Senator Lummis: US Government should sell gold to buy bitcoin | Bitcoin News by CoinCorner

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Bitcoin continues to break new all-time highs allowing micro strategy to break the top 100 largest US companies by market cap numerous public companies are now following the micro strategy Playbook and are adding vast quantities of Bitcoin to their balance sheets and the US government are considering selling off their vast gold treasury for [Music] Bitcoin welcome back to bitcoin news brought to you by coin corner I'm your host Alex glass now let's get straight into this week's top stories it's been another huge week for Price action as Bitcoin continues to so since the start of the week the price is up around 10% reaching new all-time highs of $98,000 as it approaches the enormous Milestone of $100,000 a coin momentum seems to be showing no signs of slowing down alongside this massive price rise bitcoin's market cap has also continued to climb the ranks and the $ 1.9 trillion asset is now larger than JP Morgan visa and MasterCard combined which is not bad for the only 15-year-old payment Network now speaking of market caps one company making headlines this week is micro strategy who this week broke into the top 100 US companies by market cap currently ranked at 93 in the US micro strategy now holds a market cap of $84 billion and it looks as though it's on its way to 100 billion the enormous valuation comes as a shock to many as this far exceeds the company's Bitcoin holding of 331,000 Bitcoin currently valued at $32 billion but the company's unique approach of using lowcost leverage to add Bitcoin to their balance sheet appears to be attractive to investors the share price is currently trading at a premium of over three times the net asset value and the company's grown by 860 over the year compared to bitcoin's 170% during this rally last week founder Michael sailor also announced that the company had bought an additional $4.6 billion worth of bitcoin on top of the $2 billion they bought the week before but they're not stopping there as this week they announced another private offering to borrow an additional $2.6 billion in convertible senior notes at an interest rate of 0% which one can only assume is to buy even more Bitcoin now speaking of Michael sailor it's been announced this week that the chairman is set to pitch a Bitcoin buying strategy to Microsoft's board sailor has agreed to put together a 3-minute presentation to the board of directors after his previous offer to meet up with Microsoft CEO satcha nadela to discuss the topic of adding Bitcoin to their balance sheet was not accepted sailor said it ought to be put on the agenda of every company especially Burkshire hathway Apple Google and meta because they all have huge hordes of cash and they're burning shareholder value he also said that 98.5% of Microsoft's total company value is leveraged into its quarterly earnings whilst only 1.5% of the value of the stock comes from its tangible assets he argues that the stock would be much more stable and much less risky if half of the Enterprise Value was based upon tangible assets or property like Bitcoin on the 10th of December Microsoft shareholders will have the chance to vote on whether the company should add Bitcoin to their balance sheet but at this current point in time Microsoft's board of directors have recommended voting against the proposal now also on the topic of corporate adoption this week a massive number of public companies announced that they have or intend on adding Bitcoin into their balance sheets the list includes ho Therapeutics lqr house Cosmos Health cidian technology Acro Pharmaceuticals and some more sizable positions from Genesis group buying $10 million worth similar scientific buying $17 million and Marathon digital announcing plans to raise an additional $1 billion to buy more Bitcoin this alone is huge but even just the mention of adding Bitcoin to a company's balance sheet appears to be bullish for the share price this week CEO of video sharing platform Rumble Chris pavloski posted a poll on X asking the question whether the company should buy Bitcoin the response was a resounding 93% yes which in turn caused the company's share price to Surge by 9% in hour was trading now moving on to nation state adoption it's been proposed by US senator Cynthia Lumis that the US government should sell off some of their vast gold Holdings in order to buy Bitcoin and establish a strategic Reserve the Wyoming Senator previously introduced the Bitcoin strategic Reserve bill into the Senate proposing that the country acquire 5% of the entire Bitcoin Supply amounting to 1 million coins which would then be held for a minimum of 20 years but as the US currently have the largest gold reserves in the world with over 8,000 tons Senator Lumis suggests converting a portion of this into Bitcoin which she says would be a neutral transaction compared to spending around 90 billion to buy the Bitcoin this could be huge if it happens as it's not only positive for Bitcoin adoption but it would also demonstrate its growing dominance over gold as a store of value another country looking to embrace Bitcoin is Poland as polish presidential candidate slavomir menson vowed to create a Bitcoin Reserve if he wins the election next year in a post on X earlier this week menson doubled down saying if I become president of Poland our country will become a cryptocurrency Haven with friendly regulations low taxes and a supportive appr approach from Banks and Regulators elections will be held in 2025 and according to coin Telegraph Menon has gained significant popularity in Poland especially among libertarian and right-wing voters now for our final story following the launch this week of options contract on bitcoin ETFs black Rock's Bitcoin ETF ibit saw an unheard of trading volume of $1.9 billion on the first day according to Bloomberg analyst James saart ibit traded 350 4,000 contracts on day one which he said almost certainly played a part in the move to bitcoin new all-time highs on the 19th of November the reason for this is that as traders buy these options contracts market makers buy the spot ETF to hedge the trade which results in huge net buying of the Bitcoin ETFs and according to Joe consorti these contracts are a huge deal as it opens the door to the largest and deepest liquidity pools on the planet but that is all we have for you today so as always make sure to hit that subscribe button down below and I'll see you next week with more bitcoin news [Music] [Music]