The Latest Bitcoin & Macro news: Weekly Recap 02.12.2024
🧠Quote(s) of the week:
“All roads lead to inflation. All roads lead to dollar devaluation. All roads lead to asset appreciation. All roads lead to Bitcoin”. James Lavish
🧡Bitcoin news🧡
On the 25th of November:
➡️VanEck’s Bitcoin ETF will stay at ZERO fees until 2026. Nice little competition amongst the ETFs.
➡️Semler Scientific has acquired 297 BTC for ~$29.1 million at ~97,995 per Bitcoin and has generated a Bitcoin yield of 37.4% QTD and 58.4% YTD. As of 11/24/2024, they held 1,570 Bitcoin acquired for ~$117.8 million at ~$75,039 per Bitcoin. Since adopting a bitcoin treasury strategy on May 28, 2024, the Company has bought $117.8 million.
The MicroStrategy playbook!
➡️Publicly traded Hut 8 CEO asks if they should add more Bitcoin to their balance sheet.
On the 26th of November:
➡️Morocco to legalize Bitcoin following the ban in 2017, says Bank Al-Maghrib’s governor at a Rabat conference.
➡️$680 MILLION leveraged crypto-positions liquidated in 24hrs. Just don’t do ‘CrYpTo’ and ffs don’t do leveraged trading. ’Shakeouts during parabolic bitcoin bull markets are required.
- They remove aggressive leveraged longs (Bitmex, MSTU, and MSTX).
- They move spot coins from weak hands to strong hands.’ - Joe Burnett
➡️BlackRock bought $267m Bitcoin yesterday for its ETF. Bitcoin ETFs had $435m net outflows for the day.
➡️The Schwab Network predicts Bitcoin could reach $500K–$1M if Trump establishes a Strategic Bitcoin Reserve. Tatiana Koffman of Moonwalker Capital: “If you don’t have at least 10% of your investment account in Bitcoin or Bitcoin-related assets, you will fall significantly behind.” Hal Finney already explained that years ago. Welcome to the party Wall Street.
➡️Bitcoin just made a new all-time high price in Gold.
➡️The most epic display of lettuce hands of all time. Short-term holders panic sold 54.6K BTC in the last 24 hours. That would be $4 Billion worth of short-term Bitcoin holders sold at a loss yesterday. Madness. This leads to liquidation cascades and smart money picks up cheap coins. Goddammnn every time, rinse and repeat! Lettuce hands!
➡️’In 2013 Bitcoin was “crashing” to $65 when Dan Morehead (CEO of Pantera) wrote this email to his investment partners urging them to “buy aggressively now”. They would buy 2% of the total Bitcoin supply, which has now returned +1,300%.’ - Bitcoin Archive
➡️A bill to create a strategic Bitcoin reserve has been introduced in Brazil’s Chamber of Deputies.
➡️Moody’s upgrades El Salvador’s sovereign debt rating to B3 with a stable outlook.
➡️’One of the world’s most important Bitcoin miners, Mara writes a full thesis on the importance of a ‘Strategic Bitcoin Reserve’. Massive support is brewing for SBR!’ -Dennis Porter
➡️Japan’s largest electricity provider makes an unexpected move with Bitcoin: The power they generate is wasted’
TEPCO, the largest energy provider in Japan, is using excess clean energy from wind and solar power to fuel Bitcoin mining, aiming to make the cryptocurrency market more environmentally friendly.
Source: Yahoo article
We have come a long way!
More news from the land of the rising sun.
➡️Japanese public company Remixpoint announces to buy ¥500 million worth of Bitcoin.
On the 27th of November:
➡️SOS is up 77% this morning since announcing the plan to buy up to $50 million worth of Bitcoin for its balance sheet.
➡️Japanese energy and automotive firm Remixpoint to allocate over ¥500M ($3.2M) in Bitcoin as a strategic hedge against the depreciation of the Japanese Yen.
Hello mainstream media: Sky News article
Sky News: ‘UK pension scheme called ‘deeply irresponsible’ for investing in Bitcoin.’
UK Media is again showing its ignorance when it comes to Bitcoin If you have an advisor who thinks you shouldn’t invest in Bitcoin because it has “no intrinsic value” - you are talking to an investment advisor who not only does not understand Bitcoin, they does not understand economics.
Is the best-performing asset over the past 15 years, so any pension scheme not holding it is deeply irresponsible. I guess a safe option for these people is the UK Gilts (government debt). These people sound like the Luddites who said the internet was a fad. Watch this “deeply irresponsible” pension fund outperform every other one in the UK next year. HFSP!
On the 28th of November:
➡️’While the EU has been busy gaslighting Bitcoin mining, Switzerland has been busy researching it.
