## Trump's Bitcoin Ban: A Block Exec Spills the Beans

According to Mike Brock, a high-ranking executive at Block Inc. (formerly Square), **former President Donald Trump considered banning Bitcoin in 2020.** Brock, who leads the company's Bitcoin development, shared this intriguing tidbit during a recent conversation with industry insiders.  

Brock claims that **Trump's stance on Bitcoin was negative**, and he was **ready to take action against the cryptocurrency** until **former Treasury Secretary Steve Mnuchin intervened**, ultimately preventing the ban from taking effect.

**Brock's revelation sheds light on the turbulent relationship between the Trump administration and the cryptocurrency industry.** While the administration initially adopted a largely hands-off approach, it also raised concerns about the potential for Bitcoin to be used for illicit activities. 

While the details surrounding Trump's potential ban remain unclear, Brock's statements suggest that the cryptocurrency landscape could have been significantly different if Mnuchin hadn't intervened.

**This incident underscores the importance of regulatory clarity in the crypto space** and highlights the need for constructive dialogue between policymakers and industry players.

“Trump doesn’t believe in anything but himself,” Block Inc. exec Mike Brock said in a later message.

Trump Tried to Ban Bitcoin in 2020, But Block Exec Says Mnuchin Stopped Him

![Bitcoin](https://images.indianexpress.com/2024/11/bitcoin-new.jpg?w=640)

**Bitcoin**, the world's biggest and best-known cryptocurrency, has recently made headlines by **surpassing $94,000** for the first time ever. This remarkable climb is part of a broader trend, with Bitcoin's value more than **doubling this year**. In Asian trading hours on Wednesday, Bitcoin was last recorded at **$92,104**, having previously reached a peak of **$94,078**.

The excitement surrounding this surge has pushed the **global cryptocurrency market's** value above **$3 trillion**, a record high according to analytics and data aggregator **CoinGecko**.

The catalyst for this upward momentum appears to be a report that **Donald Trump’s social media company** is in negotiations to acquire the crypto trading firm **Bakkt**. This development has sparked optimism about a potential **cryptocurrency-friendly regime** under the incoming Trump administration.

Market analyst **Tony Sycamore** from IG explained that Bitcoin’s record-setting rise is not only linked to the Trump deal but also to the commencement of **options trading** on the Nasdaq related to **BlackRock’s Bitcoin ETF**. Following the **November 5 U.S. elections**, cryptocurrencies have seen a surge as traders anticipate that President-elect Trump’s support for digital assets could lead to a **less restrictive regulatory environment**, revitalizing Bitcoin after a sluggish period.

**Chris Weston**, head of research at **Pepperstone**, noted that there is significant underlying **buying pressure** for Bitcoin, indicating that further increases in value could attract new investors who favor strong-performing assets.

Bitcoin, the world's biggest and best-known cryptocurrency, has more than doubled this year. It was last at $92,104 in Asian hours on Wednesday, having touched a record high $94,078.

Bitcoin Surges Past $94,000: What You Need to Know About This Milestone

### Key Takeaways
- **Bitcoin** is currently in the spotlight as it recently reached a **record high** of **$94,000**.
- The **trading volume** has seen its highest levels since **March**, indicating strong buying interest from **institutional investors**.
- A technical analysis suggests a potential price target of **$154,000** based on recent trends.
- Important support levels to monitor are around **$70,000** and **$55,000**.

Bitcoin (**BTCUSD**) continues to attract attention as it approaches the **$100K mark**. Following a significant surge, it briefly touched a new record high above **$94,000** before stabilizing around **$92,000** at the beginning of Asian trading. This remarkable increase of approximately **35%** is largely attributed to the optimism surrounding the incoming administration's policies that may favor cryptocurrencies.

#### Market Sentiment
The sentiment in the market has received a boost, particularly after news surfaced that the **Trump Media & Technology Group** is in talks to acquire **Bakkt**, a digital asset marketplace. Additionally, the launch of **options trading** on **Blackrock’s iShares Bitcoin Trust** has provided investors with new avenues for hedging and speculating on Bitcoin's price.

#### Analyzing the Price Movement
The recent price action shows that Bitcoin has decisively broken the psychological barrier of **$70,000**. This recent rally is backed by the highest trading volumes observed since mid-March, indicating a strong interest from larger market participants. The **RSI**, or Relative Strength Index, reflects a bullish momentum but also highlights potential **overbought conditions**, suggesting that short-term corrections may occur.

#### Measured Move Price Target
To estimate future price movements, a **measured move** technique is applied, predicting an upside target of **$154,000**. This projection is based on a **180% increase** from the lower trendline of Bitcoin's recent trading range, calculated from its performance between **October 2023** and **March 2023**.

