Bitcoin
Senator to Push the Bill in Trump’s First 100 Days
Published
20 hours agoon
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adminThe Senate hopes to push through a Bitcoin reserve bill in the first 100 days of Trump’s presidency while the Republicans consult on crypto policy.
American Senator Cynthia Lummis expressed optimism that plans to create a strategic Bitcoin (BTC) reserve will be implemented soon after Donald Trump‘s inauguration.
“I believe we can get this done with bipartisan support in the first 100 days if we have the support of the people. It is a game changer for the solvency of our nation. Let’s put America on sound financial footing and pass the Bitcoin Act!”
Senator Cynthia Lummis
Lummis’s post responded to David Bailey, BTC Inc. CEO, who has been actively advising Trump on cryptocurrency policy. Bailey had previously suggested that such a reserve could be created quickly under the new administration.
“The Bitcoin and Crypto industry’s policy wishlist is long and pressing… but the Strategic Bitcoin Reserve is the #1 most urgent and transformational policy on President Trump’s agenda. The downstream effects change everything. We must get it done in the first 100 days.”
David Bailey, BTC Inc. CEO
Bailey also floated the idea of using Bitcoin more widely in government programs. He suggested that if Robert F. Kennedy Jr. were appointed Secretary of Health and Human Services and assumed responsibility for managing the Social Security program, there would be a discussion about paying 5-10% of Social Security payments in Bitcoin, stored in a strategic reserve.
What is known about the Bitcoin reserve project?
Trump announced the creation of a Bitcoin reserve in the U.S. in July 2024 during a speech at an event supporting his election campaign. A few days before the politician’s announcement, media reports appeared that Senator Cynthia Lummis was preparing a Bitcoin reserve bill called the BITCOIN Act of 2024.
The act proposes creating a network of decentralized vaults nationwide to securely store Bitcoin reserves. The U.S. Treasury Department is supposed to have 200,000 BTC annually for five years, and the U.S. reserves would eventually amount to one million BTC. It is also assumed that Bitcoin reserves will be stored for at least 20 years.
The cryptocurrency can be purchased at the expense of other assets at the authorities’ disposal, such as gold certificates. Lummis proposes to cover the costs of purchasing cryptocurrency by revaluing it.
In addition, the proposal plans to implement a reserve verification system to verify the availability of funds and consolidate all existing BTC that are currently in the possession of the U.S. government into a new reserve.
Bitcoin reserves to make the U.S. new crypto haven
Analysts at CoinShares write that implementing the plan to create strategic reserves in BTC can generate significant institutional and government interest in Bitcoin. According to their forecasts, this will potentially accelerate its growth and raise its value to new heights.
In general, many participants in the crypto community expect that the U.S. bet on Bitcoin can significantly increase the cryptocurrency’s investment attractiveness. For example, Anthony Pompliano, the founder of Pomp Investments, is confident that the initiative will cause the market to experience FOMO.
Lummis’ proposal implies that the pace of Bitcoin purchases may outpace the cost of BTC mining. In this case, a cryptocurrency deficit will form in the market, which can also support the growth of its rate.
Trump’s rally is in full swing. Or just a rally?
In general, Lummis’ words are confirmed based on the dynamics of Bitcoin and the entire crypto market since the U.S. elections. Over the past week, Bitcoin has repeatedly updated historical highs.
The total capitalization of the entire crypto market has grown by 25% in a week and exceeded $3 trillion. At the same time, the price of Bitcoin has increased by 23.8% in 7 days, several times updating the all-time high and reaching $93,000.
The crypto market’s index of fear and greed has grown by as much as 14 points in a week—from 70 points to 84 out of 100- indicating the market’s extreme greed.
However, some experts doubted that Trump’s victory was the only growth driver of the crypto market.
Thus, the co-founder of Onramp Bitcoin, Jesse Myers, noted that such crypto market dynamics are routine and predictable after the Bitcoin halving in April. During this time, a shortage of coins has arisen on the market, therefore the price is growing under pressure from demand. This triggers a chain reaction that should lead to another bubble.
Myers reminded that the same situation happened after each previous Bitcoin halving, so it makes sense to expect something similar this time. The change of power in the U.S. to one potentially more friendly to cryptocurrencies only acted as a catalyst.
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$180,000 Bitcoin Incoming As BTC Enters ‘Blue Sky Territory,’ Says VanEck Executive – Here’s His Timeline
Published
3 hours agoon
November 14, 2024By
adminThe head of digital assets research at exchange-traded fund (ETF) provider VanEck believes Bitcoin (BTC) is heading even higher this cycle after putting up massive gains.
In a new interview on CNBC’s Squawk Box, VanEck executive Matthew Sigel says that Bitcoin may soar more than 102% from its current value.
