Uptober Didn’t Disappoint; Bitcoin Rallied Back Above $70,000

In the Bitcoin community, October has been nicknamed “Uptober” because the price of Bitcoin usually rallies in the first month of Q4.

This year, we saw the same thing happen. 

Granted, the month started slow, but Bitcoin ended the month up 10.76%, closing the month around the $70,000 mark. 

There are a couple of reasons for this: The anticipation of the U.S. elections and potential Bitcoin-positive Trump presidency and Michael Saylor announcing a giant $42 billion plan to buy more Bitcoin stood out. 

But let’s not waste any more time and jump right in!

Yup! We had yet another Uptober this year! 📈

Uptober did what Uptober does best: pump the price of Bitcoin. 

October has been a green month for Bitcoin 10 out of the last 12 years.  

This year, we closed the month 10%+ higher and, at one point, were only just shy of the $73,800 all-time high we saw in March. 

This October, we also saw two weeks of over $2.2 billion net inflows in the Bitcoin ETFs, and we were edging closer to a new all-time high. 

So what’s the reason for the pump, you might ask? 

Donald J. Trump's stance on Bitcoin during the U.S. presidential elections was arguably one of them. 

The Trump campaign has been very vocal about Bitcoin in October, from quotes by Donald Trump about not wanting to tax Bitcoin to his stance on using America’s energy dominance to mine more Bitcoin in the U.S.

And if you take a closer look at his team, you’ll find names like his VP-pick JD Vance, who’s been vocal about Bitcoin in the past, and Vivek Ramaswamy, who’s been influential in showing Trump the advantages of Bitcoin. And there’s also Senator Cynthia Lummis, the brain behind the Bitcoin Strategic Reserve Asset Bill. 

Of course, some of his statements are there to gain votes. After all, he’s campaigning! 

However, it seems that a Trump administration would seriously consider Bitcoin an asset to hold on the U.S. balance sheet and strengthen the biggest economy in the world with it. 

Everyone in the Bitcoin investor community is anticipating the U.S. elections now. 

U.S. elections have been a very interesting time in Bitcoin’s history, as the price rose substantially six to nine months after the last two elections. 

I don’t have a crystal ball and can’t tell you where we’re heading in the next twelve months, but looking at all these signals, it’s safe to say that I’m very bullish for 2025 and beyond. 

MicroStrategy’s $42 Billion Bitcoin Bet 🤯

To say that Michael Saylor is a Bitcoin permabull is an understatement. He announces a new Bitcoin purchase every time I open X. 

He managed to turn his technology company into one of the biggest success stories of the last decade. 

Since adopting Bitcoin in 2020, the stock has risen by more than 1,300%! 

The strategy is clearly working, and Saylor's desire to buy more Bitcoin seems to be not waning. 

His decision also influenced me to announce a planned €30 million Nordic bond issuance to buy more Bitcoin for Samara Asset Group’s balance sheet (and to invest more in LP stakes in alternative investment funds). 

This month, Saylor went a giant step further! 

He announced a $42 billion capital plan, which includes a $21 billion ATM equity offering and a target of raising $21 billion in fixed-income securities.  

He will use that liquidity to buy Bitcoin in the next three years. While the number is incredibly large on its own, it gets even crazier if you break it down. 

If Saylor buys Bitcoin every day for the next three years, he will be buying $40 million each day! 

Combine that with the success of the Bitcoin ETFs and the ever-increasing interest in Bitcoin by fellow asset managers, institutions, or even pension funds, and we could have a hell of a ride in the coming months.  

Who knows, maybe Saylor will be successful in orange-pilling Dell or Microsoft. Both have expressed interest in using Bitcoin as a strategic reserve asset. Microsoft even has a shareholder vote about this matter in December. 

Why a Trump presidency would be good for Bitcoin 🇺🇸

I’ve been very vocal about supporting Donald Trump in the upcoming U.S. presidential elections. 

Why? 

Because Trump’s a net positive for Bitcoin. 

We already saw it with his announcement about a strategic Bitcoin reserve for the U.S. and his ongoing support within the community. 

I discussed this in my recent Proof of Words podcast episode with Joël Kai Lenz. He’s the press spokesman and public face for Relai, a Bitcoin-only broker in Switzerland. 

I really enjoyed our chat, during which we spoke about the biggest events in Bitcoin, what’s expected in 2025, and why a Trump administration will be a huge boost for Bitcoin and the U.S. Tune in here to watch the full episode!

Your fellow stacker in sats, 

Patrick Lowry

PS: In case you’ve noticed that the newsletter looked a little different today. That’s because I’ve moved Proof of Words from Substack to Beehiiv.