#### Key Support Levels
Investors should closely observe the **$70,000** level during profit-taking phases, as this area is likely to attract buying interest. If the price drops further, the next significant support level is around **$55,000**, which corresponds with the lower trendline of the recent trading range. 

**Note:** The insights provided are for informational purposes only and do not constitute financial advice.

Bitcoin is likely to remain in focus on Wednesday as the cryptocurrency nudges towards the $100K mark. Monitor these important chart levels.

Bitcoin Surges Past $94K: Key Price Levels to Watch as $100K Beckons

In a significant development, **Michael Saylor**, Chairman of **MicroStrategy**, is set to advocate for **Bitcoin (BTC)** investment during a presentation to the board of directors at **Microsoft Corporation**.  

### What Happened  
During an **X space** hosted by asset manager **VanEck**, Saylor revealed he was invited by an activist shareholder to make a brief presentation. He stated, "I agreed to provide a three-minute presentation. That's all you're allowed. I'm going to actually post that online and I'm going to present it to the board."  

He also expressed a desire to meet with **CEO Satya Nadella** to discuss potential strategies regarding Bitcoin, although this offer was declined. Saylor emphasized that it should be a priority for major companies like **Berkshire Hathaway**, **Apple**, and **Google** to consider Bitcoin, given their substantial cash reserves and the potential to enhance shareholder value.  

Saylor argued that Microsoft stock could become “**much less risky**” if a significant portion of its enterprise value was backed by tangible assets like Bitcoin, which currently represents just about **1.5%** of its value.  

Additionally, Saylor has offered to educate **Chris Pavloski**, CEO of **Rumble Inc.**, about the benefits of incorporating Bitcoin into their Treasury.  

### Why It Matters  
Microsoft is scheduled to vote on a proposal assessing the prospect of investing in Bitcoin at the upcoming shareholder meeting, a request driven by the impressive gains Bitcoin has achieved over the past five years. The proposal specifically mentions MicroStrategy, recognized as a trailblazer in corporate Bitcoin adoption, whose stock has outperformed Microsoft in 2024.  

### Price Action  
As of the latest data, Bitcoin is trading at **$92,054.06**, reflecting a **0.86%** increase in the last 24 hours. Meanwhile, shares of MicroStrategy surged nearly **12%** during Tuesday’s trading session, while Microsoft saw a modest **0.49%** rise.

In a big development, MicroStrategy (NASDAQ:MSTR) Chairman Michael Saylor will present a case for Bitcoin (CRYPTO: BTC) investment to the board of directors at Microsoft Corporation (NASDAQ

Michael Saylor's Bold Bitcoin Advocacy at Microsoft: What You Need to Know

### Marathon Digital Ventures into $850M Convertible Notes

**Marathon Digital Holdings (MARA)**, a prominent player in the Bitcoin mining sector, has announced the issuance of **$850 million** in **convertible notes**, with the potential to increase this amount to **$1 billion**. This strategic financial maneuver aims to repurchase existing debt, acquire more **Bitcoin**, and support various corporate initiatives amid a recovering **crypto market**.

The firm, based in **Fort Lauderdale, Florida**, stated that it intends to allocate **$199 million** of the anticipated **$833 million** in net proceeds from this offering to repurchase **$212 million** of its existing **2026 convertible notes**. The remaining funds will be designated for acquiring additional Bitcoin and for general corporate purposes, including **working capital**, strategic acquisitions, and repayment of other debts.

**Convertible notes** are a unique financial instrument that allows companies to raise capital. These notes can later be converted into **equity shares**, providing investors with partial ownership of the company.

### Market Context

This offering comes at a time when several firms globally are beginning to acquire and hold **Bitcoin** as the market rallies, driving the price of this leading cryptocurrency to over **$94,000**. Notable companies like **MicroStrategy** have amassed a staggering **$30 billion** in Bitcoin, while Japan’s **Metaplanet** has acquired more than **1,000 BTC**, valued at approximately **$93 million**.

Additionally, **Semler Scientific** recently invested nearly **$18 million** in Bitcoin, demonstrating the growing trend among corporations to hold digital assets on their balance sheets.

### Future Terms of the Notes

Starting **December 1, 2027**, holders of Marathon's convertible notes will have the option to request a cash repurchase, although terms may be adjusted in the event of significant occurrences such as mergers or acquisitions. The notes, maturing on **March 1, 2030**, can also be converted into cash, **MARA stock**, or a combination of both.

As of Tuesday, the stock of the Bitcoin miner was trading at **$19.86**, reflecting a **9%** increase, though its after-hours price saw little change according to **Google Finance** data.

Marathon's latest offering comes as several firms begin acquiring more Bitcoin following a market rally that has catapulted crypto prices.

