News

Bitcoin Price Stays Solid

Bitcoin’s price volatility this week showcased a beautiful range , reaching impressive highs of $102K and dipping to lows around $99K.

Starboard Urges Riot to Shift Focus to AI and High-Performance Computing

Activist investor Starboard has a stake in Riot Platforms, urging the bitcoin miner to diversify into AI and high-performance computing (HPC).

While Riot has engaged with Starboard, it remains focused on bitcoin mining, trailing competitors like Core Scientific that have embraced HPC partnerships.

Riot Platforms is currently listed as the third largest bitcoin miner in the world.

BlackRock Backs Bitcoin, Again

BlackRock is diving deeper into crypto, suggesting bitcoin should make up 1-2% of traditional 60/40 portfolios. Thanks to its low correlation with traditional markets, they’re framing it as a potential diversifier, even though its extreme volatility means it’s not without risks.

With institutional interest booming and BlackRock running the world’s largest Bitcoin ETF, the company seems ready to ride the wave of growing demand and rising prices.

Texas Makes Bold Move to Add Bitcoin to State Treasury

The Texas Strategic Bitcoin Reserve Act sets up a special fund for the state to hold bitcoin as a financial asset, aiming to boost fiscal security and innovation in digital finance. Texans can donate Bitcoin to the reserve, which will be securely managed by the state comptroller and held for at least five years before any potential use or conversion.

The act also ensures strong security measures, bans foreign and illegal transactions and requires regular updates on the reserve’s growth and activities. On top of that, it allows state agencies to accept cryptocurrencies, which will be converted to bitcoin and added to the reserve.

Microsoft Rejects Bitcoin Proposal

Microsoft shareholders rejected a proposal to consider adding Bitcoin to the company’s balance sheet, sticking with the board’s recommendation to steer clear of crypto’s volatility.

The idea, championed by the National Center for Public Policy Research and supported by MicroStrategy’s Michael Saylor, pitched bitcoin as a potential inflation hedge and a way to diversify assets. In October, Microsoft told investors that the National Center for Public Policy Research, a conservative think tank, planned to propose this idea to the board, highlighting their push for bitcoin adoption.

Despite Saylor’s confident pitch about bitcoin’s long-term potential, shareholders weren’t convinced. Still, the think tank isn’t giving up, it’s rumored to be eyeing other big companies for similar proposals.