Author: Max Bauer
A new report from Citi analysts challenges the popular narrative that Bitcoin will eventually dethrone the US dollar as the world’s reserve currency. Instead, the report argues that stablecoins, cryptocurrencies pegged to the US dollar, are actually reinforcing the dollar’s dominance. “The original vision for cryptocurrencies like Bitcoin was to rival central bank-issued currencies,” the Citi analysts explain. “Some even predicted Bitcoin would end the US dollar’s hegemony. However, the rise of stablecoins, which now account for over 80% of cryptocurrency trading volume, is directly contradicting this prediction.” The report highlights the fact that most stablecoins are pegged to the…
Crypto asset manager Bitwise has released its bold predictions for the cryptocurrency market in 2025, forecasting new all-time highs for Bitcoin, Ethereum, and Solana. The firm anticipates Bitcoin surging to $200,000, Ethereum reaching $7,000, and Solana hitting $750. These projections, while optimistic, are not guarantees and should not be taken as investment advice, Bitwise cautions. Beyond price predictions, Bitwise anticipates a surge in mainstream crypto adoption and significant regulatory developments. The firm’s key predictions include: Looking even further ahead, Bitwise offers a bonus prediction: by 2029, Bitcoin will surpass the $18 trillion gold market, trading above $1 million per Bitcoin.
Following Bitcoin’s surge past $100,000 after his election victory, former President Donald Trump reportedly hopes to see the cryptocurrency reach $150,000 during his upcoming term. According to an Axios report citing an anonymous transition source, Trump is “going to be very focused on the price of Bitcoin,” viewing it as “another stock market” to gauge the success of his economic policies. This echoes Trump’s previous practice of highlighting stock market performance as an indicator of his administration’s economic management. Since his election in November, Bitcoin’s price has rallied from around $68,000 to over $103,000. Last week, Trump celebrated Bitcoin surpassing…
Microsoft shareholders have voted against a proposal that would have explored the company adding Bitcoin to its corporate treasury. The proposal, titled “Assessment of Investing in Bitcoin,” was put forward by the National Center for Public Policy Research and suggested allocating 1% of Microsoft’s total assets, approximately $784 million based on current holdings, to the cryptocurrency. The preliminary vote results, announced at Microsoft’s annual shareholder meeting, align with the board’s recommendation to reject the proposal. The board had previously expressed concerns about Bitcoin’s volatility, emphasizing the company’s preference for stable and predictable investments. Michael Saylor, Executive Chairman of MicroStrategy, a…
Binance, the world’s largest cryptocurrency exchange by trading volume, has quietly removed its integrated inscription market from its wallet, effectively halting user trading of inscription assets. The move comes just months after the platform launched the feature in February, initially supporting BRC-20 and other inscription protocols. This decision has reignited the ongoing debate surrounding the long-term viability and value of Bitcoin inscriptions. Binance’s customer support confirmed the removal, stating that users are currently unable to buy or sell inscription assets. The exchange has not provided a public statement explaining the reasons behind the decision. The rise of Bitcoin inscriptions began…
Anton Tkachev, a State Duma deputy from the “New People” party, has formally proposed the creation of a strategic Bitcoin reserve in Russia, modeled after traditional currency reserves. In an appeal to Finance Minister Anton Siluanov, Tkachev argued that geopolitical instability exposes traditional reserve currencies like the yuan, US dollar, and euro to volatility, sanctions, and inflation, threatening Russia’s financial stability. Tkachev’s proposal, reported by RIA Novosti, suggests that cryptocurrencies, specifically Bitcoin, could offer an alternative reserve asset independent of any single country. He emphasized the increasing importance of cryptocurrencies for international trade, particularly for nations facing sanctions that restrict…
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…