In this week’s digest, we highlight several key developments that underscore the growing interest in cryptocurrencies and their increasing integration into the traditional financial system. One of the UK’s largest pension funds has invested $2 million in Bitcoin, signaling a continued shift towards institutional adoption of crypto assets. Meanwhile, Detroit has become the largest U.S. city to allow the payment of taxes and fees in cryptocurrency, paving the way for broader blockchain adoption in public administration. Additionally, Wyoming Senator Cynthia Lummis has introduced a bill that would mandate the U.S. to hold Bitcoin as part of its strategic reserves, marking a significant step towards formalizing crypto in national financial policy. These developments come as Bitcoin continues to hit new all-time highs, particularly in the wake of Donald Trump’s election victory, further boosting the momentum of the crypto market.
Review of the past week:
| November 5, 2024 |
One of the UK pension funds invested $2,000,000 in Bitcoin. At the same time, the fund bought coins on its own, and did not invest in instruments such as ETFs. Read more |
| November 7, 2024 | Detroit will become the largest US city to accept crypto to pay taxes and fees.
“Detroit is building a technology-friendly environment that empowers residents and entrepreneurs,” Mayor Mike Duggan said in a release. Read more |
| November 8, 2024 | Wyoming Senator Cynthia Lummis has explained details of a bill that requires the United States to hold BTC as part of its strategic reserves.
Lummis wants the US to buy 200,000 Bitcoin annually for five years. Read more |
| November 8, 2024 | The Ethereum Foundation has published a report for 2024:
-As of October 31, 2024, the fund’s reserves amount to $970.2 million. |
| November 11, 2024 |
Donald Trump is selecting crypto-loyal candidates for key positions in the SEC, CFTC and other financial agencies. Earlier it became known that the main candidate for the post of head of the SEC is Dan Gallagher, who served as a commissioner at the agency from 2011 to 2015, and is now the chief legal and regulatory compliance consultant at Robinhood. Read more |
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Best regards,
FYBIT team
