U.S. President Donald Trump has officially nominated former Fed Governor Kevin Warsh as the next Fed chair, potentially replacing Jerome Powell when his term ends in May. This marks a positive for the crypto industry as Warsh is considered more pro-crypto, although it remains to be seen what his stance on monetary policy is. Trump
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]]>Elon Musk has strongly refuted reports claiming he is abandoning plans to launch his own political party. The tech billionaire entrepreneur responded to recent news that suggested he was stepping back from his idea to form a third-party movement. According to Musk, there is no truth to the rumors, and he remains committed to his
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Following in the footsteps of US President Donald Trump, many governments are planning to adopt a Strategic Bitcoin Reserve. Now, Japan is in the spotlight due to its crypto-friendly stance, despite previously rejecting a similar reserve proposal.
Adding more momentum, Bitcoin maximalist Samson Mow has drawn the Japanese government’s attention to the significance of embracing a Bitcoin reserve.
Samson Mow Urges Japan to Adopt a Bitcoin Reserve
In a recent meeting with Japanese House of Councillors member Satoshi Hamada, Bitcoin enthusiast Samson Mow underscored the need to adopt a Bitcoin reserve. In an X thread posted earlier today, Samson Mow revealed his meeting with the Upper House of the Japanese Diet member Hamada.
As per the X post, the meeting focused on discussing the emergency of a financial transformation via Bitcoin. Mow stated,
We had a great discussion on the importance of Bitcoin, why the government’s focus should be on Bitcoin only, and the economic benefits a Bitcoin strategy would bring to Japan.
This Bitcoin reserve development comes following Japan’s recent crypto initiatives. Earlier this month, the Financial Services Agency of Japan revealed plans to classify crypto assets into two categories, based on the distribution of funds.
Will Japan Adopt a Crypto Reserve?
The Japanese government has been taking a cautious approach to cryptocurrencies. Despite increasing demand for a Bitcoin reserve influenced by Trump’s pro-crypto move, Japan decided to hold back.
In December 2024, crypto enthusiasts, including Satoshi Hamada, raised the need for a BTC reserve. However, the government refused to move forward due to several reasons, including crypto’s volatile nature and security threats.
However, Samson Mow’s recent meeting and Japan’s crypto-friendly regulatory steps, such as classifying digital assets as financial products, have sparked optimism about the country’s potential adoption of a BTC reserve.
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]]>Senator Cynthia Lummis of Wyoming has introduced a revolutionary Bitcoin bill. Unveiled at The Bitcoin Conference, this legislation proposes a radical solution to tackle the United States’ mounting national debt: requiring the Federal Reserve to hold Bitcoin as a strategic reserve asset.
Senator Cynthia Lummis’ Groundbreaking Bitcoin Bill
Senator Cynthia Lummis, a Republican from Wyoming known for her pro-cryptocurrency stance, has unveiled a groundbreaking Bitcoin bill aimed at addressing the United States’ national debt. The announcement was made at The Bitcoin Conference, where Lummis introduced legislation that would require the Federal Reserve to hold Bitcoin as a strategic reserve asset.
The bill, which Lummis had been developing quietly, seeks to establish Bitcoin as a mainstream financial asset and potentially revolutionize the cryptocurrency industry. According to crypto executives familiar with the legislation, this move could significantly impact the burgeoning crypto business.
Lummis stated tha establishing a strategic Bitcoin reserve would firmly secure the dollar’s position as the world’s reserve currency into the 21st century and ensure we remain the world leader in financial innovation. She emphasized the bill’s importance in light of current economic challenges, saying, “Families across Wyoming and the U.S. are struggling to keep up with soaring inflation rates and record-breaking costs while our national debt reaches unprecedented levels.”
Senator Cynthia Lummis argues that diversifying into Bitcoin could secure America’s economic future and create “a brighter future for generations of Americans.” This bold proposal marks a significant step in the integration of cryptocurrency into mainstream financial policy and could have far-reaching implications for both the U.S. economy and the global crypto market.
Also Read: Ben Armstrong Apologizes to Solana Community, Here’s Why
Trump’s Crypto Vision at Bitcoin Conference 2024
At the Bitcoin Conference 2024, Donald Trump criticized the SEC’s approach to Bitcoin and vowed to end the “anti-crypto crusade” if elected. He promised to make the US the “crypto capital of the planet” and a “Bitcoin superpower.”
Trump now views the government, not crypto, as the real threat to the dollar. He also unveiled plans to retain all US Bitcoin holdings as a strategic reserve and transform the country into a mining powerhouse. This marks a significant shift in Trump’s stance on cryptocurrency, indicating potential major policy changes if he returns to office.
