Bitcoin Well (TSXV:BTCW, OTCQB:BCNWF), OTCQB:BCNWF) provides an ecosystem of products and services making it easier for people to use bitcoin. Established in Canada in 2013 and has reached significant revenue growth year-over-year, Bitcoin Well will soon be expanding to the US market.
The company's three core business lines include Crypto ATM network composed of 250+ Crypto ATMs across Canada with US$21 million revenue in 2022; Bitcoin Well Infinite whichcaters to high net worth individuals and businesses and with US$29 million revenue in 2022; and Online Ecosystem, the fastest and safest way for Canadians to buy, sell and use bitcoin with current monthly revenues exceeding $350,000.
This Bitcoin Well profile is part of a paid investor education campaign.*
Click here to connect with Bitcoin Well (TSXV:BTCW, OTCQB:BCNWF) to receive an Investor Presentation
Bitcoin Well (TSXV:BTCW,OTCQB:BCNWF) is a two-business-unit organization providing an ecosystem of products and services to make it easy for everyday people to use bitcoin. The company was established in Canada in 2013, has reached significant revenue growth year-over-year since, and has recently expanded the Online Bitcoin Portal to the US market.
Bitcoin Well earns revenue through its two core business lines, which include:
Bitcoin Well earns consistent cash flow through its existing fleet of Bitcoin ATMs. The company reinvests this cash flow into the Online Bitcoin Portal, which is a scalable growth product the company believes will see exponential adoption during the bitcoin bull run – which appears to be underway.
The Bitcoin market often makes headlines when it reaches new heights or lows, but it’s shown consistent growth over the long term. The price of Bitcoin surpassed the US$72,000 mark in March 2024 and is expected to continuously captivate investors’ interest as it follows the typical halving price cycle.
Bitcoin Well has passed significant milestones since its establishment in 2013:
Every product or service offered by the company is wrapped in the security of its non-custodial ecosystem. This is a hot topic right now as multiple custodial exchanges have collapsed in the last few years. The non-custodial ecosystem is widely seen by knowledgeable investors as the safest way to buy bitcoin.
In 2024, Bitcoin Well launched Cash Vouchers, which allow Canadian customers to make cash payments when buying bitcoin from the Bitcoin Portal. Cash Vouchers eliminate the barriers when using digital payments to use the Bitcoin Portal. Bitcoin Well is the only company able to offer this service.
The company intends to utilize its unique positioning of a large network of Bitcoin ATMs and a growing online Bitcoin Portal to begin combining the benefits and set itself out as a true differentiator. These unique differences allow for Bitcoin Well to offer their customer a stickier product with more offerings than other competitors which could open the door for a subscription model or other alternative customer revenue models.
The Bitcoin Well business strategy is embodied in two core product lines, designed to make it easier for everyday people to use bitcoin as part of their financial plans. Both offerings cater to different types of customers.
With more than 190 Bitcoin ATMs across Canada, the Bitcoin Well ATM network provides users a way to buy bitcoin quickly and safely with cash. This well-established, cash-flowing Bitcoin ATM business provides revenue to support the company’s accretive future growth.
This is the most scalable and future-oriented product. It offers the fastest and safest way for North Americans to buy, sell and use bitcoin. Launched in Q4 2022, this offering currently generates monthly revenues exceeding $4.5 million.
Adam O’Brien is a husband, father of four and a bitcoin entrepreneur with a mission to enable independence. Since founding Bitcoin Well in 2013, he has made it easy to buy, sell and use bitcoin both online in the bitcoin-only portal, and in person at Bitcoin ATMs across Canada. Today, Bitcoin Well is a publicly traded organization (BTCW) and is one of the largest bitcoin companies in the country... And it's just getting started!
Jason Vandenberg brings more than 20 years of experience across diverse financial leadership positions and has an established record of leading multiple companies through substantial growth, both organically and through business acquisitions. He has experience with micro-cap companies listed on the TSXV and was involved with the company as they went public in 2021.
Chantel Lillycrop has 10 years of experience in leadership, business development and operations. She has a deep-rooted passion for streamlining processes, optimizing efficiency and fostering collaboration with her teams and external partners. Her mission is to drive the company’s growth while ensuring operational excellence.
James Kerr is an accredited product builder with nearly a decade of experience working with teams to build solutions for both B2B and B2C users. Kerr loves solving problems, challenging conventions, and working with creative people to build and grow products that make the world a better place.
Dave Bradley is widely considered one of the leading experts in Canada on bitcoin and blockchain technology. Before his current role, Bradley founded the world’s first bricks-and-mortar bitcoin store and co-founded the successful company, Bull Bitcoin, which is Canada’s longest-serving bitcoin brokerage. He also serves as a vice-president for the Canadian Blockchain Consortium.
Terry Rhode was one of Rosenau Transport's longest-serving employees and a partial owner. Before starting with Rosenau Transport in 1998, he was a management consultant and advised various businesses on ways to streamline their operations. Rhode is well-versed in every aspect of administration including accounting and IT, operations, change management, project management, sales, and pricing.
Mitchell Demeter brought the world its first Bitcoin ATM in 2013 to Vancouver, BC. After a successful exit, he moved to be the president of Netcoins, a Canadian online cryptocurrency brokerage wholly owned by BIGG Digital Assets. Demeter is a serial entrepreneur with a range of experience in blockchain, exchanges and currency trading. He currently sits on the board of Neptune Digital Assets and advises several other cryptocurrency and fintech businesses including Secure Digital Markets and Inetco Systems.
Mark Binns has a long history and deep experience in the bitcoin and cryptocurrency markets, and valuable connections in the Canadian and US capital markets. Binns is the former CEO of Netcoins, a leading Canadian cryptocurrency broker, and BIGG Digital Assets, a diversified public Canadian digital asset company.
(TheNewswire)
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Edmonton, Alberta November 14, 2024 TheNewswire - Bitcoin Well Inc. (" Bitcoin Well " or the " Company ") ( TSXV: BTCW; OTCQB: BCNWF ), the non-custodial bitcoin business on a mission to enable independence announces an update to the Bitcoin Super Company vision and a strategic bitcoin reserve fund.
Bitcoin Portal has become the nucleus of the Company, surpassing Bitcoin ATM revenue and growth potential
Bitcoin Well Infinite has seen tremendous growth in November thanks to the launch in the USA and abroad
Commitment to a strategic bitcoin reserve fund
Adam O'Brien, founder and CEO of the Company, is quoted as updating the Bitcoin Super Company vision in a shareholder address:
"This is an update to the Press Release dated February 21, 2024 titled Bitcoin Well PROVIDES PRELIMINARY YEAR END UPDATE AND BITCOIN SUPER COMPANY VISION (the "Bitcoin Super Company Release" or "the Release" or "the Bitcoin Super Company"). In the Release we highlighted the need to expand past being a Bitcoin ATM business, and highlighted the importance of the Bitcoin Portal as the catalyst to that expansion.
I am happy to report that The Bitcoin Portal is now the nucleus of our business, offering scale, growth and efficiency that is unmatched by any network of Bitcoin ATMs. We are thrilled with the user and revenue growth in the early stages of what looks like the most historic bitcoin bull run ever.
Today I want to speak directly to our shareholders and update you all on what Bitcoin Well intends to do with the growth and success of the Bitcoin Portal and subsequent business units. As I highlighted in the Bitcoin Super Company Release, I firmly believe that the future of our publicly traded company is to have subsidiary companies or business units all driving bitcoin adoption and safe bitcoin ownership. We have seen substantial success with the Bitcoin Well Infinite launch in the USA and abroad as our 3rd business unit (following the Bitcoin ATMs and the Bitcoin Portal).
