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The United States Securities and Exchange Commission has charged Digital Currency Group (DCG) and former Genesis CEO Soichoro “Michael” Moro with misleading investors about the financial health of Genesis in the aftermath of the Three Arrows Capital (3AC) collapse.
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Lummis characterized attempts to sell the US government’s Bitcoin holdings as a form of political spite.
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It comes just days after Lummis sent a letter to the US Marshals Service on Jan. 15 demanding answers for the government’s potential sale of 69,370 Bitcoin seized in the Silk Road asset forfeiture.
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Donald Trump has already proposed replacing Gensler as SEC chair with former commissioner Paul Atkins and Damian Williams with Jay Clayton as US Attorney for the Southern District of New York.
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Veteran crypto investor and Bitcoin educator Chris Dunn said to Cointelegraph that such a FOMO-based competitive buying spree among countries could completely alter the current crypto market cycle.
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He believes “most of the G20 nations, which are the most powerful and most economically advanced countries in the world, would follow suit and create their own reserve stash.”
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This approach by the committee aims to limit tax avoidance risks while ensuring that revenue from crypto-related financial activities flows toward the use of the country and its government.
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Speaking to Cointelegraph, Tim Ogilive, global head of institutional at crypto exchange Kraken, said at its core, establishing a strategic Bitcoin reserve is a “straightforward process.”
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During his 2024 election campaign, United States President-elect Donald Trump made many crypto-related promises, including establishing a “strategic Bitcoin stockpile.” The idea has since picked up steam both in the United States and abroad.
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Its success has “redefined what’s possible for institutional Bitcoin reserves,” he added.
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MicroStrategy has “turned Bitcoin into more than a reserve—it’s a catalyst for explosive growth,” Chow said.
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Benchmark analyst Mark Palmer predicts MicroStrategy will generate a Bitcoin yield of 12.7% in 2025.
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Oct. 30, MicroStrategy tipped plans to raise $21 billion in equity and another $21 billion in debt to fund a three-year, multibillion-dollar BTC buying spree dubbed the “21/21 Plan.”
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MicroStrategy aims to leverage its balance sheet — mainly by borrowing or issuing shares— to accumulate Bitcoin in a way that gradually increases its BTC-per-share ratio, benefiting shareholders.
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Bitcoin yield measures the ratio of BTC holdings to outstanding shares and effectively sets BTC-per-share as a lodestar for corporate performance.
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During its Aug. 1 earnings call, MicroStrategy doubled down on BTC buying by committing to a unique performance metric: Bitcoin yield.
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It has been one of the best-performing stocks in 2024, with MSTR shares up more than 450% in the year-to-date, according to data from Google Finance.
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Bitcoin has established itself as a medium of exchange, store of value and a handful of other things, but its integration into other aspects of the industry, like decentralized finance and decentralized applications, pales in comparison to the ecosystems available on the Ethereum and Solana blockchains.
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On Episode 50 of The Agenda podcast, hosts Ray Salmond and Jonathan DeYoung chat with Hemi co-founder Jeff Garzik about his experience as a Bitcoin developer, extraordinary stories from the digital asset’s fledgling years and how Hemi aims to equip Bitcoin with additional use cases by bridging its ecosystem with that of Ethereum.
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Despite its nearly unbelievable journey from a mere idea to catalyzing a revolution within finance, many people say there is much more that Bitcoin BTC$94,703 can accomplish.
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