Don’t miss out on our comprehensive weekly roundup of Bitcoin news, where you’ll find a succinct yet informative compilation of the most noteworthy advancements in the world of this cryptocurrency. Whether you’re an investor, a Blockchain technology enthusiast, or simply eager to learn more, this summary is tailored just for you.
Top Bitcoin News
MicroStrategy Bolsters Bitcoin Treasury with Major Acquisition
MicroStrategy, the business intelligence company helmed by Michael Saylor, has significantly augmented its Bitcoin holdings with the acquisition of 9,245 BTC. This move elevates MicroStrategy’s total Bitcoin treasury to a staggering 214,246 BTC, following a successful private offering of convertible notes and the utilization of surplus cash to finance the purchase of the cryptocurrency.
MicroStrategy has acquired an additional 9,245 BTC for ~$623.0M using proceeds from convertible notes & excess cash for ~$67,382 per #bitcoin. As of 3/18/24, $MSTR hodls 214,246 $BTC acquired for ~$7.53B at average price of $35,160 per bitcoin. https://t.co/oeYJGgiuy0
— Michael Saylor⚡️ (@saylor) March 19, 2024
In particular, MicroStrategy secured these Bitcoins for approximately $623 million, at an average price of $67,400 per Bitcoin. Additionally, it deployed an extra $30.7 million in cash, alongside the $592.3 million from the convertible debt issuance. Presently, MicroStrategy commands 1.02% of the total mined Bitcoin supply, having paid an average price of $35,160 per BTC.
Mark Cuban Affirms Bitcoin’s Value as a Store of Wealth
Renowned American billionaire investor Mark Cuban has disclosed his ongoing investment in Bitcoin over gold, citing it as a superior store of value. In an interview with CNBC, Cuban emphasized his daily investment in Bitcoin over gold, acknowledging its potential as a robust store of wealth.
Cuban underscored that Bitcoin‘s price is fundamentally driven by supply and demand dynamics. He expressed confidence in its upward trajectory, attributing it to the limited supply of Bitcoins juxtaposed with escalating demand, asserting, “The price will rise, it’s in its nature.”
Goldman Sachs Maintains Bullish Outlook on Bitcoin Despite Price Dip
Despite a dip in price to $60,000, Goldman Sachs remains bullish on Bitcoin. Matthew McDermott, the head of digital assets at Goldman Sachs, noted a significant shift in client profiles and investment volumes during the Digital Asset Summit in London. McDermott attributed this change primarily to growing institutional interest in Bitcoin.
According to McDermott, this surge in interest can be largely attributed to the launch of the physically settled Bitcoin ETF, which has significantly influenced investor sentiment. He emphasized that this development marks a pivotal milestone in the widespread adoption and acceptance of Bitcoin as a legitimate and appealing asset class for traditional investors.
Peter Schiff Reflects on Missed Bitcoin Investment Opportunity
Despite being a vocal critic of Bitcoin, Peter Schiff admitted to contemplating the prospect of purchasing Bitcoin in 2010. In an interview with Real Vision CEO Raoul Pal, Schiff conceded that he would have invested in Bitcoin had he foreseen its meteoric rise, albeit maintaining skepticism towards its fundamentals.
Schiff acknowledged Bitcoin‘s significant impact on governmental and central banking institutions, suggesting that its emergence poses a threat to the fiat-based monetary system and the hegemony of the US dollar.
To the extent that #Bitcoin has distracted attention and buying from #gold, it's the best thing that's happend to big government and central banks. Gold is the primary threat to the fiat based monetary system and U.S. dollar hegemony. That may be why those new ETFs were approved.
— Peter Schiff (@PeterSchiff) March 21, 2024
JPMorgan Warns of Overbought Territory for Bitcoin
Following a notable correction in crypto markets, JPMorgan warns that Bitcoin may still be overbought despite recent price fluctuations. Analysts led by Nikolaos Panigirtzoglou highlighted a considerable optimism regarding year-end price surges, partly fueled by Bitcoin demand via physically settled ETFs.
However, they caution that the pace of net inflows into Bitcoin ETFs has slowed down, with a significant outflow recorded last week. This contradicts the notion of a steady influx of investments into these ETFs. With the Bitcoin halving approaching, profit-taking is likely to persist, especially amidst overbought market conditions.
Conclusion
In conclusion, these recent developments underscore the dynamic nature of the Bitcoin market and its evolving role within the broader financial landscape. Whether it’s MicroStrategy’s substantial Bitcoin acquisition, Mark Cuban’s endorsement of Bitcoin as a store of value, or institutional interest highlighted by Goldman Sachs, the crypto sphere continues to garner attention from investors worldwide.
However, caution is warranted, as exemplified by JPMorgan’s warning of potentially overbought conditions in the Bitcoin market. As the crypto landscape evolves, staying informed and vigilant remains paramount for investors navigating this volatile yet promising asset class.
Disclaimer: The information provided in this article titled “Top Bitcoin News of the Week” is intended for informational purposes only. While we strive to ensure the accuracy and reliability of the information presented, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability concerning the content for any purpose.
Readers are advised to conduct their own research and consult with financial or investment professionals before making any decisions based on the information provided in this article. Investing in cryptocurrencies, including Bitcoin, carries inherent risks, including but not limited to price volatility, regulatory changes, and security vulnerabilities.
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