These customers utilize Bitcoin Well Infinite for the white-glove-service experience when buying bitcoin directly to self custody. We anticipate continued growth in this area. We also anticipate continued growth to the Bitcoin Portal, currently approaching 28,000 total registrations across Canada and the USA.
This growth will provide the Company opportunities to expand our mission to enable independence, within the vision of the Bitcoin Super Company. Part of those opportunities will include paying down debt to increase cash-flow and enterprise value, as well as the potential investment into other profitable and adjacent businesses. However, I am excited to announce our commitment to a strategic bitcoin reserve fund as part of the Bitcoin Well treasury.
A strategic bitcoin reserve fund will allow Bitcoin Well to allocate excess working capital to the balance sheet denominated in bitcoin. We intend to eventually be able to add to this bitcoin reserve fund in "micro allocations", with portions of each transaction going to the reserve fund directly and automatically. This is the ultimate dollar cost average savings strategy and we believe there is no better asset to use than bitcoin.
Finally, I would like to take this opportunity to thank all our shareholders for their continued support over the last year. I am humbled to have the opportunity to continue to grow our business as we march towards our mission to enable independence."
About Bitcoin Well
Bitcoin Well is on a mission to enable independence. We do this by making bitcoin useful to everyday people to give them the convenience of modern banking and the benefits of bitcoin. We like to think of it as future-proofing money. Our existing Bitcoin ATM and Online Bitcoin Portal business units drive cash flow to help fund this mission.
Join our investor community and follow us on Nostr , , and to keep up to date with our business.
Bitcoin Well contact information
To book a virtual meeting with our Founder & CEO Adam O'Brien please use the following link: https://bitcoinwell.com/meet-adam
For additional investor & media information, please contact:
Adam O'Brien
Tel: 1 888 711 3866
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release .
Forward-looking information
Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", or the negative thereof and similar expressions. All statements herein other than statements of historical fact constitute forward-looking information.
Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information, including, but not limited to the following: economic and financial conditions, volatility in the capital or credit markets; the level of demand and financial performance of the cryptocurrency and digital asset industry, the occurrence of force majeure events; the extent to which the Company is successful in gaining new long-term users or retaining existing users; developments and changes in laws and regulations, disruptions to the Company's technology network; inability to obtain financing; competitive factors; and such other factors as discussed in the "Risk Factors" section of the Company's MD&A for the year ended December 31, 2023.
Bitcoin Well actual results could differ materially from those anticipated in this forward-looking information as a result of the foregoing risk factors and other factors, many of which are beyond the control of Bitcoin Well.
Bitcoin Well believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents Bitcoin Well expectations as of the date hereof, and is subject to change after such date. Bitcoin Well disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.
For more information, see the Cautionary Note Regarding Forward Looking Statements found in the Bitcoin Well MD&A.
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
(TheNewswire)
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Edmonton, Alberta TheNewswire - November 12, 2024 Bitcoin Well Inc. (" Bitcoin Well " or the " Company ") ( TSXV: BTCW; OTCQB: BCNWF ), the non-custodial bitcoin business on a mission to enable independence, today announced financial and operating results for the third quarter and nine months ended September 30, 2024.
Revenue of $21.0 million for the 3-months ended September 30 , 2024 (Q3 2023: $13.4 million, +57%); and $60.5 million for the 9-months ended September 30, 2024 (2023: $40.9 million, +48%).
Revenue growth driven by continued growth on the Bitcoin Portal which grew 209% in Q3 2024 when compared to Q3 2023.
Unique registrations grew by more than 4,800 in Q3 to a total of over 25,000 as of September 30, 2024 (representing growth of 23% from June 30, 2024 and 127% from December 31, 2023).
As of November 4, 2024 the Company has over 27,000 unique registrations
Financial overview
For the three months ended, | For the nine months ended, | |||||||
Sept 30, 2024 | Sept 30, 2023 | Sept 30, 2024 | Sept 30, 2023 | |||||
Revenue | $ 21,010,424 | $ 13,412,337 | $ 60,454,337 | $ 40,941,790 | ||||
Gross Profit | 905,298 | 1,110,325 | 2,750,218 | 3,398,365 | ||||
Adjusted EBITDA (1) | (611,367) | (69,489) | (1,681,563) | (616,901) | ||||
Adjusted Cash Flow (1) | (806,613) | (490,260) | (2,243,400) | (1,962,839) | ||||
Net loss | (949,226) | (1,843,108) | (7,948,965) | (6,819,735) | ||||
Total comprehensive loss | (1,372,989) | (2,208,561) | (4,632,583) | (4,038,470) | ||||
(1) See Non-IFRS Measures.
Overall revenue in the second quarter of 2024 was $21.0 million, compared to $13.4 million in Q3 2023 (+57%), driven by higher transaction volumes on the Bitcoin Portal. Revenue from the Company's Online segment grew to $15.1 million in Q3 2024 from $4.9 million last year, an improvement of 209%. On a year-to date basis, revenue increased to $60.5 million, compared to $40.9 million in the first nine months of 2023 (+48%). Revenue from the Online segment grew to $41.4 million for the nine-month period from $16.6 million last year, marking growth of 148% YoY.
"We are proud of the growth of the Bitcoin Portal," said Adam O'Brien, founder and CEO of Bitcoin Well. "We have been working hard to create the best bitcoin platform which empowers our customers to take and use bitcoin in self custody. Our growth is a symbol that we have achieved product market fit. Now we are focused on exponential growth by tapping into the toughest and most resilient community in the world; the bitcoin community."
Overall gross profit declined to $0.9 million in Q3 2024 from $1.1 million last year (-18%) and for the nine months ended September 30, 2024 declined to $2.8 million from $3.4 million last year (-19%). The decline is primarily driven by a change in sales mix, with lower margin online transactions now making up a larger proportion relative to the high margin Bitcoin ATM sales. The Company sees this as a necessary stepping stone to successfully transition the business into a highly scalable online bitcoin platform.
The Company is experiencing a significant rate of growth on its Bitcoin Portal, which has now exceeded 27,000 unique signups as at November 4, 2024. This represents user growth of 23% from June 30, 2024 and 127% from December 31, 2023.
In addition, the Company's initiatives to increase the gross profit on the Bitcoin Portal have been successful. Gross profit from the Bitcoin Portal was $0.2 million for the 3-months ended September 30, 2024 (Q3 2023: $15 thousand, +1,198%) and $0.5 million for the 9-months ended September 30, 2024 (2023: $0.3 million, +86%).
Further, gross margin has improved to 1.3% in Q3 2024 from just 0.3% in the same quarter last year (+313% improvement), and these initiatives continue. This includes building products such as Lite Accounts and Cash Vouchers, and in the future, the ability to buy gift cards to popular merchants and stores with bitcoin.
Adjusted EBITDA declined to negative $0.6 million in Q3 2024 from negative $0.1 million in Q3 2023 and to negative $1.7 million for the nine months ended September 30, 2024 from negative $0.6 million last year. These declines were primarily due to higher marketing expenses and professional fees.
Year-to-date in 2024, the Company has made significant investments in marketing and advertising initiatives to promote usage of the Bitcoin Portal. Marketing and advertising expenses in Q3 2024 were $0.5 million, reflecting a $0.3 million increase from Q3 2023 (nine months ended September 30, 2024 - increased to $0.9 million from $0.3 million last year). The higher professional fees in 2024 was due to non-recurring legal fees incurred to vigorously litigate against Rapid Cash ATM Ltd. due to their alleged breach of contract in October 2023.
This news release should be read in concert with the full disclosure documents. The Bitcoin W ell condensed consolidated interim financial statements and MD&A for the three and nine months ended September 30, 2024 and 2023 will be available on the Bitcoin Well website ( www.bitcoinwell.com ), via SEDAR+ ( www.sedarplus.ca ) or can be requested from the Company.
