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Senator Lummis proposes swapping Federal Reserve’s gold for Bitcoin reserves​

In this post:​

  • Senator Cynthia Lummis wants the U.S. to swap some of its gold for Bitcoin, building a massive Bitcoin reserve without adding to the national debt.
  • The plan? Buy 1 million Bitcoin, about 5% of the whole supply, using money from the Fed’s gold, which Lummis says won’t mess up the balance sheet.
  • Trump’s backing it, but not everyone’s sold, with experts saying Bitcoin prices could explode if the U.S. follows through.
Senator Cynthia Lummis has a plan. In a sweeping move that would upend the U.S. financial status quo, the Wyoming Republican wants the Federal Reserve to trade part of its gold stash for Bitcoin.

That’s right — ditch gold, buy Bitcoin. The idea, which Lummis plans to introduce in Congress next year, would create a strategic Bitcoin reserve for the United States, without adding a single dollar to the national debt. The goal is to accumulate one million Bitcoin—5% of all the Bitcoin in existence. At today’s prices, that’s $90 billion.

More:


en.wikipedia.org

Cynthia Lummis - Wikipedia

en.wikipedia.org en.wikipedia.org
 
Yeah... I'm happy for Fedgov to diversify and support decentralized crypto - building a BTC reserve is a worthwhile idea, but not at the expense of divesting gold reserves. Fedgov can fund purchases by cutting spending from the war machine or administrative state.

Also, I saw many comments on Xitter asking (paraphrased), "what gold? The Federal Reserve doesn't own any gold. They are custodians, not owners".
 
47-minute podcast here. Nothing to see, can listen in one tab, play around the forum in a different tab. I'm halfway through and think it's worth sharing. Some of this, some of that, lotta talking points but interesting - imo. As always, take it fwiw and dyodd.

share.transistor.fm

Lever Time | Welcome To The United States of Crypto

No matter what, the cryptocurrency industry was going to win the election. After spending hundreds of millions to influence politicians in both parties, the industry defeated some of its fiercest critics and scored bipartisan support, particularly from President-elect Donald Trump, despite...
share.transistor.fm share.transistor.fm
 
I know this is the Silver report but he talks about Bitcoin and Tether a lot in the video. Tether is being used to just prop up US Treasuries.

 

Bitcoin rises over 16% in a week on hopes of crypto-friendly U.S. policy: CNBC Crypto World​

Nov 15, 2024 #CNBC #cnbctv

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Will Peck, head of digital assets at WisdomTree, discusses what a national bitcoin stockpile could mean for prices and the future of crypto-focused ETFs.


11:42

Chapters
00:00 - CNBC Crypto World, November 15, 2024
0:22 - Bitcoin holds steady
0:53 - The headlines
3:19 - Will Peck of WisdomTree
 
I have to say BTC looking pretty strong even with stocks selling off. Forming a bull flag and consolidating at the recent new high seems very positive. Interesting to watch.
 
Buy BTC on weakness around $70-$74k. It's going to $125k. Wait for the pullback.
 
Ripple (XRP), Cardano (ADA) and SUI are tearing it up. All three up ~70%+ over the last week.
 
Hope this hasn't already been posted.

Pennsylvania bill proposes $700M Bitcoin allocation from state treasury​

Pennsylvania lawmakers have proposed a bill to pump $700 million of the state’s treasury into Bitcoin. The Pennsylvania Bitcoin Strategic Reserve Act wants to throw 10% of the state’s $7 billion into the world’s most famous cryptocurrency.

If it passes, Pennsylvania will become the first state in the country to stash Bitcoin in its treasury. Donald Trump’s return to the White House is already reshaping America’s crypto narrative. The man hasn’t even stepped back into the Oval yet, but Bitcoin’s price is partying like it’s 2021.

n just a week, price shot up 20%, blasting past $93,000 per token. Its market cap? A casual $1.8 trillion. This makes Bitcoin the seventh-largest asset on the planet. Bigger than anything not named gold, Nvidia, Apple, Microsoft, Amazon, or Google.

Trump’s campaign promises to make the U.S. the “crypto capital of the planet” and turn Bitcoin into a “permanent national asset” are fueling this frenzy. Pennsylvania just might be the first state to ride that wave.

More:

 
searcher said:
Haven't heard anything about new stuff as of yet.

BTC, ETH & LTC listed as tradable coins.

