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New Hampshire Rep. Keith Ammon has proposed a bill allowing the state Treasury to invest public funds in digital assets and precious metals, aiming to protect against inflation and align with the state's "Live Free or Die" ethos. The bill would cap investments at 10% of public funds, currently allowing only Bitcoin, and includes provisions for lending or staking digital assets. Meanwhile, other states are also considering similar Bitcoin reserve proposals, reflecting a growing trend in U.S. economic strategy.
Grayscale Investments has restructured its Digital Large Cap Fund, allocating 90% to Bitcoin and Ethereum while replacing Avalanche with Cardano, which has seen a 75% price increase over the past year. Additionally, the GSCPxE Fund now includes Sui, and Grayscale is seeking to convert its Solana Trust into a spot ETF on NYSE Arca to enhance investor access. The firm continues to explore ETF conversions for its funds amid a potentially favorable regulatory environment.
Bhutan's newly designated Special Administrative Region, Gelephu Mindfulness City, plans to adopt Bitcoin, Ethereum, and Binance's BNB token as part of its strategic reserves, aiming to foster an environment of mindfulness, sustainability, and innovation. This initiative builds on Bhutan's significant Bitcoin holdings, with over 13,000 BTC mined since 2019, positioning the country among the largest governmental Bitcoin holders globally. The region will prioritize assets with high market capitalization and mature blockchain infrastructure, while hosting a global summit in March to discuss the integration of digital assets into strategic reserves.
Dogecoin has experienced a significant decline, dropping 23% this week to a current price of $0.31, following a peak of $0.48 in December. Other cryptocurrencies, including Bitcoin and XRP, have also faced losses, with Bitcoin down over 7% and XRP falling 9%. Despite the downturn, Dogecoin remains up 233% year-over-year, but its volatility is evident as rival meme coins like Dogwifhat and Shiba Inu have seen even steeper declines.
The SEC has approved the first hybrid Bitcoin-Ethereum ETFs, allowing Nasdaq and Cboe BZX to list the Hashdex Nasdaq Crypto Index US ETF and the Franklin Crypto Index ETF, respectively. Each fund will hold approximately 80% Bitcoin and 20% Ethereum based on market capitalizations. Grayscale has also filed to convert its Solana Trust into an ETF, aiming to enhance investor access.
Coinbase Europe has announced the delisting of several stablecoins, including Tether's USDT, to comply with the EU's Markets in Crypto-Assets (MiCA) regulation, which requires stablecoin issuers to obtain e-money authorization. Tether expressed concerns over the rushed actions of exchanges and is finalizing its plans for compliance in the region. Meanwhile, USDC and EURC remain compliant and will continue to be supported on the platform.
The Avalanche Foundation has raised $250 million through a locked sale of its AVAX token ahead of the upcoming Avalanche9,000 network upgrade, which aims to significantly reduce deployment costs for app-specific blockchains. The testnet for this upgrade has already launched, with over 500 L1s in development and $40 million in retroactive grants available to incentivize builders. Scheduled for early 2025, the upgrade is expected to enhance the decentralized finance ecosystem and solidify Avalanche's position in the competitive blockchain landscape.
Peter Schiff has urged President Biden to sell all federally held Bitcoin to reduce the 2024 budget deficit and eliminate plans for a "Strategic Bitcoin Reserve." Schiff argues that this move would prevent future administrations, like Trump’s, from establishing a national BTC stockpile. Meanwhile, countries such as Russia and Brazil are exploring their own Bitcoin reserves, highlighting the growing recognition of cryptocurrency as a hedge against inflation and geopolitical risks.
Liz Napolitano
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
New Hampshire proposes bill for state Bitcoin reserve amid inflation concerns
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20:25 10.01.2025
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