'Bitcoin Is The Exit Strategy' 🚪
'Bitcoin Is The Exit Strategy' 🚪
CraigWright’s $5.2B legal war. No stopping Michael Saylor's Bitcoin charge. 30 million users for MetaMask. VanEck's ETF HODL goes wild on the trading floor. Spain gets $2.1 billion Microsoft boost.
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The Australian-born computer scientist, Craig Wright has been testifying in a London court that he is Bitcoin founder Satoshi Nakamoto.
Wright’s $5.2B Legal War Against Bitcoin Devs
Craig Wright is suing the Cryptocurrency Open Patent Alliance (COPA) for claiming that he is not Satoshi Nakamoto.
Wright is also suing Tulip Trading Ltd., a company that he owns, for allegedly stealing $5.2 billion worth of Bitcoin from him.
The trial began on Feb 5, 2024, expected to conclude around mid-March.
The Tulip Trading case is also being heard in London.
Central Dispute: Tulip Trading, owned by Craig Wright, lost 111,000 bitcoins in a 2020 hack. Tulip Trading argues they own the stolen bitcoins and sues 16 Bitcoin developers.
Reasoning: Tulip Trading asserts the developers have a fiduciary duty to help retrieve the coins.They want developers to grant backdoor access or facilitate transfer to safer addresses.
Developer Response: Developers deny any obligation, citing lack of power or control over the network.
Legal Progress: Initial dismissals overturned by Court of Appeal, recognizing a "serious issue to be tried."
Case Significance: First major legal precedent addressing developers' responsibilities towards cryptocurrency owners, particularly regarding security and lost funds.
Full trial will determine if developers have fiduciary duties in such situations.
Block That Quote 🎙️
Michael Saylor, MicroStrategy CEO
““I've famously said, I'm going to be buying the top forever. Bitcoin is the exit strategy, it is the strongest asset, so what we see right now is that Bitcoin just emerges as a trillion-dollar asset class. And it's alongside names like Apple, Google and Microsoft.”
MicroStrategy CEO Michael Saylor vows to hold their Bitcoin, citing massive institutional inflows via ETFs and Bitcoin's superiority over traditional assets like gold, real estate, and the S&P index.
Watch the interview with Bloomberg’s Katie Greifeld👇
MicroStrategy Bitcoin Story
Holdings: MicroStrategy holds 190,000 Bitcoin purchased for a total of $5.93 billion, average price of $31,224 per coin, as of Feb 21st, 2024.
Profit: With Bitcoin currently trading around $51-$52kMicroStrategy's holdings are worth roughly $10 billion, profit close to $4 billion.
Check out: Saylor Tracker
In the Numbers 🔢
30 million
Monthly active users on MetaMask.
Up from 19 million in September last year to 30 million, 55% jump.
Hit a high of 31.7 million monthly active users in January 2022.
Security feature Blockaid alerts system warns of potential phishing.
576,000 users in beta blocked 30,000+ malicious transactions
Barbara Schorchit, senior product manager at Consensys
“A user is considered anyone who has the MetaMask extension or mobile app installed. We define a monthly active user as someone who either loads a page within the MetaMask extension or opens the mobile app at least once during any rolling 30-day period. These moments, the 2022 bull market peak and today’s figures, represent the two all-time highs for MetaMask.”
Where’s ETF?🚨
VanEck's Bitcoin exchange-traded fund (ETF) "HODL," saw $258 million in trading volume on February 20, up from $18 million the day before. This was the highest daily trading volume for the fund since its launch in October 2021👇
Microsoft's $2.1 billion boost for Spain
Microsoft is investing $2.1 billion in AI and cloud infrastructure in Spain, building data centres in Madrid and Aragon.
Why: To compete with other tech giants like Google in the AI and cloud computing space.
When: The investment was announced in January 2023.
Impact: The investment will create 69,000 jobs and add €8.4 billion to the country’s GDP.
Circle stops support. Binance delists token.
Circle, the issuer of the popular stablecoin USDC, will be ceasing support for USDC on the TRON blockchain.
Why: Circle cites ongoing risk assessments for ending USDC support on TRON.
When: Existing USDC holders have until Feb 2025 to move funds.
Impact: Minimal for users, USDC remains widely supported elsewhere.
Binance Delisted Monero
The leading crypto exchange, Binance, delisted Monero (XMR) on February 20th, 2024.
Why: Regulatory pressure and concerns about Monero's privacy features.
When: Delisted on February 20th, 2024.
Impact: Minimal on users, XMR price fluctuations observed.
The Surfer 🏄
A lawsuit has been filed against crypto hedge fund Tyr Capital over its exposure to FTX, a crypto exchange that collapsed in November 2022.
Web3 venture capital firm Hack VC has raised $150 million to invest in early-stage crypto and AI startups.
Sports Illustrated Tickets is moving its NFT service to Avalanche, which is a blockchain provider for its NFT-enabled ticketing service, Box Office.
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