Bitcoin
Ross Ulbricht Eyes Freedom with Donald Trump’s Re-election
Silk Road founder Ross Ulbricht is cautiously optimistic about his potential release after a decade-long incarceration.
The notorious darknet marketplace remains famous for facilitating millions in illegal transactions using Bitcoin (BTC).
Ross Ulbricht Awaits Possible Freedom For Bitcoin-Aided Crimes
Ulbricht, who has been serving a double life sentence since 2015 without parole, expressed gratitude to those who supported Donald Trump’s presidential bid. In a post shared on X (formerly Twitter), he said he hoped that the former President might honor his commitment to commute his sentence after taking the Oval Office.
“Immense gratitude to everyone who voted for President Trump on my behalf. I trust him to honor his pledge and give me a second chance. After 11+ years in darkness, I can finally see the light of freedom at the end of the tunnel,” Ulbricht wrote.
This message from Ulbricht resonated widely, with supporters rallying behind his cause. They urge Trump to fulfill what he promised during campaign speeches this year.
In hindsight, Trump’s remarks regarding Ulbricht’s potential clemency came during the Libertarian National Convention in March. As a presidential aspirant then, Trump pledged that, if re-elected, he would “commute the sentence of Ross Ulbricht.” The promise came as part of his commitment to criminal justice reform.
His promise was largely viewed as an attempt to appeal to Libertarian voters, a group that has consistently advocated for Ulbricht’s release. Noteworthy, Trump also repeated the commitment during the Bitcoin 2024 Conference in Nashville. Representative Thomas Massie, a staunch advocate of Ulbricht’s case, reinforced this sentiment.
“Hang in there Ross. President Donald Trump himself told me that he would. It’s one of the reasons I endorsed him,” Massie noted.
Ulbricht’s case is controversial because of the illegal activities conducted on the Silk Road. Additionally, the lengthy prison term he received remains a bone of contention for some.
The platform, which Ulbricht launched in 2011, operated as an online black market. Users could buy and sell drugs, fake IDs, and other illicit goods, all primarily paid for with Bitcoin.
The US Federal Bureau of Investigations (FBI) shut down Silk Road in 2013. This set the pace for Ulbricht’s arrest and eventual sentencing. As part of the sentence, the Silk Road founder got two life terms without the possibility of parole.
Despite the gravity of the charges, Ulbricht’s supporters argue that his punishment was excessively severe. This is especially true given the non-violent nature of his crime. They believe Ulbricht has been turned into a scapegoat for cryptocurrency-related offenses.
Many in the crypto community continue to advocate for his clemency. Some even call his case a reflection of harsh judicial measures against pioneers of the digital age.
Polymarket Bettors on Ulbricht’s Possible Clemency
The question of Ulbricht’s release has even found its way onto Polymarket, a prediction platform where users wager on political and societal outcomes. Bettors on Polymarket currently speculate a 77% chance that Trump will pardon Ulbricht, making him one of the top candidates in line for Trump’s potential pardon list. He matches individuals connected to the January 6 Capitol riot, who also boast a 77% chance.
Meanwhile, the US government has been liquidating Bitcoin seized from Silk Road. Following a Supreme Court ruling, authorities were allowed to sell large amounts of Bitcoin tied to the case. The proceeds will go to the government.
Legal experts have commented on this sale, arguing it displays the changing stance of regulatory authorities on Bitcoin, shifting from seizing the digital currency as “criminal assets” to monetizing it to benefit public funds. Some analysts warn, however, that the sale of such vast Bitcoin holdings could potentially impact the market, especially as Bitcoin’s value is highly sensitive to large fluctuations in supply.
The Silk Road case has grown to symbolize more than a criminal enterprise. It has sparked debates over the limits of justice, the right to innovation, and the tension between government and privacy advocates.
As Ulbricht holds out hope for clemency, his case remains at the center of discussions on digital privacy, decentralization, and judicial fairness. For now, Ulbricht and his supporters await January with guarded optimism, hoping for a reprieve after over a decade in prison.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Bitcoin
57% of Investors Eye More Crypto
Institutional interest in cryptocurrency has reached new heights. A recent survey by Sygnum Bank revealed that 57% of institutional investors and finance professionals plan to increase their exposure to crypto assets.
This enthusiasm reflects a substantial shift in how major players view the long-term value of digital assets.
Shifting Sentiments and Increased Allocations, Sygnum’s Findings
The survey represents insights from banks, hedge funds, multi-family offices, asset managers, and other investment-focused entities. It was conducted across 27 countries with over 400 respondents, with respondents averaging over a decade of experience.
Notably, about one-third (33.33%) of these participants are Sygnum clients. The findings highlight a rising appetite for high-risk investments in crypto and show growing confidence in the digital assets space.