Look how much further ahead their thinking is, in the research proposal on Bitcoin mining that their parliament just voted “yes” to 85 to 46.’ -Daniel Batten The Canton of Bern parliament approved a proposal to explore Bitcoin mining as a solution for excess energy utilization and power grid stabilization.
Read more here.
➡️’Fidelity is saying you should put 2.5% in Bitcoin: $450T global wealth x 0.025 = $11.25T ($11.25T x BofA 118) / 19.62M coins = $68M per BTC’ -Bitcoin for Freedom It is just basic math, people!
➡️Metaplanet to raise $62 million to buy more Bitcoin
➡️’Russia to treat Bitcoin as property and exempt from VAT tax after bill passed parliament’s upper house. It now awaits President Putin’s signature.’ -Bitcoin Archive
➡️Mara Holdings bought another $67m Bitcoin after buying $551m Bitcoin last week. Mara now HOLDs 34,794 BTC worth $3.3B.
On the 29th of November:
➡️Hong Kong Public Company Boyaa adds 515 Bitcoin worth $49 million by selling Ethereum. They are now Asia’s largest corporate Bitcoin holder.
➡️Jeff Park, Head of Alpha Strategies at Bitwise, says “inclusion secured” as MicroStrategy undergoes review today for addition to the Nasdaq-100 index. The final decision will be announced on December 13th.
➡️$870 billion Macquarie says Bitcoin mining supports local grids.
➡️Spot Bitcoin ETFs buy record $6.2 BILLION Bitcoin in November - Bloomberg
➡️’Bitcoin is nearing $100K, yet transaction volume is still below where it was when we broke $20K in 2020. We are going much higher.’ -Bitcoin News
➡️Whales accumulate 16K Bitcoin ($1.5B) during the recent dip, according to CryptoQuant data.
➡️’If Bitcoin Strategic Reserve happens, BTC is quickly repriced into a gold valuation of ~ 500K / 1M Polymarket implies a 29% chance, yet BTC is sitting at a lowly ~97K.’ -Thomas Fahrer
On the 30th of November:
➡️Spot Bitcoin ETFs purchased 71,570 Bitcoin this month. Demand is far exceeding supply.
On the 1st of December:
➡️November is in the books. We just witnessed our first +$26K monthly candle in Bitcoin history.
➡️Michael Saylor shares his 3-minute presentation to Microsoft’s board, outlining why they should adopt a Bitcoin treasury strategy.
Watch the video here.
Here you can find the slides: https://www.michael.com/microsoft-bitcoin-strategy
On the 2nd of December:
➡️’New paper shows Bitcoin mining helps accelerate the UN Sustainable Development Goals while helping make often uneconomic bio-refineries profitable
Source: https://mdpi.com/2071-1050/16/18/7919…
Key takeouts:
“Contrary to current public opinion, Bitcoin has the potential to positively contribute and even accelerate the United Nations Sustainable Development Goals” “Over time, the integration of Bitcoin mining in biorefineries could transform the financial dynamics of the bio-based products market, making them more affordable and accessible whilst pushing towards sustainable development and energy transition” - Daniel Batten
➡️Missing just the 4 best weeks of #bitcoin returns in 2023 would’ve wiped out the 155% gains you’d have made by simply HODLing the entire year.’ -Wicked
➡️Digital asset venture capital firm Sora Ventures launches a $150M fund to help Asian listed companies adopt Bitcoin treasury strategies, similar to MicroStrategy’s model! The fund will target companies in Japan, Hong Kong, Thailand, Taiwan, and South Korea.
➡️MicroStrategy has acquired 15,400 BTC for ~$1.5 billion at ~$95,976 per Bitcoin and has achieved a BTC Yield of 38.7% QTD and 63.3% YTD. As of 12/2/2024, we hodl 402,100 Bitcoin acquired for ~$23.4 billion at ~$58,263 per Bitcoin.
➡️MARA is offering $700 million in 0% convertible notes, with an additional $105 million option to purchase more Bitcoin. Mara is following the MicroStrategy playbook. ‘Today, we announced a proposed private offering of 0% convertible notes of $700 million + $105 million option. Proceeds to be used primarily to acquire bitcoin and repurchase existing 2026 convertible notes up to $50 million.’
➡️Publicly traded Singapore firm Genius Group bought 172 Bitcoin worth $15.8 million.
➡️’Someone just activated a wallet with 429 Bitcoin (worth $41 MILLION) that they created 10 years ago. They held from $900 into $99,000.’ -Pete Rizzo
➡️Bitcoin mining difficulty hits a new all-time high.
➡️Owning just 4 Bitcoin puts you ahead of all but 60 companies worldwide in total holdings. That’s how early we are!
➡️Net outflows from exchanges suggest investor accumulation of Bitcoin in anticipation of a potential rally. Meanwhile, Bitcoin balances on exchanges just hit an all-time low. Guess what happens next?