Also Read: Cantor Fitzgerald To Launch a $2 Billion Bitcoin Financing Fund
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.
Twitter founder and Block Inc. CEO Jack Dorsey, in a recent letter to shareholders, detailed why Block, the parent company of Cash App and Square, is focused on Bitcoin rather than other cryptocurrencies.
In the letter, Dorsey provides insight into the company’s strategy, vision for Bitcoin, and approach to enhancing its adoption in the long run.
Bitcoin as a Decentralized Protocol for Money
The CEO began by addressing a question frequently asked of Block’s management:
“Why is Block spending so much time on Bitcoin?”
Dorsey’s response reveals Block’s belief in Bitcoin as the foundational protocol for money that is not owned or controlled by any single entity.
block’s entire shareholder letter was dedicated to why we’re focused on bitcoin, not crypto. the internet needs decentralized digital cash.
we will do our part to help make it accessible, make it secure, and make it usable every day: https://t.co/oUOCNMppkg
— jack (@jack) May 10, 2024
Bitcoin, unlike other cryptocurrencies that may serve speculative purposes, is viewed by Block as the best candidate to become the native currency of the internet. Dorsey maintains that focusing on Bitcoin offers significant benefits for Block.
According to Dorsey, an open protocol for money allows the company to create a product experience that can be distributed globally. This eliminates the need to customize for different payment schemes. The resultant level playing field for both Block and its customers can then accelerate growth.
Block Inc’s Core Bitcoin Directives
Block’s Bitcoin strategy revolves around three core directives: accessibility, security, and usability. To make Bitcoin accessible, Cash App offers a simple platform where users can buy, hold, withdraw, or sell Bitcoin.
This has contributed to significant adoption, with over 21 million active users engaging with Bitcoin-related products. As per figures, in the first quarter of 2024, gross profit grew 22% year over year to $2.09 billion. Cash App generated a gross profit of $1.26 billion, up 25% year over year.
Additionally, Block recently developed and launched Bitkey to address concerns about Bitcoin security. Bitkey is a globally available non-custodial wallet that combines intuitive software with robust hardware security. Dorsey also highlighted Block’s efforts to make BTC usable in everyday transactions. This includes investment in Spiral, an open-source developer group.
Overall, Dorsey says Block is committed to Bitcoin and plans to invest 10% of its gross profit from Bitcoin products into monthly Bitcoin purchases, with a long-term goal of supporting the broader Bitcoin ecosystem.
Dorsey explains, “The rising tide of Bitcoin’s growth lifts all boats.”
Read More: Toncoin Price Forecast: Is TON Recovery Heading to $10 in May?
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.
Cardano Founder Endorses Pro-Bitcoin Presidential Candidate RFK CoinGape
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Cardano’s Founder Praises Argentina’s New Pro-Bitcoin President: Here Is Why CryptoPotato
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In a historical moment for both the nation and the crypto community, Argentina has ushered in a new era by welcoming its first-ever pro-Bitcoin President.
Argentina Elects Pro Bitcoin President
On November 19, Argentina released the results of its presidential election. Reports of the election results reveal that right-wing libertarian and Bitcoin advocate, Javier Milei won almost 56% out of 90% of votes counted. While his rival candidate, Minister Sergio Massa garnered 44% of the votes.
The momentous victory positions Milei as the face of a new era in Argentina, marked by his stated commitment to solving inflationary problems in the country by abolishing the country’s Central Bank and using digital currencies like Bitcoin.
In a public victory speech to his supporters in Buenos Aires, Milei declared that the transformative process of Argentina had just begun and the country was on its way to economic recovery. He promised to work with all the nations to help develop Argentina and make it a better country.
“Today begins the reconstruction of Argentina. Today begins the end of Argentina’s decline. The model of decadence has come to an end. There is no way back,” Milei stated.
He further added that “Argentina will return to its place in the world that it should never have lost. We are going to work shoulder-to-shoulder with all nations of the free world, to help build a better world.”
Former President of the United States, Donald Trump commended Milei on securing victory in the Argentinian Presidential election. He expressed his pride in Milei’s incredible feat and stated his anticipation for Milei’s efforts in restoring Argentina.
“Congratulations to Javier Milei on a great race for President of Argentina. The whole world was watching! I am very proud of you. You will turn your Country around and truly Make Argentina Great Again,” Trump stated.
BTC Price Surges As Argentina Embraces New Era Of Crypto
Following the news of Javier Milei’s victory in Argentina’s Presidential elections, Bitcoin price has been on an upward trend, trading above the $37,000 mark. The price of the cryptocurrency at the time of writing is $37,199 according to CoinMarketCap.