Among the key takeaways is that nearly 65% of respondents maintain a bullish long-term view of crypto. Meanwhile, 63% plan to allocate more funds in the next three to six months. Additionally, 56% are expected to adopt a bullish stance within a year, potentially fueled by Bitcoin’s recent surge toward all-time highs (ATH).
More than half of the survey respondents already hold over 10% of their portfolios in crypto. Meanwhile, 46% plan to increase their allocations within six months, while 36% are waiting for optimal entry points. This commitment signals an enduring belief that digital assets can offer superior returns to traditional investments—a view shared by nearly 30% of survey respondents.
When it comes to investment strategy, single-token holdings are the most popular approach. Based on the research, 44% of participants opt to invest in individual tokens. Actively managed exposure, where portfolios are adjusted based on market performance, follows closely with a 40% preference.
This continued commitment to increasing crypto exposure, even amid market fluctuations, signals the growing perception of digital assets as a “megatrend” investment.
“This report tells the story of progress and calculated risk, the use of a diverse set of strategies to leverage opportunities, and most of all, the continued belief in the market’s long-term potential to reshape traditional financial markets,” said Lucas Schweiger, Sygnum’s Digital Asset Research Manager.
Strategic Approaches and Investment Trends
Layer-1(L1) blockchains, which serve as foundational platforms for building decentralized applications (dApps), rank as the top investment interest. Web3 infrastructure and decentralized finance (DeFi) ventures follow closely.
Interestingly, tokenized assets, including corporate bonds and mutual funds, have gained more traction than real estate investments, which led to 2023. This shift highlights how crypto adoption is influencing traditional sectors, offering new possibilities for asset tokenization.
Previously, regulatory uncertainty was seen as the biggest hurdle for institutional crypto investments. However, the survey highlights that 69% of respondents now see regulatory clarity improving, shifting concerns toward asset volatility and security. This indicates a maturing market where investors prioritize effective risk management over regulatory barriers.
The appetite for deeper insights into market-specific risks is evident. Up to 81% of participants stated that access to better information would encourage them to increase their allocations. This shift suggests that market intelligence, strategic planning, and technological research are critical factors for institutions venturing into the crypto playing field.
Institutional enthusiasm for crypto is part of a broader trend across the US. Digital assets are no longer just speculative plays for individual investors. As BeInCrypto reported, crypto is increasingly seen as a long-term investment opportunity rather than a gamble.
Furthermore, the introduction of Bitcoin ETFs (exchange-traded funds) has added credibility to crypto as an asset class. Political influences also play a significant role. President-elect Donald Trump’s recent win could bolster crypto’s status in the US, with some analysts believing that his pro-business stance may further enhance institutional involvement in the sector.
This could bring additional visibility to the industry and potentially lead to more favorable regulations that further incentivize long-term investments in digital assets. Nevertheless, some market observers are skeptical about the implication of the growing institutional adoption of crypto, with the likes of BlackRock and MicroStrategy progressively growing their Bitcoin portfolios.
“Does this not defeat the whole purpose of “decentralization”? BlackRock will be the biggest hodler, it doesn’t get much more centralized than that,” one X user noted.
The Sygnum survey echoes recent findings, where BeInCrypto reported that over 80% of crypto investors are optimistic about the future. Many believe the current bull market is poised to continue.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Bitcoin
Peter Schiff Offers Sarcastic Bitcoin Advice for Trump Media
Peter Schiff, a long-time economist and vocal critic of Bitcoin, has once again stirred the crypto pot. This time, he is targeting Trump Media & Technology Group (TMTG), the company behind the stock ticker DJT.
In a bold and potentially tongue-in-cheek tweet, Schiff suggested that TMTG, which he claims “doesn’t actually have a business,” should consider taking a page from MicroStrategy’s playbook.
In a post on X (formerly Twitter), Schiff says that TMTG should convert its cash holdings into Bitcoin (BTC). Further, he urges Trump Media & Technology Group to borrow billions and issue more shares to buy even more Bitcoin, setting DJT stock up for a “moonshot.”
“Since DJT stock does not actually have a business, why doesn’t it just use its cash to buy Bitcoin?” Schiff wrote.
Likely, with his usual hint of irony, the Bitcoin skeptic urges the firm to follow the Michael Saylor business playbook.
“Borrow billions and issue more shares, then use the money raised to buy even more Bitcoin,” he added.
This suggestion may seem uncharacteristic, given Schiff’s history with Bitcoin. He recently dismissed the BTC price surge as the “biggest bubble in history.” Schiff has been one of Bitcoin’s most relentless critics, frequently arguing that the asset lacks intrinsic value and will eventually crash.
