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Bitcoin plays an important role in defending democracy in Nicaragua with Félix Maradiaga.
Bitcoin Policy Summit 2024: Fighting for Freedom in Nicaragua At the Bitcoin Policy Summit 2024, Nicaraguan pro-democracy activist Félix Maradiaga highlighted the severe loss of freedoms under the rule of Daniel Ortega. He noted that Nicaragua has seen the fastest decline in freedoms in the world, with people being imprisoned for simple acts such as raising the national flag or expressing opinions on social media. There are currently 130 people imprisoned for political reasons, and over the past three years, more than 1,700 people have been imprisoned in inhumane conditions, including Maradiaga himself. Almost 12% of the population has been forced to flee. Bitcoin as a weapon against financial repression Now working from outside the country to rebuild Nicaragua's democratic opposition, Maradiaga is betting on Bitcoin to fight financial repression by the regime. He reported that after being introduced to Bitcoin by his wife and Alex Gladstein of the Human Rights Foundation, his team began using Bitcoin to bypass traditional financial systems that the Ortega regime would exploit to persecute activists. Anti-Money Laundering Regulations and the Importance of Bitcoin Maradiaga also spoke about how global anti-money laundering regulations, often referred to as AML rules, are being abused to target freedom fighters. He pointed to the closure of 3,400 NGOs (non-governmental organizations) under these laws. He stressed the need for decision-makers to educate themselves about Bitcoin, stating that Bitcoin offers a viable alternative to traditional financial systems to combat political repression. Global cooperation for freedom and human rights Maradiaga noted that dictators around the world are collaborating and sharing repressive technologies, and stressed the importance of global cooperation among those who value freedom and human rights. He directed interested individuals who would like to support his efforts to the World Liberty Congress.
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MicroStrategy buys another 11,931 Bitcoins for $786 million.
MicroStrategy acquires an additional 11,931 BTC MicroStrategy, a business intelligence and software company, has acquired an additional 11,931 BTC (Bitcoin) for $786 million. This follows a private offering of convertible senior notes (a form of bonds that are convertible into stock) on June 18 that raised $800 million with a coupon (interest rate) of 2.25% and a conversion premium of 35% above the average price of MicroStrategy's Class A common stock (shares with voting rights). The net amount of approximately $786 million was used to purchase Bitcoin. Details on buying Bitcoin The company disclosed that the bitcoins were acquired at an average price of approximately $65,883 per bitcoin – including fees and expenses – between April 27, 2024 and June 19, 2024. MicroStrategy’s Bitcoin Investments MicroStrategy began its Bitcoin investments in August 2020 with an initial investment of $250 million. As of June 20, 2024, the company and its subsidiaries hold approximately 226,331 Bitcoins valued at over $14.9 billion, purchased at a total cost of approximately $8.33 billion, representing an average of $36,798 per Bitcoin, including fees and expenses.
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VanEck’s Spot Bitcoin ETF is traded on Australia’s largest exchange.
VanEcks Spot Bitcoin ETF (VBTC) - Launch on ASX VanEck's Spot Bitcoin ETF (VBTC) has launched on the Australian Securities Exchange (ASX), offering Australian investors a simplified and secure way to gain exposure to Bitcoin. The ETF was approved earlier this week and is now tradable with a management fee of 0.59%. ASX praises VanEck Australia for first crypto ETF The ASX praised VanEck Australia for launching the first crypto ETF on the exchange. This ETF allows investors to buy and sell units linked to Bitcoin through traditional brokerage accounts, eliminating the need to hold Bitcoin directly and mitigating the risks associated with it. ASX emphasizes simplifying trading for investors Andrew Campion, ASX's general manager of investment products and strategy, stressed that trading the ETF on traditional exchanges greatly simplifies the process for investors. Monochrome Asset Managements Bitcoin ETF Trading Additionally, Monochrome Asset Management's Bitcoin ETF recently began trading on the Cboe Australia Exchange, acquiring more than 54 bitcoins worth AUD $5.3 million.
