Author | Wu Blockchain
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Top 10 News of the Week
1. Crypto fund ads appear on the Alipay homepage in mainland China, with a daily purchase limit of 1,000 yuan per person link
Recently, a large number of users in mainland China have received promotional ads for crypto funds on the Alipay homepage, with the content "Global investment, crypto soaring, 10 yuan to start, get on board now." After clicking, it shows that the fund is Hwabao Overseas Technology C (QDII-FOF-LOF), which is a compliant investment model for overseas assets, investing in ETFs managed by ARK Invest, with Coinbase stock as the top holding and ARK Bitcoin Spot ETF as the second. The current daily purchase limit is 1,000 yuan per person. The promotional page states that cryptocurrencies are digital currencies based on blockchain technology, with Bitcoin being the most famous one. However, there are thousands of different cryptocurrencies in the market, each with its unique functions and uses. The characteristics of cryptocurrencies include decentralization, high security, and anonymity. Historically, when the interest rate cut cycle officially starts, long-term assets may perform relatively well. For example, companies focused on disruptive innovations such as cryptocurrencies, space exploration, and genetic revolution may be more sensitive to interest rates and benefit during the interest rate decline period.
Lawyer Fei Jie pointed out that the crypto-related ads on Alipay do not mean that China is relaxing its control over the crypto industry; the QDII+FOF model meets the demand for compliant overseas investment of domestic funds, and the foreign exchange administration will be responsible for allocating investment quotas, so the proportion of funds flowing into the crypto market is not high; the fund only invests a small portion of its assets in cryptocurrencies, but heavily promotes "crypto soaring" as a gimmick, which may constitute illegal false advertising.
Alipay's official X account posted a message with a picture of Justin Sun and a banana, seemingly hinting that today's crypto ads on Alipay do not mean you can buy cryptocurrencies: "Fake news. Seeing banana ads on X doesn't mean you can buy the banana from X".
2. Trump and his son discuss Bitcoin price
2.1 Trump is highly focused on the Bitcoin price: his goal is to push Bitcoin to $150,000 early in his presidency link
Sources reveal that Trump is highly focused on the Bitcoin price, with the goal of pushing Bitcoin to $150,000 early in his presidency, as he sees it as another stock market. Additionally, according to "60 Minutes," crypto companies contributed one-third of the super PAC donations in this election, and the success rate of candidates supported by the industry is as high as 85%.
2.2 Eric Trump, son of Trump: Predicts Bitcoin price will reach $1 million in the future link
Eric Trump, the executive vice president of the Trump Organization and son of former US President Trump, gave a keynote speech at the Bitcoin MENA event in Abu Dhabi, stating that Bitcoin will become a "financial paradigm" and predicting that the Bitcoin price will reach $1 million in the future. Eric Trump emphasized that Bitcoin is not only an investment tool but also a "global asset" that can hedge against inflation, political instability, and natural disasters. He believes that the scarce 21 million total supply of Bitcoin is one of its most important features and pointed out that "early adopters will be the ultimate winners." He also called on governments and banks to adapt to the digital revolution of Bitcoin and stated that the Trump family fully supports the development of Bitcoin.
3. Argentine President: Will allow the use of multiple currencies, including Bitcoin, for transactions by 2025 link
Argentine President Javier Milei announced his policy plan for the second year of his term, stating that he has successfully achieved a fiscal surplus and will reduce money issuance to zero, while planning to implement a free currency circulation policy in 2025, allowing citizens to use multiple currencies, including Bitcoin, for transactions. Additionally, he proposed to reduce 90% of the country's tax types to ease the burden on citizens and authorize each state to set its own tax policies.
4. Vancouver City Council passes a motion to become a "Bitcoin-friendly city" link
The Vancouver City Council has passed a motion to become a "Bitcoin-friendly city" and explore its potential municipal uses. At the Vancouver City Council meeting on November 26, Mayor Sim submitted a motion notice, planning to propose it on December 11, titled "Maintaining the City's Purchasing Power through Financial Diversification: Becoming a Bitcoin-Friendly City." Sim has been a staunch Bitcoin advocate, calling it "the greatest invention in human history," and stating that traditional fiat currencies "will go to zero."
