Kalam Cypto #139: Bitcoin Starts the Year Strong, Rockets Past $100k!

“He who blames others has a long way to go on his journey. He who blames himself is halfway there. He who blames no one has arrived” Chinese Proverb

Ahlan wa sahlan, and welcome to the 139th edition of CoinMENA’s weekly newsletter, Kalam Crypto!

Happy New Year, and welcome to our first newsletter of 2025! The year is already off to a blazing start, Bitcoin has climbed back over $100k, driven largely by ETF inflows, which reached an impressive $987 million in a single day.

This week, a grassroots movement in Syria proposes a framework to legislate Bitcoin, new FASB Fair Value Accounting rules take effect for Bitcoin and digital assets, paving the way for corporate adoption, Swiss lawmakers propose adding Bitcoin as a strategic reserve, and MicroStrategy and Tether continue to expand their Bitcoin holdings.

All this and more in this week’s edition of Kalam Crypto!

Local News 📍

The Syrian Center for Economic Research (SCER), a volunteer-driven initiative, has proposed a framework for a transitional government to legislate Bitcoin and digitize the Syrian Lira. Contrary to misinformation circulating in crypto media, this proposal has neither been approved nor considered by the transitional government, which is unlikely to prioritize it given more pressing issues. The SCER, founded as a grassroots movement and later joined by prominent economist Dr. Saifedean Ammous, aims to bring together Syrian engineers, academics, and entrepreneurs to foster open dialogue on economics and technology. It operates as a neutral forum, unaffiliated with any government or political agenda, communicating through platforms like Telegram, X, and Nostr to advance ideas for Syria's future.

Global News 🌍

FASB Adopts Fair Value Accounting for Bitcoin, Paving the Way for Corporate Adoption: Starting in December 2024, the Financial Accounting Standards Board (FASB) will implement Fair Value Accounting rules for Bitcoin, allowing companies to measure crypto assets at fair value each reporting period, with changes reflected in net income. This marks a significant shift from previous standards, where crypto assets could only be marked down, never up. MicroStrategy Chairman Michael Saylor highlighted this as a major step toward broader corporate adoption of Bitcoin as a treasury reserve asset, providing investors with more accurate financial insights while reducing accounting complexities. Swiss Proposal Pushes to Add Bitcoin to National Reserves: A new proposal by Swiss Bitcoin advocates seeks to amend Article 99 of the Swiss Constitution to require the central bank to hold Bitcoin as part of its reserves, alongside gold. Advocates have 18 months to collect 100,000 signatures to bring the initiative to a public referendum.

EU’s New Crypto Rules Spark Backlash Over Privacy and Innovation Concerns: Starting January 1, 2025, the EU's implementation of the FATF Travel Rule requires Virtual Asset Service Providers (VASPs) to verify self-custodial wallets for transactions over €1,000 and collect, store, and share beneficiary information. While its effectiveness in combating money laundering remains uncertain, the rule has drawn sharp criticism from entrepreneurs and crypto users. Many argue it stifles innovation, drives investments abroad, and imposes significant safety risks for Bitcoin and crypto users by mandating the sharing of sensitive data across multiple institutions, increasing the likelihood of hacks and identity theft.

Keep an Eye On 👀

MicroStrategy and Tether Bolster Bitcoin Reserves with Major Acquisitions: MicroStrategy has acquired 2,138 BTC for approximately $209 million at an average price of $97,837 per coin, bringing its total holdings to 446,400 BTC, valued at $27.9 billion with an average cost of $62,428 per Bitcoin. Meanwhile, stablecoin issuer Tether added 7,629 BTC (worth around $700 million) to its reserves, transferring nearly $780 million worth of Bitcoin into its corporate Bitcoin reserve, its largest move since March. This brings Tether's total holdings to 83,759 BTC.

Tweet Of The Week 🐥

CoinMENA News 🗞️

2024: The Year Crypto Went Mainstream Video 🚀

This year marked a turning point for crypto, with ETF approvals, Bitcoin crossing $100k, and recognition as a superior global asset class. CoinMENA was ready to lead, achieving a +430% increase in trading volume, surpassing $2 billion in lifetime fiat-to-crypto trading volume, and celebrating over 1 million sign-ups.

2024 was a landmark year for CoinMENA, made possible by the continued trust and support of our growing user base. With major developments already on the horizon, 2025 is set to be even better! Stay tuned. 

Quiz Corner ✅ 

Last week’s question: Why are El Salvador’s bonds performing so well? The correct answer a) Bitcoin adoption boosted the value of its reserves.

This week’s question, What was the single-day ETF inflow that helped Bitcoin climb back over $100k this week?

Options:

1. $987 million

2. $500 million

3. $1.2 billion

4. $750 million

See the answer in next week’s newsletter. Or check out our learning platform https://university.coinmena.com/