Connect with us

Blockchain

MicroStrategy to Sell $1B Worth of Stock to Buy Bitcoin

MicroStrategy will sell up to $1 billion worth of its stock to buy more bitcoin, according to a form published on June 14.

The post MicroStrategy to Sell $1B Worth of Stock to Buy Bitcoin appeared first on BeInCrypto.

Published

on

MicroStrategy will sell up to $1 billion worth of its stock to buy more bitcoin, according to a form published on June 14.

Sponsored
Sponsored

MicroStrategy, in its latest move signaling support for bitcoin, will sell up to $1 billion of its stock to buy the asset. The company published the relevant SEC form on June 14. CEO Michel Saylor, now one of bitcoin’s strongest proponents, also revealed the development on Twitter.

MicroStrategy has been consistently doubling down on its bitcoin bet, having made a considerable return on investment on its bitcoin purchases with the bull run in the first few months of 2021. Clearly, the company and its leading figure are betting on bitcoin to grow moving forward.

Sponsored
Sponsored

The company is one that sticks to its word. Just yesterday, on June 14, it sold $500 million in secured notes to buy roughly 11,900 BTC. The news pushed the stock price of MicroStrategy by 12%.

MicroStrategy’s interest in bitcoin goes beyond just purchasing BTC and sitting on the asset. The company’s CEO is involving himself in more educational and awareness efforts, including the launch of a Bitcoin Mining Council.

Michael Saylor and the Bitcoin Mining Council

Recently, Saylor announced that the newly launched Bitcoin Mining Council would have a meeting on June 16 to discuss bitcoin’s energy consumption and possible green energy solutions. Notably, Elon Musk will not be a part of the mining council, though he has held a call related to the council in the past.

Musk’s tweets set off a storm of headlines related to bitcoin’s energy consumption, which subsequently sent the cryptocurrency’s price tanking. The Tesla CEO said that the company would stop accepting bitcoin payments for Teslas until mining switched to cleaner sources of energy.

Recently, he updated the status on this by saying that if there was confirmation of approximately 50% of mining using clean energy, as well as a “positive future trend,” Tesla would start accepting bitcoin again. This helped bitcoin’s price up, on top of the approval of the Taproot upgrade for the network.

The Bitcoin Mining Council itself is an organization composed loosely of individuals, groups, and miners that will focus on bringing positive changes to mining on the network. The FAQ on the council’s page goes so far as to say that it will not involve Elon Musk, assuaging the market’s concerns on the Tesla CEO, which it has grown upset with.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Share Article

Rahul Nambiampurath is an India-based Digital Marketer who got attracted to Bitcoin and the blockchain in 2014. Since then, he has guided a number of startups navigate the complex digital marketing and media outreach landscapes. His work has even influenced distinguished cryptocurrency exchanges and DeFi platforms worth millions of dollars. He has a Masters degree in Finance.

Follow Author

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://beincrypto.com/microstrategy-sell-1b-stock-buy-bitcoin/

Blockchain

Institutions Are Purchasing Bitcoin, Politicians Need More Crypto Education: Novogratz

According to Galaxy Digital CEO Michael Novogratz, crypto such as Bitcoin has recovered because institutions are purchasing.

Published

on

Table of Contents

Rate this post

According to Galaxy Digital CEO Michael Novogratz, crypto such as Bitcoin has recovered because institutions are showing great interest in them. 

In response to U.S. Senator Elizabeth Warren’s anti-crypto position, he remarked, “We need to do a lot better job traveling to D.C. to educate politicians.”

Novogratz Says Institutions Are Purchasing Bitcoin

The CEO of Galaxy Digital, Mike Novogratz, stated his viewpoint on bitcoin in a CNBC interview on Wednesday. 

He was asked about the recent Bitcoin price activity and what seems to be pushing the cryptocurrency’s price back to the $40,000 mark. The pro-bitcoin executive responded, saying:

“Because institutions are purchasing, cryptocurrency has recovered.”

As an example, he mentioned the FTX exchange. The exchange just secured $900 million in funding from more than 60 investors, valuing the firm at $18 billion. 

Softbank Group Corp., Sequoia Capital, private equity behemoth Thoma Bravo, Daniel Loeb’s Third Point, the Paul Tudor Jones family, and British hedge fund manager Alan Howard were among the investors.

He rejected the notion that the price increase was caused by reports that Amazon may accept bitcoin payments.

