Crypto News

Michael Saylor, co-founder and former CEO of MicroStrategy, stated in an interview with Barstool Sports founder Dave Portnoy that he plans to continue purchasing Bitcoin as part of the company’s strategic reserve. Even if the price of Bitcoin reaches $1 million per coin, Saylor emphasized he would still be a buyer.

Saylor compared Bitcoin to the Manhattan real estate market, noting that in the 1830s and 1930s, Manhattan properties were considered “expensive.” Yet, a century later, people are still willing to pay above-market prices for Manhattan real estate. According to Saylor, the key question isn’t whether Bitcoin is expensive but whether one can hold onto it over time, as demand will persist.

He further explained that owning Bitcoin is both an economic and moral decision, as it empowers individuals with financial sovereignty. Using sports metaphors, Saylor elaborated to Portnoy that Satoshi Nakamoto created Bitcoin as a game in which everyone can win.

According to data from SoSoValue, the crypto market experienced a broad pullback with an average decline of 10%. However, Bitcoin (BTC), Ethereum (ETH), and the centralized finance (CeFi) sector demonstrated relative resilience compared to other sectors. BTC recorded a 24-hour decline of 1.73%, ETH fell by 5.16%, and the CeFi sector decreased by 5.29%, marking the smallest losses among all sectors.

In contrast, other sectors suffered more significant losses over the past 24 hours. The Layer 1 sector saw a decline of 9.92%, the Layer 2 sector fell by 10%, Meme coins dropped by 11.2%, the Real World Assets (RWA) sector declined by 11.27%, and the decentralized finance (DeFi) sector experienced the largest loss at 11.83%.

Michael Saylor, the founder and executive chairman of MicroStrategy, has made a bold suggestion during a recent interview as part of a strategic discussion on Bitcoin reserves. Saylor argued that the United States should abandon gold and embrace digital currency to secure its position as a global economic leader. In a concise one-minute video, Saylor outlined how Bitcoin could help the U.S. maintain its status as the world’s reserve currency and dominate the global capital network. He proposed that the U.S. government should acquire at least 20-25% of the circulating Bitcoin supply.

Saylor suggested that the U.S. could achieve this by selling off its entire gold reserves to purchase Bitcoin. Such a move, he claimed, would position the United States as the central hub of the “World Reserve Capital Network.”

According to Saylor, this initiative would cause the value of gold to plummet and compel other nations to sell their assets in a race to acquire Bitcoin. As gold becomes “demonized,” he argued, global capital would flow back to the U.S., potentially driving the value of Bitcoin reserves to an astonishing $100 trillion.

NFT sales witnessed a significant boost in November, surging by nearly 63% to reach a total of $588 million. Among blockchain platforms, Ethereum led the market with $218 million in NFT sales. Meanwhile, Bitcoin NFTs recorded impressive sales of $188 million.

Blue-chip NFT collections such as CryptoPunks and BAYC continued to dominate the market, maintaining their stronghold in the industry. This growth highlights the increasing traction of NFTs across different blockchain ecosystems.

A recent report reveals that more than 400 million wallet addresses currently hold cryptocurrency. While the number of wallet addresses does not directly correspond to the number of users—since both institutions and individuals can manage multiple wallets—the substantial growth in wallet addresses underscores the steady rise in cryptocurrency adoption.

According to the report’s data, the number of wallet addresses holding cryptocurrency has increased more than fourfold since 2020, highlighting the growing global interest in digital assets.

As Ethereum surpasses the $4,000 mark, an anonymous cryptocurrency analyst and venture capital founder, Venturefounder, suggests the digital asset is consolidating within a three-year ascending triangle pattern, nearing a potential “paradigm shift.”

In his analysis, Venturefounder stated, “Ethereum may replicate its impulsive breakout from the 2016-2017 period, setting new all-time highs.” He projects a price target of $15,937 by May 2025.

Analysts have noted that after BTC surpassed the $100,000 mark, long-term Bitcoin holders (LTH) began taking profits. Data from CryptoQuant shows that the “Long-Term Holder Spent Output Profit Ratio” (LTH-SOPR) has significantly increased. This ratio measures the profit levels of long-term Bitcoin investors by comparing the selling price of Bitcoin with the price they initially paid.

Julio Moreno, Head of Research at CryptoQuant, said, “As Bitcoin’s price rises above $100,000, long-term holders (LTH) have been taking profits, as indicated by the LTH SOPR reaching 4. This suggests that the tokens sold by long-term holders have achieved profits four times their original purchase price. However, this is a normal occurrence during a Bitcoin bull market, and the level of profit-taking is still far from being extreme.”

Geoff Kendrick, Head of Global Digital Asset Research at Standard Chartered Bank, stated in a report that Bitcoin’s capital flow this year has been largely driven by institutional investors, a trend that is expected to continue. Following the breakthrough of $100,000, Bitcoin could reach $200,000 by the end of 2025. So far this year, institutions have purchased 683,000 Bitcoins through U.S. spot ETFs, while MicroStrategy acquired 245,000 Bitcoins, with a significant portion bought after the U.S. presidential election. Kendrick noted, “In 2025, we expect institutional inflows to either maintain or exceed the pace set in 2024.” Additionally, pension funds currently hold a relatively small proportion of Bitcoin ETFs, but this proportion is expected to increase in 2025 due to changes in U.S. regulatory policies.

Bitcoin has continued its upward momentum, surpassing the $100,000 mark. A significant portion of the demand driving Bitcoin’s price increase has recently flowed into Bitcoin ETFs. Jay Jacobs, Head of Thematic and Active ETFs for BlackRock in the U.S., stated that since its launch in January, the value of the IBIT ETF has grown to over $45 billion, with an increase of $4.1 billion in just the past month. Jacobs noted that, in addition to the victory of a more crypto-friendly candidate in the election, an increasing number of investors from different wealth tiers are viewing Bitcoin as a hedge against geopolitical risks and inflation-induced currency devaluation. As ETFs provide an easy way for investors to access Bitcoin price movements, it is only a matter of time before mainstream market interest in cryptocurrencies reaches a critical point.

JPMorgan global market strategist Jack Manley and research analyst Sahil Gopal have released a report titled “Is Cryptocurrency Worth a Place in Portfolio Construction?” The report points out that much of the appeal of cryptocurrencies lies in their potential for excess returns, but challenges remain. While Bitcoin’s returns have been impressive, its volatility is also significant—four times that of the S&P 500.

The role of cryptocurrencies in portfolio construction largely depends on risk tolerance. Cryptocurrencies are inherently unpredictable: there is little visibility on future price movements, and although blockchain technology is exciting, there are few barriers to entry. This means that new tokens with improved functionality could render existing ones obsolete (and therefore worthless) as they enter the market. Consequently, for most investors, any allocation to cryptocurrencies in a portfolio should be kept sufficiently small to ensure that it does not undermine overall portfolio goals and achieves good diversification, even in the event of a significant sell-off.