The Company uses certain terms in this news release, such as ‘Adjusted EBITDA' and ‘Adjusted Cash Flow', which do not have a standardized or prescribed meaning under International Financial Reporting Standards (IFRS), and accordingly, these measurements may not be comparable with the calculation of similar measurements used by other companies.
Please refer to the "Non-IFRS Financial Measures" section in the Company's Management Discussion & Analysis for the period ended September 30, 2024 ("MD&A") for applicable definitions, calculations, and rationale for use. Non-IFRS measures are provided as supplementary information by which readers may wish to consider the Company's performance, but should not be relied upon for comparative or investment purposes.
See the table below for a reconciliation of each non-IFRS measure to its nearest IFRS measure:
Three months ended | Nine months ended | |||||||
Sept 30, 2024 | Sept 30, 2023 | Sept 30, 2024 | Sept 30, 2023 | |||||
Net loss | $ | (949,226) | $ | (1,843,108) | $ | (7,948,965) | $ | (6,819,735) |
Financing fees | 633,995 | 626,,169 | 1,955,175 | 1,601,669 | ||||
Depreciation and accretion | 134,310 | 350,136 | 554,775 | 1,119,799 | ||||
Fair value change – crypto loans (1) | (43,366) | (780,365) | 5,873,575 | 3,092,371 | ||||
Share based compensation | 62,515 | 332,330 | 325,928 | 503,063 | ||||
Foreign exchange (gain) loss | (79,012) | (97) | 106,847 | 18,414 | ||||
(Gain) loss on debt settlement | - | - | (20,000) | 5,178 | ||||
Loss (gain) on disposal of equipment | 2,607 | (18,904) | (1,090) | 7,992 | ||||
Fair value change – crypto inventory (1) | 159 | 542 | (296,673) | (12,401) | ||||
Realized gain on digital assets (1) | (373,349) | - | (2,231,135) | (374,958) | ||||
Income tax expense | - | 1,263,808 | - | 241,707 | ||||
Adjusted EBITDA | $ | (611,367) | $ | (69,489) | $ | (1,681,563) | $ | (616,901) |
Less: financing fees | (633,995) | (626,169) | (1,955,175) | (1,601,669) | ||||
Add: non-cash interest items (2) | 378,749 | 205,398 | 1,193,338 | 255,731 | ||||
Adjusted Cash Flow | $ | (866,613) | $ | (490,260) | $ | (2,443,400) | $ | (1,962,839) |
(1) Non-cash, fair value change on the revaluation of cryptocurrency loans is largely offset by revaluation changes in inventory and gains (losses) on digital assets, which are recorded in both income (if realized) and other comprehensive Income (if unrealized).
(2) Non-cash interest items include interest on cryptocurrency loans that were settled in common shares or are intended to be settled in common shares as well as non-cash interest on the line of credit where the accrued interest is added to the principal balance of the loan
About Bitcoin Well
Bitcoin Well is on a mission to enable independence. We do this by making bitcoin useful to everyday people to give them the convenience of modern banking and the benefits of bitcoin. We like to think of it as future-proofing money. Our existing Bitcoin ATM and Online Bitcoin Portal business units drive cash flow to help fund this mission.
Join our investor community and follow us on Nostr , , and to keep up to date with our business.
Bitcoin Well contact information
To book a virtual meeting with our Founder & CEO Adam O'Brien please use the following link: https://bitcoinwell.com/meet-adam
For additional investor & media information, please contact:
Adam O'Brien
Tel: 1 888 711 3866
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release .
Forward-looking information
Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", or the negative thereof and similar expressions. All statements herein other than statements of historical fact constitute forward-looking information including, but not limited to statements in respect of: revenue growth from the Bitcoin Portal in 2024 and 2025; improving gross margins from the Online Segment; and Bitcoin Well's business plans, strategy and outlook.
Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information, including, but not limited to the following: economic and financial conditions, volatility in the capital or credit markets; the level of demand and financial performance of the cryptocurrency and digital asset industry, the occurrence of force majeure events; the extent to which the Company is successful on gaining new long-term users or retaining existing users; developments and changes in laws and regulations, disruptions to the Company's technology network; inability to obtain financing; competitive factors; and such other factors as discussed in the "Risk Factors" section of the Company's MD&A for the year ended December 31, 2023.
Bitcoin Well actual results could differ materially from those anticipated in this forward-looking information as a result of the foregoing risk factors and other factors, many of which are beyond the control of Bitcoin Well.
Bitcoin Well believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents Bitcoin Well expectations as of the date hereof, and is subject to change after such date. Bitcoin Well disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.
For more information, see the Cautionary Note Regarding Forward Looking Statements found in the Bitcoin Well MD&A.
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
(TheNewswire)
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Edmonton, Alberta TheNewswire - November 4, 2024 Bitcoin Well Inc. (" Bitcoin Well " or the " Company ") ( TSXV: BTCW; OTCQB: BCNWF ), the non-custodial bitcoin business on a mission to enable independence, announces +18% month over month growth in their active user rate, while processing nearly 5,000 revenue generating transactions, the highest number on the Bitcoin Portal in a single month.
In October, the Company achieved 1,529 active users, signalling 18% growth over September. This is a 23% increase from July 2024 and over 260% year over year.
Further, the Company now has over 5,280 customers that have made at least 1 revenue generating transaction on the Bitcoin Portal in the last 12 months. This is a yearly active user rate of roughly 20%. In other words, 1 in 5 customers that make a Bitcoin Well account make at least one transaction throughout the year, many of them making multiple in a 12 month period.
We are hopeful to see this trend and the high customer retention rate continue, which becomes more impactful as we continue to add more customer registrations each month. The Company added nearly 2,000 new customer registrations in the month of October for a total of nearly 27,000 total customer registrations currently signed up on the Bitcoin Portal as at the end of October.
"When you compare our monthly active user rate against our yearly active user rate you can really see how the Bitcoin Portal is positioned to grow," said Adam O'Brien, founder and CEO of the Company. "I think it's a testament to the fact that we have built an incredible platform that makes bitcoin in self custody easy to use. Word is getting out about our self custody bitcoin platform and we're ready to scale!"
About Bitcoin Well
Bitcoin Well is on a mission to enable independence. We do this by making bitcoin useful to everyday people to give them the convenience of modern banking and the benefits of bitcoin. We like to think of it as future-proofing money. Our existing Bitcoin ATM and Online Bitcoin Portal business units drive cash flow to help fund this mission.
Join our investor community and follow us on Nostr , , and to keep up to date with our business.
Bitcoin Well contact information
To book a virtual meeting with our Founder & CEO Adam O'Brien please use the following link: https://bitcoinwell.com/meet-adam
For additional investor & media information, please contact:
Adam O'Brien
Tel: 1 888 711 3866 - ir@bitcoinwell.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release .
Forward-looking information
Certain statements contained in this news release may constitute forward-looking information, which is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", or the negative thereof and similar expressions. All statements herein other than statements of historical fact constitute forward-looking information including, but not limited to, statements in respect of Bitcoin Well's business plans, strategy and outlook. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information including, but not limited to, the risk factors described in Bitcoin Well's annual information form and management's discussion and analysis for the year ended December 31, 2023. Forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents Bitcoin Well's expectations as of the date hereof and is subject to change. Bitcoin Well disclaims any intention or obligation to revise any forward-looking information, except as required by applicable securities legislation.
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
(TheNewswire)
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New partnership enables Bitcoin Well Infinite to offer White Glove OTC Services to individuals for transactions of $50,000 and higher.
