Kategorie: Bitcoin News

• President-elect Donald Trump could sign the executive order on January 20 when he’s sworn in
• The order may also create a crypto advisory council
• People familiar with the matter said the order isn’t final and could change before it’s made public

US President-elect Donald Trump is reportedly planning to sign an executive order designed to prioritize crypto as his inauguration day approaches.

Citing people familiar with the matter, the order enables industry insiders to work with agency regulators. It could also create a crypto advisory council, reports Bloomberg.

An earlier report from The Washington Post suggests Trump is expected to sign executive orders – on the first day of his presidency – focusing on crypto de-banking and the repeal of crypto accounting policies requiring banks holding digital assets to count them as liabilities.

Trump, who will be inaugurated on January 20, has enjoyed strong support from the crypto industry. During his campaign trail, he promised to make the US the “crypto capital” of the world, and was the recipient of a $2 million Bitcoin donation from Cameron and Tyler Winklevoss and a $1 million Ethereum donation from Jesse Powell, co-founder of Kraken.

Since winning the US election in November, the crypto market has rallied with Bitcoin hitting a new all-time high of over $108,000.

Trump has also selected several pro-crypto candidates within his incoming administration, including crypto czar David Sacks, Bo Hines as executive director of the Presidential Council of Advisers for Digital Assets, and Paul Atkins as the next US Securities and Exchange Commission (SEC) chair.

Earlier this week, Republican commissioners at the SEC indicated they were set to revise the agency’s crypto policies as Trump prepares to enter the White House next week.

Pushing American tech

Despite facing regulatory hurdles, the crypto market has also seen positive growth under President Joe Biden’s administration.

At the beginning of 2024, for instance, the SEC approved the first US spot exchange-traded funds (ETFs), which have since expanded the market. BlackRock’s IBIT Bitcoin ETF currently accounts for more than 559,000 Bitcoin, valued at $56.2 billion, according to iShares data.

However, with the new incoming administration, Trump is keen to push American technology companies to the front.

Speaking on this, Kara Calvert, vice-president for US policy at Coinbase Global, said: “What I think Donald Trump is going to do is signal that the United States is back and we are ready to lead in this industry. What it’s signalling to other countries is to be careful, or you won’t keep up.”

At the time of publishing, Bitcoin is back within the $100,000 territory, trading at around $102,000.

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• Oklahoma joins Texas, Pennsylvania, Ohio, New Hampshire and North Dakota in having Bitcoin reserve proposals.
• State savings accounts and pension funds will have the nod to invest in BTC if the bill passes.

Oklahoma is the latest US state to eye a strategic Bitcoin reserve after Rep. Cody Maynard officially introduced a ‘Strategic Bitcoin Reserve Act.’

On Wednesday, January 15, 2025, Rep. Cody Maynard, announced the introduction of the groundbreaking proposal that could see Oklahoma embrace sound money with addition of BTC to state’s strategic reserve.

“Bitcoin represents freedom from bureaucrats printing away our purchasing power,” Maynard said. “As a decentralized form of money, Bitcoin cannot be manipulated or created by government entities. It is the ultimate store of value for those who believe in financial freedom and sound money principles.”

Sixth US state with a BTC reserve proposal

The announcement follows similar initiatives in Texas, Pennsylvania, Ohio, New Hampshire and North Dakota. With Oklahoma taking this step, six US states are now actively looking at bills aimed at incorporating BTC into their financial systems.

 “This bill is about protecting the hard-earned money of Oklahoma’s citizens,” Maynard continued. “By diversifying our state’s savings and pension funds into digital assets, we are not only securing a stronger financial future for our state but also demonstrating Oklahoma’s leadership in adopting innovative fiscal policies.”

President Donald Trump supports the idea of a US bitcoin reserve, a move that has legislators optimistic the new administration will make America the hub of crypto and BTC. US Senator Cynthia Lummis recently introduced the Bitcoin Act, which seeks to have the US government add BTC to its strategic reserve.

