Adoption
Over 1 Million Bitcoin Addresses Hold 1 BTC or More, Reflecting Strong Adoption
Published
4 months agoon
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adminAccording to data from Bitcoin Magazine Pro, there are 1,012,650 Bitcoin addresses that contain 1 BTC or more.
This represents more than 1 million BTC potentially taken off the market and held by strong hands, a significant portion of the 21 million BTC that will ever exist. Demand continues to rise as U.S. spot Bitcoin ETFs collectively hold over 901,000 BTC, while MicroStrategy, a major corporate Bitcoin holder, owns 226,500 BTC. Additionally, MicroStrategy plans to raise $2 billion to buy more Bitcoin, further emphasizing the trend of institutions buying and holding substantial amounts of BTC, tightening the available supply as demand increases.
The number of Bitcoin addresses holding 1 BTC or more has historically lagged behind BTC’s price. However, in the past two years, this trend has reversed, with the number of these addresses increasing more rapidly than Bitcoin’s price. This shift signals growing adoption and reflects rising long-term confidence in Bitcoin, as more users accumulate and hold significant amounts of Bitcoin.
The rise in addresses with 1 BTC or more signifies that both retail and institutional investors are actively accumulating Bitcoin. With only 21 million BTC ever to be mined, and approximately 19 million already in circulation, the demand for Bitcoin appears to be increasing as users aim to secure their share of the limited supply.
For more detailed information, insights, and to sign up to access Bitcoin Magazine Pro’s data and analytics, visit the official website here.
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Adoption
Ohio introduces second Bitcoin reserve bill
Published
4 days agoon
December 19, 2024By
adminThe State of Ohio has introduced a second Bitcoin reserve bill as crypto legislation gains momentum across the U.S. ahead of Donald Trump’s inauguration.
Ohio House GOP Majority Whip Steve Demetriou proposed legislation to allow the state to manage a strategic Bitcoin (BTC) reserve, Satoshi Act Fund founder Dennis Porter shared on Dec. 19 during an X Spaces event.
Demetriou’s bill follows a similar proposal from Representative Derek Merrin, which would also position Ohio as a Bitcoin reserve holder. Speaking on X Spaces, Demetriou explained that his legislation would enable Ohio to allocate up to 10% of its state-controlled funds toward a BTC stockpile.
“Bitcoin can help tap into Ohio’s existing energy reserves,” Demetriou added. Ohio is famed for having massive natural gas reserves and a competitive energy grid.
The Ohio GOP Majority Whip provided no specific timeline for the bill’s passage but expressed hope that House bureaucracy would not delay progress.
American legislative conversations have increasingly focused on BTC-related proposals following President-elect Donald Trump’s victory in the recent election.
Earlier, Porter said that the Bitcoin renaissance was spotted amassing momentum in over 12 states and counting. Texas, Ohio, and Pennsylvania were a few states that weighed BTC reserve laws.
In Washington, Senator Cynthia Lummis has advocated for federal BTC reserve policies. Responding to Federal Reserve Chair Jerome Powell, Lummis argued that the Senate should authorize the central bank to hold Bitcoin. Powell previously clarified that the Fed cannot own BTC under current laws.
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Adoption
Wyoming seeks developers for state-backed stablecoin
Published
2 weeks agoon
December 9, 2024By
adminThe State of Wyoming is hiring blockchain developers to support the creation of its government-issued stablecoin currency.
The Wyoming Stable Token Commission has issued public Requests for Qualification to attract talent for its stablecoin initiative, known as “Project WYST.”
Stablecoins are digital currencies that trade with 1:1 dollar parity, allowing users to deploy U.S. dollars in blockchain markets and decentralized finance venues. The sector has over $200 billion in circulation, and stabelcoins feature in most cryptocurrency transactions, according to the U.S. Treasury Department.
Applicants have until Dec. 12 to submit their proposals for roles that include token development, support, listing, on-chain analysis, reserve management, financial auditing, and ecosystem intelligence.
WYST details remain limited, but Commission discussions indicate it may launch on Ethereum or Solana networks.
The Wyoming Stable Token Act, passed in 2023, authorized the state to issue stablecoins. According to the WyoStable Commission website, WYST is designed to represent and be redeemable for one U.S. dollar held in trust by the state. Tokens will only be issued in exchange for U.S. dollars.
WYST is a proposed virtual currency representative of and redeemable for one (1) United States dollar held in trust by the state of Wyoming as provided by W.S. 40‑31‑106. Stable tokens shall only be issued in exchange for United States dollars.
WyoStable Commission website
Wyoming has positioned itself as a web3 leader with U.S. borders. In March, the state officially recognized decentralized autonomous organizations as legal entities.
The landmark crypto bill reaffirmed sovereign acceptance for DAOs amid regulatory uncertainty, predominantly from the Securities and Exchange Commission. Kraken also launched its licensed custody solution in the state in March.
Back in February 2023, local lawmakers passed a bill to protect crypto self-custody, protecting the right to hold Bitcoin (BTC) and other digital assets. Wyoming Senator Cynthia Lummis was at the forefront of Federal Congressional efforts to establish a national Bitcoin reserve. Thousands penned letters supporting her BITCOIN BILL, per crypto.news reporting.
Other states were following suit and mulled Bitcoin reserve legislation as the U.S. voted its first pro-BTC president in Republican Donald Trump.
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Adoption
Bitcoin advocate hints at ‘strategic reserve’ laws in 10 US states
Published
3 weeks agoon
December 3, 2024By
adminSatoshi Act Fund founder Dennis Porter announced that several U.S. states are preparing to propose legislation for sovereign Bitcoin reserves.
In an attempt to front-run President Donald Trump’s Bitcoin (BTC) promise, Porter has lobbied local policymakers to introduce legislation for BTC stockpiles across 10 state jurisdictions. Porter disclosed the development via an X thread, highlighting efforts from his Satoshi Act Fund organization toward passing Bitcoin-focused laws.
I can now officially confirm and announce that 10 states will be introducing ‘Strategic Bitcoin Reserves’ legislation here in the great United STATES of America. We are going to win with Bitcoin. We will lead the world. No one will come close. The word will follow our lead.
Dennis Porter, Satoshi Act Fund founder and CEO
The public BTC supported also announced a joint discussion with Wyoming Senator Cynthia Lummis regarding her BITCOIN ACT, suggesting that Porter has engaged federal lawmakers to position the U.S. as a Bitcoin leader.
Lummis’s proposal would transfer 207,000 BTC seized by authorities to the Treasury Department. The Senator also pushed to convert U.S. gold certificates to finance BTC purchases and accumulate one million coins over five years.
“The race is on. Let the game theory begin,” Porter tweeted, referring to President Trump’s plan to establish a government BTC stockpile from America’s existing $19 billion horde.
Nations, states, and governments are rushing to grab portions of BTC’s 21 million fixed supply following Trump’s victory at the presidential polls. Within the U.S., Pennsylvania already passed a bill legalizing BTC payments and crypto self-custody. The state also introduced a bill paving the way for its own BTC reserve in November.
On the international front, Brazil’s Senate considered pitching a national BTC reserve to President Luiz Inácio Lula da SilvaCongressman Eros Biondini submitted the idea to Brazil’s Chamber of Deputies as crypto.news reported.
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