Marathon Digital's $850M Convertible Note Sale: A Strategic Move to Boost Bitcoin Holdings

Bitcoin (BTC) is currently trading in the **low $90,000 range**, continuing its impressive price trajectory. However, a recent analysis by trading firm **QCP Capital** suggests that a drop in **Bitcoin dominance (BTC.D)** below a crucial threshold could herald the start of the much-anticipated **altcoin season**.

### Interest Rate Cuts and Political Changes Fueling Crypto Growth
In a recent Telegram update, QCP Capital discussed the impact of potential **interest rate cuts** and the possibility of a **Trump administration** on the crypto market. They highlighted **Solana (SOL)**, which recently outperformed both Bitcoin and **Ethereum (ETH)**, surging over **17%** from Friday’s lows.

Despite Bitcoin's steady ascent towards the psychologically significant **$100,000** mark, many investors remain cautious about an impending alt season. Analysis from **Rekt Capital** suggests that Bitcoin is just beginning its **parabolic phase**.

### Key Threshold for Bitcoin Dominance
QCP Capital noted that historically, altcoins tend to outperform major cryptocurrencies when they consolidate after significant rallies. The firm stated:
> "Historically, we’ve seen altcoins outperform whenever the majors consolidate after a significant rally as profits rotate into smaller-cap coins. BTC’s dominance is around **60%** now, and it will probably need to drop below **58%** to signal the start of altcoin season."

Currently, BTC.D stands at **60.10%**, having been on an upward trend since **November 2022** when it was at **39.92%**. During this period, most altcoins have significantly underperformed Bitcoin.

![Bitcoin Dominance](https://s3.tradingview.com/news/image/newsbtc:ebc396ffb094b-28a68883dd72e2d7882f54ef1218a959-resized.jpeg)

Recently, altcoins have shown signs of recovery, coinciding with the growing likelihood of a pro-crypto **Trump administration**. Assets like **SOL**, **Cardano (ADA)**, and **XRP** have outperformed Bitcoin in recent weeks.

### Predictions for Altcoin Season
QCP Capital’s analysis is echoed by crypto analyst **@MikybullCrypto**, who predicts that BTC.D will decline starting in **December**, with altseason potentially kicking off toward the end of **November** and lasting until **March 2025**.

![Milkybull Analysis](https://s3.tradingview.com/news/image/newsbtc:ebc396ffb094b-e7d21ed09653ffffa1959d9f9bf91f9c-resized.jpeg)

Some analysts believe Bitcoin may continue its rally before showing signs of weakness. For example, **Tom Lee**, head of research at **Fundstrat**, recently mentioned that Bitcoin is on track to reach **$100,000** by the year's end.

The altcoin market cap recently surged past a key resistance level, indicating that the altcoin season might be closer than anticipated. As of now, Bitcoin trades at **$91,760**, remaining flat over the past 24 hours.

![Bitcoin](https://s3.tradingview.com/news/image/newsbtc:ebc396ffb094b-0e446955edac408bb99145232320a209-resized.jpeg)

Bitcoin (BTC) continues its historic price trajectory, trading in the low $90,000 range at the time of writing. However, a trading firm suggests that Bitcoin dominance (BTC.D) falling below a crucial level could signal the start of the long-anticipated altcoin season.Interest Rate Cuts, Trump Admin…

Is Bitcoin's Dominance Falling? Signs Point to an Imminent Altcoin Season!

### Cathie Wood's Bitcoin Forecast
Ark Invest CEO **Cathie Wood** has reiterated her **bullish outlook** on Bitcoin, projecting that the cryptocurrency could soar to **$1.5 million by 2030** in her most optimistic scenario. This prediction highlights the **growing institutional acceptance** of digital assets within mainstream finance.  

In a recent **interview on CNBC**, Wood stated, "We have a 2030 target; in our base case, it’s around **$650,000**, and in our bull case, it’s between **$1 million and $1.5 million**." She emphasized that Bitcoin is transitioning from a global monetary system to a new asset class, urging institutions to consider its unique behavior compared to traditional assets.  

![Bitcoin Liquid Index](https://bravenewcoin.com/wp-content/uploads/2024/11/blx-4-1024x526.jpg)  

### Historical Perspective
**ARK Investment** was among the first public asset managers to invest in Bitcoin, acquiring it when priced at **$250** in 2015. Despite Bitcoin's current trading value of around **$90,000**, Wood believes it still has significant growth potential, stating, "We still think we have a long way to go."  

### Regulatory Environment and Macroeconomic Factors
Wood attributes part of her optimism to the potential for **regulatory relief** under the current U.S. administration. She commented, "We’re getting regulatory relief here, and I think that’s one of the most important things coming out of this administration." This anticipated regulatory clarity is expected to reduce uncertainty and enhance institutional engagement in the cryptocurrency market.  

Additionally, Wood pointed to the **macroeconomic environment** as a catalyst for Bitcoin's rise. With stabilizing inflation rates, she predicted that Bitcoin could experience a significant upward movement, especially in years following its **halving** event.  

