Michael Saylor, the executive chairman of MicroStrategy, is set to deliver a compelling three-minute presentation to Microsoft’s board of directors advocating for a Bitcoin investment. This announcement followed his participation in VanEck’s X Spaces on 19 November, where he shared insights into the proposal. Saylor plans to encourage the board to allocate a portion of their substantial $78 billion cash reserves into Bitcoin.
Microsoft, one of the largest tech firms globally, has no current exposure to Bitcoin or other cryptocurrencies, despite its significant investments in companies like OpenAI. Saylor highlighted that only 1.5% of Microsoft’s stock value is linked to intangible assets, with most of it focused on quarterly earnings. The December’s voting items may include a decision influenced by Saylor’s presentation, potentially paving the way for a revolutionary shift in the company’s financial strategy.
The potential impact of Microsoft embracing Bitcoin could be monumental. Saylor noted the remarkable rise of MicroStrategy’s shares since adopting Bitcoin, with a 2,735% increase over five years. Institutional and corporate adoption of Bitcoin is accelerating, and Saylor believes Microsoft could set a transformative example by joining the trend.
Bitcoin surged to a record high of over $94,000, driven by reports that Donald Trump’s social media company, Truth Social, is in talks to acquire cryptocurrency firm Bakkt. The news raised hopes of a more cryptocurrency-friendly approach under a Trump administration. Bitcoin’s price has more than doubled this year, with the latest trading at $92,104.
The potential acquisition, as reported by the Financial Times, is expected to be an all-stock deal between Trump Media and Bakkt, which is backed by the Intercontinental Exchange. This news, combined with the launch of options trading for Bitcoin ETFs on Nasdaq, has spurred further optimism.
Since the US election on 5 November, traders have been betting that President-elect Trump will foster a less restrictive regulatory environment for digital assets, leading to a renewed rally in Bitcoin. The global cryptocurrency market has now surpassed a $3 trillion valuation, according to CoinGecko.
Market analysts suggest there is strong buying momentum behind Bitcoin, with the potential for further gains as traders continue to seek out opportunities in the growing market.
Donald Trump’s media company, Trump Media and Technology Group, is reportedly in advanced negotiations to acquire Bakkt, a crypto trading platform backed by the Intercontinental Exchange. According to sources cited by the Financial Times, the deal would be an all-stock acquisition.
News of the talks caused Bakkt’s shares to skyrocket by nearly 66% before trading was temporarily halted due to volatility. Neither Trump Media nor Bakkt has commented on the matter, while the Intercontinental Exchange declined to respond.
If finalised, the deal would deepen Trump’s ties to the cryptocurrency industry, which he has actively supported long before the US presidential election. In a related move, Trump recently launched a new crypto initiative called World Liberty Financial.
Tether, Kraken, and Fabric Ventures are supporting Dutch fintech company Quantoz Payments in launching two stablecoins, EURQ and USDQ, compliant with the European Union’s Markets in Crypto-Assets Regulation (MiCA). Set to launch on 18 November, these euro- and dollar-backed stablecoins have been licensed by the Dutch Central Bank (DNB) as e-money tokens. Fully backed by fiat reserves, the stablecoins are designed to offer a regulated and secure payment option for the European Economic Area (EEA), aiming to reduce costs and improve the speed and transparency of transactions for both consumers and businesses.
The introduction of EURQ and USDQ is seen as a major step towards regulated digital finance in Europe, aligning with MiCA’s regulations, including a 1:1 fiat backing and an additional 2% reserve held by Quantoz. MiCA’s framework helps build trust in stablecoin issuers, ensuring transparency and mitigating risks in crypto payments. Kraken and Bitfinex are set to list the tokens on 21 November, giving access to eligible clients across Europe.
While the launch marks significant progress, Tether’s CEO, Paolo Ardoino, has raised concerns about the MiCA framework’s potential risks. He highlighted the regulation’s requirement for stablecoin issuers to hold at least 60% of their reserves in European banks, which could introduce vulnerabilities if banks experience financial instability due to high loan ratios. Despite these concerns, the stablecoins aim to enhance digital payment systems across Europe.