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Bitcoin is now accepted at Tooting Market in South London.
Tooting Market now accepts Bitcoin payments Established in 1930, Tooting Market in South London, known as Britain's first food market, has started accepting Bitcoin payments. This initiative was launched by local Bitcoin enthusiasts, led by an anonymous Bitcoiner with the pseudonym Hashley Giles, and supported by the organization Bridge 2 Bitcoin. As of June 18, 2024, eight merchants, including restaurants, bars and a record store, have offered the option to pay with Bitcoin. Potential impact on state recognition Nicholas Gregory of Mercury Layer & Civkit highlighted the potential impact of this local initiative, suggesting that increasing acceptance of Bitcoin by merchants could potentially lead to government recognition, which would bring tax benefits. This development is reminiscent of the Bitcoin Beach project in El Zonte, El Salvador, which eventually led to Bitcoin being recognized as an official means of payment there. Potential precedent for wider Bitcoin adoption Combining historic charm with modern innovation, Tooting Market could set a precedent for wider Bitcoin adoption in the UK.
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Lava unveils exchange and stable payments.
Lava launches new products Lava is launching two new products designed to improve digital dollar handling and Bitcoin access: Lava Free Pay and Lava Exchange. Lava Free Pay Lava Free Pay simplifies global payments by seamlessly integrating stablecoins into Bitcoin wallets, eliminating the complexities of other blockchain networks and transaction fees. This service promises free, instant global payments and plans to support multiple networks in the future. Lava Exchange Lava Exchange helps users manage digital assets (digital assets such as cryptocurrencies) by offering the best exchange rates and minimizing fees. It connects users to suitable cryptocurrency exchanges based on location and market data, enables easy self-custody of assets and direct bank withdrawals. This service is integrated with the Lava Vault, making it easier to acquire Bitcoin. Lava supports this with a secure mobile key custody system called Lava Smart Key. Other products, such as a lending protocol using Bitcoin Smart Contracts (automated contracts on the Bitcoin blockchain), are in development. Users can access these services through the Lava Vault app for iOS, Android or through the lava.xyz website.
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USA is said to be a leader in Bitcoin.
Donald Trump and Bitcoin Former President Donald Trump is highlighting the importance of U.S. leadership in Bitcoin and cryptocurrencies, positioning himself as a staunch Bitcoin advocate as he runs for the 2024 presidential election, becoming the first U.S. president to accept Bitcoin Lightning payments. These types of payments use the Bitcoin Lightning Network, a protocol for faster and cheaper transactions on the Bitcoin blockchain. He also opposes Central Bank Digital Currencies (CBDCs), i.e. digital currencies issued by central banks. On the campaign trail, Trump promises to keep regulators away from Bitcoin if he is elected. Support for Bitcoin and America's Future In a speech in Wisconsin, Trump declared his intention to "end Joe Biden's war on crypto." This is to secure America's economic future and ensure that the future of Bitcoin and crypto innovation lies in the US and not other countries. These statements mark a significant shift in Trump's position, as he now explicitly supports American leadership in Bitcoin. Promoting Bitcoin and crypto innovations Trump makes it clear that he recognizes the political benefits of supporting Bitcoin. As the cryptocurrency becomes too popular to be banned, he believes it is crucial to appeal to Bitcoin-friendly voters. He believes that lagging behind in Bitcoin and crypto innovation could result in the U.S. missing out on technological and financial advances. Trump emphasizes the need for America to become a center for Bitcoin and crypto developments in order to remain competitive on the global stage.
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First Bitcoin ETF approved by Australia's largest exchange.
