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US Treasury Highlights “Digital Gold” Bitcoin’s Rapid Growth In Latest Report
The US Treasury highlighted Bitcoin’s “rapid growth” in its latest report while discussing the flagship crypto’s use case, especially in decentralized finance (DeFi). Interestingly, the government department also acknowledged BTC as “digital gold.”
US Treasury Highlights Bitcoin’s Rapid Growth
In its 2024 Q4 report, the US Treasury stated that Bitcoin and other digital assets have rapidly grown from a small base. According to the US Department, the primary use case for BTC, which they also referred to as “digital gold,” seems to be a store of value in the DeFi world.
Like the US Treasury, Fed Chair Jerome Powell also recently likened Bitcoin to gold as he compared both assets. Jerome Powell said that BTC is a speculative asset that has a closer correlation to gold than the US dollar.
Meanwhile, the US department said that speculative interest seems to have played a prominent role in the growth of Bitcoin and other digital tokens thus far. Whatever it might be, BTC has undoubtedly witnessed massive growth.
In 2015, the flagship crypto had a market cap of $6.4 million. In 2019, it grew to $194 billion. Now, Bitcoin boasts a market cap of $2.3 trillion. The Bitcoin price isn’t showing signs of stopping anytime soon, as it recently crossed the $100,000 milestone.
Bitcoin’s success is already driving institutional FOMO as more companies are looking to adopt the flagship crypto as an asset on their balance sheet. Recently, manufacturer Worksport announced that it would adopt Bitcoin and XRP for its corporate treasury.
Stablecoins Are Also In Focus
The US Treasury report also highlighted stablecoins as another category of digital assets that have witnessed rapid growth. The report stated that stablecoin growth has resulted in a modest increase in demand for short-dated treasuries.
Fiat-backed stablecoins are said to have a significant portion of their collateral in the form of treasury bills and treasury-backed repo transactions. The US Treasury estimates that $120 billion in total stablecoin collateral is directly invested in Treasuries.
Over the near term, the US department expects continued growth in stablecoin markets along with the overall size of the digital asset market. They also predict that the rapid growth of Bitcoin and other digital assets and massive volatility might lead to future hedging needs and fight-to-quality demand for Treasuries.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Crypto expert Egrag Crypto has again predicted that the XRP price could rally to as high as $27. The analyst has also revealed the exact timeline for when the altcoin could record this massive price surge.
Expert Reveals Time For XRP Price To Hit $27
In an X post, Egrag Crypto asserted that the XRP price can hit $27 in 60 days. The expert remarked that historical patterns indicate that the altcoin can reach this target within this timeframe.
Based on this price prediction, XRP could reach this $27 target by June, marking a 1,250% gain for Ripple’s native crypto. The expert’s accompanying chart showed that he was alluding to the 2017 bull run as to why the altcoin could record such a parabolic rally.
In 2017, XRP recorded a historic gain of over 60,000% as it rallied to its current all-time high (ATH) of $3.8 the following year. As such, based on history, a 1,250% increase is nothing for the altcoin.
In the meantime, the XRP price still boasts a bearish outlook thanks to the sentiment in the broader crypto market. As CoinGape reported, Ripple’s coin could drop to the next major support levels at $1.79 and $1.56 if it fails to hold above $2.03.
Decision Time For The Altcoin
In an X post, crypto analyst CasiTrades stated that it is decision time for the XRP price. She noted that the altcoin is showing strength with a bounce right back to the first key test at $2.17. She added that this is the resistance level she wants to see flip into support, as it might be the “most important price of the week.”
The analyst stated that XRP must reclaim this level to build momentum. She added that the $2 level remains a valid target if the $2.17 level rejects. Meanwhile, CasiTrades revealed that $2.70, $3.05, and $3.80 are the major resistance zones once the upward trend is confirmed.
The analyst also mentioned that the XRP price is now fully inside the Fibonacci Time Zone 3, which spans most of April. She affirmed that this is the breakout window market participants have been preparing for and that all signs point to a macro wave.
CasiTrades affirmed that the structure is clean. The RSI divergence has confirmed the bottom, while the subwaves are aligning well with the larger targets. If the next leg pushes XRP back above $2.17 with momentum, she claimed that market participants may finally see obvious signs of Wave 3. Interestingly, the analyst added that if the altcoin clears $2.70 this week, it may break the $1,000 price extension.
