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Santa Monica Bitcoin Office Case Study to be Presented at CMRTA Annual Conference
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2 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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MicroStrategy Buys Additional $489 Billion Worth of Bitcoin
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17 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
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21 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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Bitcoin Exchange
River Secures Over $800 Million Worth of Bitcoin, Launches Proof of Reserve
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1 day agoon
September 20, 2024By
adminRiver, a leading U.S. Bitcoin exchange, has launched River Proof of Reserves to provide clients with verifiable proof that their Bitcoin holdings are fully reserved. This sets a new transparency standard for the industry after recent failures of exchanges like FTX shook consumer trust.
River CEO Alex Leishman stated, “River Proof of Reserves is about more than verifying our balances; it’s about reinforcing River’s commitment to integrity and long-term client trust.” He added, “Our goal is to build unshakable trust with our clients. Proof of Reserves is the gold standard for Bitcoin custody.”
The new feature allows clients to independently confirm that River holds their Bitcoin in full reserve multi-sig cold storage. River currently secures over $800 million worth of Bitcoin for its clients.
According to Leishman, “We’re leading by example by proving every month that your Bitcoin is exactly where we say it is.” After recent failures, he encouraged the industry to adopt similar transparency standards to rebuild trust.
The added transparency also prevents fractional reserve practices from destabilising fiat currencies and leading to bank failures. If more Bitcoin exchanges prove full reserves, it could restore faith in intermediaries while stopping dangerous leverage in the system.
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Santa Monica Bitcoin Office Case Study to be Presented at CMRTA Annual Conference
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