Bitcoin Surges, Corporate Buying Looms, Texas Eyes Reserve, Major Seizures in Australia

Australian Authorities Seize Mansion and Bitcoin Linked to 2013 Crypto Exchange Hack

The Australian Federal Police (AFP) have confiscated nearly 25 Bitcoin, a waterfront mansion, and a Mercedes-Benz, assets collectively valued at 4.5 million Australian dollars ($2.88 million). These assets are believed to be connected to the proceeds of crime, specifically a 2013 hack of a French crypto exchange. The investigation began in September 2018 after Luxembourg law enforcement flagged suspicious Bitcoin transactions linked to a Queensland man, previously convicted of hacking a US gaming company.

The AFP's Criminal Assets Confiscation Taskforce (CACT) secured a court order in April to forfeit the property, car, and Bitcoin, citing the inability to link them to legitimate earnings. The owner, Shane Stephen Duffy, had earlier pleaded guilty to fraud and computer hacking in 2016 for selling personal data of League of Legends players. The proceeds from the sale of these assets will be directed to a special fund supporting crime prevention and law enforcement. Since July 2019, CACT has restrained over $1.2 billion in assets, including houses, cars, yachts, crypto, and fine art.

Source: Cointelegraph

• AFP used unique powers under the Proceeds of Crime Act.
• Assets will support crime prevention and law enforcement.

Key takeaway: Australian authorities are intensifying efforts to seize and repurpose assets linked to cybercrime, with significant sums already redirected to public benefit.

Tim Draper: Corporate Bitcoin Buying Could Trigger Massive Price Surge

According to Silicon Valley venture capitalist Tim Draper, the next major catalyst for Bitcoin could be large-scale purchases by publicly traded corporations. Draper argues that companies have a responsibility to buy Bitcoin to maximize shareholder value, following the example set by MicroStrategy (now Strategy), which holds 568,840 Bitcoins valued at nearly $60 billion.

A recent shareholder proposal at Microsoft, though ultimately unsuccessful, called for the tech giant to add Bitcoin to its balance sheet. Draper, speaking at the Financial Times Digital Assets Summit, described it as "irresponsible" for corporations not to hold Bitcoin, likening it to other ESG initiatives. Investment firm Bernstein estimates that corporations could add up to $330 billion in Bitcoin to their balance sheets over the next five years, potentially driving the price to $250,000 by the end of 2025. However, the strategy carries risks, as seen with Tesla's $1.5 billion Bitcoin purchase in 2021, followed by a significant sell-off after price declines.

• Tim Draper predicts Bitcoin could reach $250,000 by end of 2025.
• Corporate buying could significantly impact Bitcoin's price.
• Risks include Bitcoin's volatility and potential for corporate losses.

Source: The Motley Fool

Key takeaway: Corporate adoption of Bitcoin is seen as a major potential driver for future price increases, but volatility remains a significant risk for balance sheets.

Mike Novogratz: Crypto Market Cap Could Reach $22 Trillion

Billionaire Mike Novogratz, CEO of Galaxy Digital, believes that the total market capitalization of Bitcoin and crypto could eventually match gold's current valuation of about $22 trillion. In a CNBC interview, Novogratz attributed the recent crypto correction to overexuberant investor sentiment and speculative assets like the Official Trump (TRUMP) memecoin. He expects Bitcoin to surpass $106,000, $107,000, and $108,000, with potential targets of $130,000 to $150,000.

Novogratz highlights the "great wealth transfer," where $90 trillion in assets will be handed to millennials over the next 20 years, as a key factor for future crypto growth. Millennials are seen as more likely to invest in digital assets compared to previous generations. At the time of reporting, Bitcoin was trading at $103,137.

• Bitcoin price targets: $106,000 to $150,000 in the near term.
• Millennials expected to drive future crypto adoption.
• $90 trillion in assets to be inherited by millennials over 20 years.

Source: The Daily Hodl

Key takeaway: Novogratz envisions a massive increase in crypto market cap, driven by generational wealth transfer and growing digital asset adoption.

Texas Advances Bill to Establish State-Managed Bitcoin Reserve

Texas lawmakers are moving forward with Senate Bill 21 (SB 21), which would create a state-managed Bitcoin reserve. The bill, known as the Texas Strategic Bitcoin Reserve and Investment Act, has already passed the Texas Senate with a 25–5 vote and advanced through the House Committee with a 9–4 vote. The next step is a key reading in the House, followed by a final floor vote before the legislative session ends on June 2.

If enacted, Texas would become the third US state to establish a formal Bitcoin reserve, joining New Hampshire and Arizona. The reserve would be funded by legislative appropriations, investment earnings, and voluntary donations, and would only include digital assets with a market capitalization of at least $500 billion over the past 12 months—a criterion currently met only by Bitcoin. The initiative aims to treat Bitcoin as a strategic financial asset and hedge against inflation and economic volatility.

• Bill: Texas Strategic Bitcoin Reserve and Investment Act (SB 21)
• Senate vote: 25–5
• House Committee vote: 9–4
• Eligibility: Digital assets with $500 billion+ market cap (currently only Bitcoin)
• Texas would join New Hampshire and Arizona in holding a Bitcoin reserve

Source: Crypto Briefing

Key takeaway: Texas is on the verge of becoming a leader in state-level Bitcoin adoption, with a bill that could set a precedent for other US states.

Bitcoin’s Breakout Fuels Bullish Sentiment for BTC and Altcoins

Bitcoin’s recent breakout above $105,000 has sparked optimism among traders, with predictions of new all-time highs in the coming week. The rally to $105,980 has led some traders to raise their end-of-year price targets for Bitcoin to $200,000, citing technical factors and increased institutional adoption. Bitwise CIO Matt Hougan told Cointelegraph that a supply shock from institutional demand could push Bitcoin to $200,000 by the end of 2025, with seller exhaustion expected at the $100,000 level.

Analysts are also turning their attention to altcoins, anticipating a strong run reminiscent of 2017. For example, Hyperliquid (HYPE) is facing resistance at $28.50, with potential to reach $35.73 if it breaks through. Monero (XMR) surged from $262 to $353 between May 4 and May 12, and could target $391 and $422 if momentum continues. Aave (AAVE) is consolidating between $217 and $240, with a breakout above $240 potentially driving it to $267 and $280.

• Bitcoin’s technicals and institutional demand drive bullish forecasts.
• Altcoins like HYPE, XMR, and AAVE show strong chart patterns and upside potential.
• Analysts warn of volatility and the need for careful risk management.

Source: Cointelegraph

Key takeaway: Bitcoin’s breakout is fueling bullish sentiment across the crypto market, with both BTC and select altcoins poised for potential significant gains.

Sources:

• Australian feds seize mansion, Bitcoin allegedly linked to crypto exchange hack
• This 1 Catalyst Could Send Bitcoin Skyrocketing Higher, According to Silicon Valley Billionaire Tim Draper
• $22,000,000,000,000 Market Cap in Store for Bitcoin (BTC) and Crypto, According to Billionaire Mike Novogratz
• Texas' Bitcoin reserve bill heads to key reading before final floor vote
• Bitcoin Poised for 20-Year Outperformance, Says Analyst
• Bitcoin impulse move toward new highs sets a fire under HYPE, ETH, XMR and AAVE