Donald Trump plans to create a Department of Government Efficiency (DOGE), headed by Elon Musk and Vivek Ramaswamy; Senator Cynthia Lummis introduces a bill for a Strategic Bitcoin Reserve Fund in Trump's first 100 days; Bhutan holds over $1 billion in Bitcoin through government mining operations since 2021; Google searches for Bitcoin spike as price hits new high.... are some of the highlights related to cryptocurrency and financial markets currently.
DOGE’s Spike After Trump’s Announcement
President-elect Donald Trump said on Tuesday that Elon Musk and former Republican presidential candidate Vivek Ramaswamy will lead an efficiency office.
Trump wrote in a post that the Department of Government Efficiency, or DOGE, will “become, potentially, ‘The Manhattan Project’ of our time.”
And, as a result, Dogecoin spiked after President-elect Donald Trump formally announced the creation of the Department of Government Efficiency.
This memecoin has been one of the biggest winners in the postelection rally, gaining more than 150% since election day compared to bitcoin’s 30% rise in the same period.
Trump's Treasury Secretary Nominee and Crypto Support
According to Epoch times, President-elect Trump will nominate billionaire hedge Fund manager Scott Bessent for Treasury Secretary.
Bessent is known to be a big crypto supporter; he believes “Crypto is about freedom, and the crypto economy is here to stay”.
More information about Treasury Secretary: Treasury Secretary will be responsible for formulating and recommending domestic and international financial, economic, and tax policy, participating in the formulation of broad fiscal policies that have general significance for the economy, and managing the public debt.
Strategic Bitcoin Reserve Proposal
According to the U.S Senator Cynthia Lummis: The Strategic Bitcoin Reserve Can Be Done In Trump’s First 100 Days.
Lummis’s draft Strategic Bitcoin Reserve Bill proposes the establishment of a network of decentralized storage facilities across the United States to securely hold Bitcoin reserves. The bill mandates the US Treasury to purchase 200,000 BTC annually over five years, totaling one million BTC, and requires the government to hold these reserves for a minimum of 20 years.
Bhutan’s $1 Billion Bitcoin Holdings
According to new on-chain data from blockchain analysis firm Arkham Intelligence, the Royal Government of Bhutan’s Bitcoin holdings are worth more than $1 billion. Bhutan has been acquiring Bitcoin through mining since 2021, increasing this growth rate last year. Thanks to Bitcoin’s all-time high, these holdings have grown even faster.
Bitcoin has gained momentum with Donald Trump’s re-election, raising possibilitis that the United States will develop a strategy to accumulate Bitcoin. Besides Bhutan, several major countries and sovereign wealth funds—like those in the U.A.E, China, and Norway—are reportedly looking into holding Bitcoin as part of their national reserves.
Growing Bitcoin Interest and Price Predictions
Yesterday, the Coinbase app was ranked 2nd among all finance apps. Today, it’s moved up to the top spot—#1 in all finance apps on the App Store—and it’s now #33 among all apps.
Google searches for Bitcoin have spiked again as its price and investor interest hit new highs. This shows that global interest in Bitcoin is growing, with more attention from both retail and institutional investors. Search levels are now reaching highs since July 2022.
Polymarket prediction market indicates a 55% chance of Bitcoin reaching $100,000 by the end of 2024.
Bitcoin Accumulation Status
According to the latest Bitcoin heatmap update, it turns out that nearly all groups are accumulating Bitcoin—except for the “mega whales” group, those holding 10,000 or more BTC. This group stopped accumulating in September and has actually been selling off some of their Bitcoin during the recent price rally.
Interestingly, the mega whales were buying Bitcoin in the summer, while most other groups were selling.
Other news
Italian Crypto Tax Adjustment
- Italy’s government considers reducing a proposed tax hike on crypto trades.
- The current 26% tax rate would only increase to 28%, instead of the initially planned 42%.
Nano Labs’ Bitcoin Payment Adoption
- Chinese company Nano Labs, listed on Nasdaq, now accepts Bitcoin payments.
- Nano Labs’ shares rose after announcing this move for “greater payment flexibility.”
Genius Group and the “Bitcoin-First” Strategy
- Singapore-based Genius Group transitions to a “Bitcoin-first” approach.
- The company’s stock jumped by 66% following the announcement.
Spirit Blockchain Capital’s Dogecoin Strategy
- Canadian company Spirit Blockchain Capital aims to add Dogecoin to its holdings.
- Plans include developing an ETF platform and payment gateway for DOGE.
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