Microsoft is under scrutiny from shareholders regarding a potential investment in Bitcoin as they prepare for a crucial vote in December. The proposal, spearheaded by the National Center for Public Policy Research (NCPPR), suggests that the tech giant conduct an assessment of investing in the cryptocurrency. Ethan Peck, deputy director of the NCPPR’s Free Enterprise Project, warned that if Microsoft chooses not to invest and Bitcoin’s value rises, it could face legal repercussions from disgruntled shareholders.
Despite the board’s recommendation to reject the proposal, citing existing evaluations of various assets, Peck noted that the discussion initiated by the proposal is significant. He believes it may pave the way for a stronger resubmission in 2025, irrespective of the current vote’s outcome. The NCPPR highlighted the successful investment strategy of MicroStrategy in Bitcoin, pointing out that it has significantly outperformed Microsoft this year.
As Bitcoin trades at approximately $67,035, down from near its all-time high of $73,562, the growing institutional interest in cryptocurrencies, particularly through spot Bitcoin exchange-traded funds, underscores the urgency for companies like Microsoft to reconsider their stance on digital assets.
In a pioneering move, British pension specialist Cartwright has helped a UK pension fund allocate 3% of its £50 million assets into Bitcoin, marking the first such investment in the country. The decision follows thorough consultations on environmental, social, and governance (ESG) factors, security, and the investment potential of Bitcoin, according to Cartwright’s head of digital assets, Glenn Cameron.
Unlike similar investments where funds have opted for Bitcoin-linked ETFs, this UK pension fund has chosen to hold the asset directly, with private key security spread across five independent institutions. This allocation stands out for its size, as it represents a much larger percentage of assets than recent Bitcoin investments by pension funds abroad, such as the State of Wisconsin’s 0.1% allocation.
Cartwright has also announced a new Bitcoin Employee Benefits scheme, allowing interested employers to pay staff in Bitcoin. With five companies already considering the scheme, Cartwright is positioning itself at the forefront of integrating Bitcoin into UK pension and employment benefits, reflecting its commitment to a forward-thinking approach to digital assets.
The State Bank of Pakistan (SBP) has proposed a significant framework to recognise digital assets, including cryptocurrency, as legal currency in Pakistan. If approved, the plan would allow the SBP to issue its digital currency, potentially paving the way for a central bank digital currency (CBDC) within the country. This shift would mark a major departure from the SBP’s previous cautionary stance on virtual currencies.
In a proposed amendment to the State Bank of Pakistan Act, digital currencies such as Bitcoin could gain legal tender status, meaning they would be accepted for payment of goods, services, and debts. The framework also suggests measures to penalise any unauthorised issuers of digital currency, granting the SBP comprehensive authority over both physical and digital currency management.
The proposal further includes a provision allowing dual nationals to serve in senior roles within the central bank, a reversal of past restrictions. This move reflects the government’s broader economic strategy, which aims to modernise Pakistan’s financial system and boost GDP growth in line with global digital finance trends.
World Liberty Financial, a decentralized finance (DeFi) crypto project associated with former President Donald Trump and his sons, plans to limit its token sales to $30 million within the United States. According to a recent filing with the US regulators, the company, based in Delaware but operated from Puerto Rico, has approximately $288.5 million worth of tokens available, meaning around 90% of the sales will occur offshore. So far, fewer than 350 investors in the US have purchased these tokens.
To navigate regulatory challenges from the US Securities and Exchange Commission (SEC), which aims to classify tokens as securities, World Liberty is leveraging an exemption known as Regulation D. This allows the company to raise unlimited funds from wealthy individuals and institutions meeting certain criteria, such as having a net worth exceeding $1 million. Since mid-October, World Liberty has reportedly raised $2.7 million from 348 investors through this mechanism.
While Trump and his sons are mentioned in the company’s filings, the document clarifies that their names are included for informational purposes and do not indicate official endorsement of the offering. The project promotes itself as part of a broader initiative to democratise access to financial services. Looking ahead, any potential sales to non-US investors will be conducted under Regulation S, which imposes fewer requirements but is limited to foreign investors only.
US cryptocurrency exchange Kraken has launched a new set of derivatives products designed for Australian wholesale clients, aiming to meet strict regulatory standards. The suite allows institutional investors to engage in cryptocurrency trading through futures derivatives, exposing them to price movements without holding actual assets. Multi-collateral support—accepting fiat, stablecoins, and cryptocurrencies—enhances Kraken’s custody security, with more than 200 assets available for trading.
The release follows a recent Australian Federal Court ruling that questioned Kraken’s fiat margin trading service. Kraken expressed concerns over the regulatory ambiguity in Australia, urging for clearer, bespoke cryptocurrency regulations to provide stability for both businesses and investors. Jonathon Miller, Kraken’s General Manager for Australia, noted that this new product will enable clients to execute complex trading strategies, supported by Kraken’s robust security standards.
Qualified investors are invited to explore the new offerings via Kraken’s platform, with eligibility criteria including a net worth above AUD $2.5 million and annual earnings exceeding AUD $250,000. Despite regulatory challenges, Kraken’s expansion signals its dedication to supporting Australia’s growing cryptocurrency sector, where ownership rates now exceed the global average.
A new survey by Turkish crypto exchange Paribu reveals that Turkish investors are turning increasingly to cryptocurrencies as their preferred investment, even surpassing traditional assets like real estate. The ‘2024 Cryptocurrency Awareness and Perception’ survey, which included over 2,000 participants familiar with crypto, found that 30% of respondents now favour digital assets over real estate and stocks. This trend highlights a shift in Turkey’s investment landscape as investors seek the speed, accessibility, and potential returns offered by crypto.