Edmonton, Alberta October 29, 2024 TheNewswire Bitcoin Well Inc. (" Bitcoin Well " or the " Company ") ( TSXV: BTCW; OTCQB: BCNWF ), the non-custodial bitcoin business on a mission to enable independence, has entered into a partnership which allows Bitcoin Well to service its customers with large bitcoin transactions through its OTC desk, Bitcoin Well Infinite, in multiple countries.
Bitcoin Well Infinite offers a premium, white-glove service to customers who want to make large bitcoin transactions with an emphasis on self custody. This business unit is capable of serving customers in multiple countries such as Canada (which has been operating since 2021), most states in the United States of America, most countries in the EU and some South American countries. The key advancement for Bitcoin Well is a partnership that accepts international USD wires, sources liquidity for those regions and handles compliance responsibilities. Bitcoin Well is solely responsible for customer engagement and relationship building.
Customers interested in using Bitcoin Well Infinite will benefit from an Executive Bitcoin Advisor walking them through the process of buying large quantities of bitcoin and storing it safely in self custody. Reach out to the Bitcoin Well Infinite team at otc@bitcoinwell.com or visit bitcoinwell.com/infinite .
"I am very excited to introduce more of the world to Bitcoin Well" said Adam O'Brien, founder and CEO of the Company. "We have seen our Infinite customers in Canada value our strong bitcoin knowledge and emphasis on self custody. I believe the rest of the world will appreciate what we have to offer."
BTC Sessions and Simply Bitcoin Share Issuances
Further to the press release dated April 2, 2024, the Company has issued 541,000 common shares of the Company (the "Shares") at a deemed price of C$0.12 per share to Ben Perrin, AKA BTC Sessions, in exchange for USD$48,000 of services provided under the sponsorship agreement, previously announced on April 2, 2024. The services were provided by Ben Perrin to Bitcoin Well from April 1, 2024, to June 30, 2024.
Further to the press release dated February 29, 2024, the Company has issued 1,428,459 Shares at a deemed price of C$0.085 per share to Simply Bitcoin in exchange for USD$90,000 of services provided under the sponsorship agreement, previously announced on February 29, 2024. The services were provided by Simply Bitcoin to Bitcoin Well from March 1, 2024, to August 31, 2024.
The above share issuances remain subject to final approval of the TSX Venture Exchange and will be subject to a statutory hold period of four months plus a day.
About Bitcoin Well
Bitcoin Well is on a mission to enable independence. We do this by making bitcoin useful to everyday people to give them the convenience of modern banking and the benefits of bitcoin. We like to think of it as future-proofing money. Our existing Bitcoin ATM and Online Bitcoin Portal business units drive cash flow to help fund this mission.
Join our investor community and follow us on Nostr , , and to keep up to date with our business.
Bitcoin Well contact information
To book a virtual meeting with our Founder & CEO Adam O'Brien please use the following link: https://bitcoinwell.com/meet-adam
For additional investor & media information, please contact:
Adam O'Brien
Tel: 1 888 711 3866
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release .
Forward-looking information
Certain statements contained in this news release may constitute forward-looking information, which is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", or the negative thereof and similar expressions. All statements herein other than statements of historical fact constitute forward-looking information including, but not limited to, statements in respect of Bitcoin Well's business plans, strategy, outlook and the benefits and effects of utilizing an executive bitcoin advisor. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information including, but not limited to, the risk factors described in Bitcoin Well's annual information form and management's discussion and analysis for the year ended December 31, 2023. Forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents Bitcoin Well's expectations as of the date hereof and is subject to change. Bitcoin Well disclaims any intention or obligation to revise any forward-looking information, except as required by applicable securities legislation.
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
(TheNewswire)
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Edmonton, Alberta TheNewswire - September 5, 2024 Bitcoin Well Inc. (" Bitcoin Well " or the " Company ") ( TSXV: BTCW; OTCQB: BCNWF ), the non-custodial bitcoin business on a mission to enable independence announces an update to the Bitcoin Portal. Canadians can now buy bitcoin on the Lightning Network with e-Transfer, recurring buy and Cash Vouchers. This completes the Lightning Network integration as Bitcoin Well all customers can also sell bitcoin and pay their bills with bitcoin on the Lightning Network.
Bitcoin Well customers in Canada can buy bitcoin on the Lightning Network with e-Transfer, Cash Vouchers and recurring buy
Cash Voucher blog: https://bitcoinwell.com/blog/how-to-buy-bitcoin-on-the-lightning-network-in-canada-privately
Recurring buy blog post: https://bitcoinwell.com/blog/how-to-dollar-cost-average-bitcoin-on-the-lightning-network-in-canada
E-Transfer blog post: https://bitcoinwell.com/blog/how-to-buy-bitcoin-on-the-lightning-network-in-canada
This enables the Bitcoin Portal to be fully Lightning Network enabled with customers being able to buy, sell and use bitcoin on the Lightning Network
Over 1,600 unique user sign ups in August to the Bitcoin Portal bringing the total unique user count to nearly 23,500 as of the end of August 2024
All Canadian customers can now log in to their Bitcoin Well account and select the "Lightning" tab from the Buy bitcoin page . This will prompt them to add their Lightning Payment Address and buy bitcoin instantly . On average customers will experience transaction completion in less than 10 seconds , with the bitcoin sent directly to their personal Lighting wallets.
"Enabling the ability to buy bitcoin on the Lightning network now gives Bitcoin Well customers the ability to buy bitcoin, sell bitcoin and pay their bills in bitcoin - all directly to and from their personal Lightning wallets," explained Adam O'Brien, founder and CEO of Bitcoin Well. "This is another step towards our vision of enabling independence by making bitcoin in self custody easy to use. The addition of the Lightning Network to our entire suite of products makes it even faster and safer to use Bitcoin Well - a platform already known for speed and security. We are very proud of that."
Canadians also have the ability to buy bitcoin on the Lightning network on a recurring basis (using a DCA - Dollar Cost Average - strategy) by selecting their desired Lighting payment address (instead of their on-chain bitcoin address) on the Recurring Buy page in their Bitcoin Well account.
Lastly, Bitcoin Well customers also gain the ability to redeem Cash Vouchers for bitcoin on the Lightning Network. Cash Vouchers saw nearly 1,000 transactions in the month of July alone, and almost 2,000 transactions from the launch in April to the end of July. They are the fastest growing product in the Bitcoin Portal and we expect the additional functionality of the Lightning Network to continue to grow Cash Vouchers in popularity, which will continue to funnel customers to the Bitcoin Portal.
The benefits of the Lighting network are that Bitcoin Well customers can now buy bitcoin more frequently without having to worry about Bitcoin blockchain fees or transactions bloating their cold storage wallets. We expect this, along with some other features to be released in the Bitcoin Portal in the coming weeks and months, will continue to drive user signups - which has currently exceeded 23,000 across Canada and the USA.
About Bitcoin Well
Bitcoin Well is on a mission to enable independence. We do this by making bitcoin useful to everyday people to give them the convenience of modern banking and the benefits of bitcoin. We like to think of it as future-proofing money. Our existing Bitcoin ATM and Online Bitcoin Portal business units drive cash flow to help fund this mission.
Join our investor community and follow us on Nostr , , X and to keep up to date with our business.
Bitcoin Well contact information
To book a virtual meeting with our Founder & CEO Adam O'Brien please use the following link: https://bitcoinwell.com/meet-adam
For additional investor & media information, please contact:
Adam O'Brien
Tel: 1 888 711 3866
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Certain statements contained in this news release may constitute forward-looking information, which is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", or the negative thereof and similar expressions. All statements herein other than statements of historical fact constitute forward-looking information including, but not limited to, statements in respect of Bitcoin Well's business plans, strategy and outlook. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information including, but not limited to, the risk factors described in Bitcoin Well's annual information form and management's discussion and analysis for the year ended December 31, 2023. Forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents Bitcoin Well's expectations as of the date hereof and is subject to change. Bitcoin Well disclaims any intention or obligation to revise any forward-looking information, except as required by applicable securities legislation.