One of Milei’s primary policy plans as Argentina’s President is to discontinue the use of the Argentinian peso and adopt the United States Dollar as the country’s main currency. He has also mulled over the introduction of Bitcoin as a potential legal tender and declared possibilities of launching a Central Bank Digital Currency (CBDC) in Argentina.
While the proposals aim to significantly reduce the long-lasting inflationary crisis in the Argentinian economy, the involvement of Bitcoin could potentially herald a new wave of economic growth for the crypto industry.
BTC recovers following Milei's win | Source: BTCUSD on Tradingview.com
Featured image from Cryptopolitan, chart from Tradingview.com
The enduring inflation crisis in Argentina has been a prominent issue in the South American nation, marked by the Argentine peso experiencing an annual inflation rate exceeding 140% in the past 12 months. Many crypto proponents have also been advocating that Argentina should adopt Bitcoin as an inflationary hedge. As a result, some of the top Bitcoin proponents are also celebrating Milei’s victory.
#Bitcoin is hope for Argentina. Congratulations @JMilei.
— Michael Saylor
(@saylor) November 20, 2023
Milei has openly criticized the country’s central bank, denouncing it as a scam and a “mechanism through which politicians deceive the public with inflationary taxes.” He also views Bitcoin as a movement toward “restoring money to its original creator, the private sector”. In one of his previous interviews, Milei said:
“With legal tender, they scam you with the inflationary tax… Bitcoin is the natural reaction against central bank scammers; to make money private again”.
Yet, he has not shown any inclination to designate Bitcoin as a legal tender in the nation. However, if he considers it, Argentina would be the second Latin American country to make Bitcoin a legal tender, after El Salvador.
Interestingly, Bitcoin maximalist Max Keiser said that he expects three Latin American countries to make Bitcoin a legal tender by early 2024.
Massa’s perspectives on the monetary system, banking, and the cryptocurrency industry seem to stand in stark contrast to Milei’s. Back in October, he committed to introducing a central bank digital currency (CBDC) in the event of being elected, aiming to “address” Argentina’s enduring inflation challenges.
Bitcoin Price Action Ahead
As we approach closer to the next Bitcoin halving analysts are turning extremely bullish about Bitcoin. Ali Martinez notes that we are at the beginning of a 700-day Bitcoin bull run ahead of us till October 2025.
#Bitcoin history might repeat itself!
If we mirror #BTC‘s past bull runs (2015-2018 & 2018-2022) from their respective market bottoms, projections suggest the next market peak could land around October 2025.
That means $BTC still has 700 days of bullish momentum ahead! pic.twitter.com/MOUS1CYOn0
— Ali (@ali_charts) November 19, 2023
The renowned social media trader Titan of Crypto recently reaffirmed a pre-halving BTC price forecast of up to $50,000 on November 19. Bitcoin is encountering strong resistance in its attempt to surpass the $40,000 threshold; repeated efforts to breach this level have proven unsuccessful over the past week.
Titan of Crypto has also identified $39,000 as a critical boundary, but this time as the lower limit for where BTC/USD should ideally stabilize before the upcoming block subsidy halving event in April 2024.
“The pre-halving rally I told you about one year ago is about to reach its target zone between $39k-$50k,” he said.
New York City (NYC) Mayor candidate Eric Adams won the election to become the 110th Mayor of the iconic city. The highlight of his campaign was his promise to bring back the lost glory to the city due to the pandemic and more importantly make NYC a crypto hub. Adams, the 61-year-old Democratic Brooklyn borough president was declared the winner over Republican anti-crime activist Curtis Sliwa. He garnered 67% of the total votes.
“I’m perfectly imperfect, and the city is made up of perfectly imperfect people,” Adams said at an Election Night party at the Marriott hotel in Downtown Brooklyn. “That’s the combination that will allow us to create a perfect city where no one is left behind.”
Adams during his campaign has promised that within one year he would turn the city back to its pre-Covid days and make it a technology and crypto hub. He has said,
“I promise you, in one year […] you’re going to see a different city. […]. We’re going to become the center of life science, the center of cyber security, the center of self-driving cars, drones, the center of bitcoin, we’re going to be the center of all the technology,”
NYC and Miami Could Become the Two Crypto Capitals of the US
Adams is not the first US politician to promise a pro-crypto stance, in fact, Miami is currently at the forefront of crypto innovation in the US-led by Mayor Francis Suarez. The city was also the first to launch its own native crypto token in the form of Miami coin which has already generated millions in revenue and is being utilized for the development of the city. Mayor Francis also became the first US Politician to accept 100% of his paycheck in Bitcoin.
Apart from Miami Wyoming is also a growing crypto hub, however, given NYC’s iconic status and being the capital of the Silicon valley would definitely help crypto gain larger adoption. Along with Miami, NYC could become the joint crypto capital of the US.
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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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