Following a significant 1 million BTC sell-off at the end of 2023, investors display renewed confidence in BTC’s long-term value with a substantial purchase of 70,000 BTC.
Amid concerns over inflation and the diminishing value of fiat currencies, investors are turning back to Bitcoin as an alternative store of wealth.
On-chain data from Glassnode indicates a strategic accumulation of Bitcoin by investors, reflecting a belief in BTC’s sustained value, particularly as it maintains stability above $60,000.
Bitcoin Holder Net Position. Source:Glassnode
The US Consumer Price Index (CPI) surged by 0.4% in March, reaching 3.5% over the past year, marking historically high levels of inflation compared to a decade ago when the rate stood at just 0.8%.
As anticipation builds for the upcoming US inflation report on May 15, investors remain cautious, with the Federal Reserve unlikely to implement rate cuts this year.
Neil Bergquist, CEO of Coinme, underscores Bitcoin’s appeal as a hedge against inflation, emphasizing its capped supply of 21 million BTC, immune to inflationary pressures.
“There’ll never be more than 21 million bitcoin ever. It has a fixed supply, unlike fiat currencies, and no one can change that. No one can come in with a new policy, no one can get elected with a new idea and change that. It’s hard-coded into the bitcoin blockchain,” Bergquistexplained.
Consumer Price Index. Source:US Bureau of Labor Statistics
Unlike fiat currencies held in banks, Bitcoin’s fixed supply is hardcoded into its blockchain, impervious to policy changes or external interventions.
Core inflation, excluding volatile costs like food and gas, is projected to remain elevated, driven by rising expenses in shelter, insurance, and medical care.
Higher energy prices, propelled by surging gas costs, are expected to contribute to a firmer headline CPI print, according to Bank of America.
In this context, Bitcoin emerges as a decentralized asset, solidifying its role as a hedge against traditional financial systems.
Bergquist highlights the erosion of purchasing power associated with holding dollars during periods of rising inflation, contrasting it with the value preservation offered by Bitcoin.
As investors brace for the US inflation report, Bitcoin’s allure as a safeguard against inflationary pressures gains prominence, underlining its potential to serve as a resilient store of value amidst economic uncertainties.
Nearly 10 years after losing access to his Coinbase account, NBA legend Kevin Durant has finally regained control of his long-dormant Bitcoin stash. But what began as a feel-good recovery story has unexpectedly stirred anger among Coinbase users who say their own pleas for help have gone unanswered.
XingChiA new South Korean drama "To The Moon", follows three women investing in crypto during the 2017–2018 Bitcoin boom. It highlights the country’s $3.15 billion daily retail crypto market and growing regulatory oversight.
JoyThe Trump family’s American Bitcoin Corp started trading on Nasdaq, raising $2.1 billion and holding 2,443 Bitcoins to offer investors regulated crypto exposure. This comes as Donald Trump’s administration eases crypto regulations, boosting family-held digital assets worth over $5 billion.
WeatherlyUS lawmakers are meeting with crypto leaders to discuss a bill that would let the government buy one million Bitcoin over five years. The plan aims to build a strategic Bitcoin reserve using budget-neutral funding, but it needs wider political support to move forward.
AnaisSouth African company Altvest plans to raise $210 million to buy Bitcoin and rebrand as Africa Bitcoin Corp. The firm aims to hold Bitcoin as a core reserve asset and list on regional and international exchanges.
WeatherlyRaoul Pal predicted that the number of crypto users could reach four billion by 2030, with the market potentially hitting $100 trillion by 2032. He based this on wallet growth compared to early internet adoption, though critics say wallet counts may overstate real usage.
AnaisSouth Korea’s FSC nominee, Lee Eok-won, sparked controversy by calling cryptocurrencies worthless and warning against pension fund investments. Critics say his stance ignores crypto’s real economic value and risks driving investment and talent abroad.
AnaisHollywood is making a new thriller called Killing Satoshi about the mysterious creator of Bitcoin, starring Casey Affleck and Pete Davidson. The film will explore Satoshi Nakamoto’s secrets and the global race for control over his $120 billion in untouched Bitcoin.
AnaisKidnappings, crypto manipulation and institutional corruption are no longer just the subplot of crime thrillers; they have become fixtures of our digital reality.
XingChiMetaplanet, a Japanese firm known for its aggressive Bitcoin accumulation strategy, has announced plans to raise approximately $880 million through an overseas share issuance.
XingChiMetaplanet, a Japanese listed company, announced that due to the high level of government debt, long-term negative real interest rates and the depreciation of the yen, Metaplanet will use Bitcoin as its company's strategic reserve asset in response to Japan's severe economic situation.
JinseFinanceYesterday, BTC slightly corrected after breaking through the $70,000 pressure level for the third time in a month. BTC spot ETF has seen net inflows for four consecutive days. As the halving approaches, Bitcoin and its ecological projects show signs of breaking upward. ENA
JinseFinanceYou not only know very well how you make money, but also why you can make this money, what kind of money you make, whose money you make, who are the people who provide you with profits, and why they provide you with profits, then you will make money steadily.
JinseFinanceWithin the ever-evolving cryptocurrency landscape, GYEN crypto emerges as a significant innovation reshaping decentralised finance. Developed by GYEN Labs and launched in 2018, this stablecoin operates on the Ethereum blockchain, offering users a secure alternative for financial transactions, bypassing the traditional banking system.
JoyReported by Reuters on July 20, this move aligns with the increasing global trend among central banks to delve into the development of digital versions of their currencies for retail use.
Coinlive The Mitsubishi UFJ Financial Group, Datachain, and Solamitsu are working on making the Progmat Coin, a Yen-backed stablecoin, interoperable.
BeincryptoSeveral banks will stress test a digital yen for more than two years.
OthersThe upcoming Ethereum merge is being considered a big crypto project event. The community sees this as a significant factor in rallying the ETH price in the future.
Bitcoinist
FinboldThe executive director of the Bank of Japan announced that the long-awaited digital yen will not be used to achieve negative interest rates.
Cointelegraph