Crypto Compass by BitcoinWalletSG #92

Hello Fam,

October, often dubbed "Uptober" by the crypto community, is living up to its reputation as Bitcoin's price has started to surge. As we kick off the month, BTC is showing strong upward momentum, bringing renewed optimism to the market after a relatively quiet period. Historically, October has been a favorable month for crypto, and this year's rally seems to be continuing the trend. With prices on the rise, it's a great time for investors to review their portfolios and ensure their crypto security is up to date. Let’s dive into this week’s key developments and market insights.

Michael Saylor Envisions MicroStrategy as the Leading Bitcoin Bank

In a recent interview with Bernstein analysts, Michael Saylor, founder and executive chairman of MicroStrategy, revealed the company’s ambitious endgame: becoming the leading bitcoin bank. Since 2020, MicroStrategy has aggressively acquired over 252,220 BTC, valued at just over $15 billion, through a strategy of leveraging debt and equity. Saylor argues that bitcoin is the top-performing asset of the 21st century and aims to build a $300-400 billion company based on bitcoin capital market instruments, including equity, convertibles, and fixed income. He predicts that bitcoin will reach $13 million per coin by 2045, making MicroStrategy a trillion-dollar company. Unlike traditional banks, Saylor’s vision for a bitcoin bank involves borrowing against bitcoin rather than lending it out.

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Bitcoin Search Volume Hits Lowest Levels Since 2023 Despite Price Surge

Google search interest in Bitcoin has hit its lowest levels since October 2023, even as the cryptocurrency’s price has surged by 142% over the past year. According to Google Trends data, the global search volume for the term "bitcoin" registered a value of 14 this week, a significant drop compared to its all-time peak of 100 in May 2021. Despite the low search interest, historical trends suggest that periods of declining interest often provide an opportunity for investors, as Bitcoin previously rallied during low-interest phases. Other crypto terms such as Ethereum and NFTs are also trending at low levels, while memecoins and AI have maintained strong interest due to renewed community hype.

Donald Trump’s DeFi Project, World Liberty Financial, to Launch Token Sale Next Week

World Liberty Financial, the decentralized finance (DeFi) project backed by Donald Trump, will launch its public token sale on October 15. Initially open to U.S. accredited investors, the Ethereum-based project will offer borrowing and lending services for cryptocurrencies. While Trump's DeFi project aims to become a global "one-stop-shop" for DeFi, it has already garnered significant attention in the crypto space ahead of the token sale, which is limited to those who qualified through a whitelist process that began in September.

Happenings of the week

• Base network flips Arbitrum in total value locked

• Scroll Airdrop Allocation Met With Dismay From Farmers

• Grayscale considering 35 altcoins for investment product

• Dubai Ranks as Top Crypto Hub

SEC Charges Cumberland DRW with Operating as Unregistered Crypto Dealer

The U.S. Securities and Exchange Commission (SEC) has charged Cumberland DRW LLC, a Chicago-based trading firm, for operating as an unregistered dealer in cryptocurrency assets. The SEC alleges that Cumberland bought and sold over $2 billion worth of crypto since 2018 without registering as a dealer. The SEC complaint states that Cumberland's activities treated crypto assets like securities, such as SOL, ATOM, ALGO, POL, and FIL, while profiting without providing necessary investor protections. In response, Cumberland contested the charges, defending its compliance practices and accusing the SEC of inconsistent regulation.

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