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Bitwise predicts significant price surges for Bitcoin, Ethereum, and Solana by 2025, forecasting Bitcoin to reach $200,000, Ethereum $7,000, and Solana $750. The asset manager anticipates increased inflows from Bitcoin ETFs and a doubling of countries holding Bitcoin, alongside a wave of crypto IPOs in a favorable regulatory climate.
Changpeng Zhao, co-founder of Binance, expressed optimism about Bitcoin's future at a conference in Dubai, suggesting it will eventually be viewed simply as money. He highlighted the potential for increased nation-state adoption, predicting that Bitcoin's market cap could surpass gold's valuation, leading to a price of $850,000 per Bitcoin.In related news, President-elect Donald Trump plans to establish a strategic Bitcoin reserve using nearly 200,000 BTC seized from criminals, a move CZ called "fantastic." Meanwhile, El Salvador is set to amend its Bitcoin law to secure funding from the IMF, ceasing the requirement for businesses to accept Bitcoin.
Changpeng Zhao, co-founder of Binance, declared at the Bitcoin MENA conference that "Bitcoin is the future of money," emphasizing the need for countries to reconsider their anti-Bitcoin stances due to its borderless technology. He suggested that nations like El Salvador should implement multi-signature solutions for security and advised former President Trump to clarify regulations and invest in the crypto industry to bolster Bitcoin's influence in the U.S. Following a brief prison sentence, Zhao is now focused on cryptocurrency education through his initiative, Giggle Academy.
Vancouver Mayor Ken Sim is advocating for the city to adopt Bitcoin as a strategy to combat inflation and enhance financial stability. He plans to present a motion to the city council on December 11, proposing the diversification of financial reserves to include Bitcoin, which he believes will preserve the city's purchasing power.Sim's initiative reflects his ongoing support for cryptocurrency, having accepted crypto donations during his mayoral campaign. He has requested a report by the end of Q1 2025 to assess the feasibility and benefits of making Vancouver a "Bitcoin-friendly city," including the potential for accepting taxes and fees in Bitcoin.
Google's quantum chip, Willow, has achieved 105 qubits but still falls short of the 1 million qubits needed to crack Bitcoin's encryption. Despite advancements in quantum computing, experts assert that Bitcoin remains secure for now, though discussions on post-quantum cryptography are becoming increasingly relevant. Countries like the U.S., Bhutan, and El Salvador are exploring Bitcoin as a strategic reserve, with the U.S. holding over 198,000 BTC.
El Salvador is close to finalizing a $1.3 billion loan agreement with the IMF, prompting a shift in its Bitcoin policy to make acceptance optional for businesses. The government, which holds 5,960 BTC and continues to buy one daily, aims to balance its Bitcoin ambitions with economic stability amid ongoing social challenges and international scrutiny.
Cryptocurrencies faced a downturn today, with Bitcoin retreating to around $97,500, impacting XRP, Dogecoin, and Shiba Inu, which fell 6.6%, 5.4%, and 5.2%, respectively. Despite positive news, including MicroStrategy's significant Bitcoin purchases, investor caution and specific developments, such as Ripple CEO Brad Garlinghouse's disappointment over a recent interview, contributed to the sell-off. The overall crypto bull market remains intact, but volatility persists, particularly for meme tokens.
El Salvador is set to modify its Bitcoin law to secure a multi-billion dollar deal with the International Monetary Fund (IMF), which includes halting the mandatory acceptance of Bitcoin by businesses. This change is part of negotiations aimed at unlocking $2 billion in loans from the World Bank and the Inter-American Development Bank to support economic reforms. Despite the IMF's acknowledgment that risks from the Bitcoin policy have not yet materialized, it has urged for greater transparency and a reevaluation of the controversial law.
El Salvador is reportedly scaling back its Bitcoin ambitions to secure a $1.3 billion loan from the IMF, which would require the government to make Bitcoin acceptance voluntary for businesses. This deal, expected to be finalized soon, could also unlock an additional $2 billion in loans from the World Bank and the Inter-American Development Bank. The IMF has consistently warned about the financial stability risks associated with El Salvador's Bitcoin adoption since it became legal tender in September 2021.
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