💸Traditional Finance / Macro:
On the 28th of November:
👉🏽Insiders are selling at a degree never seen before in history…
👉🏽Russell 2000 is up 10% in the last month. France is up 9% in the last 24 years. Uffff putaaaaiinn! French stocks are set for their worst under-performance against European peers since 2010 as a budget standoff threatens to topple the government.
On the 29th of November:
👉🏽‘The S&P 500 just hit its 53rd all-time high of 2024 and is currently up over 27% this year ALONE. This puts the S&P 500 on track for 2 STRAIGHT years with 20%+ gains for the first time since 1998.’ -TKL
On the 2nd of December:
👉🏽‘Magnificent 7 stocks have rallied by a MASSIVE 148% since the beginning of 2023, accounting for most of the S&P 500’s gains. By comparison, the remaining 493 companies have seen a 35% gain over this period. At the same time, the S&P 500 index returned 57%, almost 3 times less than the Magnificent 7. As a result, Magnificent 7 stocks now reflect a near-record 31% of the S&P 500. To put this into perspective, the Magnificent 7’s market cap is ~$16 trillion, more than Germany, Canada, the UK, and France’s stock markets COMBINED.’ -TKL
🏦Banks:
👉🏽 No news
🌎Macro/Geopolitics:
On the 27th of November:
👉🏽Greece now borrows at a lower interest rate than France. 5-year government yields are now lower for Greece (i.e. negative yield spread).
Meanwhile, Europe‘s largest economies: Germany - decided to get rid of its industry, the sick man of Europe. France - 6% fiscal deficit despite the highest tax burden in Europe, political paralysis. Italy & Spain - heading into pensions and healthcare benefits crisis due to collapsing demographics.
‘France’s unprecedented budget deficits, caused by aging, social benefits, healthcare, immigration, climate goals, and poor policies, are reflected not only in bond markets, with the French bond spread spiking to the highest levels since the European Debt Crisis over ten years ago, but also in equity markets.’ - Jeroen Blokland
To make it even worse: ‘ECB’S VILLEROY: NEGATIVE RATES SHOULD REMAIN IN THE ECB’S TOOLKIT.’
Got Bitcoin?
👉🏽 The Fed’s worst nightmare is officially here:
Today’s data confirms ALL 3 inflation metrics are back on the rise. For the first time since February 2022, Core CPI, PCE, and PPI inflation are now rising at the SAME time. Did the Fed spark a new wave of inflation?
On the 27th of November:
👉🏽‘US national debt is set to hit a MASSIVE $57 trillion over the next decade, according to the latest CBO forecasts. That would be a staggering $34 TRILLION, or 148%, increase since 2020. This comes as total US federal debt has officially exceeded $36 trillion for the first time in history. Since the debt ceiling crisis “ended” in June 2023, total US debt is up a shocking $4 TRILLION. In other words, the US has added an average of $235 billion in debt every month, or $8 billion a day, since June 2023. The debt crisis is an understatement.’ -TKL
Meanwhile…
On the 28th of November:
👉🏽‘US personal savings have just been revised down by a MASSIVE $140 billion for 2024. The savings rate for September was revised to 4.1% from the 4.6% initially reported in October. The rate for August was adjusted down to 4.4% from 4.8% reported last month. Overall, the savings rate for October came in at 4.4%, near the lowest since the beginning of 2023. Even US personal savings data is now being revised lower.’ -TKL
I will say it again. The US economic data is no longer trustable, data manipulation is all over the place. This is not some hysteric statement from my end, but if you have been reading my Weekly Recap consistently, you know it is just facts…data!
👉🏽Canada is considering retaliatory tariffs on items from the US after Donald Trump announced he would impose a 25% tariff. Trump said the tariffs on Canada and Mexico will be due to open borders, drugs, and illegal aliens.’ -TKL
👉🏽Not sure about the illegal aliens part though haha. But tariffs fuel tensions, not solutions. It is always like that, also this time.
👉🏽Inflation in The Netherlands has spiked to 4.0%, double the ECB target. Currency devaluation and loss of purchasing power, because that is what inflation is, is speeding up again. According to the DNB, the Dutch central bank, the average interest rate on savings
Over the past 5 years, inflation in the Netherlands has been ~24%. Are you earning 24% more than 5 years ago?
My pension, ABP, raises pensions by 1.84% thanks to more flexible rules, but the headline should be: ABP only compensates half of the purchasing power loss due to inflation.
Jeroen Blokland: With €50,000 in a savings account on January 1, 2020, earning an average savings interest rate, you can now buy less than €42,000 worth of goods. Nearly 18% of your purchasing power has vanished! Were you ‘smart’ enough to earn an extra percent in interest somewhere? Even then, you still lost about €7,000. Saving is not risk-free! It’s a 99% chance of taking a loss.
That’s why people must invest in something. My motto: pay with fiat, and savings in Bitcoin.
