Bitcoin breaks through the 30,000 mark! MicroStrategy "sells stocks and buys coins" The United States investigates Morgan Stanley and BlackRock's investment in China to de-dollarize

少年哥行独伴大道 · 2023-08-02T03:10:45.000Z

On the morning of Wednesday (August 2), Bitcoin broke through $30,000 in the short term, and bullish sentiment was high. The United States has launched an investigation into Morgan Stanley and BlackRock, accusing the two companies of investing in Chinese companies that are on the U.S. blacklist. The deepening dispute between China and the United States has pushed Asian countries away from the U.S. dollar, and Bitcoin spot ETFs have also accelerated de-dollarization, creating advantages for the crypto market. Bitcoin whale MicroStrategy plans to sell up to $750 million in traditional stocks with the aim of buying more Bitcoin. U.S. investigates Morgan Stanley and BlackRock as de-dollarization process deepens BlackRock, the world's largest asset manager, and index provider Morgan Stanley Capital International (MSCI) will be investigated by U.S. authorities. According to the House Select Committee on China, the two companies have been investing in Chinese companies that are blacklisted by the United States. The Chinese companies have been working to improve the Asian country's military capabilities, and BlackRock and MSCI are driving that progress, according to the special committee.

On Wednesday morning (August 2), Bitcoin broke through $30,000 in a short period of time, and bullish sentiment was high. The United States launched an investigation into Morgan Stanley and BlackRock, accusing the two companies of investing in Chinese companies that were blacklisted by the United States. The Sino-US dispute deepened Asian countries' departure from the US dollar, and Bitcoin spot ETFs also accelerated the de-dollarization, creating advantages for the crypto market. Bitcoin giant MicroStrategy plans to sell up to $750 million in traditional stocks in order to buy more Bitcoin.
US investigates Morgan Stanley and BlackRock as de-dollarization process deepens
The world's largest asset manager BlackRock, and index provider MSCI will be investigated by US authorities. According to the House Special Committee on China, the two companies have been investing in Chinese companies blacklisted by the United States. These Chinese companies have been working to improve the military capabilities of the Asian country, and according to the special committee, BlackRock and MSCI are promoting this advancement.
The special committee is concerned that U.S. capital flowing into these organizations will in turn pose a danger to national security. However, BlackRock has denied any wrongdoing and said: "Like many global asset managers, BlackRock offers our clients a variety of strategies to invest in China or exclude it from their portfolios. The majority of our clients' investments in China are made through index funds, and we are one of 16 asset managers that currently offer U.S. index funds that invest in Chinese companies."
The company stated that, as with any other country, all investments in China comply with all applicable U.S. government laws. China and the United States are the two largest economies in the world, and economic disputes can be harmful to both countries. A spokesperson for the Chinese Embassy reiterated this in a statement to Reuters: "Excessively extending the concept of national security and geopoliticizing economic and trade investment issues violates market economy principles and international trade rules.
FXStreet analyst Aaryamann Shrivastava mentioned that the deepening of the dispute has exacerbated the de-dollarization of East Asian and Asian countries, which provides an opportunity for alternative currencies such as cryptocurrencies to further dominate. This progress has been reflected in the United States, where BlackRock is one of the many companies that recently applied for a spot Bitcoin ETF. After some initial disagreements, the SEC accepted the ETF proposal and added it to the regulator's review list.
Crypto whales: Give up traditional stocks and buy more Bitcoin
As a software developer that has accumulated a large amount of Bitcoin reserves in recent years, MicroStrategy may raise up to $750 million by selling more shares and plans to use the proceeds to buy more Bitcoin, etc. The news was announced in a filing with the U.S. Securities and Exchange Commission on Tuesday evening. Since then, the price of Bitcoin has risen significantly, from around $29,200 to $29,800.
Chairman Michael Saylor has made MicroStrategy heavily involved in Bitcoin, buying billions of dollars worth of the currency since the outbreak. He raised money the old-fashioned way, selling more shares and bonds of public companies. As of July 31, the company owned 152,800 Bitcoins, currently worth about $4.5 billion.
“We intend to use the net proceeds from this offering for general corporate purposes, including the acquisition of bitcoin, and for working capital,” according to MicroStrategy’s filing on Tuesday.