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Speculation arose that the IMF recognized Bitcoin as "digital gold" in its updated Balance of Payments Manual, sparking excitement among influencers and investors. However, experts clarify that this interpretation misreads the report, which categorizes Bitcoin as a nonfinancial asset and emphasizes its role in cross-border transactions without endorsing it as a monetary reserve. The IMF's guidelines aim to improve the classification and tracking of crypto assets, reflecting their economic impact rather than elevating Bitcoin to the status of gold.
Gold-backed stablecoins are predicted to surpass USD stablecoins in the market, according to Max Keiser. In related news, a commitment to ethical reporting is emphasized, ensuring transparency about potential conflicts of interest while maintaining the integrity and impartiality of the coverage provided.
Vitalik Buterin emphasized the need for Ethereum to balance technical advancements with increased visibility for projects on the platform. He highlighted the importance of scaling Ethereum and supporting long-term enhancements like Account Abstraction and EVM upgrades, while also promoting community innovation to strengthen the ecosystem. Meanwhile, the SHIB burn rate has significantly dropped, reflecting a challenging market, although weekly metrics show a notable increase in burns.
The U.S. government has received approval to liquidate 69,370 BTC, valued at approximately $6.5 billion, seized from the Silk Road darknet marketplace. Despite a recent drop in Bitcoin prices, experts suggest that the market can absorb this sale without panic, as previous sales have already occurred under the Trump administration. Bitcoin is currently trading around $94,050, with concerns of panic selling if it falls below $90,000.
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.
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.
El Salvador is intensifying its Bitcoin acquisition strategy, recently purchasing 11 BTC for approximately $1 million, bringing its total holdings to 5,980.77 BTC valued at around $585.8 million. Despite an agreement with the IMF that requires reducing public sector involvement in Bitcoin initiatives, the government remains committed to expanding its Bitcoin reserves and promoting educational programs. Senior Bitcoin advisor Max Keiser emphasized that Bitcoin's role in the country's economic transformation is paramount, dismissing IMF conditions as largely irrelevant.
El Salvador will make Bitcoin payments voluntary as part of a $1.4 billion loan deal with the IMF, which aims to reduce the country's debt-to-GDP ratio. The agreement includes unwinding government involvement in the Chivo wallet and limiting public sector engagement in Bitcoin activities. Despite the IMF's concerns about Bitcoin's risks, a recent survey revealed that 92% of Salvadorans do not use Bitcoin for transactions.
BlackRock's Ethereum ETF has surged to the top four rankings, driven by record inflows. Meanwhile, Cardano (ADA) has gained over 8%, currently trading at $1.0749, with expectations of sideways movement between $1.00 and $1.10 until the week's end. In the Bitcoin market, whales are actively purchasing dips, with the price recovering to $98,650 after a recent drop.
Max Keiser
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