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Senator to Push the Bill in Trump’s First 100 Days

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The 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.

BTC reserve is closer than ever: Senator to push the bill in Trump's first 100 days - 1
BTC Price Chart | Source: crypto.news

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.

BTC reserve is closer than ever: Senator to push the bill in Trump's first 100 days - 2
Source: Alternative.me

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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Institutional Investors Go All In on Crypto as 57% Plan to Boost Allocations as Bull Run Heats Up, Sygnum Survey Reveals

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“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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BUIDL Fund Goes Multi-Chain Across These 5 Blockchainsc

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Este artículo también está disponible en español.

Crypto 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.

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.

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.

BlackRock
The 1D chart shows BTC’s surge to new all-time highs. Source: BTCUSDT on TradingView.com

Featured image from DALL-E, chart from TradingView.com 



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Bitcoin May Hit $100,000 Faster Than Expected

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Follow Nikolaus On X Here

It’s been just over seven days since Trump was re-elected as president of the United States, and bitcoin is up over $18,800 (25.3%) at the time of writing. And it’s currently steamrolling its way towards $100,000.

I cannot lie, this is all happening way faster than even I expected.

$100,000 has, for the last four years, been the magic number Bitcoiners have been laser-focused hitting. It felt like there was consensus among Bitcoiners during the 2021 bull run that we were guaranteed to hit this target. But alas, the 2021 bull run underperformed most people’s expectations, with bitcoin’s price only reaching a high of $69,000 (which in retrospect, was a great run considering the low of the previous bear market was ~$3,000), $100,000 bitcoin was put on hold. But now, we’re almost there.

I feel like the price of BTC loves to do the opposite of what everything thinks it will do. Just when everyone thinks bitcoin is going to rip forever, bitcoin’s price falls or stagnates and vice versa (which is why it might not be so safe to assume we’re going straight to $100,000 from here).

Even I’m guilty of this, as I’ve been telling myself for a long time that the battle for $100k is going to be extremely tough with the amount of sell pressure I was predicting there to be. I think $100k is a number at which traders, ETF buyers, and OG whales may take some profit and that it would be an uphill battle to get there. And it still very may well be, considering we are only at $93,000 currently. But since Trump won the election, there has been practically no sell pressure, and we’re slicing through new all time highs like a warm knife through butter.

Bitcoin is now up over $5,500 (6.22%) today alone. If Bitcoin continues this momentum, we could see $100,000 BTC literally any day now — including even today. Nothing is off the table. Throw all your models out the window, they’re all being broken by the buying pressure from these ETFs and those trying to front-run the U.S. government’s implementing a Strategic Bitcoin Reserve.

Bitcoin is on its path to taking on gold as a legit reserve asset. $100k is the next big milestone for bitcoin to hit along this journey, and it may just come faster than expected.

This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.



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