Weekly Crypto Digest: Bitcoin’s Expanding Role in Global Finance
The U.S. state of Utah became the second in the country to approve a Strategic Bitcoin Reserve Bill, signaling a shift in state-level financial strategies. Meanwhile, the Czech National Bank is considering allocating 5% of its reserves to Bitcoin, highlighting increasing mainstream acceptance. However, not all central banks are on board—ECB President Christine Lagarde remains firm in her stance that Bitcoin won’t be part of the institution’s reserves. In the private sector, Tether reported a record $13 billion net profit for 2024, underscoring the stablecoin giant’s dominance. Finally, former U.S. President Donald Trump has ordered the creation of a Sovereign Wealth Fund, raising speculation that Bitcoin could be a part of national reserves.
Review of the past week:
| January 29, 2025 |
Utah Becomes 2nd US State to Approve Strategic Bitcoin Reserve Bill. It is speculated that the US may also create XRP Strategic Reserve alongside Strategic Bitcoin Reserve. Read more |
| January 29, 2025 |
Czech Central Bank Eyes 5% Reserves in Bitcoin Assets. The recently appointed Aleš Michl is the new Czech National Bank (CNB) head and wants to buy billions of euros’ worth of Bitcoin for the nation’s reserves.
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| January 30, 2025 |
Lagarde Says Confident Bitcoin Won’t Enter ECB Reserves. Her statement came after Czech National Bank Governor Aleš Michl proposed investing in bitcoin to diversify reserves. On January 30, the bank’s board agreed to explore new asset types but did not especially mention Bitcoin. Read more
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| January 31, 2025 |
In 2024, the net profit of Tether, the issuer of USDT, reached a record $13 billion. In the fourth quarter, Tether issued more than 23 billion USDT, and the total issue for 2024 was 45 billion USDT. Read more |
| February 3, 2025 |
Trump Orders Creation of Sovereign Wealth Fund. Such a fund could be a vehicle through which the government might accumulate bitcoin. |
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