Hey, it’s Archie!

It’s been a huge week in Bitcoin with ETFs breaking records and Michael Saylor buying again!

Let’s dig in! 🙌

🚨Today’s Issue

• Bitcoin ETF Trading Update

• MicroStrategy buys more Bitcoin and pivots business

• Thailand removes tax on Bitcoin trading transactions

• Putin slams use of USD as “political weapon”

• Bitcoin Miners are moving to Ethiopia for cheap energy

NEWS

Bitcoin Snippets

• Bitcoin Halving: 68 days to go for the block rewards to be cut in half to 3.125 Bitcoin issued every ~ten minutes

• GBTC: Genesis wins dispute with Gemini over ownership of shares.

• Bitcoin ETFs: BlackRock and Fidelity ETFs are most successful ever.

• Bitcoin Mining: US Energy Department’s mandatory survey to collect data from bitcoin miners is “an abuse of authority” says

BITCOIN ETF

Bitcoin Snippets

• $400m net inflow yesterday. The 3rd biggest day since launch.

• BlackRock and Fidelity hold ~$6.5b in Bitcoin making them the best ever ETF launches in 30 years.

• $2.2b NET inflows (ex-GBTC outflows)

• £34b trading volume since launch.

MICROSTRATEGY

MicroStrategy Buys More Bitcoin and Become Bitcoin Development Company

• MicroStrategy bought another 850 Bitcoin for $37.2m this week in addition to the 31,755 Bitcoin it bought for $1.25 billion during Q4 2023.

• It now holds 190,000 Bitcoin, making it the biggest corporate holder of Bitcoin on its balance sheet.

• On the quarterly earnings call, Michael Saylor, the executive chairman, emphasised the transition of Bitcoin to an institutional-grade asset class

• MicroStrategy share price has increased by over 300%, outpacing major tech stocks, since it first invested in Bitcoin in 2020.

• Saylor highlighted the arrival of spot Bitcoin exchange-traded funds as a transformative event for Bitcoin, moving its perception from a medium of exchange to a store of value

• MicroStrategy is positioning itself as a Bitcoin development company, focusing on software creation and collaboration with Bitcoin developers

THAILAND

Thailand’s Move to Become Digital Asset Hub.

• Thailand's Ministry of Finance has eliminated the 7% value-added tax (VAT) on earnings from cryptocurrency trading, effective immediately​​.

• This tax exemption, which was initially set to expire at the end of 2023, will now be permanent for transactions conducted through Thailand’s licensed digital asset exchanges, brokers, and dealers​​​​.

• This is part of Thailand's strategy to establish itself as a benchmark country for crypto-assets and to revitalise the country’s economy.

RUSSIA

Tucker Carlson Interviews Russia’s President Putin

• Putin referred to the use of the dollar as a foreign policy weapon as "one of the greatest strategic mistakes made by American political leaders."

• "The dollar is the cornerstone of U.S. power. Political leaders have struck a blow to American power the moment they decided to use the U.S. dollar as a tool for political strife. I wouldn’t want to use too strong language, but it’s a foolish thing to do, as well as a serious mistake."

• This statement reflects Putin's view that the U.S.'s approach to utilising its currency in international relations has been counterproductive to its own interest

• BRICS nations Trading in Local Currencies: Putin emphasised this shift as part of a broader trend of decreasing reliance on the US dollar in international trade.

• Putin warned that a move away from the dollar in global trade could lead to its depreciation and force the US to confront inflationary pressures.

ETHIOPIA

Bitcoin Snippets

• Chinese Bitcoin miners are moving to Ethiopia, attracted by the low-cost, renewable energy from the Grand Ethiopian Renaissance Dam (GERD)

• The relocation is part of a global trend away from China following 2021 ban on Bitcoin mining.

• Ethiopia allows Bitcoin mining despite a ban on cryptocurrency trading.

• GERD's hydropower represents a clean energy source for Bitcoin mining operations.

• Growing Mining Hub: With its increasing power generation capacity, Ethiopia is emerging as a significant player in the global Bitcoin mining industry

🤝 📈 BRAND PARTNERSHIP - Let’s talk!

Get new customers, huge brand exposure, and drive revenue by partnering with me.

Bitcoin Archive is one of the biggest Bitcoin media brands with 1.4m followers on X (twitter), 50,000 on Instagram, and 20,000 subscribers to this newsletter.

I am also working on launching a multi-media podcast across X, YouTube, Spotify etc, so get in touch if you would like to explore a brand partnership with me.

✍️ 💻 - Just reply to this email with “Partnership” in the subject line*

Cheers,

Archie 🙌

TELL ME 👇