⌐◪-◪ → Michael Saylor isn't slowing down. He just expanded MicroStrategy's Bitcoin holdings by 7.73%, purchasing 14,620 Bitcoin at an average price of $42.1k.

As of today, MicroStrategy owns 0.97% of the total Bitcoin supply, and is $2.21B in profit on their $5.9B investment. It guess it pays to have conviction.

⌐◪-◪ → Hong Kong wants to regulate fiat-backed stablecoin issuers, and that's a good thing.

Generally speakling, I'm against more crypto regulation, but fiat-backed stablecoins are a beast of their own. Issuers are basically creating money out of thin air, with the promise of a 1:1 fiat backing.

Until the 1:1 backing can be trustlessly enforced with code, it must be regulated. Otherwise, we’re basically letting anybody with a computer + internet connection print fiat — which will innevitably implode and make “crypto” look bad.

⌐◪-◪ → Elon Musk once again shared his opinion on NFTs, suggesting that people should "at least encode the jpeg on the blockchain!" He initially brought this up on Joe Rogan's podcast in late October.

Whether Elon realizes it or not, he is quietly making an argument for Bitcoin Ordinals, where the JPEGs are literally encoded on the blockchain.

Elon also said, "Turns out they were kinda fungible," which is probably another stab at the JPEGs being off-chain, making each token essentially the same as another, besides the token ID.

What do you think he meant by this? Let me know in Specs Chat below!