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In November and December, Ether ETFs saw eight straight weeks of net inflows, including a record-breaking $2.2 billion in the week of Nov. 26, according to data from CoinShares.
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Bitcoin is a unique market, driven so far by retail buying and selling with the price highly reactive to market psychology. The emergence of new types of investors could shift market dynamics, altering historical cycles.
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While it remains speculative to assume this legislation could disrupt Bitcoin’s well-known four-year halving cycles, several dynamics might evolve, said Nexo analyst Kalchev.
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While Ukraine moves to regulate digital assets, other nations are making similar strides. Despite banning digital assets in 2017, Morocco reportedly plans to legalize all cryptocurrencies as the country’s central bank, Bank Al-Maghrib, prepares a draft law for crypto regulation.
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Ogilive says another potential issue may be the concentration of ownership. If a government such as the US started accumulating large amounts of Bitcoin, it could “initially concentrate ownership.”
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A few drawbacks that have been flagged are the volatility of the market eroding the value of the reserve, storing the Bitcoin securely so it isn’t hacked or stolen and keeping any private keys so they aren’t lost.
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Along with the positives of the concept, such as a Bitcoin reserve being a hedge against inflation and the growth value possibly helping reduce debt, there are also concerns.
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Polish presidential candidate Sławomir Mentzen has vowed to create a Bitcoin reserve if he wins next year’s election. A newly proposed bill in Brazil’s Congress is also aimed at establishing a sovereign federal Bitcoin reserve.
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In July, US Senator Cynthia Lummis introduced a bill to establish a Bitcoin strategic reserve. Pennsylvania lawmakers also introduced legislation in the state’s House of Representatives to permit its treasury to hold up to 10% in Bitcoin.
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Bhutanese officials confirmed in 2024 that the kingdom had been mining Bitcoin since April 2019 and still holds about 12,206 Bitcoin, after selling 367 on Nov. 15, worth about $117.9 million at current prices.
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In 2021, El Salvador adopted Bitcoin as a legal tender and bought about 200 coins. The country has since increased its holdings to 5,942 Bitcoin as of November, worth $571.6 million at current prices.
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According to Ogilive, El Salvador and Bhutan have already “proven that a reserve is feasible,” showing that the primary barriers to setting it up are not “technical or market-driven.”
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“Bitcoin’s digital nature doesn’t change this fundamental principle — commodity reserves require the proper infrastructure and expertise for storage and security,” Ogilive added.
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“A sovereign buys Bitcoin and secures it with a qualified custodian. This parallels how governments manage other strategic reserves, like gold in Fort Knox or oil in national stockpiles,” he said.
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Nowadays, when you hear any mention of Bitcoin, your mind probably immediately fixates on its price — but Garzik says that there’s still much more to BTC than that. To him, Bitcoin is just another one of the many examples of how open-source technologies positively impact people’s lives on a day-to-day basis.
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Garzik said that Hemi is focused on the Bitcoin network’s “upward trajectory,” where rollups, layer 2s and other ancillary transaction processing routes become seamless, everyday options for the network. Garzik described such a scenario as “the next stage of evolution for Bitcoin writ large.”
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According to Garzik, one issue that complicates Bitcoin’s growth within these spaces is transaction costs when the network is congested and some differences in code, which can complicate interoperability.
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The prospect of a new all-time high for the Dogecoin price is gaining ground with each passing day, especally with the price action in the past 24 hours. At the time of the analysis, the DOGE price was trading at $0.41. Interestingly, the Dogecoin price has surged to $0.46 at the time of writing, which indicates that the bullish fractal breakout has happened.
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DOGE, which started November at $0.1616, is already up by about 230% in the past 30 days. Many on-chain data and price patterns point to a continued price increse, at least in the next few days and weeks. Ali Martinez, a popular crypto analyst, suggested that the Dogecoin price is in the middle of a bullish breakout to $0.82. If the price target is achieved, this would represent a further 78% gain from the current price
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Artificial intelligence (AI) is set to reshape everything—that includes crypto trading. Instead of hours analzing markets and asset pairs, trading bots only require seconds to provide valuable insights and top-notch trading strategies.
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