Commission free funds:

Fidelity® Wise Origin® Bitcoin Fund (FBTC) and Fidelity® Ethereum Fund (FETH)
Fidelity® Crypto Industry and Digital Payments ETF (FDIG)
Fidelity® Metaverse ETF (FMET)

ETF screener:

ETF Screener, Research, News and Performance | ETF Research | Fidelity

Get the latest ETF news and performance with Fidelity’s ETF research tools. Use our ETF screener to search over 2,500 commission free ETFs
digital.fidelity.com

Edit to add:

www.fidelity.com

2024 End-of-Year Outlook | Covering Crypto | Fidelity

Fidelity professionals and industry leaders answer customer questions on crypto, FinTech, and blockchain technology. Topics include what is cryptocurrency, how to invest in Ethereum or bitcoin, and crypto market insights.
www.fidelity.com

www.fidelity.com

Types of cryptocurrencies and their potential pros and cons | Fidelity

Compare the key attributes of bitcoin, ethereum, and other cryptocurrencies, as well as their potential advantages and disadvantages.
www.fidelity.com

Click to expand...

More:

iShares ETFs | Create opportunities and lessen risk | Fidelity

Learn about what's creating opportunities and risks for investors who seek income from their portfolios. Learn more here.
www.fidelity.com
 


CHICAGO, IL / ACCESSWIRE / November 18, 2024 / Cosmos Health Inc. ("Cosmos Health" or the "Company'') (NASDAQ:COSM), a diversified, vertically integrated global healthcare group engaged in innovative R&D, owner of proprietary pharmaceutical and nutraceutical brands, manufacturer and distributor of healthcare products, and operator of a telehealth platform, announced today that it has adopted a strategy to include Bitcoin and Ethereum as part of its treasury reserve assets.

The adoption of this new policy follows the Company's forward-thinking approach to investing in new technologies, including the recent acquisition of Cloudscreen, its AI-driven drug repurposing platform.

The Company expects that adding Bitcoin and Ethereum, along with potentially other cryptocurrencies and blockchain-related assets, will help diversify its balance sheet and offer significant upside potential as these assets increasingly gain global adoption.

In addition to holding Bitcoin and Ethereum as treasury reserve assets, the Company is also working to accommodate customers who wish to make payments in cryptocurrencies.
...
Click to expand...

marketwirenews.com

COSM - Cosmos Health Integrates Bitcoin and Ethereum as...

CHICAGO IL / ACCESSWIRE / November 18 2024 / Cosmos Health Inc. (Cosmos Health or the Company'') (NASDAQ:COSM) a diversified vertically.
marketwirenews.com marketwirenews.com
 


SINGAPORE, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Genius Group Limited (NYSE American: GNS) (“Genius Group” or the “Company”), a leading AI-powered education and acceleration group, today announced that its Board has adopted a global “Bitcoin-first” strategy with Bitcoin to be the primary treasury reserve asset. The Board’s adoption of this new policy follows the recent restructuring of its Board to include experts in Blockchain and Web3 technologies.

The Company’s Board of Directors have approved the following Bitcoin-first strategy:
  • To commit 90% or more of our current and future reserves to be held in Bitcoin
  • Commence utilizing our $150 million ATM1to acquire an initial target of $120 million in Bitcoin, to be held for the long term as its primary treasury reserve asset
  • Launch our Web3 Wealth Renaissance education series for students to accelerate their understanding of Bitcoin, Cryptocurrency and Blockchain with Genius Group’s AI-powered guides.
  • Enable Bitcoin payments globally on the Company’s Edtech platform.
...
Click to expand...

ir.geniusgroup.net

Genius Group Adopts Bitcoin Treasury Reserve Strategy

SINGAPORE, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Genius Group Limited (NYSE American: GNS) (“Genius Group” or the “Company”), a…...
ir.geniusgroup.net ir.geniusgroup.net
 
Honest money on the way! The golden age.

Death and Rebirth of America – Bo Polny​

Biblical cycle timing expert, geopolitical and financial analyst Bo Polny predicted long ago that Donald J. Trump would be swept back into office. After Trump’s stolen election in 2020, Polny steadfastly said he would still get two terms. He was right on both counts. What does Polny see now? Polny says, “God used Trump as the cheese to bring out all the rats. Right before the election, everybody exposed themselves of what side they are sitting on. All these people in Hollywood were saying all this crazy stuff right into the election. All the players exposed what side of the fence they are sitting on. Think about it. So, now you know all the players. . . . We are going to find out more very soon because this is not done yet. As great as the victory was in 2016, for the next four years, it was Russia-gate, China-gate, warfare, lawfare and impeach. I ask a simple question: What is going to change this time around? Demons only know how to steal, kill and destroy. We saw that for four years, and we are going to see that again for four more years, but God is going to intervene, and we are not going to see that.”

Polny says that the economy is going to be rebuilt, and gold and silver are going to jump even higher in price. Months ago, Polny predicted Bitcoin would hit $100,000 per unit by the end of 2024. It hit $94,000 before settling back down on Tuesday (11/19). Polny says, “We have not had the wealth transfer yet. We have seen Bitcoin jump, but we have not seen gold and silver jump yet. It’s going to explode. My first target is $68 to $70 in a single day for silver and gold over $4,000 per ounce in a single day.”
83
 
Gold to trade up $4000 in a single day, huh? Not "up to", but "up" - as in gains $4000 in a single day? I think Bo is drinking a bit too much sacramental wine...
 

