Today in crypto, Stategy co-founder Michael Saylor signals another Bitcoin purchase, Circle’s Dante Disparte says the GENIUS Act ensures tech giants and banks can’t dominate the stablecoin market without facing strict structural and regulatory hurdles, and Bitcoin social media dominance has surged which may signal a local top.
Michael Saylor signals impending Bitcoin buy
Strategy co-founder Michael Saylor signaled an impending Bitcoin purchase on Sunday by posting the Bitcoin (BTC) chart he typically posts before the company makes a purchase the following day.
“Stay Humble. Stack Sats,” Saylor wrote on X, while teasing the upcoming BTC purchase to followers on social media.
The company is up about 66.5% on its Bitcoin investment, accounting for over $28.5 billion in unrealized gains, according to SaylorTracker.
Strategy currently holds 601,550 BTC, valued at over $71.4 billion, making it the largest corporate BTC treasury company in the world by a wide margin.
GENIUS Act blocks Big Tech, banks from dominating stablecoins: Circle exec
The GENIUS Act contains a little-noticed clause that prevents technology giants and Wall Street behemoths from dominating the stablecoin market, according to Circle Chief Strategy Officer Dante Disparte.
“The GENIUS Act has what I’d like to call — just for my own legacy sake — a Libra clause,” Disparte told the Unchained podcast on Saturday. Any non-bank that wants to mint a dollar-pegged token must spin up “a standalone entity that looks more like Circle and less like a bank,” clear antitrust hurdles and face a Treasury Department committee with veto power over the launch.
Banks don’t get a free pass either. Lenders that issue a stablecoin must house it in a legally separate subsidiary and keep the coins on a balance sheet that carries “no risk-taking, no leverage, no lending,” Disparte noted.
That structure is even “more conservative” than the deposit-token models JPMorgan and others have floated. “It creates clear rules that I think in the end the biggest winners are the US consumers and market participants and frankly the dollar itself,” he added.
Bitcoin 43% social chat dominance suggests ‘key entry point’ ahead
Nearly half of all crypto-related mentions on social media this week centered around Bitcoin as it hit new highs, a level of dominance that may signal a local top and a potential short-term pullback, according to sentiment platform Santiment.
“As Bitcoin’s market value crept above $123.1K for the first time in its 17+ year history, there was an equally historic social dominance spike,” Santiment analyst Brian Quinlivan said in a report on Wednesday.
“43.06% of all crypto discussions were about $BTC just as the coin’s market value was peaking,” Quinlivan added. Quinlivan said that “the sudden spike was indicative of many retail traders FOMO’ing in,” challenging the view held by several other industry participants who believe retail investors have yet to enter the market.
On July 11, Bitwise head of research André Dragosch said, Bitcoin is at new all-time highs, but retail is “almost nowhere to be found.”