in front a background with arrows pointing up
    • Bitcoin reached the milestone on December 5
    • Over the past 30 days, Bitcoin has increased in value by nearly 50% and 140% in YTD value
    • It comes as President-elect Donald Trump named Paul Atkins as the next US SEC chair

    Bitcoin has reached a new all-time high, hitting $100,000 for the first time, continuing its bull run since the start of November.

    On December 5, Bitcoin broke the $100,000 milestone after getting within touching distance of the psychological level on November 22, at over $99,000. Data from CoinMarketCap shows Bitcoin reached more than $103,500 around 04:05 this morning.

    At the time of publishing, Bitcoin is trading at around $101,000. Over the past 30 days, the crypto asset has risen nearly 50% in value while its year-to-date value has increased by 140%.

    While there are underlying factors relating to Bitcoin’s price rise, Donald Trump’s presidential victory last month has given the asset a significant push. It also hasn’t hurt Bitcoin that Trump announced pro-crypto Paul Atkins as the next chair of the US Securities and Exchange Commission.

    Trump has also picked Scott Bessent and Howard Lutnick to head the US Secretary of Treasury and Commerce departments.

    Taking to X, Michael Saylor, CEO of MicroStrategy, said “there’s going to be a $100k party.”

    Earlier this week, Saylor urged Microsoft to adopt Bitcoin saying it represents “digital capital.”

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  • Sir Richard Branson’s Virgin Voyages becomes first cruise line to accept Bitcoin payments

    Sir Richard Branson’s Virgin Voyages becomes first cruise line to accept Bitcoin payments

    Virgin Voyages becomes first cruise line to accept Bitcoin payments
    • Virgin Voyages becomes the first cruise line to accept Bitcoin for bookings.
    • Passengers can use Bitcoin to book for cruises including the upcoming Virgin Voyages’ Annual Pass.
    • Virgin Voyages targets younger travellers with crypto adoption in a competitive market.

    Virgin Voyages, the innovative cruise line founded by Sir Richard Branson, has announced that it now accepts Bitcoin (BTC) as a payment option for bookings.

    This move makes Virgin Voyages the first cruise line to adopt crypto payments amid a growing trend in the travel and hospitality industries to embrace digital currencies.

    Annual Pass cruise passengers can book using Bitcoin

    According to Virgin Voyages’ announcement, passengers can now use BTC to pay for cruises across its fleet, including its highly anticipated “Annual Pass.” Virgin Voyages’ Annual Pass, which provides a variety of exclusive benefits to frequent travellers, is also the first cruise product to accept cryptocurrency payments.

    This bold step highlights Virgin Voyages’ commitment to appealing to younger, tech-savvy travellers and digital asset enthusiasts, who are increasingly integrating cryptocurrency into their everyday transactions.

    Notably, Virgin Voyages’ decision to accept Bitcoin comes at a time when other sectors of the travel industry are exploring cryptocurrency options.

    Of late, airlines and hotels have started accepting crypto payments to capitalize on the growing interest in digital currencies. Platforms like Travala, a crypto-native travel service, have already partnered with major travel websites like Skyscanner to allow users to book over 2.2 million hotels using cryptocurrency.

    Virgin Voyages’ ambition to become a unique cruise line

    The move is part of a larger strategy by Virgin Voyages to differentiate itself in a competitive industry.

    Founded in 2014 as a joint venture between the Virgin Group and Bain Capital, Virgin Voyages has consistently aimed to offer a modern, youthful alternative to traditional cruising. The company’s fleet, which includes the Scarlet Lady, Resilient Lady, and Valiant Lady, offers itineraries designed for a younger demographic, with shorter Caribbean cruises and exclusive experiences.

    Virgin Voyages’ embrace of cryptocurrency is likely to further set the cruise line apart as it continues to push the envelope in customer service and innovation.

    As digital currencies become more mainstream, Virgin Voyages’ decision to accept Bitcoin may inspire other cruise lines to follow suit in the near future.

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  • Michael Saylor urges Microsoft to adopt Bitcoin, says it represents digital capital

    Michael Saylor urges Microsoft to adopt Bitcoin, says it represents digital capital

    • Michael Saylor said Bitcoin represents the “greatest digital transformation of the 21st century”
    • Saylor believes it “makes sense” for Microsoft to buy and hold Bitcoin rather than buy stock back or hold bonds
    • Over the past five years, Saylor said that Microsoft has surrendered hundreds of billions of dollars of capital

    Michael Saylor has told Microsoft that Bitcoin is the best asset a company should own, claiming it represents the “greatest digital transformation of the 21st century.”

    Taking to X, Saylor, CEO of MicroStrategy, posted a three-minute video tagging Satya Nadella, Microsoft’s chair and CEO, and its board of directors. In the video, Saylor said:

    “Microsoft can’t afford to miss the next technology wave, and Bitcoin is the next wave. Bitcoin represents the greatest digital transformation of the 21st century; it represents digital capital.”

    Talking about long-term capital, Saylor noted that risk – including general taxes, politics, recession, regulation, war, and the weather – is destroying over $10 trillion in capital each year.

    Because of this, investors are turning their attention to digital capital, such as Bitcoin, to avoid these risks. In Saylor’s view, “it makes sense” for Microsoft to buy and hold Bitcoin rather than buy back stock or hold bonds.

    “If you’re going to outperform, you’re going to need Bitcoin,” Saylor said. “You’ve surrendered hundreds of billions of dollars of capital over the past five years, and you’ve just amplified the risks that your own shareholders face. If you want to escape that vicious cycle, you’re going to need an asset without counterparty risk.”

    In Saylor’s opinion, that lies with Bitcoin.

    MicroStrategy is fully behind Bitcoin

    Since August 2020, MicroStrategy has been buying Bitcoin. Since then, the company now holds 402,100 Bitcoin, valued at more than $38.4 billion, according to MSTR-Tracker.

    Earlier this month, MicroStrategy purchased an extra 51,780 Bitcoin, valued at $4.6 billion. In a post on X yesterday, Saylor posted that the company had bought an extra 15,400 Bitcoin at $95,976 per Bitcoin.

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