He emphasized that institutions are some of the world’s best investors, and they are investing in the crypto sector, saying:

“That signaled to the whole crypto market that this isn’t going away.”

“This was partially a massive short-covering rally, but it was also an awareness that this is a legitimate market that isn’t going away,” said Galaxy Digital CEO.

Novogratz Thinks Politicians Need More Crypto Education

Mike Novogratz was also questioned about the cryptocurrency regulation. Also, what it might look like in the United States, particularly in light of Senator Elizabeth Warren’s warnings.

Moreover, Warren’s caution about the volatility of Bitcoin’s price puts ordinary investors and companies who take Bitcoin at risk. Furthermore, she said that those who utilize Bitcoin as a form of payment are criminals.

In response to Senator Warren’s statements on cryptocurrency, Galaxy Digital CEO Novogratz said:

“It was a letdown. She was arrogant. She was smug. She was quite dissatisfied since she had not completed any job. This is cutting-edge technology. She’s supposed to be a liberal.”

“Crypto is on the hunt for rent takers. Consider DeFi [decentralized finance]. Consider the NFT [non-fungible token] revolution. It will give artists and creators more control over the individuals who used to make money off their backs. So, extremely upsetting and disappointing,” he added.

It just informs us… We need to do a lot better job of traveling to Washington, D.C. and educating [politicians].

On Tuesday, Novogratz Replies to Warren’s Anti-Cryptocurrency Position On Twitter

“Banks charged $12 billion in overdraft fees, tens of millions in ATM fees, and tens of millions in checking account costs. 

However, you continue to pursue crypto, where saving and money transfer are a fraction of what banks provide. Senator Warren, you did an excellent job. “You don’t appear to be very progressive to me,” Novogratz tweeted, adding:

We would not have had the mortgage crisis if banks had the openness of DeFi processes. DeFi will prevail because it is superior.

“Atomic settling. Bearer assets are assets that are held by the bearer. Composability. Transparency. All that remains is to prepare for the impending KYC. “We must educate our politicians,” he said.

READ  Hedge Funds Expect to Hold $312B in Digital Currencies by 2026: Survey

#Anti-cryptocurrency stance #Bitcoin #Cryptocurrency Regulation #DeFi #Elizabeth Warren #Galaxy Digital Mike Novogratz

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://www.cryptoknowmics.com/news/institutions-are-purchasing-bitcoin-politicians-need-more-crypto-education-novogratz

Continue Reading

Blockchain

RUNE Technical Analysis: Look Out for the Second and Third Resistance Levels of $5.29 and $5.75

RUNE has tested and broken out of the 23.6% FIB retracement level of $4.82. It may further break out of the 23.6% FIB extension level of $5.38. Thus, as of now, the bulls are strong. The price uptrend is likely to continue tomorrow as well.

Published

on

Table of Contents

Rate this post

Thorchain is a 100% autonomous and decentralized liquidity protocol. It facilitates users to make crypto deposits and provides liquidity through yield farming. Users can also execute swap transactions on the Thorchain platform using web and desktop interfaces. RUNE is the native token of this ecosystem. Let us look at the technical analysis of RUNE.

Past Performance

On Jul 22, 2021, RUNE opened at $4.30. On Jul 28, 2021, RUNE closed at $4.66. Thus, in the past week, the price has increased by roughly 8%. In the last 24 hours, RUNE has traded between $3.90-$5.10.

https://d229noksprj98s.cloudfront.net/wp-content/uploads/2021/07/rune-technical-analysis-look-out-for-the-second-and-third-resistance-levels-of-5-29-and-5-75.png

https://zephyrnet.com/wp-content/uploads/2021/07/rune-technical-analysis-look-out-for-the-second-and-third-resistance-levels-of-5-29-and-5-75.png

Day-Ahead and Tomorrow

Currently, RUNE is trading at $5.09. The price has increased from the day’s opening price of $4.66. Thus, the market seems bullish.

READ  THORChain Price Prediction 2021-2025: Is RUNE Set to Reach $5 by 2021?

The MACD and signal lines are positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bullish. Hence, we can expect the price to rise further.

Currently, the RSI indicator is at 62%. It faced rejection at 55% and rose to the current level. Hence, buying pressures are high. High buying activity will exert upward pressure on the RUNE price.

However, the OBV indicator is upward sloping. Thus, buying volumes are higher than selling volumes. Hence, the price may rise further.

In short, all three indicators have given bullish signals. Hence, the price is most likely to rise.

