BITCOIN AN INFLATION HEDGE

Kennedy Champions Bitcoin as Inflation Hedge and Criticizes Government Stance

Bitcoin as Inflation Hedge: Robert F. Kennedy Jr., a US Presidential Candidate, endorsed Bitcoin as the best hedge against inflation at ETHDenver. He highlighted its ability to reclaim financial control from the government and monopolistic institutions, safeguarding individuals' financial well-being.

Government Stance on Bitcoin: Kennedy criticized the federal government's current approach to Bitcoin and cryptocurrencies in general. He has described it as a war against the technology. He pledged to position the US as the global hub for Bitcoin and blockchain innovation if elected.

Bitcoin’s Role in Elections: The significance of digital assets in US politics is growing, with approximately 73% of US voters believing presidential candidates should have informed views on technologies like AI and cryptocurrency.

📈 MicroStrategy hatches plans to raise $600 million to buy more Bitcoin. This will be accomplished through a private sale of convertible senior notes. MicroStrategy is already holding over 193,000 BTC, worth more than $13 billion at current prices. The company's stock has surged as Bitcoin's value nears its all-time high, and it may soon qualify for the S&P 500 Index.

🏦 Wells Fargo and Bank of America's Merrill Lynch are offering spot Bitcoin ETFs. These are being offered exclusively to select wealth management clients with brokerage accounts upon request. This reflects the growing interest in Bitcoin exposure among investors and legitimizes the Bitcoin market's integration into traditional finance.

📈 Bitcoin is approaching its all-time high of $69k, driven by a record monthly inflow of $48.5 billion in February. The launch of Bitcoin ETFs, accumulating over 300,000 BTC, is contributing to this surge. With the upcoming block reward halving, the community is closely watching for potential new influx records.

👀 Key revelations from Blackrock's private Bitcoin event: Blackrock is promoting their Bitcoin ETF, receiving unexpected interest from institutions, suggesting a 28% portfolio allocation to Bitcoin for conservative investors, and planning to distribute this information to their entire client base.

🔌 Riot Platforms, Inc. has purchased 31,500 M60S miners from MicroBT. The for $97.4 million purchase is a part of their initiative to enhance its Rockdale Facility, increasing its hash rate capacity from 12.4 EH/s to 15.1 EH/s.

👮‍♂️ UK law enforcement will soon be able to seize Bitcoin and crypto assets. The new regulation, which will apply to crime cases, including terrorism, is set to take effect on April 26. This follows the approval of secondary legislation related to the Economic Crime and Corporate Transparency Act 2023. This includes civil recovery and crypto asset confiscation orders.

🇧🇷 BlackRock is set to launch its Bitcoin spot ETF in Brazil. Trading will start on Brazil's B3 stock exchange on March 1st. Initially targeting qualified investors, the fund plans to extend access to retail investors soon.

Bitdeer Unveils Revolutionary SEAL01 Bitcoin Mining Chip

Bitdeer's SEAL01 Chip: Bitdeer, a leading Bitcoin mining technology firm, has just introduced their new SEAL01 mining chip. This revolutionary chip is built on a 4-nanometer process with a power efficiency ratio of 18.1 J/TH. The chip aims to set a new standard for energy-efficient Bitcoin mining.

SEALMINER A1 Integration: The company plans to incorporate the SEAL01 chip into its upcoming mining rig, the SEALMINER A1. This integration is expected to enhance Bitcoin mining performance while reducing operating costs for miners thru increased energy efficiency.

Will Bitcoin hit an all-time high before the 2024 halving?

👍 Yes - 89.7%

👎 No - 10.3%

👍 Yes - “Surprised it hasn't already...” - James

👍 Yes - “Based on the recent market action...I think it will absolutely happen... Had you asked me two weeks ago, I would've said no” - Chris

👍 Yes - “ETFs are like "a second halving." Bitcoin will go parabolic twice this time!” - Julia

💰 Bitcoin's recent 21% price surge, driven by the introduction of spot Bitcoin ETFs and a holding mentality among investors, has resulted in 97% of wallet addresses being profitable for the first time in over two years. 

🔧 Coinbase's trading platform experienced glitches, showing some customers $0 balances amid heavy crypto trading and soaring Bitcoin prices. The U.S.-based exchange is investigating the issue but assured that trading is not impacted and funds are safe. This technical glitch has occurred before due to traffic surges.

🇨🇳 China's state media cautions against Bitcoin investments amidst regulatory bans and the recent price surge. Despite crackdowns on trading and mining, Chinese interest in Bitcoin remains strong.

The World Economic Forum (WEF) has shifted its stance on Bitcoin mining. They’ve pivoted from labeling Bitcoin as "dirty and wasteful" to highlighting its potential for clean energy, job creation, and conservation efforts in Congo's national forest.

43 - The number of days left until the 2024 Bitcoin halving. The estimated date is April 18, 2024.

~$420,000 USD - With the increased Bitcoin price, the Bitcoin block reward is now worth around $420,000 USD.

$1.2 million USD - The estimated Bitcoin price after the 2024 halving based on the stock to flow model.