Bitcoin above $20,000: bullish and bullish

Much of the crypto market is optimistic about Bitcoin, with Guggenheim Partners valuing the asset at $400,000.

Bitcoin (BTC) has gained many supporters this year, and many people expressed positive market sentiment after the recent increase in assets to $20,000 and beyond. However, not everyone is so optimistic.

Peter Brandt, a traditional market trader and long time „chartist“, said that Bitcoin is bullish, but going above $20,000 is not innovative when it comes to graphics. „New highs are always a good indicator of a healthy uptrend, but other than that, new highs mean very little technical importance,“ Brandt tweeted on Wednesday.

Very uniform price levels sometimes attract headlines and talk. The $5,000, $10,000, $15,000 and $20,000 levels have attracted various forms of attention over the years, although those levels may not inherently have an overabundance of hard and fast graphical significance at any given time. These levels sometimes play with psychology. Still, Bitcoin recently showed resistance just under $20,000, before finally rising with conviction this Wednesday.

Meanwhile, other industry participants are looking at the trend of large financial players entering crypto-currencies. „We’re seeing fresh stories about institutional adoption of cryptomonies almost daily,“ Bitcoin Depot CEO Brandon Mintz told Cointelegraph. MicroStrategy, Paul Tudor Jones and MassMutual are included in the 2020 list of great players who bought Bitcoin.

Mintz added:

„Combine that with this new all-time high, and it’s as bullish as the market can get. There’s likely to be sustained growth from here, at least for the time being. We’re now being driven by corporations and billionaires, not just retailers.

In keeping with Bitcoin’s institutional buying trend, Guggenheim Partners saw the $10,000 level as an opportunity to start flowing funds into BTC, according to the company’s investment director, Scott Minerd, in a recent interview with Bloomberg. „It’s a little more difficult with the current price being closer to $20,000,“ Minerd said. „It’s surprising in a very short period of time how big a rise we’ve had,“ he said, adding, „I think it’s a little bit more difficult with the current price being closer to $20,000:

„Having said that, our fundamental work shows that Bitcoin should be worth about $400,000.

Minerd later clarified that the justification for the $400,000 price is derived from aspects such as the limited supply of Bitcoin, as well as comparisons with other assets, including gold.

However, the market has yet to see Bitcoin’s gold advocate and critic, Peter Schiff, change his position on the digital asset.

Kvadratiska planer för att göra Bitcoin Supply Chain grönare

Square, en amerikansk aggregat för finansiella tjänster, har meddelat lanseringen av sitt Bitcoin Future Clean Energy Investment Initiative för att bli netto nollkoldioxid för verksamheten 2030. Enligt företagets officiella pressmeddelande har Square redan donerat 10 miljoner dollar för att driva antagande och effektivitet av förnybara energikällor. inom bitcoin-ekosystemet.

Som en del av initiativet har Square ingått ett partnerskap med Watershed, ett företag som fokuserar på klimatprogram för företag, för att minska koldioxidavtrycket. Coinbase ansluter sig till Square Crypto Patent Initiative Jack Dorsey, Square grundare och VD, tror att kryptovaluta „så småningom kommer att drivas helt av ren kraft, vilket eliminerar dess koldioxidavtryck och driver antagandet av förnybara energikällor globalt.“

„Publicerade uppskattningar visar att bitcoin redan förbrukar en betydande mängd ren energi, och vi hoppas att Squares investeringsinitiativ kommer att påskynda denna omvandling till förnybar energi,“ tillade Dorsey. Med det nya initiativet kommer Square att stödja företag som ägnar sig åt grön energiteknik inom bitcoinbrytning. Medan Square huvudsakligen fokuserar på fintech-lösningar förbättrar företaget också sin närvaro på kryptovalutamarknaden.

iHodl rapporterade tidigare att Square intäkter och bruttomarginal relaterade till BTC-försäljning ökade tio gånger under Q3. Coinbase går med i Square’s Crypto Patent Initiative Square sålde 1,63 miljarder dollar i BTC mellan juli och september, säger företaget i en rapport och ger en bruttovinst på 32 miljoner dollar. Som en jämförelse steg siffrorna under andra kvartalet till 875 miljoner dollar respektive 17 miljoner dollar. Få tillgång till mer än 50 av världens finansmarknader direkt från ditt EXANTE-konto – inklusive NASDAQ, London Stock Exchange och Tokyo Stock Exchange.

MicroStrategy to Issue $400 Million in Securities to Buy More Bitcoin

Leading business intelligence firm, MicroStrategy, is betting on Bitcoin, announcing a stock offering to raise $400 million to invest in BTC.

MicroStrategy, the world’s largest business intelligence firm, has announced plans to invest the proceeds of a $400 million securities offering in Bitcoin.

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On December 7, the firm revealed its plans to issue $400 million in senior convertible notes, a debt security that can be converted into shares of the issuing company. The announcement said:

„Microstrategy intends to invest the net proceeds from the sale of the notes in Bitcoin.

At current prices, the $400 million would increase the company’s holdings by 20,833 BTC, bringing the company’s total reserve to nearly 62,000 BTC.

Microstrategy will pay half-yearly interest to note holders until December 2025. The firm also reserves the right to exchange the notes for cash as of December 20, 2023.

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The announcement states that MicroStrategy may also offer up to an additional $60 million in promissory notes to its initial buyers within 13 days of the start of the offer.

The securities will be issued in accordance with Rule 144 of the Securities Act and will be available only to qualified institutional investors.

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In response to MicroStrategy’s announcement, Gabor Gurbacs, CEO of New York-based investment firm VanEck, suggested that the offering is more indicative of a digital asset fund than a publicly traded company:

At what point does an offering of securities that raises dollars for the purpose of investing in Bitcoin turn a publicly traded company into a fund/investment company?

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MicroStrategy caused a sensation in the world of crypto-currency during August, when the company revealed that it had adopted Bitcoin as its main reserve asset after buying 21,454 BTC for USD 250 million. It then bought another 16,796 BTC for USD 175 million the following month. The purchases were made through Coinbase’s brokerage and OTC platform.

Just a few days ago, on December 5, MicroStrategy CEO Michael Saylor announced that the company had purchased another 2,574 BTCs at a price of approximately USD 19,427 each for USD 50 million, bringing its total holdings of crypt coins to approximately 40,824 BTCs.

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At current market value, MicroStrategy’s BTC reserve is worth nearly $784 million, which means that the company currently has a 65% increase in its investment of $475 million.