A TRKX-holders‑only index is almost here. 🥳
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Strategic US #Bitcoin Reserve: Will it be a reality? 👀
@CryptoeconRyan analyzed the situation: Top of the wish-list for crypto investors is the establishment of an officially-backed US Bitcoin Reserve. The idea has been floating around for several months and is championed by crypto supporter Senator Cynthia Lummis (aka Crypto Queen).
If approved, her bill would see the US government purchase up to 200,000 #BTC per year for five years, meaning the US strategic reserve would own 1 million BTC or just under 5% of the total supply (an amount broadly similar to that held by US spot #ETFs).
Of course, there are still a couple of months until Trump gets sworn into office and politicians have form when it comes to not keeping their pre-vote promises, so it remains to be seen whether the US will set up such a Bitcoin reserve.
That said, given the magnitude of #Trump’s victory failing to deliver on his promises would be politically very damaging to his administration.
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#Trump Litmus Test ⚖️
An early test that many crypto players will judge Trump on will be his promise to free Ross Ulbricht – the founder of #SilkRoad who the crypto community has always viewed as being harshly treated by the authorities because he provided the first real world use case for cryptocurrency at scale – and the firing of current SEC Chair and arch crypto nemesis #GaryGensler.
Indeed, on the later, there is considerable speculation as to who would be his replacement. Top of the selection list is Hester Peirce, a Commissioner with the #SEC who is affectionately called “Crypto Mom” by many in the industry because of her support for digital assets.
Analysis by @CryptoeconRyan! ✅
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“Every informed person needs to know about #Bitcoin because it might be one of the world’s most important developments.”
- Leon Luow, Nobel Peace Prize nominee
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Crypto prices were bid over the past seven days as the Trump-inspired rally continued as evidenced by the 12% gain in the Trakx Top 10 Crypto CTI. 📈
🥇 Meme (+32.1%)
🥈 RWA (+20.6%)
🥉 Top 10 Crypto (+12.6%)
The best performing index, however, was the Meme CTI. It topped the performance table for a second consecutive week, gaining an additional 32%. By contrast, the Recovery CTI was the worst performer last week, losing 4%. 📊
📰 Weekly Market News
🔸 #Bitcoin breaks $93,000 amid rumors that Saudi, UAE, or Qatar is buying.
🔸 Pennsylvania introduces bill to use $7 billion state fund for Bitcoin Strategic Reserve purchases.
🔸 #Dogecoin leads the pack, but dog coins are running up gains too.
🔸 #Pnut memecoin trader turns $17 into $3 million.
🔸 #Polymarket's probe highlights challenges of blocking U.S. users (and Their VPNs)
Read more on: https://t.co/zK1srDFfKT
The #RWA index is trending and going up again! 📈
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As mentioned last week, top of the list of crypto wishes is for the #US to establish a #Bitcoin reserve and, given the bullish price momentum, it did not take long for speculation to grow as to whether other nation states would consider a similar move. 💹
Most speculation centred on on the petro states in the middle east such as #SaudiArabia, the #UAE and #Qatar. Given these countries have accumulated large investment portfolios in overseas tradfi markets, purchasing digital assets for the purposes of diversification certainly makes a great deal of financial sense. 👀
Further fuelling such speculation is the fact that Abu Dhabi – the UAE capital – plays host to the Bitcoin MENA 2024 conference early next month and that a lot of influential crypto players will be in town.