“We think it’s just started. As we expected, Bitcoin saw this high volatility pump after the election. We’re now in blue sky territory, no technical resistance, and we think we’re likely to make repeated all-time highs over the next two quarters. The same pattern played out four years ago. Between the election and the end of the year in 2020, Bitcoin doubled. There were about six 10% corrections. So it’s not going to be a straight line. But we’re up 30% so far, and the number of indicators that we track are still flashing green for this rally to continue.”
Sigel predicts Bitcoin will continue to soar to a high of $180,000, in part due to the election of pro-crypto Donald Trump as US president. He also says that deep-pocketed investors are increasingly looking to gain exposure of the top digital asset my market cap.
“This is a state change in terms of government support…
The number of calls that I’m getting inbound from investment advisors who are at zero and looking to get to 1% or at 1% and looking to get to 3%, these calls are starting to accelerate, and we think the flows are going to follow.
Our price target for this cycle is $180,000. We think we can reach that next year. That would be 1,000% return from the bottom to the peak this cycle. That’s still the smallest Bitcoin cycle by far.”
Bitcoin is trading for $88,723 at time of writing, up more than 145% in the last year.
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Bitcoin
Institutional Investors Go All In on Crypto as 57% Plan to Boost Allocations as Bull Run Heats Up, Sygnum Survey Reveals
Published
11 hours agoon
November 14, 2024By
admin“This report tells the story of progress and calculated risk, the use of a diverse set of strategies to leverage opportunities and most of all, the continued belief in the market’s long-term potential to reshape traditional financial markets” Lucas Schweiger, Sygnum Digital Asset Research Manager and report author, said in the press release shared with CoinDesk.
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Bitcoin
BUIDL Fund Goes Multi-Chain Across These 5 Blockchainsc
Published
15 hours agoon
November 14, 2024By
adminCrypto ETF issuer and asset manager BlackRock announced on Wednesday the expansion of its USD Institutional Digital Liquidity Fund (BUIDL) to include five new blockchain ecosystems: Aptos, Arbitrum, Avalanche, Optimism, and Polygon.
Initially launched on the Ethereum network in March 2024, BUIDL rapidly gained traction among investors, becoming the largest tokenized fund globally regarding assets under management (AUM) within just 40 days.
BNY Mellon To Custody BUIDL
The expansion will allow BUIDL to interact with more blockchain-based financial products and infrastructures. BlackRock aims to enhance accessibility for investors, decentralized autonomous organizations (DAOs), and digital asset firms, enabling them to leverage BUIDL within the ecosystems of their choice.
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Carlos Domingo, CEO and co-founder of Securitize, the firm responsible for tokenizing BUIDL, emphasized the importance of this multi-chain approach in Wednesday’s press release by saying:
Real-world asset tokenization is scaling, and we’re excited to have these blockchains added to increase the potential of the BUIDL ecosystem. With these new chains we’ll start to see more investors looking to leverage the underlying technology to increase efficiencies on all the things that until now have been hard to do.
With the addition of these blockchains, BlackRock aims to provide increased options and access for investors, allowing developers to build applications that integrate seamlessly with the BUIDL fund.
BNY Mellon, which recently received a Bitcoin and crypto custody license for institutional services, will play a key role in this initiative as the fund administrator and custodian for BUIDL.
BlackRock Bitcoin ETF Achieves Unprecedented Growth
On the crypto ETF front, BlackRock’s Bitcoin ETF, IBIT, has reached a remarkable milestone, surpassing the $40 billion mark in assets under management (AUM) just two weeks after hitting $30 billion.
This achievement comes in a record 211 days, shattering the previous record of 1,253 days held by the iShares Core MSCI Emerging Markets ETF (IEMG).
IBIT is now positioned in the top 1% of all ETFs by assets and at just 10 months old, it has outperformed all 2,800 ETFs launched in the past decade, according to ETF expert Eric Balchunas.
Balchunas further highlighted that Bitcoin ETFs collectively have crossed the $90 billion asset threshold, following a significant $6 billion surge in the past few days.
This increase comprises $1 billion in new inflows and $5 billion in market appreciation. The growing popularity of Bitcoin ETFs indicates that they are now 72% of the way toward surpassing gold ETFs in total assets.
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The rise in Bitcoin ETF assets has coincided with a surge in investor confidence, particularly following Donald Trump’s recent victory over Kamala Harris in the presidential elections.
This political shift has positively influenced market sentiment, contributing to a broader uptick in cryptocurrency prices. Bitcoin, in particular, has experienced a substantial rally, climbing over 24% to reach a record high of $93,000 in the past week alone.
Featured image from DALL-E, chart from TradingView.com
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