Bitcoin hits new record near $95,000 as investors monitor Trump transition: CNBC Crypto World​

Nov 20, 2024 #CNBC #cnbctv

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Andrew O'Neill of S&P Global Ratings discusses how crypto policy changes under Trump could affect crypto prices.


10:22

Chapters
00:00 - CNBC Crypto World, November 20, 2024
0:23 - Bitcoin sets new record
0:42 - The headlines
2:51 - Andrew O'Neill of S&P Global Ratings
 
They are trying to sucker people into Bitcoin now again. BTC is up pretty strong today but they are Dumping the leveraged MSTR with a huge outside reversal day. JUST like they do to PM miners the day before a strong attack on gold/silver. Look for a temp high below 100k
 

Bitcoin hits fresh record, marches toward $100,000 as rally continues​

  • Bitcoin breached the $99,000 level for the first time Thursday as investors continued pricing in a second Donald Trump presidency.
  • Bitcoin has been regularly hitting fresh records this month on hopes that Trump will usher in a golden age of crypto.
  • Bitcoin has gained about 130% in 2024.
Bitcoin breached the $99,000 level for the first time Thursday as investors continued pricing in a second Donald Trump presidency.

More:

 
Financial services giant Charles Schwab has plans to directly offer crypto investments to its clients, president and incoming CEO Rick Wurster told Yahoo Finance in an interview on Thursday.

Wurster, who will step into the new role on Jan. 1, said that clients of the bank have already been very active in the crypto space through vehicles like exchange-traded funds (ETFs), futures and closed-end funds, and have done well with those.

But the bank wants to take it a step further.

“We also would like to directly offer crypto,” he said. “We’ve been waiting on a change in the regulatory environment … and we’re confident that we think that will come in short order.”
...
Click to expand...

www.coindesk.com

Charles Schwab Wants to Directly Offer Crypto to Clients, Incoming CEO Says

Rick Wurster, who will step into the role of the CEO in the new year, said that the bank has been waiting on a change in the U.S.'s regulatory environment, which he expects to happen soon.
www.coindesk.com www.coindesk.com

Fuck you Gary Gensler! lolololol
 

Bitcoin tests $100,000 heading into the weekend: CNBC Crypto World​

Nov 22, 2024 #CNBC #cnbctv

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Bitwise CEO Hunter Horsley shares his thoughts on the crypto rally and whether he sees a correction coming soon.


11:37

Chapters
00:00 - CNBC Crypto World, November 22, 2024
0:17 - Bitcoin nears $100,000
1:09 - The headlines
2:45 - Bitwise's Hunter Horsley
 
I had MSTR in a watchlist and bought 10,000 by accident (1000) @ $25 in March. That one stock is now $4m. Coulda woulda shoulda.
 
BTC correlates with stocks. Imagine BTC if stocks have a correction like A or B.

 
*Not posting as a "how to" but as a neat read. I haven't come across anyone in the offline world who knows much about crypto at all, let alone anyone who talks about it.

With bitcoin eyeing $100,000 and "Peanut the Squirrel" grabbing headlines with 3,000% gains, crypto is firmly back on the menu this holiday season. Family debates about bitcoin, memecoins and "the dog thing Elon tweets about" will no doubt liven up the dinner table and you, as the designated "crypto expert," will need some talking points to win over the normies.

www.coindesk.com

How to Talk About Crypto With Your Family This Thanksgiving

Need to explain BTC’s rally and significance for the future? CoinMarketCap’s Jonathan Isaac has some useful talking points.
www.coindesk.com www.coindesk.com
 
Does anybody thing buying 1k shares of MSTZ is a good bet or do you think it could eventually get delisted? It's 2x inverse of MSTR and $0.94/share now. Could be a buy signal from Cramer?
 
searcher said:
... anyone in the offline world who knows much about crypto at all, let alone anyone who talks about it.
...
Click to expand...

The first rule of crypto fight club is you don't talk about crypto ...

nickndfl said:
Does anybody thing buying 1k shares of MSTZ is a good bet or do you think it could eventually get delisted? It's 2x inverse of MSTR and $0.94/share now. Could be a buy signal from Cramer?
Click to expand...

I don't know anything about it.
 
MSTR buys another 55,500 BTC for ~$5.4B.

 


Any change to capital gains tax obviously would require an act of Congress, so who knows what the chances of a "no tax on crypto made in America" really are, but I think it would be difficult to implement in practice as cryptos like Bitcoin are made globally on a decentralized network. They don't have a singular national origin.
 


Is $18B a lot? Could Brazil even afford that?
 
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