### Addressing Criticism
Despite facing skepticism, Wood remains confident in her investment strategy, asserting that ARK's fund should not dominate any portfolio but serve as a **satellite strategy**. "We think this is the way the world is going," she concluded.

Ark Invest CEO Cathie Wood has doubled down on her bullish stance on Bitcoin, forecasting the cryptocurrency could reach as high as $1.5 million by 2030 in her most optimistic scenario, highlighting the growing institutional acceptance of digital assets in mainstream finance.

Cathie Wood's Bold Bitcoin Prediction: Could It Reach $1.5 Million by 2030?

Next year, **Donald Trump’s presidency** is expected to bring a number of changes to many aspects of U.S. affairs, including a warmed up sentiment toward **bitcoin (BTC)**. On the world’s largest prediction platform **Polymarket**, the **odds** of Trump creating a **Strategic Bitcoin Reserve** during his first 100 days in office have jumped from **22%** on November 10 to **38%** at the time of writing.

The increase came shortly after the introduction of the **Pennsylvania Bitcoin Strategic Reserve Act** last week. The **Satoshi Action Fund** advocacy group — which is behind the new strategic reserve initiative — has shared that it’s also speaking with **10 other states** about similar legislation.

If passed into law, both bills would have significant ramifications for bitcoin markets. Namely, Pennsylvania’s **Strategic Reserve bill** aims to allow the state to invest up to **10%** of certain funds, including the **General Fund**, the **Rainy Day Fund**, and the **State Investment Fund**, into bitcoin. These funds manage approximately **$51 billion** in assets combined, so an allocation of **10%** would represent an estimated **$5.1 billion** investment in bitcoin.

Similarly, the **BITCOIN Act**, introduced by Senator **Cynthia Lummis**, proposes that the U.S. creates a **Strategic Bitcoin Reserve** built by purchasing bitcoin as well as keeping the BTC that have been seized by U.S. authorities. The BITCOIN Act calls for annual purchases of up to **200,000 BTC** for five years, totaling **1,000,000 BTC**.

At current prices, this means that if the bill passes, approximately **$6.4 billion** worth of bitcoin will no longer hit the market, alongside an additional **$18.2 billion** bid every 12 months for five years. This creates a potential for **$23.3 billion** worth of bitcoin being purchased in the open market.

To put this in perspective, the combined bitcoin amount to be purchased between the two bills would be approximately **256,000 BTC**, which is nearly an entire month’s worth of bitcoin trading volume at **Coinbase**, the largest U.S. crypto exchange.

Introducing purchase orders of this magnitude would significantly impact **supply and demand dynamics**, and ultimately — the **price of bitcoin**. More buy-side demand would exert upward pressure on prices, while reduced sell-side supply would further enhance price stability. The approval of either bill would also prompt major discussions among the largest asset managers globally regarding bitcoin allocations.

Now that the election has passed, all eyes are on whether or not Trump will follow through with his bitcoin promises, with the **Strategic Reserve** likely being at the heart of most bitcoin-related conversations for months to come.

The odds of a U.S. Bitcoin Reserve grow as Pennsylvania introduces a bill to invest in bitcoin, with potential for $23.3B in BTC purchases, impacting markets and prices.

Trump Tried to Ban Bitcoin in 2020, But Block Exec Says Mnuchin Stopped Him

Summary:

Trump's Bitcoin Ban: A Block Exec Spills the Beans

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Other Latest News

Bitcoin Surges Past $94,000: What You Need to Know About This Milestone

Bitcoin Surges Past $94K: Key Price Levels to Watch as $100K Beckons

Michael Saylor's Bold Bitcoin Advocacy at Microsoft: What You Need to Know

Marathon Digital's $850M Convertible Note Sale: A Strategic Move to Boost Bitcoin Holdings

Is Bitcoin's Dominance Falling? Signs Point to an Imminent Altcoin Season!

Cathie Wood's Bold Bitcoin Prediction: Could It Reach $1.5 Million by 2030?

Pennsylvania's Bold Move: Could a U.S. Bitcoin Reserve Become Reality?

Other Latest News

Bitcoin Surges Past $94,000: What You Need to Know About This Milestone

Bitcoin Surges Past $94K: Key Price Levels to Watch as $100K Beckons

Michael Saylor's Bold Bitcoin Advocacy at Microsoft: What You Need to Know

Marathon Digital's $850M Convertible Note Sale: A Strategic Move to Boost Bitcoin Holdings

Is Bitcoin's Dominance Falling? Signs Point to an Imminent Altcoin Season!

Cathie Wood's Bold Bitcoin Prediction: Could It Reach $1.5 Million by 2030?

Pennsylvania's Bold Move: Could a U.S. Bitcoin Reserve Become Reality?