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Elon Musk: ‘Shocked’ If Biden Doesn’t Pardon SBF Amid Rising Rumors

The growing speculation surrounding a potential presidential pardon for Sam Bankman-Fried (SBF) has been fueled by high-profile figures and shifting political tides. A major Trump ally, Elon Musk, for one, will be “shocked” if US President Joe Biden does not grant an early pardon to the disgraced former CEO of FTX. Crypto, Politics, and Pardons Bankman-Fried, who was convicted in November 2023 on seven charges, including fraud and embezzlement, is currently serving a 25-year sentence for his role in the collapse of the cryptocurrency exchange. However, rumors of a pardon have gained traction, partly due to his significant political connections. As one of the largest donors to the Democratic Party, Bankman-Fried’s ties to key political figures, particularly Biden, have led many to wonder whether his political influence could play a role in securing a pardon. Speculation surrounding the possibility of clemency gained additional attention following comments from Musk, who tweeted that he would be “shocked if this doesn’t happen.” This statement aligns with shifting predictions on platforms like Polymarket, where odds for a potential pardon surged from 4% to 13%, indicating a growing belief that SBF’s ties to political elites might influence his fate. SBF’s trajectory from crypto wunderkind to convicted fraudster has been one of the most dramatic downfalls in recent financial history. At his peak, he was hailed as a leading figure in the industry, having founded FTX in 2019 and quickly built it into one of the world’s largest exchanges. He cultivated a public persona as a tech innovator with a commitment to social causes that earned him widespread recognition beyond the crypto circles. His political contributions were massive, with over $5 million donated to Biden’s 2020 campaign and nearly all his donations directed toward Democrats. However, the collapse of FTX in late 2022 exposed a $8 billion hole in customer funds that sent shockwaves through the financial world. While the legal case against him resulted in a conviction, some continue to speculate that a presidential pardon could allow the Biden administration to move on from the scandal. Ross Ulbricht’s Fate Still Unclear Meanwhile, the odds of Biden pardoning Ross Ulbricht, creator of the Silk Road marketplace, currently stands at 9%. However, Ulbricht could see freedom under Donald Trump’s presidency after the president-elect pledged to pardon him earlier this year. Ulbricht was convicted in 2015 on multiple charges, including drug trafficking and money laundering, and sentenced to life in prison. While libertarian and crypto advocates see him as a symbol of free trade and argue his punishment is unjust, critics highlight Silk Road’s links to drug overdoses and allegations that Ulbricht plotted murders to protect his platform. The Silk Road, active between 2011 and 2013, pioneered anonymous online trading using Bitcoin and Tor. Ulbricht’s mother, Lyn, led a high-profile campaign to reduce her son’s sentence, attracting widespread public support. The post Elon Musk: ‘Shocked’ If Biden Doesn’t Pardon SBF Amid Rising Rumors appeared first on CryptoPotato . Decrypt

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MicroStrategy buys Bitcoin price top at $106k, already down 12%

MicroStrategy Inc (NASDAQ: MSTR ) announced another Bitcoin ( BTC ) purchase on December 23 at an average price of $106,662. This marks an announcement made at a price below the dollar-cost average, signaling a buy at Bitcoin’s local top. Nevertheless, the company is still profitable with its Bitcoin portfolio, and MSTR’s stock steadily sustains a premium against its holdings. According to Michael Saylor ’s announcement , MicroStrategy has acquired 444,262 BTC at an average cost of $62,257. This most recent purchase was of 5,262 BTC for $561 million and MicroStrategy’s lowest disclosed buy since July 2024. On that note, the economist and known Bitcoin critic Peter Schiff has commented on X, highlighting a “firepower” loss. Schiff has been commenting against Saylor’s Bitcoin strategy for a while, as Finbold reported in one occasion. “It seems like you are running out of firepower to keep propping up Bitcoin. Plus, not only is this your smallest buy, but the first time your average purchase price has been above the market price on the Monday you disclosed the buy.” – Peter Schiff MicroStrategy’s lowest Bitcoin buy at the top Interestingly, this recent purchase is approximately three times lower than the previous purchase at $100,000, announced on December 16. Moreover, it is nearly four times lower than the one before that, announced on December 9, as Lookonchain analyzed . The purchases were of 5,262, 15,350, and 21,550 BTC, respectively. In November, MicroStrategy made two buys superior to 50,000 BTC , or nearly ten times higher than last week’s acquisition. MicroStrategy Bitcoin acquisitions. Source: Lookonchain Novacula Occami, former Wall Street analyst, also commented on Michael Saylor’s strategy, explaining it relies on two pillars. First, Saylor buys when “numbers go up,” the analyst said, and then on “exciting the less sophisticated herd,” he concluded. Essentially, Occami believes the purchases are always made when Bitcoin shows strong momentum, usually amid a rally. This is supposedly done to attract retail traders with positive sentiment regarding BTC and MSTR. MSTR stock and Bitcoin (BTC) price analysis Indeed, MSTR stock is trading at $344.27, with a market capitalization that is two times higher than its Bitcoin holdings, making it a 100% premium against usual BTC investments for investors who want Bitcoin exposure through MicroStrategy. Meanwhile, BTC is trading at $93,113, at a 12% discount from Saylor’s most recent average Bitcoin acquisition price. Bitcoin (BTC) price vs. MicroStrategy (NASDAQ: MSTR) stock price. Source: TradingView / Finbold / Vini Barbosa Looking at Bitcoin’s chart, we can see that, after every MicroStrategy purchase, BTC experienced an aggressive drop below the average. This validates the two analysts’ criticisms regarding Michael Saylor’s Bitcoin strategy, which now experiences one of the longest recent drawbacks. However, it is notable that the company’s high time frame results are still massively positive, accumulating an unrealized profit of nearly $15 billion. Featured image from Shutterstock. The post MicroStrategy buys Bitcoin price top at $106k, already down 12% appeared first on Finbold . Decrypt