Mini Program: Daily Cryptocurrency Dynamics Summary
1. The U.S. Bitcoin spot ETF has surpassed its gold ETF in size
Vetle Lunde, research director at K33, stated on X, 'In the U.S., the assets under management of Bitcoin ETFs ($129.3 billion) have surpassed those of gold ETFs ($128.9 billion). Gold had a 20-year head start, but has now been surpassed.'
2. Analysis: If Bitcoin rises to $138,000, MicroStrategy's market cap will exceed that of Starbucks and Nike
If Bitcoin rises to $138,000, MicroStrategy's market cap will exceed that of Starbucks and Nike. MicroStrategy holds 439,000 BTC, making it the largest corporate holder of Bitcoin, significantly surpassing Marathon Digital's 40,435 BTC. Analysts state that monitoring BTC's price can directly predict MSTR's market cap potential. According to MicroStrategy's net asset value (NAV) worksheet, its fully diluted market cap is $114 billion, while the derived MSTR NAV is about $40 billion. For every $1,000 rise in BTC, MSTR's market cap increases by approximately $440 million. Therefore, with Bitcoin rising just 11% to $118,810, MicroStrategy's market cap would exceed Starbucks' valuation. If BTC rises 32% to $140,000, MSTR's market cap would surpass Nike's. Surpassing Nike's market cap assumes that MicroStrategy does not increase its current BTC holdings.
3. The Bitcoin Policy Institute in the U.S. drafted an executive order aimed at 'designating Bitcoin as a strategic reserve asset'
A publicly released document shows that The Bitcoin Policy Institute has drafted an executive order aimed at 'designating Bitcoin as a strategic reserve asset', which would take effect as soon as Trump signs it on his first day in office.
4. Trump meets with Crypto.com CEO to discuss personnel appointments in the crypto industry
Kris Marszalek, CEO of cryptocurrency exchange Crypto.com, met with Trump at a Florida golf resort on Monday. According to a source familiar with the matter, the two discussed personnel appointments related to the crypto industry, including positions in the financial sector, Congress, and upcoming government agencies. The source stated they also discussed appointments related to Bitcoin reserves. A spokesperson for Crypto.com stated, 'We look forward to working with the new government to establish and advance clear regulations for the crypto industry so that the U.S. can become a global leader in digital assets and innovation.'
5. Poll shows: One-fifth of U.S. voters trade, invest, or use cryptocurrency
A new poll from Emerson College found that about one-fifth of U.S. voters (19%) reported they have at some point invested in, traded, or used cryptocurrency. Spencer Kimball, executive director of the Emerson College poll, stated, 'Cryptocurrency users are younger and have a larger minority base, highlighting the position of cryptocurrency as a growing and diverse political support group: 57% of cryptocurrency users have a favorable opinion of Donald Trump.'
6. U.S. Senate Banking Committee's nominee for chair: Cryptocurrency is the world's 'next miracle'
Tim Scott, the incoming Republican chair of the U.S. Senate Banking Committee, spoke at the Blockchain Association policy summit, stating, 'In my view, cryptocurrency is the world's next miracle.' Tim Scott promised that his committee would have a cryptocurrency branch and would chair the newly established digital assets subcommittee for the first time. Tim Scott stated that both houses of Congress and the incoming Trump administration would work in the same direction to push legislation, with two starting points being the Financial Innovation and Technology Act (FIT21) — which aims to establish comprehensive crypto market safeguards and was passed in the House this year with significant bipartisan support — and a stablecoin bill that is close to bipartisan agreement but has stalled due to some sticking points related to federal and state government roles.
7. Bloomberg analysts: Expect a wave of crypto ETFs next year, XRP and SOL might come after LTC and HBAR ETFs
Bloomberg senior ETF analyst Eric Balchunas stated on X, 'We expect a wave of cryptocurrency ETFs to emerge next year, although they won't all appear at once. The first to appear might be a BTC+ETH combined ETF, followed possibly by Litecoin (since it's a fork of BTC, which is a commodity), then HBAR (since it hasn't been labeled as a security), followed by XRP and Solana (which have been labeled as securities in pending litigation).'
8. U.S. Treasury: Has taken action to shut down a North Korean cryptocurrency money laundering network
The U.S. Treasury Department announced on Tuesday that it has taken action to shut down a North Korean cryptocurrency money laundering network that had laundered millions of dollars for a major player in North Korea's global crypto crime. According to a press release from the Office of Foreign Assets Control (OFAC) of the U.S. Treasury, a front company located in the UAE called Green Alpine Trading, LLC, was found to be converting cryptocurrency into cash to fund North Korea. The U.S. government's sanctions department has blacklisted this company.
9. A public security bureau in a certain region of China deemed a cryptocurrency trading behavior via VPN illegal in August, and profits from trading were confiscated.
According to lawyer Wu Enxiang's public account, in August of this year, a public security bureau in a certain region of China determined that the behavior of trading cryptocurrencies via VPN was illegal, resulting in administrative penalties for those involved, and profits from trading were confiscated. The public security bureau discovered that Zhang San used a VPN to unlawfully connect to the internet internationally, contacting overseas customers needing to purchase a certain virtual currency through an overseas website, then buying the virtual currency at a low price on an overseas trading app and selling it at a high price. After being summoned, Zhang San was investigated by the public security bureau. During the operation of the studio, Zhang San illegally profited 90,000 yuan, and the tools of the crime (eight mobile phones, eight sets of computers) were also provided by him. The administrative penalty decision stated that Zhang San's actions constituted unlawful use of illegal channels for international internet access, and in accordance with Article 6, Article 14 of the Interim Provisions on the Administration of International Networks of the People's Republic of China, and Article 11, Paragraph 1 of the Law on Administrative Penalties for Public Security of the People's Republic of China, it was decided to order Zhang San to cease internet access, issue a warning, impose a fine of 15,000 yuan, confiscate the illegal income of 90,000 yuan, and seize the tools of the crime (eight mobile phones, eight sets of computers).
10. Galaxy CEO: Bitcoin's market value is expected to surpass gold within 5 to 8 years
Michael Novogratz, CEO of Galaxy Digital, stated on social media that he expects Bitcoin's market cap to surpass gold within 5 to 8 years. Galaxy's research head, Alex Thorn, pointed out that Bitcoin's market cap has reached 14% of gold's market cap of $17.8 trillion, setting a record high.
11. The ETF Store president: In the long run, the size of a spot Bitcoin ETF could be three times that of a gold ETF
Nate Geraci, president of The ETF Store, stated on X, 'In the long run, the size of a spot Bitcoin ETF could be three times that of a gold ETF. The U.S. gold ETF is currently about $125 billion, while the spot Bitcoin ETF is close to $120 billion. It sounds crazy, but I agree. It could be more.'
12. Bitwise CIO: The U.S. Bitcoin strategic reserve could push Bitcoin to $500,000
Matt Hougan, Chief Investment Officer at Bitwise, stated that the U.S. Bitcoin strategic reserve could push Bitcoin to $500,000. 'If it happens, or if we start to see it happen in other countries, you will see a surge in Bitcoin, making the 2024 Bitcoin look very tame in comparison.'
Article shared from: Jinshi Data
