A turning point for bitcoin (BTC)

Bitcoin broke the $70,000 mark for the first time on Friday March 7, marking its second all-time high since the start of March. The increase in the price of bitcoin was mainly attributed to the growing interest of institutional investors in new US-based spot ETFs and the fact that bitcoin will soon experience another halving.

BlackRock: ready to launch new products?

BlackRock, the world’s largest asset managerhas dominated bitcoin news over the past month.

The asset manager has filed with the Securities and Exchange Commission (SEC) of the United States a file detailing she strategy to integrate new bitcoin exchange-traded funds into its investment strategy.

Named Strategic Income Opportunities Fund, BlackRock aims to include investments in bitcoins alongside its other financial productsincluding Bitcoin ETPs (exchange-traded products) listed and traded on recognized national exchanges.

Meanwhile, BlackRock’s iShares Bitcoin Trust (IBIT) has established a new record for a single trading day, attracting volume of nearly $3.8 billion. IBIT now manages assets exceeding 10 billion dollars.

In the space of two months, the influx of funds from BlackRock’s Bitcoin ETF surpassed 198,000 BTC, surpassing MicroStrategy’s Bitcoin wallet by 193,000 BTCa milestone that took MicroStrategy 42 months to reach.

MicroStrategy stock price explodes

On Friday, March 6, MicroStrategy announced its intention to issue convertible bonds totaling $700 million, maturing in 2030, for accredited investors.

MicroStrategy’s valuation growth has brought the company closer to the threshold for inclusion in theS&P 500 index. This index, which represents the top 500 American companies in terms of performance of the large-cap stock market, imposes a minimum market capitalization threshold.

The market capitalization must be at least $15.8 billion to be included in the index.

Additionally, the company must be based in the United States, demonstrate adequate liquidity, and report positive net profits.

MicroStrategy currently has a market capitalization of approximately $24 billion. Its stock price has increased 427% over the past year.

According to a recent statement from the US federal government, MicroStrategy purchased an additional 3,000 BTC for the amount of approximately $155.4 million over the last ten days.

To date, MicroStrategy has accumulated at least 193,000 BTC, worth over $13 billion.

Merrill Lynch and Wells Fargo offer Bitcoin ETFs to their clients

According to a Feb. 29 Bloomberg report, two renowned investment giants, Merrill, the wealth management division of Bank of Americaand Wells Fargo, have started offering their clients access to Bitcoin ETFs.

Satoshi Nakamoto’s emails

Fifteen years after the creation of Bitcoin, the true identity of Satoshi Nakamoto remains a mystery, despite Craig Wright’s claim that he is Satoshi.

In a recent trial at the UK High Court, Blockstream CEO and co-founder Adam Back was called to give evidence.

Blockstream founder Adam Back has been called to testify for the Crypto Open Patent Alliance (COPA) against Craig Wright.

Emails exchanged between Satoshi and Back in 2008 and 2009 were included in the file during the proceedings.

These communications were then made public by COPA.

The contents of these emails refute some speculation that Adam Back was behind the creation of Satoshi Nakamoto. Adam Back himself has repeatedly refuted these claims.

The first correspondence between Adam Back and Satoshi took place a few months before Bitcoin was officially launched. In these emails, Satoshi was seeking to verify a quote relating to Back’s earlier development of the Hashcash proof-of-work algorithm, a fundamental part of the Bitcoin protocol. Satoshi also shared an early version of Bitcoin’s white paper with Back, inviting him to provide feedback and distribute it to their peers.

An even larger number of emails exchanged between Satoshi and Martti Malmi were also disclosed at trial.

For the ECB, bitcoin is worth $0

In a recent blog post, European Central Bank officials Ulrich Bindseil and Jürgen Schaaf indicated that they were not impressed by the United States’ approval of spot bitcoin ETFs.

They declared: “ we reaffirm our position that the real value of bitcoin remains zero.”

Their skepticism is not new: in a blog post from November 2022 entitled Bitcoin’s Last Stand, the same authors claimed that bitcoin was on the road to obsolescence.

Since this post was published, bitcoin has gained 197%.

Incorrect criticisms leveled against bitcoin include: the slowness and cost of transactions, its unsuitability as an investment, the harmful environmental impact of bitcoin mining and the fact that the history of bitcoin is marred by price manipulation and various forms of fraud.

The ECB’s official February 22 message on Twitter was later noted by the community by users who quickly denied all of the ECB’s claims.

Arizona Senate weighs bill to add Bitcoin ETFs to retirement portfolios

The Arizona State Senate is currently evaluating a bill encouraging the Arizona State Retirement System (ASRS) and the Public Safety Personnel Retirement System (PSPRS) to consider incorporating Bitcoin ETFs into their investment strategies.

The bill successfully passed third reading in the Senate and was sent back to the House of Representatives for further consideration.

He highlights the need to stay informed about developments in the Bitcoin ETF market and suggests they evaluate the potential impact of adding bitcoin to their portfolios.

ASRS and PSPRS are responsible for preparing a detailed report that assesses the feasibility, risks and benefits of the allocation of a portion of retirement funds to Bitcoin ETFs.

This initiative aims to provide ASRS and PSPRS with the information necessary to make informed decisions regarding integrating Bitcoin ETFs into their investment portfolios.

Peruvian and Brazilian stock exchanges announce listing of spot bitcoin ETFs

The Lima Stock Exchange (BVL) introduces Bitcoin spot ETF in its range of investment options.

A recent BVL announcement highlighted the availability of Ishares Bitcoin Trust (IBIT), Vaneck Bitcoin Trust (HODL) and Invesco Galaxy Bitcoin (BTCO) for investors in Peru.

Julio Cesar Placido, of the BVL, highlighted the transformative impact of these financial instruments on the Peruvian financial ecosystem and financial markets.

Despite the introduction of these ETFs, bitcoin is still unregulated in Peru. A cryptocurrency regulation bill was proposed in December 2021. However, it did not result in a change in the rules.

El Salvador’s bitcoin bet is up 60%

The bet of the President of El Salvador, Nayib Bukele, on bitcoin is up 60%, according to Portfolio Tracker. This digital tool monitors bitcoin investments from El Salvador.

El Salvador is estimated to have 2,858 bitcoins.

Following the collapse of FTX, the Bukele government announced that it was adopting the strategy consisting of buying 1 BTC per day, without intending to reverse the legislation or get rid of its bitcoin assets.

Bukele highlighted El Salvador’s commitment to holding on to its bitcoins, saying: “1 BTC = 1 BTC.”

Tether Reaches $100 Billion Market Cap

On March 5, Reuters reported that Tether, the world’s leading stablecoin, hit a new all-time high with more than $100 billion in circulation.

Tether reserves are made up of various assets, including U.S. Treasury securities, precious metals, bitcoin and other currencies.

USDT now accounts for over 70% of the $140 billion stablecoin market.

It experienced considerable profitability, mainly due to rising interest rates in the United States, with a reported profit of $2.85 billion in the most recent quarter. The returns of its important holdings of US Treasury bonds allowed Tether to generate such significant profits.

After an explosive start to March, what does bitcoin have in store for us in the months to come? Direction, the $100,000?