MicroStrategy Buys Additional $1.11 Billion Worth of Bitcoin

MicroStrategy announced it had purchased 18,300 Bitcoin for $1.11 billion, boosting its total holdings to 244,800 BTC acquired for $9.45 billion.

The business intelligence firm, led by Bitcoin bull Michael Saylor, has been steadily accumulating Bitcoin as part of its corporate strategy since 2020. MicroStrategy's latest billion-dollar purchase was conducted at an average price of $60,408 per Bitcoin.

According to Saylor, the company has achieved a 17% Bitcoin yield year-to-date, capitalizing on BTC's appreciation as it continues borrowing fiat at low interest rates to expand its holdings.

At current prices, MicroStrategy's Bitcoin trove is worth over $15 billion, greatly benefiting shareholders. The company's stock price has surged in tandem with its Bitcoin accumulation.

Despite rough market conditions in 2024, MicroStrategy continues compounding its Bitcoin position for the long term. The firm treats Bitcoin as a superior treasury asset compared to cash that is subject to inflationary debasement.

MicroStrategy is executing the biggest speculative attack on fiat currency in history by acquiring the hardest money for its treasury. Other public companies are following MicroStrategy's lead by adopting Bitcoin treasury policies and acquiring Bitcoin exposure on their balance sheets. However, MicroStrategy remains the largest corporate holder of Bitcoin in the world.

By harnessing underutilized capital to capture Bitcoin's upside, MicroStrategy has moulded itself into an emerging Bitcoin development company that is powering the worldwide adoption of Bitcoin.

via bitcoinmagazine.com

Bitcoin and Crypto Exchange HTX To Integrate Lightning Network

HTX, one of the largest Bitcoin and crypto exchanges globally, announced it will be integrating the Bitcoin Lightning Network in partnership with Bitcoin firm IBEX.

With over 45 million registered users, HTX is a leading Bitcoin and crypto platform in Asia and worldwide based on trading volume and Bitcoin custody. The exchange now plans to incorporate Lightning Network capabilities into its ecosystem.

Lightning Network is a second-layer payments protocol built on top of Bitcoin. It enables near-instant transactions with significantly lower fees. Exchanges have long sought to implement Lightning to boost speed and affordability.

"Through this strategic partnership, HTX and IBEX will jointly promote the application and popularization of Bitcoin and Lightning Network technology worldwide, providing users with more efficient, secure, and convenient digital asset trading services," said an HTX spokesperson.

By leveraging IBEX's Lightning Network solution, HTX users will soon enjoy faster payments and withdrawals along with reduced transaction costs.

Lightning is finally going mainstream with adoption by Coinbase and now HTX. The Bitcoin community has long awaited Lightning adoption by leading exchanges to boost functionality. Now, HTX is delivering by leading the next wave of Lightning integration.

This shows the gradual maturation of Lightning Network technology and its increasing viability for mainstream Bitcoin platforms. As more exchanges implement Lightning payments, Bitcoin strengthens its position as an efficient medium for global, instantaneous transactions with negligible fees. 

via bitcoinmagazine.com

Trump Election Victory Could Send Bitcoin to $125,000, Says Standard Chartered Analyst

According to Geoff Kendrick, Head of Crypto Research at Standard Chartered bank, a Donald Trump victory in the 2024 U.S. presidential election could drive Bitcoin to $125,000. However, Kendrick notes that new all-time highs (ATHs) for Bitcoin are likely no matter who wins the election, with Bitcoin still expected to hit $75,000 if Vice President Kamala Harris secures the presidency.

JUST IN: A Trump victory could send #Bitcoin to $125,000, but new ATHs are likely no matter who wins election, says Standard Chartered bank 🚀 pic.twitter.com/SfGoRSyKwn

— Bitcoin Magazine (@BitcoinMagazine) September 12, 2024

In the new report, Kendrick explained that while the outcome of the election will impact the Bitcoin industry, the risks of a Harris presidency may be overstated. “BTC will end 2024 at fresh all-time highs under either election outcome – [circa] $125,000 level under Trump or c.$75,000 level under Harris,” Kendrick wrote. While a Harris win could initially result in a price decline, he emphasized that "dips would be bought as the market recognizes that progress on the regulatory front will still be forthcoming."

Despite concerns within the industry that Harris may adopt a more hostile stance toward Bitcoin, Kendrick believes that her administration would be "much less negative" for digital assets than a second Biden administration. Furthermore, Standard Chartered maintains its bullish outlook, forecasting that Bitcoin will hit $200,000 by the end of 2025, regardless of who wins this year’s election.

The 2024 election has drawn attention to the differing approaches to Bitcoin regulation by the two candidates. Trump has become an ally to the Bitcoin industry, speaking at the Bitcoin 2024 conference in Nashville this summer, where he expressed support for Bitcoin. The Republican National Committee has also included Bitcoin in its platform, pledging to defend the right to mine Bitcoin and protect self-custody.

In contrast, Vice President Kamala Harris has remained silent on the issue, opting not to attend the Bitcoin conference. The Democratic Party’s platform makes no mention of Bitcoin or cryptocurrency, which has led to concerns within the industry about the potential regulatory environment under a Harris administration. Although Harris has not publicly shown hostility to crypto, some fear a continuation of the stricter regulatory policies seen during President Joe Biden’s term, notably shaped by figures like Senator Elizabeth Warren and SEC Chair Gary Gensler.

via bitcoinmagazine.com