BitcoinBites: 5 BTC stories you should know – March 30th, 2022
Bitcoin on track for $50k after seven consecutive green candles
Bitcoin finally broke above the critical $45,000 resistance level yesterday, a point that has proven extremely troublesome for the asset recently. The break facilitated a rally that helped Bitcoin reach a new yearly high above $48,000, a level it lost in the early hours of January 1st. The ongoing rally means Bitcoin has now enjoyed seven consecutive green candle days, the longest unbroken upward movement this year.
This fresh injection of upward enthusiasm has realigned the views of many analysts, many of whom now believe the coin is clearly on the path to regaining the significant $50,000 level.
MicroStrategy takes $205 million loan to acquire more Bitcoin
On March 29th, 2022 MicroStrategy CEO Michael Saylor announced that MacroStrategy, a subsidiary of MicroStrategy, will use all proceeds from a Silvergate Bank loan to acquire more Bitcoin. At a current Bitcoin price of $47,500, MacroStrategy would be able to acquire around 4,315 BTC for their company balance sheet.
MicroStrategy is a publicly traded analytics and business intelligence company that has been purchasing Bitcoin as a reserve asset since August of 2020. Based on their latest filing, the company now holds over 125,000 Bitcoin on their balance sheet.
MicroStrategy revealed in their press release that the interest-only term loan is secured by Bitcoin that are held in MacroStrategy’s collateral account with Silvergate’s approval.
Terra adds to Bitcoin demand with $10B purchase plan
Terra plans to buy and hold up to $10 billion worth of Bitcoin, a massive haul of the flagship cryptocurrency that Terraform Labs says will be used to back the stablecoin TerraUSD (UST).
Instead of Terra holding cash reserves and other cash equivalents, it plans to hold enough BTC to back all the UST in circulation.
That, essentially, is the main script around Terra’s plan to purchase BTC worth up to $10 billion. CNBC ran a commentary on Terra early Tuesday.
Canada PM candidate Pierre Poilievre buys lunch with Bitcoin
Canadian politician and Conservative leadership candidate Pierre Poilievre just bought lunch at Tahinis Restaurants using Bitcoin (BTC).
The news follows an earlier tweet from the politician about his plan to buy a shawarma with BTC even as he met the owner of a business that outsmarted the government to beat inflation.
Poilievre, who wants to become the next Canadian Prime Minister, could help Canadian businesses do just that. And he said as much in a tweet posted on Monday, which also aligns with his other big plan – to give people back their ‘freedom’ and make Canada the world’s “blockchain capital.”
Climate groups say a change in coding can reduce Bitcoin energy consumption by 99%
Bitcoin mining already uses as much energy as Sweden, according to some reports, and its booming popularity is revitalizing failing fossil fuel enterprises in the US. But all that could change with a simple switch in the way it is coded, according to a campaign launched on Tuesday.
The campaign, called Change the Code Not the Climate and coordinated by Environmental Working Group, Greenpeace USA and several groups battling bitcoin mining facilities in their communities, is calling on bitcoin to change the way bitcoins are mined in order to tackle its outsized carbon footprint.
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