Author: Max Bauer
Former Treasury Secretary Larry Summers has sharply criticized President-elect Donald Trump’s proposal to establish a national Bitcoin reserve, calling the idea “crazy” and suggesting it’s driven by political motivations rather than sound economic policy. Summers, who oversaw the U.S. national gold reserve during the Clinton administration, questioned the purpose of such a reserve in a recent interview with Bloomberg TV. He contrasted Bitcoin with resources like gold and oil, which have established strategic value, labeling Bitcoin as “sterile inventory.” He further accused Trump of pandering to “generous special interest campaign contributors” from the crypto industry. Trump’s proposal, unveiled at a…
China has signaled its intent to implement further economic stimulus measures in 2025, offering the clearest indication yet of its commitment to bolstering the country’s economy. This announcement, emanating from the Politburo, China’s highest decision-making body, marks a significant shift in policy direction. The Politburo’s statement, which characterized monetary policy as “moderately loose” going into 2025, represents the first such change in 14 years. This language echoes the post-2008 financial crisis era, suggesting the leadership anticipates significant economic challenges. Experts interpret this announcement as a green light for increased stimulus measures. The Politburo’s directive empowers technocrats, the central bank, and…
Binance CEO Richard Teng, speaking at Abu Dhabi Finance Week, expressed optimism about the future of cryptocurrency, particularly given the evolving regulatory landscape and growing institutional adoption. He highlighted 2024 as a landmark year for the industry, citing Bitcoin’s surge past $100,000, the approval of several Bitcoin and Ethereum ETFs, and BlackRock’s embrace of crypto as key milestones. Teng believes the appointment of a “crypto czar” signals a positive shift in U.S. regulatory stance, fostering innovation and potentially positioning the country as a leader in the digital asset space. He praised the UAE’s forward-thinking approach to blockchain technology and its…
Tether, the issuer of the leading stablecoin USDT, has announced that over 109 million on-chain wallets held USDT at the start of the fourth quarter of 2024. This figure surpasses the number of Bitcoin wallets by more than twofold and nears the 128 million wallets holding Ethereum, solidifying USDT’s position as one of the most widely held digital assets. Beyond on-chain wallets, Tether reports an additional 86 million accounts on centralized platforms have received on-chain USDT deposits. These platforms play a crucial role in the cryptocurrency ecosystem, attracting 4.5 billion web visits in the first three quarters of 2024, with…
El Salvador is reportedly preparing to amend its groundbreaking Bitcoin Law as part of a deal to secure a $1.3 billion loan program from the International Monetary Fund (IMF). The proposed change would make accepting bitcoin as payment voluntary for businesses, rather than mandatory as currently stipulated. According to a recent Financial Times report, this concession is a key condition set by the IMF for approving the loan. The move is part of a larger financial package expected to total $3.3 billion, with the World Bank and the Inter-American Development Bank each contributing an additional $1 billion. A final agreement…
The Czech Republic has passed legislation exempting cryptocurrency holdings from capital gains tax if held for more than three years. This move, unanimously approved by the Czech Parliament on December 6th, is set to come into effect on January 1st, 2025, and signals a significant step towards encouraging long-term cryptocurrency investment within the country. According to local news outlet Parlamentní Listy, the new law establishes specific conditions for cryptocurrency transactions to be exempt from personal income tax. Individuals whose total annual gross income from cryptocurrency transactions does not exceed CZK 100,000 (approximately $4,000 USD) will qualify for the exemption. Crucially,…
BlackRock, the world’s largest asset manager, has highlighted Bitcoin’s potential as a key diversification asset in its 2025 Global Outlook report. The report emphasizes Bitcoin’s fixed supply and growing demand, driven by increasing investor confidence in its wider adoption as a payment technology, as key factors contributing to its unique value proposition. According to BlackRock, Bitcoin’s distinct value drivers set it apart from traditional assets and contribute to its low correlation with stocks and other risk assets. The report notes that Bitcoin’s price appreciation is linked to its predetermined supply meeting growing demand, fueled by the belief in its potential…
Pump Fun, the Solana-based protocol that exploded onto the cryptocurrency scene in September 2024, has been blocked for users in the United Kingdom. The platform has reportedly received a warning from the FCA. The platform, known for launching memecoins and various celebrity-themed tokens, displayed a notice stating, “Our systems have identified that you are in the United Kingdom. In accordance with the laws and regulations of the United Kingdom, this site is currently unavailable to users in the United Kingdom.” A link is provided for UK users to withdraw any remaining funds from their “privy wallet.” Pump Fun’s meteoric rise…
Charles Bobrinskoy, vice chair and head of the investment group at Ariel Investments, has issued a stark warning about Bitcoin, calling it a “get-rich-quick scheme” destined to “end badly.” In a recent interview, Bobrinskoy argued that Bitcoin’s recent price surge is purely momentum-driven, fueled by speculative fervor and the allure of quick profits. Bobrinskoy dismissed the idea of Bitcoin having intrinsic value. He pointed out that even proponents have shifted their narrative from transactional value to a store of value argument. He criticized those who believe the government is hindering Bitcoin’s progress, arguing that the cryptocurrency enjoys less regulation than…
Bitcoin’s rally is far from over, according to market analyst Kyle Wool. In a recent interview, Wool expressed strong optimism for the cryptocurrency, stating he “would not be shorting it.” He cited several factors contributing to Bitcoin’s positive momentum, including a potentially crypto-friendly SEC chair, former President Trump’s increasing engagement with crypto, and the likelihood of a dovish Federal Reserve. Wool, who admits to not having been a Bitcoin proponent in the past, now believes the cryptocurrency has reached a “legitimacy moment,” solidifying its status as a currency. He suggests holding existing Bitcoin positions and even buying on dips. Shifting…