Oklahoma’s new bill seeks to have the state’s savings accounts and pension funds invest in Bitcoin.

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• Genius Group has announced a $33 million rights offering.
• The company will use net proceeds from the sale to buy Bitcoin.
• Genius Group holds $35 million in BTC and could see holdings rise to $86 million with plans for additional $20 million loan.

Publicly-listed artificial intelligence firm Genius Group plans to raise $33 million to buy additional Bitcoin (BTC) as part of its BTC treasury.

Genius Group announced on Jan. 14 that the company’s board of directors had approved a rights offering plan for $33 million. The company will use net proceeds from the shares sale to purchase more Bitcoin.

As well as the rights offering, Genius Group is eyeing further financing, with one or more loan options aggregating to $20 million on the table. The company’s current BTC treasury stands around $35 million, which means successful raises from the offering and via the loans option could see Genius Group’s total Bitcoin haul rise to $86 million.

Bitcoin strategy

AI-powered Genius Group’s move to add to its Bitcoin treasury comes amid a broader surge in public and private companies buying BTC to add to their balance sheets. This trend picked momentum in 2024 following major expansion efforts by the leading corporate holder of BTC MicroStrategy.

Having inspired other companies like Metaplanet, KULR Technologies and multiple Bitcoin mining companies, MicroStrategy’s playbook is now a major talking point in boardrooms. Nasdaq-listed Heritage Distilling recently adopted the Bitcoin strategy.

Despite shareholders of Microsoft down voting a proposal that sought to have the tech giant add BTC to its treasury, experts are upbeat tha its early days. Meta is facing a similar proposal.

The approval of spot Bitcoin exchange-traded funds in the U.S., with BlackRock’s IBIT currently holding billions of dollars in BTC is another big development in the past year.

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• Bitcoin dropped to $89,900 on January 13, its lowest decline in two months
• James Toledano, COO at Unity Wallet, said one of the reasons for the drop is profit-taking after Bitcoin hit $108,000 in mid-December
• The inauguration of President-elect Donald Trump could spark renewed buying interest, Toledano said

Bitcoin fell below $90,000 for the first time in two months, dropping 3.6% in 24 hours as the market experienced selling pressure.

Data from CoinMarketCap shows that Bitcoin’s price dropped to around $89,900 on January 13. However, at the time of publication, it’s trading over $95,000.

According to James Toledano, COO at Unity Wallet, there are several reasons why Bitcoin’s price fell.

“The first is profit-taking, after hitting a peak of around $108,300 in mid-December, the market has seen a massive amount of it, particularly following the election of pro-crypto President-elect Donald Trump,” he said to CoinJournal, adding:

“Secondly, while institutional buying has continued contributing to Bitcoin reserves on exchanges hitting a seven-year low, trading volume remains subdued and this could simply be down to a seasonal slow-down.”

Macroeconomics weigh on the market

Recent analysis suggests that bleak economic expectations drive this bearish sentiment. This includes Trump’s tariff plans, the US Federal Reserve’s cautious approach to interest rate cuts, and a strong dollar.

Zach Pandl, head of research at Grayscale Investments, said to CNBC that:

“I would attribute the drawdown in the last two days largely to the market starting to appreciate that not every aspect of the Trump policy agenda is going to be positive for Bitcoin – and tariffs do introduce some new uncertainty.”

As questions surround Trump’s forthcoming policies, it may have dampened enthusiasm, which can “lead to short-term volatility for an already highly volatile asset,” said Toledano.

Some analysts believe Bitcoin can reach between $140,000 and $200,000 by mid-2025, so the current price action may appear concerning. Yet, it doesn’t necessarily signal the end of the bull run.

“The inauguration of President-elect Trump is just seven days away and could be a pivotal moment, with markets anticipating announcements of pro-crypto policies that might spark renewed buying interest,” said Toledano. “Institutional accumulation, as reflected in falling exchange reserves also supports the view that demand remains strong despite low trading volumes.”

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