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The election was called for Trump at around 5:36 a.m. EST on November 6. Bitcoin was valued at US$73,806 when the news hit, reflecting a nearly 7 percent increase in 24 hours. It went on to break the US$75,000 barrier that same day, and has held steady above that level, unlike in September and October, when volatile price swings kept investors guessing.
Bitcoin performance, November 11 to 12, 2024.
Chart via CoinGecko.
Continuing higher, Bitcoin passed US$80,000 on November 10 and then hit US$85,000 midday on November 11. From there it pushed further — as mentioned, it ultimately peaked near US$90,000 November 12.
Bitcoin saw a sharp 8.36 percent increase on November 11 as Republicans gained ground in the battle for control of the House. At 7:35 p.m. EST that day, Decision DeskHQ announced that the party had secured 219 seats.
A Republican-controlled White House is expected to lead to looser financial regulations, and the appointment of crypto-friendly policymakers like Young Kim (R-C) could result in crypto-related legislation passing early in 2025.
Two prime examples are the Financial Innovation and Technology for the 21st Century Act, otherwise known as FIT21, and the Bitcoin Act of 2024. FIT21 would define digital assets under one of two categories — either restricted digital assets or digital commodities — and would assign jurisdiction to either the US Securities and Exchange Commission, which would oversee the trade of restricted digital assets, or the Commodity Futures Trading Commission, which would handle digital commodities trading. The act has already passed through both chambers of Congress, but has been met with opposition from the Biden administration, which has prevented it from being signed into law.
FIT21 has been stalled since September 9, and while it could pass before the end of the term in Congress’ final session this week, Representative William Barr told CoinDesk in October that leaving it for the next Congress session would give lawmakers an opportunity to revisit the bill and possibly make revisions.
The Bitcoin Act would see a strategic Bitcoin reserve established by the federal government, a move Trump has said he would support if elected. The bill was introduced by Senator Cynthia Lummis (R-WY) in July, and was read twice before being referred to the Senate Committee on Banking, Housing and Urban Affairs.
Bitcoin's recent surge, fueled by political developments, underscores the growing influence of regulatory decisions on the cryptocurrency market. While its future trajectory is uncertain, Bitcoin’s momentum suggests investors are hopeful that a shift toward a more favorable environment for Bitcoin and other cryptocurrencies in the US under a Republican administration will lead to continued adoption and crypto and innovation in the industry.
Don't forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Stay informed on the latest developments in the tech world with the Investing News Network's round-up below.
Trump's election victory on Wednesday (November 6) has been perceived as a victory for CEOs, particularly those in the tech industry who have maintained close ties with policymakers. With promises to lower corporate taxes and loosen regulations, the new administration could provide a more favorable business environment.
That sentiment was reflected in the stock market this week, with some tech companies witnessing growth of well over 5 percent. After replacing Intel (NASDAQ:INTC) on the Dow on November 1, NVIDIA (NASDAQ:NVDA) surpassed Apple (NASDAQ:APPL) to become the world's most valuable company for the third time this year. It achieved a market cap of US$3.43 trillion compared to Apple's US$3.38 trillion as markets wrapped on Tuesday (November 5), and reached a historic valuation of US$3.6 trillion on Wednesday. Its share price is up 7.28 percent for the week.
In addition to NVIDIA's gains, tech giants Broadcom (NASDAQ:AVGO) and Amazon (NASDAQ:AMZN) also experienced significant share price increases of 8.29 percent and 5.87 percent, respectively. Shares of Apple, Microsoft (NASDAQ:MSFT), Meta Platforms (NASDAQ:META) and Taiwan Semiconductor Manufacturing Company (NYSE:TSM) saw more modest gains of 2.63 percent, 3.13 percent, 4.47 percent and 3.87 percent, respectively.
Adding to investor optimism is a Reuters article that suggests Trump could be planning to dial back antitrust measures enforced by the Biden administration. He reportedly also may disrupt the proposed breakup of Google (NASDAQ:GOOGL), whose share price is up 5.09 percent for the week.
After a slump early in the week, Bitcoin reached a new all-time high after Trump's win at the polls.
In a presidential race initially considered the closest in modern US history, the Republican candidate took an early lead by securing votes in North Carolina, Georgia and Pennsylvania, three out of seven key swing states.
At 5:34 a.m. EST on Wednesday, the Associated Press reported that Trump had won over a fourth swing state, Wisconsin, securing enough electoral college votes to be declared the winner.
As Americans cast their ballots and Trump’s prospects improved, the price of Bitcoin rose in tandem. The popular cryptocurrency went from around US$68,750 on Tuesday morning to more than US$75,000 just after 1:36 a.m. EST on Wednesday, surpassing its previous record of US$73,000 set in March of this year.
Bitcoin performance, October 10 to November 7, 2024.
Chart via CoinGecko.
On Wednesday at 5:35 a.m. EST, after Trump declared victory, Bitcoin was trading at around US$73,000. Its price continued to rise as the markets opened on Wednesday, briefly breaking past US$76,000 before retreating slightly as western markets closed. It traded in the US$74,000 range in Asia and retook US$76,000 at around 11:00 a.m. EST.
Unlike the short-lived rallies seen in recent weeks, Bitcoin has managed to maintain its gains so far.
A Trump presidency is viewed as beneficial to the cryptocurrency industry, as during his campaign he promised to loosen regulations and replace regulators like US Securities and Exchange Commission Chair Gary Gensler, who has had contentious relationships with the industry’s major players. Republicans have also secured a majority in the Senate and are on track to take the House, although votes are still being tallied. With a more crypto-friendly political landscape, industry insiders are optimistic that innovation and adoption will accelerate.
Bitcoin closed the week over 10 percent higher at US$76,739, slightly below its weekly high of US$77,239.
Next to Bitcoin, Tesla (NASDAQ:TSLA) is the biggest winner after Trump’s win this week.
Its share price gained over 13 percent on Wednesday morning and is up over 31 percent for the week, trading at US$321.22, its highest level year-to-date.
Tesla performance, November 4 to 8, 2024.
Chart via Google Finance.
CEO Elon Musk actively supported Trump in the weeks leading up to the election, contributing roughly US$130 million to his campaign efforts despite Trump's criticism of electric vehicles.
In September, Trump indicated his intention to offer Musk a role in the White House, saying he would ask him to focus on streamlining government operations and cutting federal spending.
Musk has boldly predicted that he could eliminate at least US$2 trillion of federal spending. While he hasn't specified exactly where these cuts would come from, reports suggest that Musk and Trump may target agencies responsible for regulating industries in which Musk's companies operate. These agencies could include the Federal Aviation Administration (FAA), the Federal Communications Commission and environmental agencies.
Musk may have a vested interest in reducing the FAA's regulatory oversight of SpaceX, as diminishing the agency's funding could potentially clear a path for expanded commercial space exploration.
Issues between the FAA and SpaceX — such as a US$633,009 fine imposed by the FAA in September for procedural violations related to Falcon 9 launches, as well as its decision to delay the test launch of SpaceX’s Starship mega rocket — have created tension between Musk and the government agency.
Super Micro Computer (NASDAQ:SMCI) announced preliminary results for its first fiscal quarter of 2025 on Tuesday, providing a net sales forecast of US$5.9 billion to US$6 billion, missing analysts’ expectations of US$6.79 billion. The projection is also slightly below the company's previous guidance of US$6 billion to US$7 billion.
For its second fiscal quarter of 2025, Super Micro said it is expecting net sales of US$5.5 billion to US$6.1 billion. This outlook led to a share price drop of over 24 percent on Wednesday morning.
