This week’s highlights reveal significant developments in the cryptocurrency landscape. A Florida official has proposed including Bitcoin in state pension funds, signaling a potential shift in traditional investment strategies. Meanwhile, MicroStrategy aims to raise an impressive $42 billion over three years for further Bitcoin acquisitions. The US Treasury has recommended replacing stablecoins with a central bank digital currency (CBDC), emphasizing the need for regulated digital assets. Additionally, Bitcoin ETFs have gained traction, reaching 53% of the Gold ETF’s size within just ten months. Analysts at Bernstein predict varied price trajectories for Bitcoin depending on the outcome of the upcoming elections, with potential targets ranging from $50,000 to $90,000. These developments set the stage for intriguing discussions about the future of digital currencies.
Review of the past week:
| October 30, 2024 |
Florida official wants Bitcoin included in state pension funds. Florida’s elected Chief Financial Officer and Fire Marshal Jimmy Patronis says his letter follows Donald Trump’s plans for a national stockpile of Bitcoin. Read more |
| October 30, 2024 | MicroStrategy plans to raise $42 billion over 3 years to buy BTC.
MicroStrategy Announces Third Quarter 2024 Financial Results. Read more |
| October 30, 2024 | US Treasury Says Stablecoins Should Be Replaced by a CBDC.
A report released Wednesday by the Treasury highlighted fears that the growing stablecoin market is buying up too many T-bills, and must be wound down. Read more |
| November 1, 2024 | Bitcoin ETF assets reached 53% of the Gold ETF size in the first 10 months of trading.
35 American gold—based ETFs hold $138 billion – Bitcoin ETFs raised more than $70 billion in 2024. Read more |
| November 4, 2024 |
Bernstein analysts are confident that Bitcoin will go down to $50,000 if Kamala Harris wins and to $90,000 if Donald Trump wins. Analysts predict that by the end of 2025, the target price of bitcoin will be $ 200,000, regardless of the outcome of the election. Read more |
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