RUNE Technical Analysis

Currently, the price is above the first Fibonacci pivot resistance level of $5.01. The price may soon surpass the second and third resistance levels of $5.29 and $5.75, respectively.

READ  Report: Facebook Plans Cryptocurrency Payment Network akin to Bitcoin and XRP

The price has tested and broken out of the 23.6% FIB retracement level of $4.82. It may further break out of the 23.6% FIB extension level of $5.38. Thus, as of now, the bulls are strong. The price uptrend is likely to continue tomorrow as well.

#RUNE #Thorchain

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://www.cryptoknowmics.com/news/rune-technical-analysis-look-out-for-the-second-and-third-resistance-levels-of-5-29-and-5-75

Continue Reading

Blockchain

Bitcoin Needs Rules That Allow Innovation: Sen Cynthia Lummis

In an interview with Fox News show “Varney & Co”, Republican senator and longtime Bitcoin advocate Cynthia Lummis shared her views on crypto regulation.

Published

on

Table of Contents

Rate this post

In an interview with Fox News show “Varney & Co”, Republican senator and longtime Bitcoin advocate Cynthia Lummis shared her views on crypto regulation. Shortly after, the politician linked the interview to a tweet, where she asserted that massive government spending in the pandemic has accelerated the adoption of digital assets.

Cynthia Lummis Demands a Regulatory Sandbox for Bitcoin

During her cable TV appearance, Lummis emphasized that any regulations for cryptocurrencies should be accompanied by “good solid definitions.” She said that the end result of this process should be a “regulatory sandbox” that allows innovation to continue. 

The senator also expressed her own interest in Bitcoin as a store of value and highlighted that regulators must ensure that the currency remains instrumental for this purpose. But she pointed out that if the US were to approach the flagship crypto as a legal tender, like El Salvador, then the asset must comply with the bank secrecy act and anti-money laundering laws. 

“We want to make sure that it is used legitimately and that it can be ferreted out when it’s used nefariously,” she said.

Lummis also outlined her support for the crypto miners banned by China transitioning to the country. “We wanna make sure that these miners coming to the US from China…can come to places like Pennsylvania, Texas, Wyoming, and elsewhere. Where they can get the energy to mine it and then once it’s produced that it can be on the blockchain in a way that enhances the non-fiat currency advantages that cryptocurrency has,” she told Fox host Stuart Varney.

Government Spending Leading to a “Flight to Digital Assets”

Unlike some Bitcoin maximalists who favor “hyperbitcoinization”, senator Lummis is a strong supporter of the USD as a reserve currency. Following her television interview, she posted a tweet alleging that government spending has “debased” the dollar and hastened the adoption of virtual currencies. She also suggested that this is the worst way to push people towards digital assets.

According to senator Lummis, the government must limit its spending to protect the status of the dollar. She stated:

“I want USD to continue as the world’s reserve currency. We need to reign in spending & support financial innovation on US soil.” 

READ  Cryptocurrency Adoption: Countries on the Positive Side of History, and Those that Are Resistant

#Bitcoin regulation #Crypto regulation #Cynthia Lummis #Fox News

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://www.cryptoknowmics.com/news/bitcoin-needs-rules-that-allow-innovation-sen-cynthia-lummis

Continue Reading

Blockchain

Bitcoin Needs Rules That Allow Innovation: Sen Cynthia Lummis

In an interview with Fox News show “Varney & Co”, Republican senator and longtime Bitcoin advocate Cynthia Lummis shared her views on crypto regulation.

Published

on

Table of Contents

Rate this post

In an interview with Fox News show “Varney & Co”, Republican senator and longtime Bitcoin advocate Cynthia Lummis shared her views on crypto regulation. Shortly after, the politician linked the interview to a tweet, where she asserted that massive government spending in the pandemic has accelerated the adoption of digital assets.

Cynthia Lummis Demands a Regulatory Sandbox for Bitcoin

During her cable TV appearance, Lummis emphasized that any regulations for cryptocurrencies should be accompanied by “good solid definitions.” She said that the end result of this process should be a “regulatory sandbox” that allows innovation to continue. 

The senator also expressed her own interest in Bitcoin as a store of value and highlighted that regulators must ensure that the currency remains instrumental for this purpose. But she pointed out that if the US were to approach the flagship crypto as a legal tender, like El Salvador, then the asset must comply with the bank secrecy act and anti-money laundering laws. 

