💰 Bitwise's Bitcoin Predictions: $500K as a Maturity Threshold and $1M as a Possibility

📈 Matt Hougan, the chief investment officer at Bitwise Asset Management, recently shared his insights on bitcoin's future in a blog post. He emphasized that while bitcoin has seen significant price increases, it is still in its "early" stages until it reaches $500,000. He stated,

It’s no longer the first inning. But until bitcoin hits $500K, it’s still early.

📊 Hougan pointed out that bitcoin has experienced a 100% increase this year but acknowledged the possibility of price volatility. He expressed optimism for further growth, suggesting that $100,000 could be "right around the corner." He reassured investors that there is still time to enter the market for long-term gains.

💡 He defined $500,000 as a crucial point for bitcoin’s maturity, stating:

In my view, $500K per coin is the correct demarcation between early and late, for a very simple reason: It marks the point where bitcoin would be ‘mature.'

This perspective is based on bitcoin's potential to achieve a status similar to gold in the store-of-value market.

🌍 Hougan explained the reasoning behind the $500K target:

Today gold is an $18 trillion market, and bitcoin is roughly $2 trillion. That puts the store of value market at roughly $20 trillion. A mature bitcoin would at a minimum share this market equally with gold.

He noted that there are about 20 million bitcoins in circulation, with one million more expected to be issued over the next century.

📈 He further elaborated that when bitcoin reaches a valuation of $500,000 per coin, it would represent about half of the store-of-value market, equivalent to gold’s share. He stated,

Until then, it’s still early.

🚀 Looking beyond the $500K threshold, Hougan predicted even greater heights. He said,

But ultimately I think we will go higher. My $500K target is based on bitcoin eating into gold’s market share, when, in reality, I think it will actually grow the overall market.

He suggested that as governments increase debt and currency production, the market may expand, inflating the value of stores like bitcoin.

💬 He concluded with an optimistic outlook:

Could we see $1 million bitcoin? Higher? Absolutely. But $500K feels like a good start.

Hougan's comments reflect a belief in bitcoin’s transformative potential as interest from institutions and governments in cryptocurrency continues to rise.

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🚀 Ripple CEO Predicts Major Changes in U.S. Cryptocurrency Landscape

🌟 Ripple CEO Brad Garlinghouse has expressed optimism about the future of cryptocurrency in the U.S., anticipating a shift in the regulatory landscape following the election of President-elect Donald Trump.

We finally have a crypto president. The crypto industry has embraced Trump. Trump has embraced the crypto industry. I think it’s very genuine,

Garlinghouse stated in an interview with Fox Business.

📈 He highlighted that this new environment could end years of stringent oversight by the U.S. Securities and Exchange Commission (SEC), unlocking significant growth potential for the industry. Garlinghouse pointed to XRP’s remarkable performance as an indicator of the sector’s renewed strength.

XRP’s up 70 plus percent since election day. The best-performing crypto assets are all U.S. companies or U.S. technologies,

he noted. He attributed this surge to the reduction of regulatory pressure from the SEC.

💰 Garlinghouse mentioned the market's rebound, stating,

We went from 2.2 trillion to basically three trillion. So this was an 800 billion dollar unlock.

He also praised Robinhood for re-listing XRP, viewing it as a recognition of the shifting landscape. Reflecting on a recent lawsuit by 18 Republican attorneys general against the SEC for overreach, he remarked,

Welcome to the party.

💪 Looking ahead, Garlinghouse expressed confidence in a future where crypto innovation can flourish without excessive regulation. He concluded,

We got to get away from regulation through enforcement … It’s a totally new day, and I could not be happier.

😳 Google’s AI Chatbot Tells Student to ‘Please Die’ While Offering Homework Assistance 🤖

Google’s AI chatbot, Gemini told a Michigan student to “Please die” during a homework session, raising serious safety concerns.

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⚖️ Ripple CEO Critiques SEC Chair Candidate Amid Regulatory Concerns

🚨 Brad Garlinghouse, the CEO of Ripple, has voiced strong opposition to the potential appointment of Caroline Stebbins as the next Chair of the U.S. Securities and Exchange Commission (SEC). He argues that her selection could be detrimental to the cryptocurrency industry.

In a group of strong candidates for SEC Chair, it’s unconscionable to consider someone directly involved in Bill Hinman’s unethical (likely illegal) push to pick winners and losers in crypto,

Garlinghouse stated on social media. He emphasized that choosing Stebbins would revert the industry back to an era of regulation through enforcement.

