- Michael Saylor published his “21 rules of Bitcoin” promoting its superiority, notably claiming “those who understand buy Bitcoin” while critics simply don’t get it.
- JP Morgan has disclosed substantial cryptocurrency investments through various ETFs, holding approximately US$984,000 in Bitcoin-based ETFs and US$32,300 in Ethereum-based ETFs despite CEO Jamie Dimon’s previous scepticism.
- Combined Bitcoin ETFs have accumulated 1.17 million BTC worth US$112.2 billion, representing 5.5% of total supply, while Saylor’s company holds an additional 2.2% through its 478,740 BTC position.
Michael Saylor, Bitcoin Mega Bull and founder of HODLing machine, Strategy (formerly MicroStrategy), has released the 21 rules of Bitcoin. It’s essentially a tweet outlining why Saylor believes Bitcoin is so powerful.
One of the main points Saylor makes is that “those who understand buy Bitcoin” and that “those who don’t, criticize Bitcoin”. Sailor also added memorable one-liners like “the cure to economic ill is the orange pill” – which might actually catch on.
Related: Catastrophic $LIBRA Collapse Leads to Calls to Impeach Argentine President Milei
It’s ultimately a bold statement about Saylor’s perceived superiority of Bitcoin, although he added “Be for Bitcoin, not against Fiat”. But Saylor’s rules come at an interesting moment, as governments and corporations explore investing in digital assets, and it’s often Bitcoin they are looking at.
JP Morgan Increases Stake in Crypto
Because, interestingly, JP Morgan has just made a filing with the US Securities and Exchange Commission (SEC), which reveals they have been loading up on crypto, again.
Jamie Dimon, the firm’s CEO, has an avid distaste for Bitcoin, having called it a scam and said that no one cared about it. It once again proves that actions speak louder than words, says self-proclaimed Chief HODLer, Carl B Menger.
The SEC filing reveals that JP Morgan holds shares in Bitcoin and Ethereum via exchange-traded funds (ETFs) and in Saylor’s Strategy.
Combined, they have amassed US$984,000 (AU$1.5 million) in BTC-based ETFs and US$32,300 (AU$50,852) in Ether-based ETFs. While these numbers are low in comparison to JP Morgan’s other holdings, it’s a steady increase nevertheless.
JP Morgan holds significant stakes in ProShares Bitcoin ETF (BITO), BlackRock’s iShares Bitcoin Trust ETF (IBIT), the Bitwise Bitcoin ETF (BITB), the Fidelity Wise Origin Bitcoin (FBTC) and the Grayscale Bitcoin Trust ETF (GBTC).
They’re also invested in ETH via the Grayscale Ethereum Trust ETF (ETHE) and Ethereum Mini Trust ETF (ETH), the BlackRock’s iShares Ethereum Trust ETF (ETHA) and the Fidelity Ethereum Fund (FETH).
Strategy and ETFs Hold Almost 8% of All Bitcoin
Out of the two groups of ETFs, the Bitcoin funds have fared better than their Ether counterparts, being among the fastest growing ETFs in history.
Related: Ripple CEO Reacts to SEC XRP ETF Acknowledgement, as Coin Moves Past $2.75
At the time of writing, the BTC funds have managed to attract 1.17 million Bitcoin with a combined market value of US$112.2 billion (AU$176.6 billion).
While that’s 5.5% of all Bitcoin, Saylor’s Strategy holds 2.2% of the total supply, or 478,740 BTC, as per data from BiTBO.
Credit: Source link
