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- 🥜 Middle East Buys Bitcoin
🥜 Middle East Buys Bitcoin
PLUS: Saylor continues
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What we’ve cooked up for you today…
🐋 This is getting out of hand… (Saylor BTC)
🇦🇪 United Arab Emirates buys Bitcoin?
📈 The inflow streak survives
💰 And more…
Prices as at 2:10am ET
THIS IS GETTING OUT OF HAND… 🐋
BREAKING: MicroStrategy buys 5,262 bitcoin for $561 million, bringing total holdings to 444,262 BTC
Seven weeks in a row…
For the seventh week in a row, MicroStrategy purchased more Bitcoin. 🤯
This time MicroStrategy acquired an additional 5,262 Bitcoin for ~$561 million. (Average price of ~$106,662 per BTC)
This brings MicroStrategy’s total holdings to 444,262 Bitcoin, acquired for ~$27.7 billion. (Average price of ~$62,257 per BTC)
With this latest purchase, MicroStrategy now holds ~2.12% of Bitcoin’s total 21 million supply.
And at today’s prices, MicroStrategy’s Bitcoin holdings are worth ~$42.08 billion.
Which means they’re sitting on unrealized profits of ~$14.38 billion.
Saylor once again teased this latest purchase, by posting the following to Twitter on Saturday:
As we explained earlier, this marks the seventh week in a row that MicroStrategy has purchased Bitcoin.
The previous six weeks being:
December 15: 15,350 Bitcoin for ~$1.5 billion
December 8: 21,550 Bitcoin for ~$2.1 billion
December 1: 15,400 Bitcoin for ~$1.5 billion
November 24: 55,500 Bitcoin for ~$5.4 billion
November 17: 51,780 Bitcoin for ~$4.6 billion
November 10: 27,200 Bitcoin for ~$2.03 billion
In total, that’s $17.69 billion worth of Bitcoin being purchased in the last 7 weeks.
Absolutely insane numbers…
Saylor didn’t lie when we said he’d be buying Bitcoin at the top forever…
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UNITED ARAB EMIRATES BUYS BITCOIN? 🇦🇪
After years of convincing, the United Arab Emirates has finally made a move.
They’ve just bought Bitcoin. And not just a little - $40 billion worth.
That’s the latest out of the Changpeng “CZ” Zhao.
Changpeng Zhao, known as 'CZ' is the former CEO of Binance.
Binance is the largest cryptocurrency exchange in the world, and in building it, CZ became one of the most influential figures in crypto.
He’s the 24th richest person in the world, with a net worth exceeding $64 billion.
(Interesting fact: Among the top 25 richest, he’s one of only two under 50 - the other being Mark Zuckerberg.)
This week, CZ confirmed that the UAE now holds $40 billion in Bitcoin:
This is huge. This would mean the UAE has bought over 400,000 Bitcoin. 🤯
To put it into perspective, Michael Saylor through MicroStrategy, over 4 years of buying, has $41.7 billion in Bitcoin.
Commenting on his tweet, CZ revealed he had been promoting Bitcoin in the UAE for years:
“I certainly did a lot of shilling here. But didn't know the number was so big or how much of that could be attributed to my efforts. When I came to Dubai in 2021, there were only a handful of crypto companies here. Within months, there were hundreds, now thousands...”
However, did they actually buy Bitcoin?
A popular Bitcoin news source, Bitcoin Archive, doesn’t think so:
The original source to break this story was the “Bitcoinist”.
In their story, they had no source or links.
No publicly available information can confirm the UAE actually has bought $40 billion in Bitcoin:
So is this story true or false?
Our Take:
The most credible source here is CZ himself - he’s a prominent figure in the crypto space with a reputation for being reliable.
Recently, CZ was in Abu Dhabi as a keynote speaker at Bitcoin MENA 2024, the largest Bitcoin event in the Middle East.
If anyone has inside knowledge, it’s him.
While this story isn’t 100% confirmed yet, as the saying goes: where there’s smoke, there’s fire. 🔥
THE INFLOW STREAK SURVIVES 📈
The inflow streak continues!
Last week Digital asset funds saw another week of inflows totalling $308 million.
This was despite digital asset funds experiencing their largest single day of outflows on the 19th December at $576 million.
Let’s break it down.
As you’d expect, Bitcoin still came out on top with inflows of $375 million coming in for the week.
Ethereum’s inflow streak continued, with net inflows of $51 million.
XRP also continued it’s run with inflows of $8.8 million.
Whilst Solana saw net outflows of $8.7 million.
The United States saw the majority of inflows, with $567 million coming in for the week.
Brazil and Australia also had impressive weeks, seeing inflows of $16.6m & $10.2m respectively.
Whilst Switzerland, Germany and Canada all saw outflows of $95.1m, $74.7m & $60.1m respectively.
Despite the recent price crash, digital asset funds managed to keep the inflow streak alive…
(Largely thanks to BlackRock which we broke down last week)
The reason for this crash was the Fed’s recent hawkish comments.
2025 rate cuts expectations have now dropped from 4 cuts down to 2 cuts.
This caught the market off guard and resulted in the correction that we’re currently going through.
Keep in mind…
Bitcoin is still up ~40.74% since the US election even with this correction…
CRACKING CRYPTO 🥜
SEC charges Jump Crypto subsidiary $123 million for manipulating Terra Luna UST peg. Tai Mo Shan accused of masking true support behind Terra USD stability.
Trump Names Crypto-Friendly Stephen Miran as Chair of Council of Economic Advisers. The Council of Economic Advisors is tasked with providing the President advice on economic issues.
Bitcoin extends losses as traders see sub-$90K BTC price support test. Bitcoin traders are offering more and more bearish short-term BTC price targets as the return of Wall Street fails to offer relief.
Robinhood holding bitcoin 'comes up from time to time,' CEO says. Vlad Tenev, CEO of trading platform Robinhood, said there have been internal discussions about holding bitcoin, but the company doesn’t have plans to maintain a BTC reserve.
WHAT WE’RE READING 📚
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