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Establishing a strategic Bitcoin reserve in the US could significantly boost Bitcoin adoption, surpassing the impact of upcoming ETF launches, according to CoinShares. The proposed Bitcoin Act aims to direct the Treasury to acquire 1 million BTC over five years, with support from President-elect Trump. This initiative could enhance Bitcoin's credibility among institutional investors and potentially drive its price past $1 million per coin, especially with anticipated institutional inflows and the approval of multiple spot BTC ETFs.
KULR Technology Group predicts Bitcoin could reach $200,000 by 2025 after purchasing over $21 million worth at an average price of $97,391. The CEO cites growing global adoption, particularly by nations considering strategic BTC reserves, as a key driver for this potential surge. However, sustaining Bitcoin's current rally will depend on evolving crypto regulations and Federal Reserve policies.
Czech National Bank Governor Aleš Michl is exploring Bitcoin as a potential diversification strategy for the country's foreign exchange reserves, although no immediate plans for acquisition exist. The bank will focus on increasing gold holdings to 5% of total assets by 2028, while Bitcoin's robust returns may prompt future discussions on its role as a reserve asset. In the U.S., bipartisan support is building for the Bitcoin Act, which proposes a strategic Bitcoin reserve, potentially elevating Bitcoin's status as a savings technology.
BlackRock's iShares Bitcoin Trust (IBIT) experienced a record outflow of $332.6 million on January 2, marking the largest daily withdrawal since its launch in January 2024. This outflow contributed to a total of $392.6 million in withdrawals over the past week, despite the fund ranking third for inflows among U.S. ETFs in 2024 with $37.2 billion. In contrast, competitors like Bitwise, Fidelity, and Ark 21Shares saw inflows, highlighting a mixed landscape for Bitcoin ETFs.
NIST has proposed standardizing AES encryption to a 256-bit block size to accommodate the increasing data demands of modern applications. This move aims to enhance quantum security, as larger key lengths can protect against potential quantum computing threats, which remain decades away. Meanwhile, initiatives like Ethereum's quantum-proofing plan and recent post-quantum cryptography tests by the Singapore Monetary Authority and Banque de France highlight ongoing efforts to secure digital communications against future quantum capabilities.
Confirmed Bitcoin payments have dropped to a yearly low of 623,434 due to holiday illiquidity, following a peak of over 857,000 payments on December 17 when Bitcoin reached an all-time high of $108,000. Analysts anticipate a price recovery above $105,000 as market activity is expected to increase post-holiday, with potential catalysts including President-elect Donald Trump's inauguration on January 20, 2025. Weak social sentiment may also indicate an imminent breakout for Bitcoin, as retail expectations often precede market movements.
Advancements in quantum computing could enhance Bitcoin's security, despite fears of potential threats to cryptographic encryption. Adam Back, co-founder of Blockstream, suggests that post-quantum signature research will yield more compact signatures, which Bitcoin can adopt. Meanwhile, Google's new quantum chip, Willow, while impressive, is still far from being able to compromise Bitcoin's encryption, requiring a quantum computer with 13 million qubits for effective decryption.
Adam Back, a prominent figure in the Bitcoin community, reassured that the cryptocurrency's maximum supply of 21 million is not at risk of being increased, despite a disclaimer from BlackRock suggesting otherwise. He dismissed the disclaimer as legal caution, emphasizing that any change would fundamentally alter Bitcoin's identity. Meanwhile, Dogecoin's co-founder, Billy Markus, reacted to the recent market crash of major cryptocurrencies with his characteristic sarcasm, using the acronym "WAGMI" to convey a sense of ironic optimism amidst the turmoil.
Roger Ver claims the US government attempted to undermine Bitcoin as early as 2011, alleging that bots flooded the Bitcointalk.org forum during its initial media exposure. He suggests that the CIA showed interest in Bitcoin early on, while also accusing US intelligence of spreading propaganda to maintain small BTC block sizes. Ver, who faces multiple charges from the US DOJ, argues that these actions hindered Bitcoin's growth and adoption.
Peter Todd, recently identified in an HBO documentary as the creator of Bitcoin, has vehemently denied being Satoshi Nakamoto, claiming the accusation was a marketing ploy. Following the film's release, Todd has gone into hiding, facing a barrage of inquiries and speculation about his alleged identity. Meanwhile, the search for Bitcoin's creator continues to attract various theories and individuals, with no definitive proof emerging.
Adam Back
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
us bitcoin act could transform institutional adoption and market dynamics
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