Bitcoin (BTC) prices slumped in September, but that didn’t stop Michael Saylor’s strategy from exceeding 7,000 BTC.
Inflows into Bitcoin Exchange Trade Funds (ETFs) totaled over $240 million in September. This has proven to be a boon for some companies, such as BlackRock, which has generated $260 million in revenue from ETF offerings over the past two years.
In the US, cryptography progress is slowing down. Many councils are out of session or on break. Still, cryptographic laws have moved forward in five states this month, with Wisconsin introducing legislation on data centers and Bitcoin mining.
Meanwhile, stubcoin growth has not slowed down. Stablecoin’s total market capitalization exceeded $295 billion last month.
This is September by numbers:
Strategic Stack 7,378 BTC is worth more than $837 million
The Bitcoin Investment Vehicle, which has been turned into a software company led by Michael Saylor, purchased 7,378 btc this month, over 7,378 btc, with an average price of $113,520 per Bitcoin. According to strategy data, the strategy purchased 80 bitcoins.
Accumulating nearly $1 billion in Bitcoin over a month may seem like a lot of money, but because of strategy, it’s kind of a bit slower. In August, the company purchased 7,714 BTC. This is a significant drop from 31,466 BTC in July.
Price action may be a bit “boring” as Saylor said Bitcoin is in the growth stage. The agency would want to enter while prices drop, he said.
Stablecoins exceed $29.5 billion
Stablecoins’ total valuation exceeded $290 billion in September after months of steady growth. Stablecoins increased nearly $5 billion in the week ending September 26th.
Some jurisdictions have clarified stablecoins. In the US, the Commodity Futures Trade Commission is investigating tokenized assets, including Stablecoins, for use as collateral in derivative markets. In Australia, the Securities and Investment Commission has introduced license exemptions for intermediaries that distribute stubcoins.
Other jurisdictions are not liberal, at least when it comes to certain types of stubcoins. A senior Italian Bank official recently said stubcoins issued in multiple entities and in different countries could pose risk to the European Union’s financial system.
241,700 crypto billionaires are now loose
The number of crypto billionaires in the world is on record, and now stands at 241,700. This represents 40% year-on-year growth, according to a Crypto Wealth Report from Wealth and Citizenship Advisory Firm Henley & Partners.
Crypto Centimillionaires, or billionaires that exceed $100 million — increased from 38% to 450, while the number of crypto billionaires increased from 29% to 36.
Related: Three unexpectedly become crypto billionaires and those who didn’t
The advisory firm said there is an increase in results from the crypto-rich “institution adoption basin year.”
The BTC ETF saw an inflow of $241 million in September.
Bitcoin ETF marked an inflow of $241 million in September, while Ether (ETH) saw a net outflow of $73 million. This brings Crypto net inflows to $167.8 million, according to CoinMarketCap data.
Financial products have proven to be a boon for some crypto ETF issuers. BlackRock’s Crypto ETF brought about approximately $260 million in revenue in under two years. This includes $218 million from Bitcoin ETF and $42 million from Ether.
Crypto’s bills are moving forward in five US states
As crypto adoptions gain position in the US, individual states are working on it themselves to regulate the industry. Crypto notes advanced in five states in September, with Wisconsin introducing one crypto bill.
On September 2, state legislators, who are members of Wisconsin Legislature, introduced a bill that would exempt data centers from sales and use taxes, except those used in cryptocurrencies.
The fully sponsored bill by Republicans will amend the July law to help develop rural data centers. Critics and observers have already raised concerns about the electricity and water requirements of Wisconsin’s planned data centers.
Seven EU countries oppose chat control
Currently, seven European Union members are opposed to the proposed chat management law. Furthermore, the number of EU members supporting the law will decrease from 15 at the beginning of the month to 12. This is due to fight chat controls that monitor support for this measure.
Chat control requires services such as WhatsApp, Signal, and other to effectively castrate encrypted messaging in the European Union and screen messages before sending. The law was introduced to the EU council several years ago, but it did not receive the necessary support. Denmark reintroduced the measure at the beginning of its six-month EU council presidency in July.
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