The world’s first ‘Bitcoin bank’ could be on the way
MicroStrategy’s CEO, Michael Saylor, revealed that he wants to turn his company into a Bitcoin bank in the future. MicroStrategy holds 252,220 Bitcoin, currently valued at just over $16 billion, which is the equivalent of 1.2% of bitcoin’s total supply. This makes MicroStrategy the largest corporate bitcoin holder in the world, and this is something that Saylor is keen to put to work.
“This (bitcoin) is the most valuable asset in the world. The endgame is to be the leading bitcoin bank, or merchant bank, or you could call it a bitcoin finance company,” he said in a recent interview. Saylor’s plans include issuing more debt to purchase more Bitcoin and applying arbitrage to the trades, which aligns with his vision that bitcoin will appreciate in value over time and is the best form of ‘deflationary money’ on the market.?
In other news, a trustee for Mt. Gox postponed the deadline for asset distribution to creditors until October 31st 2025. The exchange, which was one of the largest before its hack, started repaying nearly $9 billion of recovered assets to creditors in July, with the impending distribution creating uncertainty in the markets about the sudden influx of assets. These fears have been alleviated for now, with expectations that the market will remain unaffected until next year.
Elsewhere, the crypto markets reacted strongly to China’s weekend fiscal stimulus announcement, with bitcoin topping $64,500 and ethereum climbing back above $2,500. The stimulus announcement renews optimism that fresh capital may be on the way and bolsters market sentiment, with increased demand for assets such as cryptocurrencies expected from investors.?
The impending U.S presidential election also looms over the crypto markets, with major movement in both directions not expected until the resolution of the race on November 5th. One of the candidates, Donald Trump, revealed that his DeFi project, World Liberty Financial, will launch the public sale of its WLFI tokens on October 15th.
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A token we’re watching this week is ENA, the governance token for the Ethena protocol. The platform proposed using Solana as a reserve asset to back their synthetic dollar, USDe, which opens up new revenue opportunities and unlocking new interest from the Solana DeFi ecosystem. Learn more about ENA on the app.
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Another token is BRETT, the leading meme coin on the Base blockchain. Based on the character from Matt Furie’s ‘Boys Club’ comic, the token has become the latest meme to breach a billion dollar market cap, and commands attention as the blue mascot of the blue blockchain. Check out BRETT on the app today?
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领英推荐
This week, join the co-founder of Tokenyze, Jason Hall, and our social media manager, Sam, in Coffee + Crypto. The pair discuss how tokenization addresses real business problems and how it’s poised to revolutionize industries in the future. Watch the full episode below?
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Laura El is a NYC-based artist whose narrative-driven illustrations blend everyday city moments with elements of fantasy. ‘Break Free’ urges the need for a change, and that it’s time to break free from the everyday, backed by a typical New York setting.
Break Free by Laura El (Source:?SuperRare)
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?Uniswap unveils Layer 2 Network, Unichain, built on Optimism [Coindesk]
?Memecoins are moving from Ethereum to Solana to access Moonshot App [The Defiant]
?Millennials pick crypto over other assets as $84tn wealth transfer looms [DLNews]
?Mysten Labs CEO Evan Cheng says Sui's gaming device is a 'software play' [The Block]
?Monochrome to Launch ‘World First’ Ethereum ETF on Cboe Australia [The Defiant]