WuBlockchain Weekly: Alibaba's Alipay Features Cryptocurrency Advertisement, Trump and His Son Discuss Bitcoin Prices, Microsoft Declines Investment in Bitcoin,etc

Dec 13, 2024

1. Cryptocurrency Fund Advertisement Appears on the Homepage of China’s Alipay, Daily Purchase Limit Set at ¥1,000 link

Recently, a large number of mainland Chinese users have received promotional advertisements for cryptocurrency funds on the homepage of their Alipay apps. The advertisements state, “Global investment, cryptocurrency surge, minimum investment of 10 yuan, get on board immediately.” Upon clicking, it is revealed that the fund in question is Huabao Overseas Technology C (QDII-FOF-LOF), a compliant mode of investing in overseas assets through investing in ETFs managed by ARK Invest. The ETF’s top holding is Coinbase stock, followed by the Ark Bitcoin Spot ETF. Currently, each person is restricted to purchasing 1,000 yuan per day. The promotional page explains that cryptocurrency is a digital currency based on blockchain technology, with Bitcoin being the most famous example. However, there are thousands of different cryptocurrencies on the market, each with its own unique functions and uses. Cryptocurrencies are characterized by decentralization, high security, and anonymity. Historically, long-duration assets tend to perform well after the official start of an interest rate cut cycle. For instance, companies focused on disruptive innovations such as cryptocurrencies, space exploration, and genetic advancements are sensitive to interest rates and may benefit during periods of declining interest rates.

In an article, lawyer Huo Yijie pointed out that the cryptocurrency advertisements on Alipay do not indicate a relaxation of China’s regulation of the cryptocurrency sector; QDII+FOF meets the demand for compliant overseas investment of domestic funds, with the State Administration of Foreign Exchange responsible for allocating investment quotas, and ultimately, the proportion of funds flowing into the cryptocurrency market is not significant; the fund only invests a small proportion of its funds in cryptocurrencies, yet it promotes itself heavily using the slogan “cryptocurrency surge,” which may constitute false advertising.

Alipay’s official X account posted a message accompanied by an image of Sun Yuchen and bananas, seemingly implying that today’s cryptocurrency advertisement on Alipay does not mean that cryptocurrencies can be purchased through Alipay: “Fake news. Seeing banana ads on X doesn’t mean you can buy the banana from X.”

2. The Trump Father-Son Duo Discuss Bitcoin Prices

2.1 Donald Trump Eyes Bitcoin Prices with Ambition: Aiming for a $150,000 Valuation Early in His Presidency link

According to insiders, Trump is closely monitoring the price of Bitcoin, with the aim of pushing it to $150,000 during the early stages of his presidential term. For him, this represents another stock market. Additionally, according to “60 Minutes,” cryptocurrency companies contributed one-third of the Super PAC donations during this election, and candidates supported by the industry had a win rate of 85%.

2.1 Eric Trump Predicts Bitcoin Prices to Reach $1 Million in the Future link

Eric Trump, the son of the United States President Trump and Executive Vice President of the Trump Organization, delivered a keynote speech at the Bitcoin MENA event in Abu Dhabi, stating that Bitcoin will become the “financial paradigm” and predicting that its price will reach $1 million in the future. Eric Trump emphasized that Bitcoin is not only an investment tool but also a “global asset” with value in combating inflation, political instability, and natural disasters. He believes that Bitcoin’s scarcity, with a total supply of only 21 million coins, is one of its most important features and pointed out that “early adopters will be the ultimate winners.” Additionally, he called on governments and banks to adapt to the digital revolution of Bitcoin and expressed the Trump family’s full support for its development.

3. Argentina’s President Plans to Allow Citizens to Use Multiple Currencies, Including Bitcoin, for Transactions by 2025 link

President Javier Milei of Argentina has unveiled his governance plan for the second year of his term, announcing that the country has successfully achieved a fiscal surplus and reduced currency issuance to zero. Furthermore, he plans to implement a free currency circulation policy in 2025, allowing citizens to use various currencies, including Bitcoin, for transactions. Additionally, he has proposed reducing national tax categories by 90% to alleviate the burden on citizens and has granted states the authority to set their own tax policies.

4. Vancouver City Council Approves Motion to Make the City ‘Bitcoin-Friendly link

The Vancouver City Council in Canada has passed a motion to make the city “Bitcoin-friendly” and explore its potential municipal uses. During the Vancouver City Council meeting held on November 26th, Mayor Sim submitted a motion notice, scheduled to be proposed on December 11th, titled “Preserving the City’s Purchasing Power Through Diversification of Financial Resources: Becoming a Bitcoin-Friendly City.” Mayor Sim, a staunch believer in Bitcoin, has hailed it as “the greatest invention in human history” and expressed his belief that traditional fiat currencies “will go to zero.”

