🤔 Will Microsoft finally embrace Bitcoin?
Plus: $20M in crypto vanished from a US government wallet
GM. We’ve shaken up the crypto cocktail – a splash of news, a twist of market spice, and a dash of Bitcoin, all served on the rocks.
🗳 Microsoft shareholders will vote on whether the company should invest in Bitcoin.
🍊 News drops: over $20M in crypto might’ve been stolen from the US government, a solo miner scored 3.329 BTC + more
🍍 Market flavor today
The crypto market’s got its groove on today, folks! 💃 The Fear and Greed Index is lounging at a spicy 72 – we’re deep into “Greed” territory. Bitcoin danced its way up to $68.4K tonight before easing back toward $67K.
So, what’s fueling this upbeat mood? It’s not just the extra shot of espresso in your coffee. First up, new unemployment aid applications in the US dropped by 15K, and continuing unemployment claims went up by 25K last week. This mix hints at a sturdier job market, which might just nudge the Federal Reserve toward considering more interest rate cuts. And this means a stronger appetite for riskier assets, like BTC.
Things over in tech land are also making investors more adventurous. SK Hynix – NVidia’s supplier – reported record-breaking profits thanks to the AI craze. And let’s not forget Tesla, which saw its stock increase by 17% after Elon Musk dropped hints about a possible 30% revenue growth in 2025.
Now – a crystal ball moment 🔮 Geoff Kendrick from Standard Chartered sees November 5 – the US presidential election day – as the moment Bitcoin could revisit its all-time high of over $73K. If the Republicans sweep Congress, he’s talking about Bitcoin possibly soaring to $125K by year’s end. On the other hand, if Vice President Kamala Harris takes the win, Bitcoin might take a tiny dip but still cruise to around $75K by the end of 2024. Either way – 🐂!
Oh, and Bernstein dropped their “Black Book” on Bitcoin – these are like the VIP backstage passes of institutional investing research. Their take? Bitcoin is going to $200K by the end of 2025. And they said they’re being “conservative” with this prediction. You read that right.
So, whether you’re hodling, trading, or just here for the memes, crypto’s on a roll. Stay tuned; it’s shaping up to be an exciting journey 🚀
🧐 To Bitcoin or not to Bitcoin?
December 10 is the day to watch. No, not because it’s National Lager Day (although that can also be fun). That’s when Microsoft’s annual shareholders meeting will take place.
And what makes this meeting special is that the National Center for Public Policy Research – basically, a team that provides free market solutions to public policy problems – plans to propose a Bitcoin Diversification Assessment. Translation: Microsoft shareholders will vote on whether the company should invest in Bitcoin.
They think that Bitcoin might just be the ultimate hedge against inflation, and companies should throw at least 1% of its total assets into the cryptocurrency.
The problem is, Microsoft’s board isn’t really feeling it and advised shareholders to vote no. Their reason? Crypto is too volatile, and their current financial plan’s solid already. Cillian Murphy, take it away on this one:
However, they’re not the ones who have the last word. And who decides? Well, the top Microsoft shareholders are The Vanguard Group, BlackRock, State Street Corporation, and Fidelity.
Vanguard’s likely a “no,” ’cause they see Bitcoin as a speculation rather than an investment. But the rest…😏 They’re already in the Bitcoin game, so there’s a chance.
And if they do give the thumbs-up = this could be huge for broader institutional adoption = Bitcoin to the moon = lager time.
📰 News drops
💰 Over $20M in crypto just moved out of a US government wallet to a new address. Blockchain sleuth ZachXBT called it out as likely theft.
✈️ Binance’s head of financial crime compliance, Tigran Gambaryan, has finally left Nigeria. This comes after local authorities dropped all charges that had him detained since February.
🛡 The BingX crypto exchange is launching “ShieldX,” an upgraded wallet firewall to up security and keep users’ assets safe. This follows a $52M hot wallet exploit they faced back in September.
👋 Long-time OpenAI safety researcher Miles Brundage left the company on Wednesday. He explained he wanted more independence, saying it’s tough to stay unbiased about an organization when you’re on the inside.
⛏ A solo miner processed a block on Bitcoin’s network yesterday, scoring 3.329 BTC – worth over $222K. Talk about a lucky day!
🤝 Hedera just brought LayerZero, a multi-chain interoperability protocol, into its network. This powers up the Hedera Token Service (HTS), making it easier and cheaper to create and manage tokens.
🍌 Juicy memes