In Tuesday's release, the company also shared an update from an independent special committee formed to investigate concerns initially raised by EY about Super Micro's accounting records. The committee said it found no evidence of fraud or misconduct by management or the firm's board, and recommended that Super Micro conduct “a series of remedial measures … to strengthen its internal governance and oversight function."
A full report on the committee's findings is expected next week.
Meanwhile, Super Micro is working to file its delayed Form 10-K and regain compliance with Nasdaq listing requirements. After being issued a notice of noncompliance, companies have 60 days to either file a Form 10-K or submit a plan to regain compliance. If Super Micro fails to do either and is delisted from the Nasdaq, it faces potential early repayment on up to US$1.725 billion of its March 2029 convertible notes.
Arm Holdings (NASDAQ:ARM) released its latest quarterly results on Wednesday, showing that its revenue growth slowed to 5 percent in the September quarter, down from 39 percent in the previous period.
The slowdown in revenue growth was primarily attributed to a decline in licensing revenue, the fees that Arm receives from companies that use its intellectual property (IP) to develop their own chips.
License and other revenue came to US$330 million during Arm's second fiscal of 2025, compared to US$472 million in previous quarter, which amounts to a difference of 43 percent.
Arm Holdings performance, November 4 to 8, 2024.
Chart via Google Finance.
The decline was partially offset by royalty revenue, which increased by 23 percent year-on-year to US$514 million. Royalty revenue refers to fees Arm receives from companies that use its IP in products sold to end consumers.
While Arm's share price initially dipped following the report, it rebounded strongly, and was up nearly 10 percent by midday on Thursday (November 7). This positive shift may reflect investor confidence in Arm's strong position within the tech industry. The company collaborates with major tech players like Apple, Samsung Electronics (KRX:005930) and NVIDIA, and its chips are essential components in a wide range of consumer and industrial electronics.
The company's share price ended the week up 5.16 percent.
Don't forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
So, where did Bitcoin start, and what has spurred Bitcoin's price movements in recent years? Read on to find out.
Created as a response to the 2008 financial crisis, the concept of Bitcoin was first introduced in a nine-page white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” on October 31, 2008, on a platform called Metzdowd.
The manifesto was penned by a notoriously elusive person (or persons) who used the pseudonym Satoshi Nakamoto. The author(s) laid out a compelling argument and groundwork for a new type of cyber-currency that would revolutionize the monetary system.
Cryptographically secured, Bitcoin was designed to be transparent and resistant to censorship, using the power of blockchain technology to create an immutable ledger preventing double-spending. The true allure for Bitcoin’s early adopters was in its potential to wrestle power away from banks and financial institutes and give it to the masses.
This was especially enticing as the fallout from the 2008 financial collapse ricocheted internationally. Described as the worst financial crisis since the Great Depression, US$7.4 billion in value was erased from the US stock market in 11 months, while the global economy shrank by an estimated US$2 trillion.
On January 3, 2009, the Genesis Block was established, marking the beginning of Bitcoin’s blockchain, onto which all additional blocks have been added. The Genesis Block contained the first 50 Bitcoins ever created and a simple message: “The Times 03/Jan/2009 Chancellor on the brink of second bailout for banks.”
Many believe the message hints at Bitcoin’s mission, as it references an article in The London Timesthat criticized the British government’s inadequate response to the financial crisis of 2007 to 2008, particularly the government’s inability to provide effective relief and support to the struggling economy.
When Bitcoin started trading in 2009, its starting price was a minuscule US$0.0009.
On January 12, 2009, Nakamoto made the first Bitcoin transaction when they sent 10 Bitcoins to Hal Finney, a computer scientist and early Bitcoin enthusiast, marking a crucial milestone in the cryptocurrency’s development and adoption.
News of the cryptocurrency continued to spread around the Internet, but its value did not rise above US$0 until October 12, 2009, when a Finnish software developer sent 5,050 Bitcoins to New Liberty Standard for US$5.02 via PayPal, thereby establishing both the value of Bitcoin and New Liberty Standard as a Bitcoin exchange.
The first time Bitcoin was used to make a purchase was on May 22, 2010, when a programmer in Florida named Laszlo Hanyecz offered anyone who would bring him a pizza 10,000 Bitcoin in exchange. Someone accepted the offer and ordered Hanyecz two Papa John’s pizzas for US$25. The 10,000 Bitcoin pizza order essentially set Bitcoin’s price in 2010 at around US$0.0025.
Bitcoin’s price finally broke through the US$1 mark in 2011, and moved as high as US$29.60 that year. However, in 2012 Bitcoin pulled back and remained relatively muted.
Bitcoin’s price saw its first significant growth in earnest in 2013, the year it broke through both US$100 and US$1,000. It climbed all the way to US$1,242 in December 2013.
From that peak, Bitcoin’s price began to fall, and it spent most of 2015 in the US$200 range, but it turned around in December 2015 and began to climb again, ending the year at around US$430.
January 1, 2016, marked the beginning of Bitcoin’s sustained price rise. It started the year at US$433 and ended it at US$989 — a 128 percent value increase in 12 months.
That year, several contributing factors led to Bitcoin’s rise in mainstream popularity. The stock market experienced one of its worst first weeks ever in 2016, and investors began turning to Bitcoin as a “safe-haven” stock amidst economic and geopolitical uncertainty.
2016 also saw the Brexit referendum in the UK in June and the election of Donald Trump to the White House in November, both events that coincided with a bump in Bitcoin’s price.
Bitcoin continued its ascent, while various industries continued to take an interest in blockchain technology, particularly technology and finance. In February, a group of investors that included IBM (NYSE:IBM) and Goldman Sachs invested US$60 million in a New York firm developing blockchain technology for financial services, Dig Asset Holdings. Bitcoin was trading at US$368.12 on February 2, down a bit from January, but two months later it was US$418.
In May the price of Bitcoin experienced a significant price increase, rising by 21 percent to US$539 at the end of the month. Its price went higher into June, peaking at US$764 on June 18. After that, it fell sharply and spent the summer in the high US$600 range. It dropped to US$517 on August 1 and started its climb all over again.
Microsoft (NASDAQ:MSFT) and Bank of America Merrill Lynch partnered for a finance transacting endeavor in September. Not much price movement was observed, but Bitcoin remained on a steady upward trajectory after that. In October, Ripple partnered with 12 banks in a trial that used its native digital currency token XRP to facilitate cross-border payments. Institutional investment bolstered investor confidence, and Bitcoin went from US$629 to US$736 between October 20 and November 20.
Bitcoin’s popularity continued into 2017, and it rose from US$1,035.24 in January to US$18,940.57 in December. Futures contracts began trading on the Chicago Mercantile Exchange in December 2017, and Bitcoin began to be more widely perceived as a legitimate investment rather than a passing fad. FOMO flooded the market. What ensued was a frenzy of media coverage featuring celebrity endorsements and initial coin offerings (ICOs) that spilled into 2018.
Regulators began to take notice and issued warnings and guidelines meant to protect investors and mitigate risks associated with digital assets, which only seemed to make people want them more.
Through it all, Bitcoin remained the “gold standard” of cryptocurrencies, yet its price was subject to extreme volatility. At the beginning of 2019, it was around US$3,800, it reached nearly US$13,000 in June, but by December 2019 Bitcoin was trading at around US$7,2000.
Bitcoin price chart from January 1, 2016, to December 31, 2019.
Chart courtesy of TradingEconomics.com
2020 proved a testing ground for the digital coin’s ability to weather financial upheaval. Starting the year at US$6,950.56, a widespread selloff in March triggered by the pandemic brought its value to US$4,841.67 — a 30 percent decline.
