Crypto Giggle
Bitcoin is also gaining popularity among other companies. Hong Kong’s Boyaa Interactive has recently converted a significant portion of its Ethereum investments into Bitcoin. DMM Bitcoin Exchange in Japan is closing down following a massive hack this year. Analysts predict that Bitcoin will have a positive December, although some warn of possible corrections.
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Michael Saylor sees Bitcoin as Microsoft’s key to future dominance
Michael Saylor is the chair of MicroStrategy, and an advocate of Bitcoin (BTC). He recently made a big pitch before Microsoft’s Board of Directors. Saylor claimed that Microsoft’s market cap could be greatly increased by adopting Bitcoin.
Michael Saylors MSFT market cap estimates (Source: Michael Saylor)
Saylor, in a video presentation shared on December 1, suggested that Microsoft’s value could be increased by almost $5 trillion if its dividends, cash flow, debt, and stock purchases were converted into Bitcoin. This three-minute video was accompanied with a 44 slide deck and focused primarily on Bitcoin as Microsoft’s cornerstone for its future strategy.
Saylor said that Bitcoin is the next wave of technology and that Microsoft could be at a loss if it misses out on this opportunity. His projections show that Bitcoin will add $584 in value to Microsoft’s Today’s Viral level= PaleVioletRed share over the next decade if the cryptocurrency’s price reaches $1.7m per BTC. The aggressive approach will increase enterprise value and reduce risk to shareholders.
Michael Saylor’s MSFT Share Price Estimates (Source:Michael Saylor )
Microsoft has a valuation of 3,18 trillion dollars, making it the world’s third-most valuable company. Saylor said that investing $100 billion in Bitcoin annually would be more profitable than stock buybacks and holding bonds.
He also spoke of the increasing public and political interest in Bitcoin. Donald Trump, U.S. president-elect and major Wall Street companies have recently introduced Bitcoin-related products. This is, he believes, evidence of “a crypto renaissance.”
MicroStrategy has had a very positive experience using Bitcoin. The company has purchased 386 700 BTC since 2020 for a total of $21.9 billion. This investment is worth approximately $37.6 Billion at Bitcoin’s Today’s VIral Level= MediumBlue. The strategy has also boosted MicroStrategy stock price, which soared by 465.5% to a high of $421.88.
Saylor concluded his presentation by encouraging Microsoft to take advantage of the new opportunity. Saylor framed Bitcoin as not just an investment but also as a strategic asset that could transform the world. He challenged the board “to do the right thing and adopt Bitcoin for the sake of the world.”
Hong Kong Boyaa Shifts Crypto-Strategy to Bitcoin
Boyaa Interactive International (a Hong Kong gaming company known for online board and card games) reformed its crypto treasury by converting a large portion of its Ethereum holdings to Bitcoin. The company traded 14,200 ETH (worth close to $49.9 million) for 515 Bitcoin between Nov. 19-28. Boyaa now has 3,183 BTC in its Bitcoin reserve, which is worth approximately $310.7 Million at the current market price.
The company said in a press release that they are very confident about the future of Bitcoin and believe this is a good time to reallocate their Ethereum reserves to Bitcoin. Boyaa held 15,388 ETH and 2,635 Bitcoin in its treasury, according to the company’s third-quarter financial results.
The company launched its initial crypto allocation strategy of $100 million in November 2023. This conversion is also consistent with that plan. This strategy allocated $45,000,000 each to Bitcoin and Ethereum, and $10,000,000 for stablecoins such as Tether and USD Coin.
This shift occurred during larger movements on the cryptocurrency market. Bitcoin has gained over 6% in the last two weeks. Crypto king also has a positive monthly performance of more than 36 %. ETH has risen by more than 45% in the last month, trading at $3.629 as of press time. Boyaa chose Bitcoin over Ethereum despite its better short-term performance. This was due to the strategic importance of Bitcoin for Boyaa’s long-term goals.
BTC’s recent Where to Buy activity (Source:CoinMarketCap )
Boyaa’s share price Today’s Viral level= Crimson has also seen remarkable growth, rising by 874% in the last year to reach $0.68 (5.26 Hong Kong Dollars). The company’s stock value remains below the all-time record of $1.81.
Boyaa has joined the growing number of companies that have increased their Bitcoin holdings. Rumble Scientific, Genius Group, Semler Scientific and other firms also added Bitcoin in their November balance sheets.
Japanese Exchange DMM Bitcoin Liquidate
DMM Bitcoin, a Japanese crypto-exchange is also set to close down after it failed to recover following a hack in May that led to the theft of $320,000,000 in Bitcoin. By March 2025, the company plans to move customer assets from SBI VC Trade to SBI Group’s exchange operator, SBI Group.
The decision to transfer all deposits and accounts, both Japanese yen as well as crypto assets was taken after an agreement between two companies.
DMM Bitcoin promised its customers at the time that their deposits would be guaranteed. Exchanges also halted withdrawals, trading and account openings. However, the exchange promised to find funds for users to be compensated. The exchange, despite its efforts, was not able to recover from the second largest crypto hack Japan has ever seen.
Part of the stolen money has been laundered. In July, blockchain investigator ZachXBT revealed that approximately $35 million had been funneled through the Huione Guarantee online marketplace. Laundry techniques and indicators indicate that North Korea’s Lazarus Group could have been behind the attack.
DMM Bitcoin was launched by the Japanese ecommerce giant DMM Group in January 2018. Since then, it has faced a number of challenges. It discontinued Seamoon Protocol in November due to rapid changes within the business world. It also abandoned plans to launch a stablecoin with Progmat.
DMM Bitcoin’s collapse is part of an overall trend in 2024 of hacks of central exchanges. In 2018, there were a number of major hacks that affected platforms such as WazirX, BingX, in Singapore and BtcTurk, in Turkey. These incidents resulted in losses totaling hundreds of millions.
Bull Run in December Expected
Companies that are taking Bitcoin advantage could reap rewards soon. Analysts believe that Bitcoin could be entering Today’s VIRAL LEVEL= PaleTurquoise, a discovery phase which may signal “insane” long-term opportunities in the coming months. Daan Crypto trades, an analyst and trader, stated on December 2 that Bitcoin has maintained its position over its all-time highest for almost a month. This signals the beginning of this cycle’s Today’s VIRAL LEVEL= BlueViolet exploration phase.
The analyst drew parallels with past cycles and noted that Bitcoin surged 1,600% in the bull market of 2017 and by 245% in the bull market of 2021. Bitcoin could reach $150,000 if the gains from 2021 were to be repeated.
The price discovery process is when the fair market value of an asset is determined by buyer-seller interactions. It usually starts after it has traded above its previous highs. Charles Edwards of Capriole Fund believes that there are many opportunities for gains during this period, particularly since each cycle has historically delivered 4-7 months with exceptional Today’s VIRAL LEVEL= Tomato discoveries. He noted that the month of November saw Bitcoin gain 40%, breaking all monthly candle records.
The average gain for Bitcoin in December has been around 10%. Markus Thielen is the founder and CEO at 10x Research. He noted that December gains have historically been strong during years of halving, with an average 28% between 2012, 2016 and 2020.
John Glover is less optimistic than usual about what lies ahead. He believes that a bigger correction could still be possible, even if momentum drives Bitcoin to $125,000. Glover did assure traders, however, that there is no need to panic if Bitcoin does not reach the high of March 2024 near $74,000.
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