Bitcoin ETF approved on the Australian Securities Exchange The Australian Securities Exchange (ASX) has approved the first Bitcoin exchange-traded fund (ETF) on its platform, which will be listed on June 20. The VanEck Bitcoin ETF (VBTC) will be the financial instrument provided by VanEck. This follows the successful launch of Bitcoin ETFs (exchange-traded funds) in the United States, where 11 such products have been listed since January, and in Hong Kong. Demand for Bitcoin access is increasing Arian Neiron, CEO of VanEck Asia Pacific, explained that demand from clients for bitcoin exposure through a listed financial instrument on the ASX is growing. In Australia, there are already spot bitcoin ETFs, i.e. funds that hold physical bitcoins. The Global X 21 Shares Bitcoin ETF (EBTC) debuted in April 2022, and the Monochrome Bitcoin ETF (IBTC) began trading on June 4 on Cboe Australia, the country's second-largest exchange. Bitcoin ETF offers visibility and credibility The listing of a Bitcoin ETF on the ASX, Australia's largest stock exchange, represents a significant achievement, providing institutional and retail investors with greater visibility and credibility for Bitcoin investments. These developments reflect the growing acceptance and interest in Bitcoin investment products worldwide and suggest that other countries may soon follow suit.
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Biden administration participates in Bitcoin roundtable with members of Congress.
Roundtable on Bitcoin and Blockchain in Washington DC US Congressman Ro Khanna from California's 17th district will host a roundtable on Bitcoin and blockchain in Washington DC in early July. Described as a major gathering of lawmakers and innovation leaders, the meeting is expected to include officials from the Biden administration, members of the House and Senate, and businessman Mark Cuban. The goal of the meeting is to develop strategies to encourage innovation in Bitcoin and blockchain in the US. Initiative in response to pro-Bitcoin actions by Donald Trump This initiative follows recent pro-Bitcoin actions by former President Donald Trump. Trump has begun accepting Bitcoin Lightning payments (a method for fast and inexpensive transactions on the Bitcoin blockchain) for campaign donations and has promised to end what he calls "Joe Biden's war on crypto." He also hosted a roundtable meeting with Bitcoin miners (people who create new Bitcoins and verify transactions through complex calculations) at Mar-a-Lago and pledged support for Bitcoin mining both nationally and globally. Biden administration’s stance on the Bitcoin and crypto industry Over the past four years, the Biden administration has been notably hostile to the Bitcoin and crypto industry. President Biden recently vetoed a bill that would have allowed financial institutions to hold Bitcoin and other cryptocurrencies. The Justice Department arrested the founders of the Samourai wallet (a privacy-focused Bitcoin wallet) on money laundering charges. Biden has criticized crypto traders, comparing them to "wealthy tax evaders." His administration has promoted a central bank digital currency (CBDC, a digital form of central bank money) and proposed a 30% tax on the electricity used for Bitcoin mining. Indication of possible change in Washington's attitude towards crypto This roundtable meeting hints at a potential shift in Washington's attitude toward crypto and could indicate a more moderate attitude among Democrats, especially given Khanna's party affiliation. Additionally, the Biden administration is considering accepting crypto donations through Coinbase Commerce (a platform that enables cryptocurrency payments for merchants), similar to what Trump recently introduced.
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MicroStrategy increases share sale to $700 million
MicroStrategy increases planned share sale MicroStrategy, led by CEO Michael Saylor, has increased its planned stock sale from $500 million to $700 million to acquire more Bitcoin. The company had originally announced plans to sell $500 million in convertible notes to qualified institutional buyers. These proceeds were also earmarked for acquiring additional Bitcoin. Currently, MicroStrategy owns over 214,400 BTC (Bitcoin) worth $15 billion. Offer increased to $700 million The offering, which was originally scheduled to close on June 17, was increased to $700 million the following day. Since 2020, MicroStrategy has been aggressively buying Bitcoin, with these purchases largely financed by debt, taking advantage of market fluctuations. Convertible bonds offer particular flexibility. They can be converted into MicroStrategy shares before their maturity in 2032. This gives investors the opportunity to benefit from an increase in Bitcoin's price while minimizing downside risk through the senior unsecured bonds' status. Primary goal remains Bitcoin acquisition While proceeds not used for Bitcoin could also cover general corporate needs, the primary goal remains to increase Bitcoin holdings while prices are relatively low. This approach underscores MicroStrategy's unwavering belief in Bitcoin as a key asset for corporate reserves.
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