The low created a buying opportunity that helped Bitcoin regain its losses by May. The rally continued throughout 2020, and the digital asset ended the year at US$29,402.64, a 323 percent year-over-year increase and a 507 percent rise from its March drop.
By comparison, gold, one of the best-performing commodities of 2020, added 38 percent to its value from the low in March through December, setting what was then an all-time high of US$2,060 per ounce in August.
Bitcoin’s ascent continued in 2021, rallying to an all-time high of US$68,649.05 in November, a 98.82 percent increase from January. Much of the growth in 2021 was attributed to risk-on investor appetite.
Increased money printing in response to the pandemic also benefited Bitcoin, as investors with more capital looked to diversify their portfolios. The success of the world’s first cryptocurrency amid the market ups and downs of 2020 and 2021 led to more interest and investment in other coins and digital assets as well. For example, 2021 saw the rise of non-fungible tokens (NFTs), unique crypto assets that are stored, sold and traded digitally using blockchain technology.
Almost immediately following its record close above US$69,000 in November 2021, Bitcoin’s value began to fall once again. Market uncertainty weighed especially heavily on Bitcoin in 2022. During the second quarter of that year, values dived below US$20,000 for the first time since December 2020.
On May 7, 2022, Curve Whale Watching posted the first sign that confidence in Terra Luna, a cryptocurrency pegged to the US dollar, was waning after 85 million of its stablecoin UST exchanged for less than the 1:1 ratio it was supposed to maintain. This triggered a massive sell-off that brought Luna’s value down 99.7 percent and eventually resulted in the Terra tokens ceasing to be traded on major crypto exchanges.
Terra’s collapse had a domino effect on the industry as investors’ faith in crypto crumbled. In July, the Celsius network, a platform where users could deposit crypto into digital wallets to accrue interest, halted all transfers due to “extreme market conditions”, driving down the price of Bitcoin even further to US$19,047, a 60 percent decline from January 2022. In July, Celsius filed for Chapter 11 bankruptcy.
However, the biggest shake-up to the industry came in November when CoinDesk published findings that cryptocurrency trading firm Alameda Research led by Sam Bankman-Fried had borrowed billions of dollars of customer funds from crypto exchange and sister company FTX. Over a third of Alameda’s assets were tied up in FTT, the native cryptocurrency of FTX.
Once this news broke, investors withdrew their funds en masse, causing a liquidity crunch that collapsed FTX. Bankman-Fried was later arrested and sentenced to 25 years in federal prison on counts of money laundering, wire fraud and securities fraud.
Although Bitcoin was never implicated, the fallout of the FTX scandal led to a crisis of confidence across the sector and increased scrutiny from regulators and law enforcement. By the end of 2022, prices for Bitcoin had moved even lower to settle below US$17,000.
Bitcoin price chart from January 1, 2020, to December 31, 2022.
Chart courtesy of TradingEconomics.com
Bitcoin's powerful performance cannot be understated as evidenced by its price performance in the later half of 2023 and so far in 2024.
Concerns with the banking system led the price of Bitcoin to rally in March 2023 to US$28,211 by March 21 after the failure of multiple US banks alarmed investors.
In Q2 2023, Bitcoin continued its ascent, stabilizing above US$25,000 even as the US Securities Exchange Commission (SEC) filed lawsuits against Coinbase Global (NASDAQ:COIN), along with Binance and its founder Changpeng Zhao.
Although it looked like bad news for the sector, Bitcoin stayed steady, holding above US$25,000. This was supported by BlackRock (NYSE:BLK), the world's largest asset manager, filing for a Bitcoin exchange-traded fund with the SEC on June 15.
Bitcoin's price jumped above US$30,000 on June 21, 2023, and on July 3, 2023, the crypto hit its highest price since May 2022 at US$31,500. It held above US$30,000 for nearly a month before dropping just below on July 16, 2023. By September 11, 2023, prices had slid further to US$25,150.
Heading into the final months of the year, the Bitcoin price benefited from increased institutional investment on the prospect of the SEC approving a bevy of spot Bitcoin exchange-traded funds by early 2024. In mid-November the price for the popular cryptocurrency was trading up at US$37,885, and by the end of the year that figure had risen further to US$42,228 per BTC.
Bitcoin set a new all-time high price on November 6, 2024, when it reached US$76,243 per BTC at 4:00 p.m. EST. This new highest price came after the 45th US President Donald Trump made a stunning political comeback to become the 47th US President. His retaking of the presidency is being heralded as hugely positive for the cryptocurrency market.
“We have a #Bitcoin President,” Michael Saylor, founder of Bitcoin development company MicroStrategy (NASDAQ:MSTR), posted on X.
Bitcoin price chart for January 1, 2024, to November 6, 2024.
Chart courtesy of TradingEconomics.com
Once the SEC’s approval of 11 spot Bitcoin ETFs hit the wires, the price per coin jumped again to US$46,620 on January 10, 2024. These investment vehicles were a major driving force behind the more than 42 percent rise in value for Bitcoin in February; it reached US$61,113 on the last day of the month.
On March 4, Bitcoin surged almost 8 percent in 24 hours to trade at US$67,758, less than 2 percent away from its previous record, and on March 11 it hit a new milestone, surpassing the US$72,000 mark. Three days later, on March 14, Bitcoin reached its highest-ever recorded price of US$73,737.94, surpassing the market cap of silver.
Bitcoin often surges leading up to the halving events, which is when Bitcoin rewards are halved for miners. The most recent came in April when the reward for completing a block was cut from 6.25 to 3.125 Bitcoin.
Several sources cited the 2024 halving as one of the forces that drove the price of Bitcoin to its newest high.
The halving occurred at around 8:10 p.m. EDT on a Friday, and Bitcoin’s price remained stable within the US$63,000 to US$65,000 range over the ensuing weekend. On April 22, the Monday following the halving, it was slightly above US$66,000.
While Bitcoin's price stayed relatively stable, the cryptocurrency's trading volume experienced significant fluctuations through that weekend, with a 45 percent increase from April 19 to April 20 followed by a 68 percent decline on April 21. Between April 30 and May 3, it fell as low as US$56,903 following the Federal Reserve’s April policy meeting, which did not produce a rate cut.
Reports that the SEC was moving to approve spot Ether ETFs in May sent the price of Bitcoin climbing again alongside that of Ether, the native token of the Ethereum blockchain, which serves as the foundation for these ETFs. Bitcoin passed US$71,000 for the second time ever at 8:00 p.m. EDT on May 20, days before the SEC approved spot Ether ETFs on May 23.
Bitcoin hovered between US$67,000 and US$69,000 for the remainder of the month and into the middle of June. It fell back below US$67,000 on June 13 and moved lower the next day when the Federal Reserve opted to delay lowering interest rates once again.
Losses picked up speed through late June and continued in July, with analysts pointing to uncertainty over post-election regulations, Germany’s sell-off of seized Bitcoin assets and concerns about the impact of the defunct trading platform Mt. Gox on the token market. Bitcoin dropped to a two-month low of US$55,880 on July 8, but quickly recovered most of its losses after Federal Reserve Chairman Jerome Powell’s congressional testimony on July 9 that signaled rate cuts may not be far off.
As crypto gains wider acceptance and accessibility, with more traditional financial institutions and products incorporating digital assets, the type of risk that Bitcoin represents has evolved. Bitcoin was primarily seen as a highly speculative alternative investment. Now, with expanding institutional interest, it is increasingly seen as a ”risk-on” asset – meaning its price movements are influenced by market sentiment, investor confidence and broader economic conditions.
A rise in Bitcoin’s price ensued after the July 13 assassination attempt of US presidential candidate Donald Trump, who has been actively endorsing the crypto industry for support. Bitcoin rose from US$57,899 to US$66,690 in the week following the incident as the odds of a Trump victory were seen to improve, highlighting the impact of regulatory uncertainty on the market. However, Bitcoin’s price didn’t experience any significant pullbacks in the week after current US President Joe Biden dropped out of the race on July 21 and current Vice President Kamala Harris took over as the new nominee.