For now, investors may remain cautious, especially seeing how XRP fell after the PMI and JOLTS data release earlier today. Donald Trump is also set to announce reciprocal tariffs tomorrow, which could spark a massive price crash.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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OpenAI, the firm behind ChatGPT, has disclosed its plans to introduce a new open-weight language model in the coming months.
This will be the firm’s first open-weight release since GPT-2, a decision that had been delayed due to other priorities but now feels essential. Per the update, the novel model is expected to bring strong reasoning capabilities and provide simplicity for developers and organizations.
From OpenAI ChatGPT to Sora
It is worth mentioning that Sam Altman, OpenAI’s CEO, shared the news on X, expressing excitement about making the model highly effective. More importantly, this announcement follows OpenAI’s history of launching novel AI products.
Since the release of ChatGPT in 2022, the tool has become widely used for text-based tasks. This Large Language Model transformed how people from different parts of the world interact with artificial intelligence.
As reported by CoinGape, In 2024, OpenAI introduced Sora, an advanced video generation model. In addition, the release of voice Chat further improved AI’s role by allowing seamless spoken interactions.
Interestingly, these notable innovations have redefined how AI integrates into daily life. Now, OpenAI is moving toward open-weight models. This will allow greater customization.
For example, businesses, developers, and governments that prefer self-hosted AI solutions will be able to modify the model for specific needs. This new project could lead to wider adoption and new applications across various industries.
ChatGPT Developer Involvement and Future Trends
Before releasing the project to the public, OpenAI seeks developers’ input through a series of sessions.
According to Sam Altman, the events will begin in San Francisco, followed by meetings in Europe and the Asia-Pacific region. As detailed, developers will gain early access to prototypes, providing insight into potential applications.
Altman confirmed that OpenAI will evaluate the model using its preparedness framework. Since open-weight models can be altered post-release, additional security measures will be implemented.
By involving developers early, OpenAI intends to fuse innovation and responsibility. This will ensure that the model is both effective and safe for people to use.
Another Studio Ghibli Trend Ahead?
It is important to add that AI-generated Studio Ghibli-style artwork has shown how artificial intelligence can shape creative industries.
For context, when OpenAI added image generation to ChatGPT-4o, people started making Studio Ghibli-style portraits, and the trend quickly spread. Even Elon Musk joined the Ghibli trend. Still, this new trend has raised certain questions about the future of creative art.
Still, with OpenAI’s new model on the way, another wave of AI-generated content could take off. As AI keeps improving, it may bring new ways for people to create and share.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Cryptocurrency investors in Japan are bracing for impact following a plan to reclassify digital assets as financial products. While the plan has elicited excitement from cryptocurrency enthusiasts in the Far East, the ambitious plan will have to scale several legislative hurdles.
Japan Targets Reclassification Of Cryptocurrencies As Financial Products
According to a report by Nikkei, Japan’s Financial Services Agency (FSA) is inching toward classifying cryptocurrencies as financial products. Per the report, the FSA intends to achieve the reclassification via an amendment to the Financial Instruments and Exchange Act.
Currently, digital assets in Japan are considered crypto assets conferred with property rights and seen as payment means. Under the FSA’s plans, cryptocurrencies in Japan will be treated as financial products in the same manner as traditional financial products.
The FSA says it will adopt a slow and steady approach toward the reclassification, carrying out “a private expert study group” to test the waters. If everything goes according to plan, the FSA will submit the amended bill to Parliament in early 2026.
The classification of cryptocurrencies as financial products will have far-reaching consequences for the local ecosystem. Experts say treating cryptocurrencies as financial products will bring Japan closer to a crypto ETF launch amid a changing regulatory landscape.
Furthermore, the move may lower current cryptocurrency taxation for local investors since existing capital market rules will apply to the asset class.
A Fresh Bill For Crypto Insider Trading Is Underway
Apart from the reclassification, the FSA disclosed plans for new legislation against insider trading. The move flows treating cryptocurrencies as financial products and will strengthen existing investor protection rules.
“It is a direction to establish a new insider trading regulation that prohibits trading based on unpublished internal information,” said the FSA. “We will develop laws to prevent unfair transactions.”
However, Japan’s cryptocurrency scene is heating up to a boil, driven by local and international players. Last week, stablecoin issuer Circle secured approval from the FSA for USDC with top exchanges set to list the stablecoin.
Japan’s Metaplanet has tapped Eric Trump to join its Strategic Board of Advisors as it continues to load up Bitcoin.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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