“We want to make sure that it is used legitimately and that it can be ferreted out when it’s used nefariously,” she said.

Lummis also outlined her support for the crypto miners banned by China transitioning to the country. “We wanna make sure that these miners coming to the US from China…can come to places like Pennsylvania, Texas, Wyoming, and elsewhere. Where they can get the energy to mine it and then once it’s produced that it can be on the blockchain in a way that enhances the non-fiat currency advantages that cryptocurrency has,” she told Fox host Stuart Varney.

Government Spending Leading to a “Flight to Digital Assets”

Unlike some Bitcoin maximalists who favor “hyperbitcoinization”, senator Lummis is a strong supporter of the USD as a reserve currency. Following her television interview, she posted a tweet alleging that government spending has “debased” the dollar and hastened the adoption of virtual currencies. She also suggested that this is the worst way to push people towards digital assets.

According to senator Lummis, the government must limit its spending to protect the status of the dollar. She stated:

“I want USD to continue as the world’s reserve currency. We need to reign in spending & support financial innovation on US soil.” 

READ  Facebook Libra Inspires a Wave of New Online Scams

#Bitcoin regulation #Crypto regulation #Cynthia Lummis #Fox News

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://www.cryptoknowmics.com/news/bitcoin-needs-rules-that-allow-innovation-sen-cynthia-lummis

Continue Reading
Investing2 hours ago

How do you use top stock signals as a beginner?

AR/VR15 hours ago

nDreams Opens Studio Orbital Focusing on Live Service Games for VR

Energy16 hours ago

Save money, stay cool as heat wave hits the Carolinas

Energy16 hours ago

The Shaw Group Partners with Clough in the U.S. to Deliver Pipe Fabrication for Gulf Coast Petrochemical Project

Energy16 hours ago

Fermentation Chemicals Market Procurement Intelligence Report with COVID-19 Impact Analysis | SpendEdge

Energy16 hours ago

ALYI Previews Upcoming Multimedia Communication Campaign Featuring Electric Motorcycle Pilot Launched Earlier This Month

AR/VR18 hours ago

Carrier Command 2 VR August Launch Date Confirmed

AR/VR19 hours ago

Review: Winds & Leaves

Gaming20 hours ago

Destruction AllStars Developer Delays Season 2, Releases New Patch

Gaming20 hours ago

Crimson Desert Delayed to Unknown Date

Blockchain20 hours ago

Institutions Are Purchasing Bitcoin, Politicians Need More Crypto Education: Novogratz

Gaming20 hours ago

Resident Evil Village and Monster Hunter Rise Drive Record Q1 Profits for Capcom

Gaming20 hours ago

Resident Evil Village and Monster Hunter Rise Drive Record Q1 Profits for Capcom

Blockchain20 hours ago

RUNE Technical Analysis: Look Out for the Second and Third Resistance Levels of $5.29 and $5.75

CNBC20 hours ago

Louis Vuitton is making a mobile game with embedded NFTs

Gaming20 hours ago

Blacktail Interview – Story, Combat, Morality, and More

Gaming20 hours ago

Blacktail Interview – Story, Combat, Morality, and More

Gaming20 hours ago

Blacktail Interview – Story, Combat, Morality, and More

Gaming20 hours ago

F1 2021 Update Re-enables Ray-Tracing on PS5

Gaming20 hours ago

F1 2021 Update Re-enables Ray-Tracing on PS5

Gaming20 hours ago

F1 2021 Update Re-enables Ray-Tracing on PS5

Private Equity20 hours ago

Recently-created asset management major Blue Owl closes Opportunistic Fund with $2.5bn of firepower

Blockchain20 hours ago

Bitcoin Needs Rules That Allow Innovation: Sen Cynthia Lummis

Blockchain20 hours ago

Bitcoin Needs Rules That Allow Innovation: Sen Cynthia Lummis

Gaming20 hours ago

PS5 – M.2 SSD Expansion Support Coming in Next Software Update

Gaming20 hours ago

PS5 – M.2 SSD Expansion Support Coming in Next Software Update

Gaming20 hours ago

PS5 – M.2 SSD Expansion Support Coming in Next Software Update

Aviation20 hours ago

Alitalia Cargo lifts 1 million vaccine doses from Italy to El Salvador

CNBC20 hours ago

Rocket Lab launches US Space Force satellite after its failed mission in May

Private Equity20 hours ago

EQT has second Iress bid rejected, this time valuing company at A$2.96bn

Trending