The year 2024 has seen a significant shift in the crypto narrative, with institutional adoption taking center stage. The approval of spot bitcoin exchange-traded funds (ETFs) in the U.S. and the growing number of companies adding bitcoin to their treasuries have brought cryptocurrency into mainstream conversations like never before.
Bitcoin has experienced a remarkable 130% increase in value this year, reaching record highs multiple times and currently hovering around $100,000. The ETFs approved in January have attracted $36 billion in net inflows and accumulated over 1 million BTC.
Moreover, the trend of publicly traded companies diversifying their treasuries with bitcoin is gaining momentum. Following in the footsteps of MicroStrategy, KULR Technology, a Houston-based company specializing in energy storage products for the space and defense industries, recently announced its purchase of 217.18 BTC for $21 million. KULR plans to allocate up to 90% of its surplus cash to BTC.
Bitwise Asset Management, already known for its spot bitcoin and ether ETFs, has applied for a new ETF that tracks companies holding at least 1,000 BTC in their treasuries. The proposed Bitwise Bitcoin Standard Corporations ETF requires companies to have a market capitalization of at least $100 million, a minimum average daily liquidity of $1 million, and a public free float of less than 10%.
Another development in the ETF space is the filing by Strive Asset Management, co-founded by Vivek Ramaswamy, a former politician in the Trump administration. The Bitcoin Bond ETF aims to provide exposure to bitcoin through derivative instruments like MicroStrategy’s convertible securities in an actively managed ETF. These bitcoin bonds have been a huge success, with the 0% coupon bond maturing in 2027 priced at 150% above par and outperforming bitcoin since its inception.
Matt Cole, CEO of Strive Asset Management, emphasized the long-term investment potential of bitcoin in the face of global fiat debt crises, inflation, and geopolitical tensions. He believes that bitcoin offers a compelling hedge against these risks and that bitcoin bonds provide an attractive risk-return profile that is currently inaccessible to most investors.
Overall, the push towards institutional adoption of bitcoin and other cryptocurrencies is gaining momentum in 2024, with companies and asset managers exploring innovative ways to incorporate digital assets into their portfolios. As the crypto landscape continues to evolve, these developments are expected to further solidify the position of cryptocurrencies in the broader financial ecosystem. The rise of social media has completely transformed the way we communicate, connect, and share information. With platforms like Facebook, Instagram, Twitter, and TikTok dominating the online landscape, individuals and businesses alike are leveraging these platforms to reach a wider audience, build a brand, and engage with their followers in real-time.
One of the most significant impacts of social media is its ability to facilitate communication and create a sense of community among users. Whether it’s through commenting, liking, sharing, or direct messaging, social media enables individuals to engage with one another in ways that were not possible before. This has led to the rise of online communities centered around shared interests, hobbies, and beliefs, allowing users to connect with like-minded individuals from all over the world.
Furthermore, social media has revolutionized the way businesses market their products and services. With the ability to reach millions of potential customers with just a few clicks, businesses are now able to target their advertising more effectively and measure the success of their campaigns in real-time. Influencer marketing has also become a popular strategy for brands looking to tap into the large and engaged audiences of social media influencers.
Social media has also played a crucial role in shaping public discourse and influencing societal norms. Issues that were once relegated to the sidelines are now thrust into the spotlight, thanks to the power of social media to amplify voices and spark conversations. From political movements to social justice campaigns, social media has become a powerful tool for raising awareness and driving change.
However, the rise of social media has also brought about its fair share of challenges. The spread of misinformation, cyberbullying, and privacy concerns are just a few of the issues that have emerged as a result of the widespread use of social media. As platforms continue to evolve and adapt to these challenges, it is crucial for users to be vigilant and mindful of the content they consume and share online.
In conclusion, social media has fundamentally changed the way we communicate, connect, and engage with the world around us. While it has its drawbacks, the benefits of social media in fostering community, driving business growth, and amplifying voices cannot be denied. As we continue to navigate the ever-changing landscape of social media, it is important to use these platforms responsibly and thoughtfully to harness their full potential for positive impact.