Other significant developments affecting Bitcoin during the summer included the underwhelming performance of spot Ether ETFs, fears of a US government Bitcoin sell-off, Trump’s proposed national Bitcoin stockpile and Trump’s declining chances of winning the election as support for Harris snowballs.
Bitcoin experienced a tumultuous August, with its price plummeting alongside other digital assets and the stock market on August 5th. Several factors triggered this sell-off, including weaker-than-expected economic data on August 2 and an unexpected interest rate hike in Japan. These events sparked panic in Asian markets, leading investors to liquidate high-risk assets like Bitcoin.
Despite a brief recovery, Bitcoin continued to fluctuate throughout August, dropping to US$58,430 on the weekend of August 10 and 11, and experiencing further price swings between US$60,700 and US$56,700. While positive inflation data boosted the stock market, Bitcoin struggled to break past a US$60,000 ceiling.
A brief rally on August 23rd, prompted by the Federal Reserve's signal to begin lowering interest rates, was quickly followed by another price drop. This pattern of rallies and subsequent declines persisted for the remainder of August and most of September. Bitcoin ended the month at just above US$64,540.
During the lead up to the 2024 US presidential election had a notable affect on Bitcoin's price movements, with the Republican party generally seen as more "crypto-friendly" than the Democrats. On October 28, PolyMarket, bettors favored Trump with a 66.1 percent probability of winning compared to Harris’ 33.8 percent. This translated into a 7 percent gain in a little over 24 hours on October 29 to flirt with the previous all-time high, coming in at US$73,295.
A few days later on November 3, Trump’s lead would seemingly narrow with the gap closing to 55 percent for Trump and 44.3 percent for Harris. The Bitcoin price responded by dropping to US$67,874 on November 4.
As of 7:20 p.m. EST on November 6, Bitcoin is valued at US$75,431.
October, historically a bullish month for Bitcoin, started with the cryptocurrency's price tumbling from US$64,000 to US$60,770 on the very first day. For the next few weeks, Bitcoin seemed to be stuck in a holding pattern, fluctuating within a narrow band. On October 13, positive inflation data boosted the market, pushing Bitcoin above the US$63,000 mark.
On October 28, as trading began in Asia, a surge of activity propelled Bitcoin past the US$70,000 milestone. The excitement continued to build with the European markets, where another wave of buying pushed the price even higher to US$71,200. Anticipation mounted as North American traders joined the fray, pushing the price just short of US$72,000, and it continued upwards to just under US$73,000 at 1:30 p.m. PDT October 29.
Trump's election win on November 5 caused the Bitcoin price to rocket upwards, and it surpassed its previous high.
A blockchain is a digitized and decentralized public ledger of all cryptocurrency transactions.
Blockchains are constantly growing as completed blocks are recorded and added in chronological order. The mechanism by which digital currencies are mined, blockchain has become a popular investment space as the technology is increasingly being implemented in business processes across a variety of industries. These include banking, cybersecurity, networking, supply chain management, the Internet of Things, online music, healthcare and insurance.
Canadian software developer Peter Todd has denied he is Satoshi Nakamoto, a claim made by the documentary "Money Electric: The Bitcoin Mystery," which aired on October 8, based on circumstantial evidence such as posts on an early Bitcoin forum and correspondence between Todd and Hal Finney, who received the first Bitcoin from Satoshi.
Aired on HBO, the film by Cullen Hoback features interviews with people involved in Bitcoin's creation and suggests that Todd could be the elusive Satoshi Nakamoto who wrote the 2008 white paper that led to Bitcoin's launch. Reddit posts dating back to 2015 have also suggested that Todd could be Satoshi.
Todd has continuously denied the claim, most recently to multiple media outlets, including CoinDesk and Bloomberg.
Bitcoin can be purchased through a variety of crypto exchange platforms and peer-to-peer crypto trading apps, and then held in a digital wallet. These include Coinbase Global, CoinSmart Financial (OTC Pink:CONMF,NEO:SMRT), BlockFi, Binance and Gemini.
Unlike traditional currencies that can increase circulation through printing, the number of Bitcoins is finite. This limit is a core function of Bitcoin's algorithm and was designed to offset inflation by maintaining scarcity. There are 21 million in existence, of which 19,787,175 are in circulation as of August 8. This means there are 1,212,825 still unmined.
A new Bitcoin is created when a Bitcoin miner uses highly specialized software to complete a block of transaction verifications on the Bitcoin blockchain. Roughly 900 Bitcoins are currently mined per day; however, after 210,000 blocks are completed, a Bitcoin protocol called a halving automatically reduces the number of new coins issued by half. Halving not only counteracts inflation but also supports the cryptocurrency’s value by ensuring that its price will increase if demand remains the same.
Halvings have occurred every four years since 2012, with the most recent happening on April 19, 2024. The next halving is expected to occur in 2028.
Bitcoin’s halving has significant implications for the cryptocurrency’s mining activity and supply because of how Bitcoin mining works. Currently, miners are paid 3.125 Bitcoin for every block they complete. After the next halving, the pay rate will lower to 1.5625 Bitcoin for every completed block for the next four years.Coinbase Global is a secure online cryptocurrency exchange that makes it easy for investors to buy, sell, transfer and store cryptocurrencies such as Bitcoin.
Cryptocurrencies are an alternative to traditional banking, and tend to attract people interested in assets that are outside mainstream systems. According to data from Statista, 53 percent of crypto owners are between the ages of 18 and 34, showing that the industry is drawing younger generations who may be interested in decentralized digital options.
Privacy is a key draw for cryptocurrency owners, as is the fact that they are separated from third parties such as central banks. Additionally, crypto transactions, including purchases, sales and transfers, are often quick and have fewer associated fees than transactions going through the banking system in the typical manner.
That said, banks are starting to notice how popular cryptocurrencies are. As Bitcoin and its compatriots become increasingly mainstream, many banks have begun to invest in cryptocurrencies and blockchain companies themselves.
While Bitcoin has reached new heights in 2024, one of its well-known features is its volatility. Investors who are more accepting of risk could look to the cryptocurrency space as there historically has been money to be made, and Bitcoin is regaining value after plummeting in 2022. However, there is also historically money to be lost, and investors who prefer to take smaller risks should look towards other avenues.
For more information on investing in Bitcoin right now, check out our article Is Now a Good Time to Buy Bitcoin?
Satoshi Nakomoto, the mysterious founder of Bitcoin, is believed to also be the biggest holder of the coin. Analysis into early Bitcoin wallets has revealed that Nakamoto likely owns over 1 million of the nearly 19.5 million Bitcoins in existence.
Tesla and Twitter CEO Elon Musk’s association with both Bitcoin and the meme coin Dogecoin is well known, and both his tweets and Tesla’s actions have influenced the cryptocurrencies’ trajectories over the years.
While it is unknown just how much he owns, Musk has disclosed that he personally has holdings of Bitcoin and Dogecoin, as well as Ether. It was revealed in September 2023 that Musk may be funding Dogecoin on the quiet, according to Forbes.
As for Tesla, the company purchased US$1.5 billion of Bitcoin in 2021, but sold 75 percent of that the next year. As of February 2024, the EV maker's Bitcoin holdings were estimated at 9,720 Bitcoin, the third-largest bitcoin holdings for a publicly traded company. In a January 2024 post on his social media platform X, Musk said “I still own a bunch of Dogecoin, and SpaceX owns a bunch of Bitcoin."
This is an updated version of an article first published by the Investing News Network in 2021.
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Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
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