Bitcoin
If Microsoft Invests in Bitcoin It Will Be Likely Via Spot ETFs
Published
4 hours agoon
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adminAt the tail end of yesterday, MacroScope, a financial analyst focusing on Bitcoin, revealed a new SEC filing stating that Microsoft is voting this December on whether it should invest in bitcoin.
At first I thought there is no way this happens right now, and figured it will just be a short lived hype, especially after noticing a detail in the filing stating that Microsoft’s board recommends its shareholders to vote AGAINST the proposal of “Assessment of Investment in Bitcoin”.
But then Macroscope came with another update that revealed something promising. Microsoft is urging its shareholders to vote against the proposal because their management “already carefully considers this topic.”
If Microsoft were to follow in the footsteps of MicroStrategy (a wild thing to even type out and say to myself) it would mark an historic milestone for Bitcoin: Microsoft is the third largest company in the world by market capitalization at $3.208 trillion.
Will this actually happen? It’s anyone’s guess at the moment. But Michael Saylor has himself reached out to Microsoft’s Chairman and CEO Satya Nadella to discuss the possibility. If there’s one man who can speak Nadella’s language and get the job done, it’s Saylor. And there are plenty of reasons why Microsoft should invest in bitcoin… like having $75 billion in cash on hand that is just melting away like an ice cube.
Having said that, just because Saylor understands the importance of holding actual BTC on their balance sheet, he also knows that other large corporations interested in investing in Bitcoin might prefer a different method of exposure (like purchasing shares of spot Bitcoin ETFs). So if Microsoft were to invest into Bitcoin, I think they will likely just buy shares of BlackRock and others Bitcoin ETFs. (I would love to be wrong though, and have them actually buy the BTC and hold it themselves on their balance sheet.)
In any case, one thing for certain after reading all this: Bitcoin is now too large to ignore, even for the biggest companies in the world.
This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
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Bitcoin
Bitcoin (BTC) Price Has Less Than 10% Chance of Reaching $100K by Year-End, Options Market Data Shows
Published
15 hours agoon
October 25, 2024By
adminOptions-implied probabilities are calculated by using the Block-Scholes model or other pricing models that take into account factors like current spot market price, strike price, time to expiration, volatility, and the risk-free rate. Options-based probabilities are positively correlated with implied volatility: The greater the volatility, the higher the odds of bitcoin hitting certain levels.
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Bitcoin
Pennsylvania passes bill allowing Bitcoin payments, crypto self-custody
Published
1 day agoon
October 24, 2024By
adminThe Pennsylvania House of Representatives has passed a bill that could impact how digital assets are used within the state.
House Bill 2481, also known as the Bitcoin Rights Bill, was approved with a bipartisan majority of 176 votes to 26, and now heads to the state Senate for further consideration, according to Fox Business.
The bill, introduced by the nonprofit Satoshi Action Fund, establishes legal clarity around cryptocurrency ownership and usage. It allows residents to self-custody their digital assets, meaning they can hold Bitcoin (BTC) and other cryptocurrencies directly without relying on third-party services like exchanges.
Improved Bitcoin use
The bill also permits the use of Bitcoin for payments, which could change the way businesses and individuals conduct transactions using the cryptocurrency.
For those unfamiliar with crypto, self-custody means owning your digital currency directly, giving you full control over your assets. When you use exchanges, you trust them to store and manage your assets, but self-custody puts that responsibility in the hands of the individual.
Bitcoin is a digital currency that operates without a central authority, and this bill would make its use more widely accepted in Pennsylvania.
If passed by the Senate, this legislation could signal a growing acceptance of digital currencies at the state level, while the federal government continues to grapple with crypto regulation.
Pennsylvania’s decision mirrors efforts in other states, such as Oklahoma and Louisiana, which have passed similar laws.
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Analyst
Bitcoin Price Retests Bullish Channel At $65,000, Analyst Reveals What’s Next
Published
1 day agoon
October 24, 2024By
adminCrypto analyst MMBT Trader has revealed that the Bitcoin price is retesting a bullish channel at the $65,000 price level. He further mentioned what market participants should expect if the flagship crypto holds above or breaks below this bullish channel.
Bitcoin Price Retesting $65,000 And What Could Come Next
MMBT Trader mentioned in a TradingView post that the $65,000 support zone is now the major daily support, and market participants can expect a valid retest of the channel breakout. The analyst claimed that if the Bitcoin price holds this support, investors can expect a “heavy pump”, which could lead to a new all-time high (ATH).
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However, if the Bitcoin price fails to hold the $65,000 bullish channel, such a breakout to the downside would lead to a free fall to the $60,000 support level. MMBT Trader even suggested the possibility of BTC retesting $50,000 if it fails to hold above $65,000. Meanwhile, a breakdown means that the flagship crypto could range for a while before it makes another attempt to break its ATH at $73,000.
Analyst Justin Bennett also recently highlighted the $65,800 range as the first test for the Bitcoin price. He had also indicated that BTC could drop to around $63,000 if it fails to hold above this level. However, a successful hold above this price range would invalidate his trade setup.
The Bitcoin price has so far held well above $65,000 since it again reclaimed $67,000 after the price crash two days ago. However, Bennett indicated that BTC isn’t yet in the clear despite the bounce on October 23. He claimed there is no confirmed bottom as long as the flagship crypto is below $68,200.
BTC Needs A Weekly Close Above This Level
In an X post, crypto analyst Rekt Capital mentioned that a weekly close above $66,200 would be confirmed as a successful retest. He noted that the flagship crypto was showing promising signs so far, having already produced a wick below the $66,200 price level and returned above it.
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His accompanying chart showed that the Bitcoin price drop below $66,200 before the weekly close could lead to further breakdown below the $60,000 support level.
Meanwhile, bear analyst CrediBULL Crypto predicted that the Bitcoin price could retest the $68,000 range to “bait in some final longs” before it suffers a “rug pull” to the $60,000 support level. The analyst is one of those who believe that it is still too soon to call for a new ATH for BTC based on his belief that the flagship crypto still needs to retest the lower range.
At the time of writing, the Bitcoin price is trading at around $67,000, up in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
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