Crypto Headlines of the Week: Bitcoin Bets, Tax Evasions, Asset Inflows


As Bitcoin reaches its highest levels in almost two years, several major investors have seen substantial profits. MicroStrategy, for instance, currently holds an unrealized profit of $2 billion from its Bitcoin purchases, while Tether's holdings have gained around 85%, resulting in a profit of approximately $1.1 billion.

With Bitcoin soaring to its highest levels in nearly two years, some big investors in the cryptocurrency have seen their profit reach billions. For one, MicroStrategy currently sits on top of $2 billion in unrealized profit from its BTC purchases.

Tether’s holdings, which include 57,576 BTC acquired at an average price of $22,480 per coin, have also gained around 85%, or $1.1 billion, since the acquisition. Even El Salvador is sitting on $4 million in profit on its Bitcoin bet. 

Aside from soaring BTC prices, there were some other developments in the crypto market, both positive and negative. 

Here are this week’s top crypto headlines:

MicroStrategy, Tether’s Bitcoin Holdings Profit Soars

MicroStrategy, one of the largest institutional holders of Bitcoin, has seen its unrealized profit soar to $2 billion. With Bitcoin reaching $42,000 earlier on Monday, the value of MicroStrategy’s holdings rose to approximately $7.3 billion, resulting in a profit exceeding $2 billion. 

Likewise, Tether, the company behind the world’s largest stablecoin, has witnessed a significant increase in the value of its Bitcoin reserves, surpassing $1 billion in profit. Tether currently holds 57,576 BTC, with an average purchase price of $22,480 per coin, meaning the company’s holdings have gained around 85%, or $1.1 billion, since its acquisition.


Tether’s Bitcoin Holding Profit Surges to $1.1 Billion as Leading Cryptocurrency Surpasses $42,000 (

El Salvador’s Bitcoin Bet is in the Green

El Salvador’s Bitcoin investment has turned green. Data from, which tracks the country’s bitcoin purchases based on Bukele’s tweets, shows that El Salvador would walk away with roughly $4 million in profit if it decided to sell its holdings. 

El Salvador’s Bitcoin bet is in the green: Bukele (Blockworks)

SEC Lawyers’ False Representations’ to Freeze a Crypto Company’a Assets

A federal judge has criticized the Securities and Exchange Commission over its treatment of a crypto firm, expressing concern that the agency had made “materially false and misleading representations” to freeze millions of dollars in assets belonging to the project. The deceptive statements were made in a legal action against Digital Licensing Inc., also recognized as DEBT Box.

Judge scolds SEC for apparent deception in crypto case, threatens to sanction agency (Fortune)

Crypto Tax Evasion Increases

According to the division’s leader, the Internal Revenue Service crime has seen a surge in cases involving crypto-related tax evasion. In the past year, about half of the digital-asset probes have involved tax, Jim Lee, chief of the IRS’s criminal investigation division, told reporters on a call Monday. 

IRS Criminal Investigation Unit Is Taking on More Crypto Tax Cases (Bloomberg)

Digital Asset Funds See Inflows for the 10th Straight Week

Digital asset funds recorded a robust inflow of $176 million during the past week, bringing its total for the 10-week influx to an impressive $1.76 billion. With the latest inflow, the total value of assets under management for crypto-related investment products surged 107% to $46.2 billion.

Volume 160: Digital Asset Fund Flows Weekly Report (CoinShares) Secures Electronic Money Institution License from U.K.

Crypto exchange has secured authorization as an Electronic Money Institution from the United Kingdom’s financial regulator, the Financial Conduct Authority. The registration allows to offer a suite of UK-localized e-money products, the company said in an announcement. Receives Authorisation as an Electronic Money Institution (

JPMorgan Chase CEO Jamie Dimon Lashes Out at Crypto Again

JPMorgan Chase CEO Jamie Dimon has once again lashed out at Bitcoin and its peers, suggesting that cryptocurrencies should be banned. “I’ve always been deeply opposed to crypto, bitcoin, etc.,” the head of the largest U.S. bank by assets said. “The only true use case for it is criminals, drug traffickers … money laundering, tax avoidance.” 

Jamie Dimon lashes out against crypto: ‘If I was the government, I’d close it down’ (CNBC)

Bitcoin Price Could Reach $50,000 by 2024

A CryptoQuant report has predicted Bitcoin could potentially exceed $50,000 early in 2024. The prediction is based on analyzing Bitcoin’s user activity using the Metcalfe price valuation band metric and considering factors like market capitalization, transaction volume, and user activity. 

Bitcoin price could potentially rise above $50,000 in early 2024: CryptoQuant (The Block)

Robinhood Launches Crypto Trading Service in E.U. 

Online brokerage giant Robinhood aims to launch a cryptocurrency trading service in the European Union that will allow customers to buy, sell, and hold from a range of more than 25 tokens. The company hopes to offer more tokens and the ability to transfer and “stake” or earn rewards from crypto in 2024.

Robinhood expands crypto trading to more-regulated European Union (Reuters)

U.S. Dollar’s Status Under Threat: Bitcoin Can Help

Coinbase co-founder Brian Armstrong has argued that Bitcoin could safeguard the U.S.’s position as the leading world power. The crypto boss said cryptocurrencies could complement the U.S. dollar as an inflation hedge. He added that moving from dollars to crypto is better than to a rival fiat like the Chinese yuan.

Bitcoin, USD, and the Changing World Order (Techopedia)

The Bottom Line

As Bitcoin reaches its highest levels in almost two years, several major investors have seen substantial profits.

MicroStrategy, for instance, currently holds an unrealized profit of $2 billion from its Bitcoin purchases, while Tether’s holdings have gained around 85%, resulting in a profit of approximately $1.1 billion. 

The crypto world remains turbulent, but it’s an exciting time to watch the industry.


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Ruholamin Haqshanas

Ruholamin Haqshanas is a cryptocurrency and financial journalist with over three years of experience in the field. He holds a Bachelor's degree in Mechatronics and has a strong interest in FinTech. He started as a freelance technology writer, but moved into cryptocurrency as he delved deeper into the industry in 2019. Ruholamin has been featured in several financial and crypto news outlets, including Cryptonews,, 24/7 Wall St, The Tokenist, Business2Community, ZyCrypto,, Milk Road to name a few. Ruholamin has also worked on major crypto and DeFi projects as a content producer, including Midas Investments, BullPerks/GamesPad and Equalizer Finance.