Kalam Cypto #135: Crypto Surges to New All-Time Highs!

“There is no second best” Michael Saylor on Bitcoin

Ahlan wa sahlan, and welcome to the 135th edition of CoinMENA’s weekly newsletter, Kalam Crypto! This week, Bitcoin closed with its largest weekly gain ever, up $11,653 (+25%). ETH and other altcoins are now catching up, posting even higher percentage gains over the past week. Bitcoin has overtaken silver’s market capitalization, a UK pension fund has adopted Bitcoin, and El Salvador’s Bitcoin investment has now doubled. All this and more in this week's edition of Kalam Crypto!

Lightning Round ⚡️

UK Pension Fund Adopts Bitcoin: UK pension specialist Cartwright made history this week by introducing a 3% Bitcoin allocation in a UK pension portfolio. Pension funds, among the largest capital allocators globally, are beginning to recognize that while sovereign bonds may offer positive yields in nominal terms, they yield negatively in real terms due to the currency debasement rate. As they turn to Bitcoin, this move not only unlocks substantial capital but also marks a new era of diversification and innovation in traditional finance.

El Salvador over $100 million in profit: El Salvador has doubled its Bitcoin reserves and is now over $100 million in profit. With the country’s Bitcoin holdings now up significantly, it’s only a matter of time before other nations consider following suit.

Bitcoin takes down silver, eyes gold up next: Bitcoin has overtaken silver in market cap, and 1BTC is now worth more than 1kg of gold.

FTX Sues CZ: FTX has filed a lawsuit against Binance and its founder Changpeng Zhao (CZ), seeking to recover $1.76 billion allegedly transferred in a fraudulent transaction, according to a court document released Sunday. Binance has dismissed the claims as “meritless.” This lawsuit is part of FTX's broader efforts to recover funds through legal action to repay creditors amidst its bankruptcy proceedings.

Keep an eye on 👀

BlackRock’s Bitcoin ETF is now officially bigger than its Gold ETF, amassing $33.2 billion in assets in just 10 months! With Bitcoin soaring past $88,000 for the first time on Monday, BlackRock's spot exchange-traded fund set a new daily trading volume record, marking its largest single-day inflow and purchasing 8,690 Bitcoin in a single day.

FacePalm of the Week 🤦‍♂️

Germany just showed the world what not to do with Bitcoin during a bull run. Since Germany sold, Bitcoin has climbed 60%, missing out on over $1 billion in potential gains. Moral of the story: don’t sell your Bitcoin in the middle of a bull run.

Blog of The Week ✍️

In his latest blog post, CoinMENA Co-Founder & Managing Director shares her thoughts on bitcoin recent price surge, why it's happening, and what are the driving factors behind it:  https://www.coinmena.com/en/blog/1R4cBRElPvOgwirmplJcps 

Tweet Of The Week 🐥

On Monday, the share price of business intelligence firm MicroStrategy, the largest publicly traded corporate holder of Bitcoin, hit a historic high, closing at $340 on NASDAQ and reaching an intraday peak of $350. This movement broke the company’s previous all-time high of $333, set in March 2000.

CoinMENA News 🗞️

Refer & Earn: We’d like to welcome all our new users to CoinMENA and remind our loyal community about CoinMENA’s referral program, where you can earn unlimited rewards! Simply generate your referral link (check out our how-to video here), share it with friends, and family, or on your social media, and earn $5 for every successful referral. A referral is successful once the person you invited completes their account verification.

Quiz Corner ✅ 

Last week’s question: What is the primary purpose of Bitcoin in today’s financial world? The correct answer is B, a tool for hedging against currency devaluation.

This week’s question is, Which major milestone did Bitcoin reach this week?

A) Bitcoin’s value surpassed that of silver. B) Bitcoin reached $100,000. C) Bitcoin's price dropped below $50,000. D) Bitcoin was announced as the official currency of a new country.

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