In related news, Norway’s central bank, Norges Bank, has endorsed the MiCA framework, evaluating its potential to support a central bank digital currency (CBDC). While the country is still considering additional regulations to ensure financial stability, it aligns closely with the EU’s MiCA rules, which could shape future developments in cross-border payments and CBDC implementation.
BlackRock, the global investment firm and issuer of the spot Bitcoin exchange-traded fund (ETF), has secured a commercial licence to operate in Abu Dhabi, marking a significant step in the company’s expansion into the crypto-friendly region. The approval, granted on 18 November, demonstrates BlackRock’s growing interest in the UAE’s financial landscape, which continues to embrace digital assets and emerging technologies. While the firm is also seeking a licence to operate in the Abu Dhabi Global Market (ADGM), a financial hub that hosts various crypto businesses, BlackRock’s focus in the region will be on private markets and artificial intelligence infrastructure, according to Middle East head, Charles Hatami.
This move comes as part of the UAE’s broader strategy to position itself as a global leader in digital finance and technology. BlackRock’s decision to establish a presence in Abu Dhabi reflects the region’s proactive government policies and commitment to sustainable growth, which are seen as ideal for capital markets. The UAE has been steadily advancing its role in the crypto world, with institutions like Microsoft already making significant AI investments in the region.
BlackRock’s iShares Bitcoin Trust ETF, which provides US-based investors with exposure to Bitcoin, has seen considerable success, surpassing $33 billion in net assets earlier this month. This marks a significant milestone, as the ETF outpaces the company’s gold trust. BlackRock’s new licence in Abu Dhabi underscores the firm’s ongoing ambition to further integrate digital assets into its investment offerings, aligning with the UAE’s growing stature in the global financial and cryptocurrency sectors.
The UAE continues to gain recognition in the crypto world, ranking third in Henley & Partners’ global crypto adoption index. With BlackRock’s entry, the UAE’s reputation as a key destination for digital finance is likely to strengthen even further.
Robert F. Kennedy Jr., former presidential candidate and current Cabinet nominee, has made headlines again by revealing that he has invested the majority of his wealth in Bitcoin. Describing the digital asset as the “currency of freedom,” Kennedy shared his belief that Bitcoin offers a hedge against inflation and can help preserve wealth. His commitment to Bitcoin is clear, as he stated in a recent post: “I’m a huge supporter of Bitcoin. I went home and put most of my wealth into Bitcoin, so I’m fully committed.”
Kennedy’s enthusiasm for Bitcoin is not new. In 2023, he disclosed that he had bought Bitcoin for each of his seven children. He’s long been a vocal advocate for Bitcoin, arguing that it, alongside gold and silver, could act as a stabilising force for the US dollar, which he believes is at risk of devaluation.
Furthering his Bitcoin commitment, Kennedy has proposed bold ideas, such as placing the entire US fiscal budget on the blockchain for enhanced transparency and accountability. During the Bitcoin 2024 event in Nashville, he also promised to establish a Bitcoin strategic reserve if elected president and pledged to sign an executive order to transfer the US government’s Bitcoin holdings to the Federal Reserve.
Kennedy’s view on Bitcoin’s role in the future of the US dollar is equally strong. He has described Bitcoin as “inevitable” and suggested that the country must move quickly to incorporate Bitcoin as part of its reserve assets to maintain control and stability.
US Senator Cynthia Lummis has proposed the creation of a Bitcoin national strategic reserve, suggesting that the US government could sell some of the Federal Reserve’s gold to fund the purchase of Bitcoin, rather than relying on the federal budget. Lummis, a Republican Senator, pointed out that the government already holds gold certificates that could be converted into Bitcoin, which would then be held for at least two decades. The aim is to use Bitcoin’s potential appreciation to help reduce the national debt, which currently stands at around $36 trillion.
