MicroStrategy wants to buy $400 million of Bitcoin, Square invests in green mining and G7 seeks for regulations
MicroStrategy wants to buy $400M of Bitcoin (BTC)
Microstrategy has revealed another plan to buy even more Bitcoin. This time, they want to invest with funds that won’t come directly from their own reserve. However, it planned to generate the capital through a new convertible bond offering.
It’s worth noting that the company is already holding more than $750 million in its Bitcoin reserve, which was opened in an effort to hedge against inflation.
MicroStrategy intends to invest the net proceeds from the sale of the notes in bitcoin in accordance with its Treasury Reserve Policy pending the identification of working capital needs and other general corporate purposes.
‘Strong support across G7 on the need to regulate cryptocurrencies’
Olaf Scholz, the German Finance Minister, has taken a hard-hitting stance at Libra, Facebook’s cryptocurrency project. He spoke with central bankers and other colleagues from other G7 countries crypto regulation. Scholz issued a statement in which he called Libra ‘a wolf in sheep’s clothing’.
Nonetheless, finance ministers and central bank bosses from the United States, United Kingdom, France, Japan, Germany, Italy, and Canada have strongly called for the need to regulate digital assets.
“There is strong support across the G7 on the need to regulate digital currencies”
Scholz is heavily against the launch of Facebook’s cryptocurrency in Europe and Germany.
“It is clear to me that Germany and Europe cannot and will not accept its entry into the market while the regulatory risks are not adequately addressed. We must do everything possible to make sure the currency monopoly remains in the hands of states.”
Square Puts $10 Million Toward a Cleaner Bitcoin Ecosystem
Square has launched a Bitcoin Clean Energy Investment Initiative. The company is committing $10 million to support other companies that drive renewables within the Bitcoin ecosystem.
“We believe that cryptocurrency will eventually be powered completely by clean power, eliminating its carbon footprint and driving adoption of renewables globally,” ~ co-founder and CEO Jack Dorsey.
This announcement coincides with the company’s goal — also announced today — to become net zero on carbon for operations by 2030. To this end, Square has partnered with Watershed, a company that powers climate programs in business.
For verifying transactions, a Bitcoin miners needs to allocate of lot of hashpower to be able to make a chance of generating a new block. To obtain this, they use mining farms that waste (or use) a lot of energy. Although, according to researches, they are using 76% of geen energy (mostly hydro-electric power), Square wants to improve this aspect of the mining industry.
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