Donald Trump seems to be embracing
Bitcoin in a big way, with multiple sources suggesting a plan to hoard billions in Bitcoin, which has left economists puzzled. He proposed a U.S. Strategic Bitcoin Reserve, funded partly by revaluing the Federal Reserve's gold and has promised to 'never sell your Bitcoin'.
Michael Saylor, a prominent Bitcoin advocate, predicts Bitcoin could reach $49 million by 2045.
Goldman Sachs CEO has recognized Bitcoin as a potential ‘store of value’, rivaling gold. A significant move in the industry is BlackRock's Ethereum ETF inflow surpassing its Bitcoin ETF inflow, signaling Ethereum's increasing importance.
Bitcoin's price volatility continues, with it tumbling below $65K and facing selling fears. Coinbase's stock could join the S&P 500 as Bitcoin is increasingly mainstream.
Fidelity International began listing a Bitcoin ETP on the London Stock Exchange, and Trump's commitment to a strategic Bitcoin reserve was lauded by the crypto community as a ‘game-changer’. However, some critics argue that making Bitcoin a strategic reserve asset contradicts the ‘freedom from government’ narrative. Despite the ups and downs, holding Bitcoin has been profitable for 98.5% of its existence. The speculation surrounding potential government hoarding, high-profile endorsements, and geopolitical forces continue to influence the Bitcoin market. Yet there are worries about what happens when 1% of Bitcoin holders control 99% of the BTC supply.
Bitcoin News Analytics from Wed, 24 Jul 2024 21:09:00 GMT to Wed, 31 Jul 2024 21:24:00 GMT -
Rating 3
- Innovation 8
- Information 10
- Rumor 3