Recently, he openly stated that many of his Bitcoin-related tweets are sarcastic, adding a layer of humor to his otherwise pessimistic views on the cryptocurrency. For Schiff, this latest comment appears to play into that tone, positioning TMTG’s potential Bitcoin strategy as a satirical example of the high-risk approach taken by companies like MicroStrategy.
“Peter would rather swim in salt instead of just buying some Bitcoin,” one user on X quipped.
However, Schiff’s call-out to Trump Media may also reflect his skepticism about TMTG’s business model. DJT has been volatile since its launch, with critics questioning its long-term viability.
The economist’s suggestion to pour the company’s cash reserves into Bitcoin could be viewed as a jab at both the speculative nature of cryptocurrency investments and TMTG’s business fundamentals.
MicroStrategy’s Aggressive Bitcoin Moves as a Blueprint
MicroStrategy, a business intelligence firm led by CEO Michael Saylor, has indeed gone all-in on Bitcoin. It recently announced its largest Bitcoin purchase to date. In total, the company holds over 160,000 BTC and plans to continue buying, with ambitions to invest up to $42 billion more in Bitcoin between 2025 and 2027.
This strategy has seen MicroStrategy leverage its balance sheet and even issue debt to fund its acquisitions, essentially betting the company’s future on Bitcoin’s success.
For Saylor, Bitcoin represents a safe haven and a hedge against inflation, especially given his belief in the US dollar’s declining purchasing power. Saylor’s approach has boosted MicroStrategy’s stock value, although it has also introduced significant volatility due to Bitcoin’s notorious price swings.
“This year, MSTR [MicroStrategy stock] treasury operations delivered a BTC Yield of 26.4%, providing a net benefit of approximately 49,936 BTC to our shareholders. This is equivalent to 157.5 BTC per day, acquired without the operational costs or capital investments typically associated with bitcoin mining,” Saylor shared recently.
It is worth mentioning that MicroStrategy leverages debt to grow its Bitcoin portfolio while managing existing debt obligations. Since 2020, the firm has employed this approach, raising billions of dollars to acquire Bitcoin.
As Schiff has previously labeled Bitcoin a speculative asset bound to implode, his suggestion that TMTG should mimic MicroStrategy’s tactics might be loaded with irony. By invoking MicroStrategy’s strategy in a sarcastic tone, he is likely reminding investors of the risks involved in placing a company’s future in such a volatile asset.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Bitcoin
Low Odds for Donald Trump’s US Bitcoin Reserve
In a recent interview with Bloomberg, Galaxy CEO Mike Novogratz claimed that a US Bitcoin Reserve was unlikely to pass. Although he said such a law would push Bitcoin to $500,000, Novogratz believes that President Donald Trump will have insufficient Senate support.
Polymarket odds also rate the chance of passing as very low, but it only accepts bets on Trump accomplishing it very quickly after the inauguration.
The Bearish Argument for a Bitcoin Reserve
In a recent interview with Bloomberg, Galaxy CEO Mike Novogratz was pessimistic about the chances of a US Bitcoin Reserve. Although Novogratz has repeatedly spoken about his high hopes for friendly regulation, he didn’t see a clear pathway for this campaign promise. Simply put, there are too many hurdles between the federal government and regular Bitcoin purchases.
“It’s a low probability. While the Republicans control the Senate, they don’t have close to 60 seats. I think that it would be very smart for the United States to take the Bitcoin they have and maybe add some to it… I don’t necessarily think that the dollar needs anything to back it up,” Novogratz claimed.
To be clear, he also emphasized that such a Reserve would be beneficial for Bitcoin, predicting it would shoot the price to $500,000. However, Novogratz doesn’t think the existing support is enough.
Senator Cynthia Lummis got bipartisan support for her Bitcoin Reserve bill, and some state-level representatives also support the act. These vocal advocates, however, are few.
It’ll take more than a few elected officials to get such a sweeping policy over the finish line. For example, Novogratz also got into a recent social media spat with Senator Elizabeth Warren, the famed Bitcoin critic.
Although the anti-crypto faction in US legislature got substantially weaker in the last election, it isn’t defeated yet. Even Trump’s own party might not unite in support of the bill.
Polymarket odds, for their part, concur with Novogratz’s bearish predictions. This decentralized prediction market recently gained credibility after successfully forecasting Trump’s victory, and it claims the US Bitcoin Reserve only has a 33% chance of happening. Granted, the only active bet is whether Trump will fulfill his promise within the first 100 days, not his entire term.
Ultimately, there still is a decent chance that Trump will successfully pass a Bitcoin Reserve bill sometime in his four-year term. Lummis’ bill already has bipartisan support, and the US electorate is becoming more crypto-friendly.
Several Democrats may vote in favor, or the midterms could see new pro-crypto wins. Nonetheless, it might take a while.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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