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In 2024, the crypto landscape faced significant challenges, including the banning of unauthorized platforms like Pump.fun in the UK and the rise of scams, such as pig butchering, costing victims over $75 billion. Prominent figures like Sahil Arora drew criticism for celebrity-endorsed memecoins, while the Biden administration's "Operation Choke Point 2.0" allegedly isolated crypto from banking services. Despite these hurdles, advocates like President-elect Donald Trump and El Salvador's Nayib Bukele pushed for crypto adoption, setting the stage for a potentially more favorable environment in 2025.
Gen Z crypto users surged by 683% on Bitget following Donald Trump's election victory, with their share of new users rising from 26.2% to 53.8% in November. This demographic, driven by Trump's pro-Bitcoin stance and favorable market conditions, saw 844,000 new users under 25 join the platform, reflecting a significant shift in crypto engagement among younger investors.
El Salvador significantly increased its daily Bitcoin purchases, acquiring over 11 BTC worth $1.07 million on two occasions last week, aiming to add 20,000 more BTC. This move follows a $1.4 billion loan facility from the IMF, which requires the government to limit its crypto activities and enhance regulatory measures to ensure financial stability.
El Salvador's Vice President Félix Ulloa Jr. highlighted the nation's Bitcoin success during a meeting with China's Ambassador, emphasizing over 6,217 BTC in state reserves valued at over $500 million. The government aims to increase its holdings by an additional 20,000 BTC, showcasing its commitment to crypto adoption despite IMF concerns. Recent purchases and pro-crypto initiatives led by the Bitcoin Office under Stacy Herbert further underline this strategy.
Institutional investors now hold 31% of all known Bitcoin, a significant rise from 14% in 2023, driven by spot Bitcoin ETFs, government acquisitions, and MicroStrategy's extensive purchases, which total over 440,000 BTC. The U.S. government leads with 198,109 BTC, while China and Bhutan also maintain substantial holdings. Collectively, institutions and governments control about 2.45% of Bitcoin's circulating supply, valued at approximately $49.36 billion.
El Salvador plans to boost its Bitcoin reserves by an additional 20,000 BTC, increasing its total holdings to approximately 26,000 BTC, valued at over $2.4 billion. The country has ramped up daily purchases to 11 BTC, reflecting President Bukele's commitment to Bitcoin as a national wealth reserve. Despite a new IMF loan agreement requiring some restrictions, the government maintains that Bitcoin will remain legal tender and continues to promote its adoption.
Dogecoin has experienced a significant decline, losing nearly 25% of its value after peaking at $0.48, exacerbated by a network vulnerability that caused 69% of its nodes to crash. The flaw, known as "DogeReaper," was exploited by Andreas Kohl, reducing active nodes from 647 to 315. Additionally, the Federal Reserve's cautious policy on rate cuts has negatively impacted the broader cryptocurrency market, contributing to the downturn.
Dogecoin has experienced a significant decline, losing nearly 25% of its value after peaking at $0.48, amid broader cryptocurrency corrections. A network vulnerability, exploited by Andreas Kohl, caused 69% of its nodes to crash, dropping active nodes from 647 to 315. The flaw, known as "DogeReaper," allows remote crashes and poses a risk to the network's stability, although Coinbase rated it as low risk.
Michael Saylor advocates for the US to establish a strategic Bitcoin reserve, potentially generating $81 trillion for the Treasury and enhancing the dollar's strength. While some legislators support this initiative, critics like Peter Schiff warn it could weaken the economy. States like Ohio, Texas, and Pennsylvania are exploring similar proposals to incorporate Bitcoin into their financial strategies.
In 2021, El Salvador became the first country to adopt Bitcoin as legal tender, facing immediate criticism, particularly from the IMF, which cited risks to financial stability and consumer protection. To secure a $1.4 billion liquidity injection, El Salvador is now complying with IMF conditions that limit cryptocurrency adoption, revealing vulnerabilities in its ambitious Bitcoin initiative.
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crypto industry faces challenges from scams regulation and high-profile advocates
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