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Santa Monica Bitcoin Office Case Study to be Presented at CMRTA Annual Conference
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4 hours agoon
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adminProof of Workforce, joined by Santa Monica Vice Mayor Lana Negrete, will showcase the Santa Monica Bitcoin Office at the upcoming California Municipal Revenue and Tax Association (CMRTA) Annual Conference on October 9-10. They will present a case study on the innovative municipal office, the first of its kind in the U.S.
Launched in July 2024 after a unanimous city council vote, the Santa Monica Bitcoin Office aims to educate residents about Bitcoin’s potential while identifying industry partnerships to support economic recovery and job creation.
“Proof of Workforce is excited to share our experiences and insights with other municipal leaders at the CMRTA conference,” said founder Dom Bei. “Already, through our early initial work, there are many valuable lessons learned and opportunities that have emerged.”
Vice Mayor Negrete added, “We have received an overwhelming amount of interest and positive engagement as we continue to learn about Bitcoin as a community.”
The presentation will highlight challenges and opportunities in implementing the novel office. It will offer lessons for other municipalities considering similar initiatives. The CMRTA conference, which convenes municipal finance experts from across California, covers topics such as personal branding, regulatory updates, ballot measures, and emerging issues like Bitcoin.
Proof of Workforce coordinates the Bitcoin Office at no cost to Santa Monica. The non-profit provides Bitcoin education and adoption resources for workers, unions, pension funds, and cities.
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Singapore's DBS Bank to Launch Bitcoin and Crypto Options for Institutions
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17 mins agoon
September 21, 2024By
adminDBS, Singapore’s largest bank, announced it would begin offering over-the-counter (OTC) options trading and structured notes linked to Bitcoin and crypto for institutional clients.
JUST IN: 🇭🇰 Singapore's largest bank, DBS to launch #Bitcoin and crypto options trading. pic.twitter.com/lnres4MdMw
— Bitcoin Magazine (@BitcoinMagazine) September 17, 2024
As a leading Asian financial institution with over $360 billion in assets under management, DBS is the latest major traditional bank to embrace Bitcoin-linked financial products.
Starting in Q4 2024, eligible institutional investors and accredited DBS Private Bank clients can access tailored Bitcoin and crypto exposure through the OTC options. This follows the rising demand from professional investors allocating to Bitcoin and crypto.
“Professional investors are increasingly allocating to digital assets in their portfolios. Now, our clients have an alternative channel to build exposure to the asset class and incorporate advanced investment strategies,” said a DBS executive.
The news comes as more financial giants launch Bitcoin and crypto offerings after the success of Spot Bitcoin ETFs in the US this year. Earlier last month, CME Group also announced, they will further expand its Bitcoin and crypto derivatives offerings with the introduction of Bitcoin Friday futures (BFF).
Moves by leading banks like DBS will further legitimize Bitcoin as asset classes for institutional investors in Asia and worldwide. Many believe the wider availability of Bitcoin investment vehicles from reputable providers will accelerate mainstream adoption. If other major Asian banks follow DBS’s lead, it could significantly expand regional access to Bitcoin.
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MicroStrategy Buys Additional $489 Billion Worth of Bitcoin
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20 hours agoon
September 20, 2024By
adminMicroStrategy CEO Michael Saylor announced on September 20 that it has purchased an additional 7,420 bitcoins for approximately $489 million. The company now holds over 252,000 Bitcoin, acquired for $9.9 billion.
BREAKING: MicroStrategy buys another 7,420 #Bitcoin for $458.2 million. pic.twitter.com/4nBm3EUH6M
— Bitcoin Magazine (@BitcoinMagazine) September 20, 2024
Since 2020, MicroStrategy has adopted a Bitcoin-focused corporate strategy, taking advantage of Bitcoin’s potential as an inflation hedge and store of value. The company has accumulated over 252,000 bitcoins worth more than $15 billion, substantially increasing shareholder value.
MicroStrategy has borrowed money by issuing convertible senior notes to fund its Bitcoin purchases. It recently raised over $1 billion through note offerings, partly to acquire more Bitcoin. Other public companies have emulated this “buy Bitcoin” corporate strategy to take advantage of Bitcoin’s growth.
MicroStrategy’s Bitcoin treasury purchases are like a large-scale “speculative attack” against fiat currencies. By exchanging fiat for scarce bitcoin when it is undervalued, the company could reap enormous returns if bitcoin continues appreciating as a global digital store of value.
The company is undertaking the largest speculative challenge against fiat currency in history by adding the most resilient asset to its treasury. Other public companies are beginning to emulate MicroStrategy by implementing Bitcoin treasury strategies and gaining Bitcoin exposure on their balance sheets.
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Bitcoin mining
Satoshi Era Wallets Moved $16 Million Worth of Bitcoin
Published
24 hours agoon
September 20, 2024By
adminAround 250 BTC from the early days of Bitcoin, known as the “Satoshi era,” were transferred on Friday in five separate transactions, each moving around 50 BTC to new wallets. The total value of the transfers was close to $16 million.
JUST IN: Satoshi era #Bitcoin wallets just moved over 250 BTC worth $16 million mined in Jan 2009 🤯
The owner of the wallets hodled from $0 to $63,000. Legend! 🙌
— Bitcoin Magazine (@BitcoinMagazine) September 20, 2024
The coins were originally mined in January 2009, just months after Bitcoin’s launch, and have lain dormant since. Arkham blockchain analysis shows the wallets are not linked to Bitcoin’s pseudonymous creator, Satoshi Nakamoto.
The original wallets that moved the coins are: 1CGT3Ywaa2upJfWtUtbXonDPNTfZPWqzmA, 1MBBJBFEaYKHFZAeV7hQ7DWdu3aZktjzFH, 13J8FkimCLQ2EnP1xRm7yHhpaZQa9H4p8E, 18E5d2wQdAfutcXgziHZR71izLRyjSzGSX, 1C4rE41Kox3jZbdJT9yatyh4H2fMxP8qmD
The transfers likely belonged to an early Bitcoin miner who acquired the coins when BTC was practically worthless. After holding them for over 15 years, they are now valued at $16 million.
This demonstrates the conviction of early believers who recognized Bitcoin’s potential value long before the recent meteoric price rises. The anonymous owner mined and held these coins when Bitcoin was a niche experiment, exhibiting remarkable faith.
While the original owner remains a mystery, the transfers are among one of the largest amounts of “Satoshi era” Bitcoin ever moved. There has been no activity sending the coins to exchanges, indicating the owner may intend to continue holding them.
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