5. New Czech law allows crypto companies and investors to open bank accounts link
The Czech Republic's parliament has passed a new law that will allow cryptocurrency companies and their investors to freely open bank accounts, without undue restrictions. The new law aims to simplify the financial operations of cryptocurrency businesses and promote the stable development and growth prospects of the industry. It was previously reported that the law will exempt capital gains tax on Bitcoin and cryptocurrencies held for more than three years.
6. Bhutan government address transfers 406.074 Bitcoin to QCP Capital link
The Royal Government of Bhutan address has transferred 406.074 Bitcoin, worth $40 million, to QCP Capital. Bhutan is the world's fourth-largest government Bitcoin holder, with the address still holding 12,202 BTC, worth $1.2 billion. Unlike most governments, Bhutan's Bitcoin did not come from law enforcement asset seizures, but from Bitcoin mining operations. It is reported that Bhutan has built Bitcoin mining facilities in multiple locations, with the largest one located at the site of the now-closed Education City project.
7. Less than 1% of Microsoft shareholders voted in favor of investing in Bitcoin link
Microsoft shareholders strongly opposed a proposal to invest in Bitcoin on Tuesday, despite the asset being described as an effective inflation hedge. Only 0.55% of shareholders supported the proposal to purchase and hold Bitcoin. According to Microsoft's annual investor relations report, 28.234 million shareholder votes were in favor of the proposal, while 5.148 billion votes against it were overwhelmingly dominant, with 22.6 million abstentions. Although most shareholders rejected the proposal, Microsoft acknowledged that the company should evaluate the benefits of holding at least 1% of Bitcoin assets.
8. Ray Dalio: Shift to investing in gold and Bitcoin amid high debt risks link
Bridgewater founder Ray Dalio said at the Abu Dhabi Finance Conference that due to high debt levels and potential debt crises facing major economies, he will invest in "hard currencies" like gold and Bitcoin, avoiding debt assets. He believes a debt crisis may occur in the coming years, leading to currency devaluation. He emphasized that investments should focus on global trends and maintain diversification to mitigate risks.
9. CZ: Establishing a Bitcoin strategic reserve is "inevitable" link
Former Binance CEO CZ stated at the Bitcoin MENA conference in Abu Dhabi that China may follow the potential Bitcoin strategic reserve plan that the new US government may launch, but due to the lack of transparency in China's policies, it is difficult to predict its specific actions. He believes that smaller countries may be the first to adopt Bitcoin reserves, and more countries will follow suit after the US takes official action. Currently, there is no evidence that China is hoarding Bitcoin, but CZ believes that establishing strategic reserves is a trend.
10. MicroStrategy Announces Purchase of 21,550 Bitcoin link
MicroStrategy announced that it has purchased an additional 21,550 Bitcoin (BTC), with a total value of approximately $2.1 billion and an average purchase price of approximately $98,783 per Bitcoin. As of December 8, 2024, MicroStrategy holds a total of 423,650 Bitcoin, with a cumulative investment of approximately $25.6 billion and an average cost of approximately $60,324 per Bitcoin. Its quarterly BTC return rate has reached 43.2% so far this year, and its year-to-date return rate has reached 68.7%.
Key Financing Events
- Binance Labs announced an investment in the stablecoin infrastructure protocol Perena link
- OKX Ventures announced a $5 million investment in TON Ventures link
- The decentralized smart contract platform Waterfall Network completed a $116 million financing round link
- The DePIN project Soarchain completed a $45 million financing round link
- AgriDex completed a $40 million strategic financing round, planning to tokenize $4.5 billion in agricultural trade link
- The on-chain yield platform Superform Labs announced the completion of a $30 million strategic financing round link
- The stablecoin-driven financial platform KAST completed a $10 million seed round financing link
- Commonware completed a $9 million financing round, launching highly customizable blockchain development tools link
- Sphere completed a $5 million financing round link
- Digital asset company COSIMO announced the completion of a $25 million financing round link
- Exabits completed a $15 million financing round, expanding into the GPU tokenization market link
- Neptune Protocol completed a $3.9 million seed round financing to launch the USDN native stablecoin Eclipse link
- Web3 AI company Hyperbolic completed a $12 million Series A financing round link
- Swiss Bitcoin buying and self-custody app Relai completed a $12 million Series A financing round link
- Web3 banking service enterprise Klickl announced the completion of a $25 million Series A financing round link
- Bitcoin mining company Arkon Energy's subsidiary Nscale raised $155 million in financing link
- Spexi completed a $11.5 million Series A financing round link
For more industry financing events, please check crypto-fundraising.info.
