Weekly Update: 25th of September
What happened between the 18th and 25th of September?
- Bhutan ranks fourth globally in government Bitcoin holdings as its holding increased by over $800 million due to Bitcoin mining activities. Read more
- Vice President Harris broke her silence on digital assets and expressed support for investments in digital assets, but emphasized the importance of protecting consumers and investors. Read more
- BlackRock publishes a Bitcoin whitepaper, highlighting the digital asset's potential as a hedge against monetary and geopolitical risks. Read more
Bhutan becomes the fourth-largest government bitcoin holdings
According to recent findings by blockchain analytics firm Arkham Intelligence, Bhutan ranks fourth globally in government Bitcoin holdings. The country confirmed last year that it has been mining Bitcoin since 2019 through its investment arm, Druk Holding & Investments. Since then, Bhutan has accumulated over 13,000 Bitcoin, valued at approximately $830 million. According to World Bank data, Bhutan’s crypto reserves account for over 26.9% of its $2.9 billion 2023 national gross domestic product (GDP). Additionally, wallet addresses linked to Bhutan also hold Ether, BNB, and Polygon, though in significantly smaller amounts.
Kamala Harris reveals her stance towards digital assets
During a Wall Street fundraiser, Vice President Kamala Harris made her first public statement regarding digital assets. She expressed support for investments in artificial intelligence and digital assets, emphasizing the importance of protecting consumers and investors. This marks the first time in her election campaign that she has addressed the industry, leaving many market participants curious about whether she would take a different approach from President Biden, whose stance has been perceived as hostile. While her position is not as favorable as Trump's, which is seen as highly supportive, it is encouraging to see digital assets becoming a larger theme in the election, with both candidates recognizing the potential of this asset class.
BlackRock publishes a Bitcoin whitepaper
On September 18th, BlackRock published its Bitcoin whitepaper, "Bitcoin: A Unique Diversifier," which explores the digital asset's potential as a hedge against monetary and geopolitical risks. The paper highlights Bitcoin’s unique characteristics, describing it as a "truly open-access monetary system." It also emphasizes Bitcoin's resilience by comparing its returns to traditional assets like gold and the S&P 500 during major geopolitical events. While BlackRock acknowledges Bitcoin as a risky asset, it points out that these risks are unique to Bitcoin and not shared by traditional investments. Furthermore, BlackRock notes that "from a portfolio perspective, modest allocations of Bitcoin can have a diversifying effect, whereas larger positions introduce elevated volatility that can disproportionately increase portfolio risk.
In other digital assets news
- Microstrategy raises $1.01 billion through a convertible note offering to acquire additional Bitcoin in the upcoming months.
- Donald Trump became the first former United States president to use a digital asset in a transaction as he used Bitcoin to pay for burgers in New York City.
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