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When other crypto investors grouse about a Bitcoin slump, Michael Saylor sees a buying opportunity. That was plainly evident during the holidays as Bitcoin sank into the mid-$90,000s range and MicroStrategy bought 5,000 more Bitcoin, as Ben Weiss reported.
The software firm now owns $44 billion worth of Bitcoin. No other company owns more.
Bitcoin price slide
The move came as Bitcoin slumped below $100,000 and was flat for the final month of the year.
Perhaps the market was on Santa’s naughty list or Jerome “crypto Grinch” Powell, the chair of the US Federal Reserve, stole the Christmas rally.
Last week, Powell hinted that the Fed was mulling fewer interest rate cuts next year. Since then, crypto’s market value has declined by 10% to $3.52 trillion.
No problem for MicroStrategy. Since November, the company has splashed out $11 billion to add 113,000 Bitcoin to its balance sheet.
Other firms were also undeterred by the choppy market picture. And no wonder —Bitcoin is poised to round out 2024 up more than 100%.
Eager to capitalise on the potential trend of other companies buying Bitcoin, Bitwise, the crypto investment firm, has filed an application for a new crypto exchange-traded fund in the US.
The potential ETF is designed to track public companies with Bitcoin treasuries, including MicroStrategy, Coinbase, and several Bitcoin miners.
Aave vs. Polygon
Meanwhile, Aleks Gilbert chronicled a testy dispute between two top DeFi projects — Aave and Polygon.
Two major Aave delegates are poised to vote for quitting the Polygon blockchain over a disagreement concerning idle stablecoins in the bridge between the two protocols.
The clash prompted Polygon’s CEO to call out Aave delegates for “anti-competitive behaviour.”
The drama is set to unfold in the new year.
Osato Avan-Nomayo is our Nigeria-based DeFi correspondent. He covers DeFi and tech. Got a tip? Please contact him at osato@dlnews.com.