Lummis’ proposal aligns with President-elect Donald Trump’s broader vision for Bitcoin, which includes positioning the US as the global hub for cryptocurrency. Trump had previously pledged to establish a Bitcoin reserve and remove SEC Chairman Gary Gensler, replacing him with someone more supportive of digital assets. While some in the crypto community are sceptical, with a poll showing only a 30% chance of success, the increasing number of pro-crypto legislators in Congress suggests the bill could pass in the future.
The proposal comes at a time when Bitcoin’s price has surged, reaching a new all-time high of $93,477 earlier this month. With a market cap now exceeding $1.7 trillion, Bitcoin’s rising value has increased optimism around its role in reducing the US debt. Lummis and Trump’s plans signal a potential turning point in the US government’s stance on cryptocurrency.
Attorneys General from 18 US states have launched a joint lawsuit against the Securities and Exchange Commission (SEC), its Commissioners, and Chair Gary Gensler. The coalition, led by states such as Kentucky, Texas, Florida, and Nebraska, accuses the SEC of overstepping its constitutional authority with aggressive actions against the cryptocurrency industry. The lawsuit seeks court intervention to curb what they describe as “unconstitutional persecution” of the sector.
The complaint argues that states have successfully fostered innovation and safeguarded consumers through local regulatory frameworks, enabling blockchain experimentation and adaptation to regional needs. Examples include licensing requirements for digital asset platforms, taxation rules for digital currencies, and procedures for handling unclaimed digital property. The lawsuit claims the SEC has ignored these efforts, instead attempting to impose federal mandates without Parliamentary approval.
The Attorneys General allege that the SEC’s enforcement actions violate the separation of powers, undermining state authority over crypto regulation. With all 18 Attorneys General being Republicans, the lawsuit calls for judicial intervention to reaffirm states’ rights and halt the SEC’s centralised approach.
Pennsylvania’s legislature has unveiled a bold proposal to invest state funds in Bitcoin. Led by Representative Mike Cabell, the bill, known as the Pennsylvania Bitcoin Strategic Reserve Act, aims to allocate up to 10% of the General Fund, Rainy Day Fund, and State Investment Fund into the leading cryptocurrency. Cabell argues that Bitcoin could provide a hedge against inflation, helping to stabilise the state’s economy in uncertain times.
The initiative reflects growing interest in Bitcoin as a store of value across the United States. Prominent firms such as BlackRock and Fidelity have backed Bitcoin as a strategic asset, lending weight to Cabell’s vision. This legislative push coincides with discussions of a national Bitcoin reserve, particularly if President-elect Donald Trump’s administration follows through on its pro-crypto agenda.
Pennsylvania’s move follows its recently passed Bitcoin Rights bill, which ensures residents can securely hold digital assets. With the state embracing Bitcoin on multiple fronts, it could signal a shift towards broader cryptocurrency adoption in government policies.
The global cryptocurrency market has surged past $3 trillion, fueled by a resurgence in interest following Donald Trump’s recent presidential election win, which many investors believe could usher in favourable US regulations. This milestone marks a new peak, eclipsing even the 2021 boom fueled by pandemic-era investments, as the total market value reached nearly $3.2 trillion in early November, according to CoinGecko. Bitcoin, the market’s leader, hit a record high of $93,480, with other cryptocurrencies like Ether and Dogecoin also seeing significant gains.
Trump’s election and pro-crypto lawmakers in Congress appear to have injected optimism by easing concerns over regulatory uncertainty. Bitcoin has doubled in value this year and jumped 30% since Election Day to $90,000, while Ether rose to $3,220, and Dogecoin gained 140%, supported by endorsements from Trump ally Elon Musk. Institutional interest has also grown, with increased buying in crypto exchange-traded funds hinting at broader adoption from financial entities.
Yet, the overall value of cryptocurrencies remains modest compared to traditional assets like gold or the US stock market. Some segments of the crypto market, such as NFTs, remain subdued. However, industry insiders suggest that sustained high market values could lead to further exploration of blockchain applications, including decentralised finance and real-world asset tokenisation, signalling that crypto’s current momentum might spark broader financial innovations.
