This trillion dollar giant is buying Bitcoin

Bill Gates finally speaks on Bitcoin, plus other highlights this week

Bitcoin reaches $50K, MicroStrategy to buy $1 billion more BTC, Morgan Stanley arm eyeing BTC investment, 2nd North American BTC ETF approved, BlackRock getting into Bitcoin

The total crypto market cap is $1.5T, up 2.9% over the last 24 hours

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Quick Take:

  • Bitcoin smashes $50,000

  • MicroStrategy to buy $1B more Bitcoin

  • Second North American ETF approved

  • $150 billion Morgan Stanley arm eyeing Bitcoin investment

  • Grayscale reach $34 billion worth of Bitcoin in assets

  • BlackRock reveal they’ve been ‘dabbling’ into Bitcoin

  • Why this bull run is not slowing down anytime soon

BlackRock, the largest asset manager in the world, confirms they are entering BTC

During an interview with CNBC’s Squawk Box on Wednesday, BlackRock CIO Rick Rieder discussed the firm “dabbling” into Bitcoin and said allocating some portion to crypto "seems to make some sense”, but refused to elaborate further on what that means for its operations. Rieder said:

"My sense is the technology has evolved and the regulation has evolved to the point where a number of people find it should be part of the portfolio, so that's what's driving the price up. I wouldn't put a number on the percentage allocation one should have, it depends on what the rest of your portfolio looks like."

MicroStrategy has adjusted its planned convertible senior note sale to $900M

MicroStrategy has adjusted its latest planned convertible senior note sale from $600 million to $900 million in order to raise funds to buy more Bitcoin in possibly its biggest single dollar-denominated allocation yet. The firm has already bought 70,784 Bitcoin, an amount now worth around $3.6 billion.

$150 billion Morgan Stanley investment arm is exploring Bitcoin investment

Counterpoint Global, an investment arm of Morgan Stanley is exploring whether it will make a bet on Bitcoin but would need approval from the wider firm and regulators to move forward, according to Bloomberg.

Morgan Stanley's Chief Global Strategist, Ruchir Sharma also said in a report on Tuesday that “regardless of where the price of Bitcoin goes next — cryptocurrencies are here to stay as a serious asset class.” JP Morgan co-president Daniel Pinto also said this week that the firm would enter Bitcoin if there was enough of a demand.

Pinto said “if over time an asset class develops that is going to be used by different asset managers and investors, we will have to be involved.”

Despite not making allocations as of yet, Morgan Stanley and JP Morgan’s statements represents Wall Street's growing acceptance of cryptocurrency as serious asset class.

Bitcoin smashed $50,000, what’s next?

Within the last 48 hours, Bitcoin broke $50,000, $51,000 and then $52,000 as Bitcoin became the 8th largest asset in the world by market cap. CME Bitcoin futures hit a record breaking $5 billion in daily trading volume yesterday, it's highest ever.

Bitcoin supply on exchanges has also dropped 2.1% since the start of the year, mainly due to Coinbase which is seeing large weekly outflows. Typically, when a large sum of Bitcoin flows out of Coinbase and then gets split across subsequent cold wallets in 1,000 to 5,000 increments, it usually indicates an OTC deal has been made.

During the same period, Grayscale have also added 20,970 Bitcoin worth $1.09 billion, bringing their total assets under management to $40 billion.

The demand for Bitcoin is incredibly strong at the moment while the supply on exchanges is continuing to decline, a sign that the bull market won’t be stopping any time soon if this trend continues.

More highlights:

Bill Gates shares his thoughts on Bitcoin

NYDIG has filed for a Bitcoin ETF

Coinbase valued at $77 billion pre-IPO

Swiss canton of Zug is now accepting BTC & ETH tax payments

Coinbase helped facilitate Tesla's $1.5 billion bitcoin buy

PancakeSwap is now the second largest DEX

Amazon working on ‘digital currency’ solutions

Second North American Bitcoin ETF has been approved

Uniswap becomes the first DEX to process $100b in volume

Bitcoin on the front cover of the WSJ

That's it, you’re up-to-date

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