Bitcoin gets Funky!

PLUS: Nation-states eye BTC, Funds increase holdings and the top infra developments

Author

ZUSHAN HASHMI
November 29, 2024

Happy Friday, Maestros!

Welcome to another week of the Bitcoin Renaissance!

Today, we explore the intersections of politics, infrastructure, finance, and memes—all centered around Bitcoin.

The Renaissance is here, and we’re leading the charge at Maestro.

PS. Don’t forget to follow us on X here.

🚀 Featured Stories

Brazil proposes $3 billion Bitcoin reserve: Congressman Eros Biondini's legislation for a Sovereign Strategic Bitcoin Reserve (RESBit) would let the Central Bank allocate up to 5% of national reserves to Bitcoin, aiming to enhance Brazil's role in the digital economy.

Trump nominates pro-crypto Scott Bessent as Treasury Secretary: President-elect Trump has chosen hedge fund manager Scott Bessent, a strong crypto advocate, as his Treasury Secretary nominee, potentially paving the way for favorable policies and greater regulatory clarity for digital assets.

MicroStrategy stock jumps 10% as Bitcoin rebounds: MicroStrategy's shares surged 10% following Bitcoin's recovery, reflecting its holdings of 386,700 BTC. The company now boasts unrealized profits of $15 billion as Bitcoin nears $100,000.

UK pension scheme invests in Bitcoin, faces backlash: An unnamed defined-benefit pension scheme has allocated 3% of its assets to Bitcoin, becoming the first in the UK to do so. Critics call the move "deeply irresponsible," citing risks to retirees' futures amid Bitcoin's volatility.

Marathon Digital acquires 6,474 BTC, holds $160M cash reserve: Marathon Digital has purchased 6,474 BTC in November, bringing its total to 34,794 BTC, making it the second-largest corporate holder after MicroStrategy. The company has set aside $160 million for future Bitcoin purchases.

💡 Spotlight: FunkyBit - Bitcoin’s answer to memecoins

FunkyBit is bringing the memes to Bitcoin. The fun platform is set to onboard new users to Bitcoin via a tool many are familiar with, while offering the first-ever memecoin launchpad and decentralized exchange built natively on the Bitcoin network.

Lets dive into it!

Key Features:

  • Instant Memecoin Creation: Create memecoins effortlessly without the need to burn BTC.

  • Stablecoin Liquidity Pools: Trade Bitcoin and memecoins against USDC and other stablecoins.

  • Native Bitcoin Wallet Integration: Perform all actions directly from your Bitcoin wallet.

  • FunkyBit leverages Arch Network to overcome Bitcoin's base layer limitations, providing:

    • Native UX for Bitcoin enthusiasts

    • Smart contract functionality without compromising Bitcoin's security

    • Stablecoin liquidity pools without bridging

Impact on Bitcoin Ecosystem:

FunkyBit is not just a platform; it's a movement aimed at evolving Bitcoin's capabilities. By introducing memecoins and additional DeFi elements, it adds value to the Bitcoin ecosystem while maintaining miner incentives.

The Future:

As FunkyBit continues to develop, it promises to unlock new possibilities for Bitcoin users. Whether you're a memecoin creator, a Rune enthusiast, or simply curious about putting "dogs on Bitcoin," FunkyBit is paving the way for a more versatile and engaging Bitcoin experience.

With its user-friendly approach and innovative use of Arch Network, FunkyBit is poised to make Bitcoin "funky" and accessible to a broader audience, potentially reshaping how we perceive and interact with the world's first cryptocurrency.

Learn more about Funkybit here.

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