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Crypto Writer
Arslan Butt
Crypto Writer
Arslan Butt
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Bitcoin (BTC) is trading near $98,940 after a rally to $103,000, drawing attention to its growing role in global finance. Analysts are revising Bitcoin price analysis, with some expecting its value to double by 2025.
Institutional interest continues to rise, highlighted by a proposal urging Amazon to adopt Bitcoin as a reserve asset. President-elect Donald Trump’s pro-crypto stance adds momentum, reinforcing Bitcoin’s potential to reshape financial strategies and investment portfolios.
Think Tank Pushes Amazon to Adopt Bitcoin Treasury Strategy
A Washington-based think tank, the National Centre for Public Policy Research, has urged Amazon to consider Bitcoin as part of its corporate treasury strategy.
In a formal shareholder petition, the group highlighted the erosion of purchasing power due to inflation, suggesting that traditional metrics like the Consumer Price Index (CPI) significantly underestimate the true rate of currency depreciation.
- Bitcoin appreciated 131% in the past year, outperforming corporate bonds by 126%.
- Over the last five years, Bitcoin surged 1,246%, while corporate bonds rose by just 4%.
Lessons from MicroStrategy
The proposal highlighted MicroStrategy’s success with its Bitcoin treasury strategy.
- MicroStrategy’s stock outperformed Amazon’s by 537% year-to-year, driven by its Bitcoin holdings.
- The think tank emphasized that Bitcoin adoption by companies like Tesla, Block, and Fidelity adds credibility to the asset.
Referencing MicroStrategy’s success with a similar strategy, the petition emphasized how such a move could preserve Amazon’s financial strength while embracing the future of digital finance.
Trump Family to Attend Major Gulf Bitcoin Conference
President-elect Donald Trump’s cryptocurrency team will be leading the delegation to Abu Dhabi on Monday for the biggest bitcoin conference in the Gulf as Bitcoin nears an all time high.
Speakers will include Eric Trump and Steve Witkoff, the new White House ambassador for the Middle East and co-founder of World Liberty Financial, a cryptocurrency platform founded in September by Donald Trump and his family.
According to the agenda, Eric Trump will be the keynote speaker at the Bitcoin MENA conference on Tuesday which will have over 6,000 attendees and then a “whale only” conversation in the VIP lounge.
According to WLF website, the president-elect is the company’s top crypto champion, his sons Eric, Don Jr., and Barron are the ambassadors.
According to company documents, Donald Trump is entitled to 22.5 billion WLF tokens and a part of the company’s revenue.
The bitcoin conference is big for crypto because it’s one of the longest running conferences that brings our industry together, according to Marshall Beard, chief operating officer of Gemini, the cryptocurrency exchange founded by Trump supporters Cameron and Tyler Winklevoss.
The Gulf event comes at a pivotal moment for the industry as Trump, a former crypto skeptic, has called himself the “crypto president” and wants to make America the new “crypto capital of the world.”
Bitcoin (BTC/USD) Daily Technical Outlook – December 9, 2024
Bitcoin is at $98,940, down 0.15% in the last 24 hours. The price is consolidating in a symmetrical triangle, with the lower boundary at $98,500 being the key support. A break below this could trigger a big drop to $96,500 or lower, with $94,400 being the next major support.
On the upside, immediate resistance is at $100,000, then $101,400 and $103,600. A breakout above these could mean bullish again. The 50-day EMA at $99,760 is capping the short term and the RSI at 42 is neutral-bearish.
The symmetrical triangle means Bitcoin is undecided and traders are waiting for a breakout or breakdown to confirm the next move.
Key Insights:
- Symmetrical Triangle Pattern: Consolidation near $98,500 may lead to a breakout or sharp selling.
- Critical Levels: Resistance at $100,000; support at $96,500 and $94,400.
- Momentum Indicators: RSI at 42 and 50 EMA near $99,760 suggest caution.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