5. New Czech Bill Allows Cryptocurrency Companies and Investors to Open Bank Accounts link

The Czech Republic’s parliament has passed a new bill that will allow cryptocurrency companies and their investors to freely open bank accounts without undue restrictions. The new bill aims to simplify the financial operations of cryptocurrency businesses and promote the stable development and growth prospects of the industry. Previously reported, the bill will exempt capital gains tax on Bitcoin and other cryptocurrencies held for more than three years.

6. Bhutanese Government Transfers 406.074 Bitcoins to QCP Capital link

The Royal Government of Bhutan has transferred 406.074 Bitcoins, valued at USD 40 million, to QCP Capital. Bhutan is currently the fourth-largest government holder of Bitcoins, with the address still holding 12,202 BTC, valued at USD 1.2 billion. Unlike most governments, Bhutan’s Bitcoin holdings do not originate from asset seizures by law enforcement but rather from Bitcoin mining operations. It is reported that Bhutan has constructed Bitcoin mining facilities in various locations, with the largest one situated at the now-defunct Education City project site.

7. Less Than 1% of Microsoft Shareholders Vote in Favor of Investing in Bitcoin link

On Tuesday, Microsoft shareholders strongly opposed a proposal to invest in Bitcoin, 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 favored the proposal, but this was overwhelmingly outnumbered by 5.148 billion votes against it, with 22.6 million abstentions. Despite the majority of shareholders rejecting the proposal, Microsoft acknowledged that the company should evaluate the benefits of holding at least 1% of its assets in Bitcoin.

8. Ray Dalio Advocates for Investing in Gold and Bitcoin Amid High Debt Risks link

Ray Dalio, the founder of Bridgewater Associates, stated at the Abu Dhabi Financial Conference that, given the high debt levels and potential debt crises facing major global economies, he would invest in “hard currencies” such as gold and Bitcoin, steering clear of debt-laden assets. He believes that a debt crisis may emerge in the coming years, leading to currency depreciation. Furthermore, he emphasized the importance of focusing on global megatrends and maintaining a diversified investment portfolio to mitigate risks.

9. CZ Asserts That Establishing a Bitcoin Strategic Reserve is ‘Inevitable link

At the Bitcoin MENA conference held in Abu Dhabi, CZ, the former CEO of Binance, expressed his views on China’s potential response to the potential Bitcoin strategic reserve plan that the new U.S. administration might initiate. He noted that due to the lack of policy transparency in China, it is difficult to predict the country’s specific actions. CZ believes that smaller nations may be the first to adopt Bitcoin as a reserve asset, prompting more countries to follow suit once the U.S. officially takes action. Currently, there is no evidence to suggest that China is stockpiling Bitcoin, but Zhao believes that establishing a strategic reserve is an inevitable trend.

10. MicroStrategy Announces Acquisition of Additional 21,550 Bitcoins link

MicroStrategy has announced an additional acquisition of 21,550 Bitcoins (BTC), valued at approximately USD 2.1 billion, with an average purchase price of approximately USD 98,783. As of December 8, 2024, MicroStrategy holds a total of 423,650 Bitcoins, with cumulative investments amounting to approximately USD 25.6 billion, and an average cost of approximately USD 60,324 per Bitcoin. This year, its quarterly BTC returns have reached 43.2%, and the year-to-date returns have reached 68.7%.

Fundraising

Binance Labs: Invested in stablecoin infrastructure protocol Perena. link
OKX Ventures: Invested $5 million in TON Ventures. link
Waterfall Network: Decentralized smart contract platform raised $11.6 million. link
Soarchain: DePIN project secured $4.5 million in funding. link
AgriDex: Raised $4 million in strategic funding, plans to tokenize $4.5 billion worth of agricultural trade. link
Superform Labs: On-chain yield platform completed a $3 million strategic funding round. link
KAST: Stablecoin-driven financial platform raised $10 million in a seed round. link
Commonware: Secured $9 million to launch highly customizable blockchain development tools. link
Sphere: Completed a $5 million funding round. link
COSIMO: Digital asset firm closed a $25 million funding round. link
Exabits: Raised $15 million to focus on GPU tokenization. link
Neptune Protocol: Secured $3.9 million in seed funding to launch the native stablecoin USDN. link
Hyperbolic: Web3 AI company raised $12 million in a Series A round. link
Relai: Swiss Bitcoin trading and self-custody app raised $12 million in a Series A round. link
Klickl: Web3 banking services firm secured $25 million in a Series A round. link
Arkon Energy (Nscale): Bitcoin mining subsidiary raised $155 million. link
Spexi: Raised $11.5 million in a Series A round. link

Learn more, check out crypto-fundraising.info.

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