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.