Gold remains the top investment choice for 56% of those surveyed, while foreign currency and cryptocurrency follow closely. Interestingly, real estate dropped in preference from 30% last year to 26% this year, signalling a broader change in investor sentiment. Paribu’s research content manager, Nergis Nurcan Karababa, explained that the rise in crypto interest is also driven by institutional support, reflecting an optimistic outlook on crypto’s role in Turkey’s economy.
While cryptocurrency awareness in Turkey has nearly reached universal levels, with almost 99% recognising digital assets, understanding of blockchain technology remains limited, with 72% lacking basic knowledge. Despite this gap, Turkey has solidified its position as a global crypto market leader, ranking fourth worldwide. Regulatory support is expanding, with 47 crypto firms, including Bitfinex and Binance TR, applying for licences to operate under Turkey’s new regulations.
With Election Day approaching, former President Donald Trump is promoting a pro-Bitcoin stance in his re-election campaign, urging voters to support him for his promises to bolster US Bitcoin production. In a recent post, Trump claimed he would move all Bitcoin mining to the US and end what he calls Vice President Kamala Harris’s ‘war on crypto.’ He also celebrated the anniversary of Bitcoin’s white paper, positioning himself as a champion of the digital asset.
This campaign pivot comes despite Trump’s past remarks dismissing Bitcoin as a ‘scam’ and saying it was based on ‘thin air.’ His current promises, including pledges to restrict BTC mining within the US and block the development of a central bank digital currency, align with efforts to attract pro-crypto voters. Polls indicate a close race between Trump and Harris in key states where crypto policies could influence undecided voters.
Meanwhile, social media has seen a wave of misinformation on both candidates’ crypto positions. For instance, MicroStrategy’s Michael Saylor falsely claimed Trump proposed abolishing capital gains taxes on crypto. With voting in critical states like Georgia, Texas, and Arizona ending soon, the candidates’ crypto policies may prove decisive in an election too close to call.
Eastern Europe is witnessing a significant increase in cryptocurrency activity, with over $499 billion in digital assets received between July 2023 and June 2024, according to a report from Chainalysis. Notably, decentralized finance (DeFi) activities contributed more than $165 billion to this total, accounting for about one-third of the region’s cryptocurrency transactions. This surge has propelled Eastern Europe to become the fourth-largest cryptocurrency market globally, representing over 11% of total crypto value received worldwide.
Despite the ongoing war and international sanctions, both Russia and Ukraine are leading in crypto transaction values, with Russia receiving over $182 billion and Ukraine over $106 billion. The report indicates that large institutional transfers significantly drive Ukraine’s market growth, as investors seek financial stability amid turmoil. Local exchanges like WhiteBIT remain active, facilitating a surge in professional transfers, which have been influenced by global market volatility and inflation.
In Ukraine, the rise in Bitcoin transactions has been particularly notable, with purchases using the national currency, the hryvnia, exceeding $882 million in the past year. This trend follows a period of high inflation, which peaked at over 26% in December 2022, prompting many Ukrainians to view Bitcoin as a safer alternative for storing value.
Praxis, a forward-thinking tech company, has secured a remarkable $525 million investment to create a groundbreaking city on the Mediterranean coast that merges cryptocurrency and AI. This ambitious project, aimed at crafting a tech-driven society, envisions a seamless blend of nature and advanced technology, where electric vehicles and AI-driven systems enhance urban life.
Founded in 2019 by Dryden Brown and Charlie Callinan, Praxis seeks to establish a utopian city that champions innovation, minimal governance, and a libertarian lifestyle. With plans to use cryptocurrency as the primary currency, the city promises to attract top tech talent and entrepreneurs looking for a fresh start free from traditional constraints. Despite the project’s romantic nature, it has already garnered the interest of over 2,000 prospective residents, with a waiting list of 50,000.
Collaborating with renowned firm Zaha Hadid Architects, Praxis aims to design a city that harmoniously fuses futuristic and traditional styles, ensuring adaptability for future growth. While some critics question the project’s feasibility, the support from prominent investors like Peter Thiel and Balaji Srinivasan underlines the potential for this vision to reshape urban living. With operations projected to begin around 2026, Praxis is set to host its first event in the Dominican Republic to gather leaders and innovators focused on the future of digital sovereignty.
Florida’s Chief Financial Officer, Jimmy Patronis, has proposed a potential shift towards cryptocurrency by encouraging the state’s retirement funds to consider investing in Bitcoin. In a letter to the Florida State Board of Administration (SBA), Patronis highlighted Bitcoin as ‘digital gold’ and a secure hedge that could diversify the state’s portfolio. He has requested the SBA assess the feasibility, risks, and advantages of this investment strategy ahead of the legislative session scheduled for March 2025.
The Florida Retirement System Trust Fund, managed by the SBA and valued at approximately $205 billion, could benefit from such a shift. Patronis suggested that a portion of this fund could be allocated to a “Digital Currency Investment Pilot Program” through the Florida Growth Fund, which has already invested nearly $1 billion in high-growth areas over the past year.
Patronis noted that adding Bitcoin aligns with Florida’s broader opposition to central bank digital currencies (CBDCs) and could offer strong returns for public employees. Should Florida move forward, it would join other states, like Wisconsin and Michigan, which have already included Bitcoin in their retirement fund portfolios.
