BITCOIN - YOU WON'T BELIEVE WHAT BLACKROCK JUST SAID IN DAVOS!

My Financial Friend

Recent Developments in Crypto

Key Points

  • Larry Fink, CEO of BlackRock, advises nations on buying Bitcoin as a hedge against currency debasement and economic instability.
  • The CEO of Circle expects executive orders and the repeal of SAB-121, which would provide clarity for banks and corporations to hold crypto assets.
  • A Texas court dismisses Tornado Cash sanctions, ruling that smart contracts do not constitute property.
  • Trump launches a meme coin on Solana, a platform previously considered an illegal security by the SEC.
  • There is speculation about a strategic Bitcoin reserve, with some predicting a 2-5% allocation by sovereign wealth funds.

Market Trends

  • Bitcoin price reaches $103,000-$104,000.
  • Significant investments in Bitcoin, including $802 million bought by ETFs and 11,000 Bitcoin purchased by MicroStrategy.
  • Lowest amount of Bitcoin on exchanges in 8-9 years, indicating a drain on supply.
  • BlackRock buys 6,240 Bitcoin in one day, contributing to the net inflows of $3.75 billion year-to-date.

Future Expectations

  • Potential executive orders and regulatory changes to support the crypto industry.
  • Increased adoption of Bitcoin as a hedge against economic instability.
  • Speculation about a strategic Bitcoin reserve and its potential impact on the market.