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Errol Musk, father of Elon Musk, and Nathan Browne aim to raise $150-$200 million through the meme coin Musk It (MUSK) to fund the Musk Institute, a for-profit scientific think tank focused on advancing scientific pursuits like flying vehicles. Despite the name association, Elon Musk is not involved in the project, which launched in December 2024 and peaked at $0.3322 before dropping to $0.02603. Meanwhile, the ROSS token, linked to Ross Ulbricht, experienced a dramatic price surge of over 700% after a significant sell-off mishap involving its wallets.
Elon Musk criticized President Trump's $500 billion AI project, Stargate, claiming its backers lack sufficient funds. Musk stated that SoftBank has secured less than $10 billion, despite the project's ambitious plans for investment from major companies like OpenAI and Oracle. This criticism comes amid Musk's ongoing legal disputes with OpenAI and his close ties to the Trump administration.
President Trump faces scrutiny over his memecoin launch, which peaked at $70 billion, raising concerns about conflicts of interest and potential discredit to the crypto industry. Meanwhile, the U.S. grapples with bird flu-induced egg shortages and stock market fluctuations, with tech stocks gaining while Apple struggles. In corporate news, Warren Buffett's successor, Greg Abel, is poised to lead Berkshire Hathaway, emphasizing a culture of accountability and results.
Elon Musk predicts that Donald Trump will grant a presidential pardon to Ross Ulbricht, the Silk Road founder, with expectations of the announcement occurring soon. Ulbricht, sentenced to life in prison in 2015 for facilitating illegal activities, has shown remorse and worked on self-improvement while incarcerated. Despite Trump's inauguration lacking a focus on crypto, his administration has appointed pro-crypto officials, suggesting potential regulatory reforms for the digital asset space.
The U.S. Department of Justice is set to sell 69,370 bitcoins, valued at approximately $6.5 billion, seized from the Silk Road marketplace, following a federal judge's approval. This announcement has contributed to a decline in Bitcoin's price, which recently dropped to $93,000 from a peak of $108,000. Despite the downturn, expectations for a price rebound are linked to pro-cryptocurrency policies anticipated with the upcoming presidential inauguration.
Bitcoin's price has been volatile, recently dropping to $93K after the DOJ announced plans to sell 69,370 seized BTC, raising concerns about market stability. Meanwhile, altcoins like Wall Street Pepe and Solaxy are gaining traction, with significant presales indicating strong investor interest. Pudgy Penguins continues to thrive, maintaining a stable price of $0.03282 despite market fluctuations.
Peter Schiff asserts that the U.S. government is unlikely to purchase Bitcoin, despite former President Trump's promise to establish a national Bitcoin reserve. While Trump plans to freeze existing seized Bitcoin, Wyoming Senator Cynthia Lummis proposes a more aggressive strategy of acquiring one million BTC over five years. Schiff criticizes the speculative nature of Bitcoin, likening its volatility to that of stock markets, and warns that recent price surges may only delay an inevitable crash.
As 2025 begins, several high-profile cryptocurrency criminals are spending their first New Year in prison. Sam Bankman-Fried, former CEO of FTX, was sentenced to 25 years, while Tornado Cash co-founder Alexey Pertsev received over five years for money laundering. Other notable figures include IcomTech founder David Carmona, sentenced to 10 years, and Bitfinex money launderers Ilya Lichtenstein and Heather Morgan, with Morgan set to report to prison later this month.
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.
Elon Musk expressed he would be "shocked" if President Biden does not pardon Sam Bankman-Fried (SBF), the former CEO of FTX, who is serving a 25-year sentence for fraud and embezzlement. Speculation about a pardon has increased due to SBF's significant political donations and connections, with odds of clemency rising from 4% to 13%. Meanwhile, Ross Ulbricht, creator of the Silk Road, has a 9% chance of receiving a pardon, with potential support from Donald Trump, who has pledged to consider it.
Ross William Ulbricht
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Errol Musk launches meme coin to fund new scientific institute
09:17 31.01.2025
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04:00 21.01.2025
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crypto criminals face new year in prison as cases conclude
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17:00 02.01.2025
institutional bitcoin holdings rise to 31 percent driven by major players
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05:29 24.12.2024
Elon Musk expresses shock over potential Biden pardon for Sam Bankman-Fried
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18:20 23.12.2024
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