Bitcoin monthly digest: November 2024

Santa's coming to town, but before he's around, here's the latest edition of our monthly Bitcoin digest from abitnewworld.com. This newsletter is your essential guide to staying updated on all things Bitcoin in just 5 minutes a month. Let's delve into what happened last month and discover the most recent trends in the Bitcoin ecosystem.

• MicroStrategy's bold Bitcoin acquisitions

In November 2024, MicroStrategy, led by its co-founder Michael Saylor, made headlines with several Bitcoin acquisitions. As of the time of writing, the company holds 423,650 BTC, worth around $44B. These recent buys not only reaffirmed MicroStrategy's strategy of using Bitcoin as a primary treasury reserve asset but also had an immediate impact on Bitcoin's price, which surged past $100,000. Such large-scale acquisitions could influence Bitcoin's market dynamics and set a precedent for other corporations.

• Trump's Strategic Bitcoin Reserve plan

  
  

Former President Donald Trump, set to assume office in January 2025, announced plans for a "Strategic Bitcoin Reserve" to be established via an executive order on his first day in office. This initiative aims to buy Bitcoin with the U.S. Treasury's Exchange Stabilization Fund:

1. Economic Implications: The announcement sparked widespread discussion about the potential impact on Bitcoin's price, with some predicting a surge to $800,000 or even $1 million due to the fixed supply and increased demand from such a state-backed initiative.

2. Global Competition: This move was seen as a counter-strategy to other nations like Russia, which have been exploring similar Bitcoin accumulation tactics. The idea of Bitcoin being recognized as a strategic asset by the U.S. could shift global financial power dynamics.

3. Public and Political Reactions: The plan received mixed reactions, with some praising it for positioning the U.S. as a leader in digital currencies, while others criticized the idea of backing fiat currency with Bitcoin.

• Riot Platforms' expansion into AI

  
  

Riot Platforms, a major player in Bitcoin mining, announced a strategic pivot by allocating some of its mining capacity towards AI technologies, influenced by activist investor Starboard Value. This was accompanied by a significant expansion of its Bitcoin holdings: by purchasing 5,117 BTC for approximately $510 million, Riot not only bolstered its Bitcoin reserves to 16,728 BTC but also explored new revenue streams in AI, aiming to leverage its existing infrastructure for broader tech applications.

This announcement highlighted a broader industry shift towards HPC (High Performance Computing), where traditional Bitcoin miners look to adapt their operations for the training of AI models, which similarly to Bitcoin mining, is characterize by a high electricity consumption.

That's a wrap for now, folks! Don't be shy: get in touch with us by using the "Contact us!" button at the top of this page, or leave a comment down below with any questions or comments. We look forward to keeping you posted on the latest developments in Bitcoin-land. See you in a few weeks with our December updates!