👉🏽ECB: ‘Your key to a seamless digital identity is just a turn away. We’ve adopted rules for the core functionalities and certification of European Digital Identity Wallets.
They will offer cross-border identification for digital services, integrating convenience, safety, and privacy. https://ec.europa.eu/commission/presscorner/detail/en/mex_24_6122
They have spent so freaking much energy, resources/money on their Digitial ID & CBCD program, one way or the other this will happen. Nobody voted, nobody wants this. Ask yourself, how will this be more convenient and protect your privacy better than just showing your (paper) passport? Let alone that no ID is needed to cross Schengen borders?
Digital payments? WTF are we doing now? If I want to send money to Austria, Germany, in Europe I can do that easily. CBCD will have no additional benefits for us, the people. Centralization makes it more interesting for hackers. Now: Hackers need to hack multiple sources to get all the information, those that are on paper can’t be hacked.
Then: a hacker hacks one account and full info. Hello, identity theft or worse.
From a government perspective: Online censorship and screening followed by CBDC. A pathway to full control, a system that will control YOUR money, YOUR identity! Hard pass!
👉🏽UK Prime Minister Keir Starmer just admitted that Western leaders have been running an “open borders experiment”…
“This happened by design, not accident. Immigration policies were reformed deliberately. It has been a failure. They pretended it wasn’t happening.”
Watch the video here.
I have shared the UN report ‘Replace Migration: Is it a solution to declining and aging populations?’ multiple times.
They, the UN, saw the strain low tFr would bring to the existing elder-care model. Replacement of immigration as a solution has been modeled by the Un’s pop. Division as early as 2000.
Now 2024, we have a far-left leader who admits he has been lying - open borders were by design. It is amazing what a couple of million signatures on a petition do to people changing stances, innit!?
👉🏽German AfD party says if they win the election in February they will LEAVE the EU. According to the final draft of its election manifesto, the right-wing AfD party is calling for the country’s exit from the bloc.
AfD’s co-chair, Alice Weidel, previously said her party will campaign for a Brexit-style vote on EU membership if it comes to power, blaming the EU for Germany’s immigration issues. Following the sudden collapse of the coalition government, the country will head to elections in 3 months, with 44% of Germans currently ranking migration as one of their top 3 concerns.
The EU is on the verge of collapse. History on repeat mode!
On the 30th of November:
👉🏽$80 billion gold just popped out of the ground. Turns out Gold is only scarce until you dig a little deeper. Gold can be diluted just like stocks. There is always gold to be found, but not Bitcoin.
On the 1st of December:
👉🏽President Biden has pardoned his son, Hunter Biden. This comes months after President Biden said he would not pardon his son. So, let me get this straight: 191 sex crimes, 128 drug offenses, and a whopping 140 business crimes, and yet Hunter Biden still gets a pardon? Yeah, that makes perfect sense…
‘Hunter’s crimes are no longer a “crime” but his spending of bribes and influence peddling $ will remain a legend forever.’ -ZeroHedge
On the 2nd of December.
Please read the above UK statements again, before reading the next one. Done? Ok, here we go:
👉🏽The UK is paying £1 billion to turn off wind farms because the electricity grid can’t cope, wasting a record amount of power. Just a thought, they could use the energy to mine Bitcoin and turn that energy into a positive for the British people.
At the very least, couple these wind plants with Bitcoin miners. They’ll pay for the excess power and balance the grid. Much more economically sensible and actually commercially viable.
I will explain it once more for the people in the back with the following quote by Jaran Mellerud:
’Bitcoin mining can:
- Balance the electricity grid
- Monetize stranded renewables
- Provide heat for district heating or industrial processes
- Mitigate natural gas flaring
Bitcoin mining has the potential to transform the energy industry.’
🎁If you have made it this far I would like to give you a little gift:
Freddie New is general counsel at The Little Car Company, Head of Policy at Bitcoin Policy UK and a CoFounder of ICDEF.
In this interview they discuss the hidden mechanics of our failing economy, exposing how private equity, government policies, and currency debasement are undermining the middle class. Discover how modern financial systems are structured to favour the elite at the expense of everyday citizens. Freddie also shares insights on inflation, debt, and the steps individuals can take to protect themselves.
Credit: I have used multiple sources!
My savings account: Bitcoin The tool I recommend for setting up a Bitcoin savings plan: PocketBitcoin especially suited for beginners or people who want to invest in Bitcoin with an automated investment plan once a week or monthly. Use the code BITCOINFRIDAY
Get your Bitcoin out of exchanges. Save them on a hardware wallet, run your own node…be your own bank. Not your keys, not your coins. It’s that simple.⠀⠀⠀⠀⠀ ⠀⠀⠀
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⭐ Many thanks⭐
Felipe -Bitcoin Friday!
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