🔄 This criticism arises as current SEC Chair Gary Gensler is expected to step down after Thanksgiving, with reports indicating he may leave before President-elect Donald Trump’s inauguration. Trump has promised to remove Gensler immediately, sparking speculation about the agency's future leadership.

👥 Among the candidates being considered for the SEC Chair position are Paul Atkins, Dan Gallagher, Brad Bondi, and Bob Stebbins. Atkins and Gallagher are viewed as more favorable to the industry, while Stebbins faces backlash from crypto advocates due to her involvement in controversial enforcement actions, particularly the ongoing Ripple case. John Reed Stark, former head of the SEC’s Internet Enforcement division, has cautioned against some candidates, warning of potential risks associated with weaker oversight. Crypto supporters are hopeful that new leadership will lead to clearer and less punitive regulatory policies.

📜 William “Bill” Hinman, a former SEC official, has been criticized for his 2018 speech that suggested ether (ETH) was not a security, while leaving other cryptocurrencies like XRP without similar clarity. This has fueled accusations that he was biased in favor of certain digital assets.

⚖️ Ripple has been embroiled in a lawsuit with the SEC since 2020, facing allegations that its XRP token sales constituted unregistered securities offerings. A partial ruling in favor of Ripple was issued by a judge in 2023, but the SEC has appealed parts of this decision, keeping the case ongoing and pivotal for the future of crypto regulation.

🌅 Despite these challenges, Garlinghouse is optimistic about a transformative shift for cryptocurrency in the U.S. He attributes this potential change to expected easing of regulatory oversight under President-elect Trump, whom he describes as a crypto-friendly leader who supports innovation and entrepreneurship. Garlinghouse believes this could mark the end of restrictive SEC practices and herald a new era for crypto innovation, urging a move away from regulation by enforcement.

🗣️ Indian Official Expresses Skepticism Towards Cryptocurrency

🚫 M. Nagaraju, the Secretary of India’s Department of Financial Services, voiced his strong doubts about cryptocurrencies during the SBI Banking & Economics Conclave on November 18, 2024. He stated,

I am very skeptical of cryptocurrency — not now, not after becoming the financial secretary. Even as an individual also, I am very doubtful of the entire scheme of cryptocurrency.

His skepticism reflects the Reserve Bank of India’s (RBI) ongoing concerns regarding the legitimacy and financial risks associated with digital currencies.

🔄 India's stance on cryptocurrency regulation has evolved significantly. Following the Supreme Court's 2020 decision to overturn the RBI’s 2018 ban on crypto transactions, the government introduced a 30% tax on virtual asset gains and a 1% tax deducted at source (TDS) on transfers. The Indian Financial Intelligence Unit (FIU) has registered numerous crypto service providers and imposed fines on several offshore exchanges, including Binance, for anti-money laundering violations. In contrast, the Securities and Exchange Board of India (SEBI) has suggested a multi-regulatory framework, differing from the RBI’s call for stricter controls.

🌍 Finance Minister Nirmala Sitharaman has stressed the importance of international collaboration in addressing crypto challenges. During India’s G20 presidency in 2023, the country spearheaded discussions on developing a synthesis paper to guide global regulatory efforts.

📈 Despite these regulatory hurdles, India continues to lead in cryptocurrency adoption, ranking first in Chainalysis’ 2024 Global Crypto Adoption Index. Earlier this month, investment firm Bernstein urged India to consider bitcoin as a strategic reserve asset. They argued that India's current emphasis on central bank digital currencies (CBDCs) and its classification of bitcoin as a “private currency” overlook BTC’s essential role as a “store of value.”

🚨 Breaking: Ripple Announces First Tokenized Money Market Fund on XRP Ledger 📢

Ripple announces first tokenized money market fund on XRP Ledger in partnership with crypto exchange Archax and UK asset manager abrdn.

👉 Read more

💰 Is It Too Late to Invest in Bitcoin?

🚀 Bitcoin is gaining mainstream attention due to rising prices and increasing adoption by nations and corporations. Currently priced just under $100,000, it has reached new all-time highs recently. However, this price point is seen as a barrier indicating market hesitation about further increases.

While it is generally inadvisable to purchase an asset at its highest price, bitcoin might be an exception

due to its favorable outlook and inherent advantages like pseudonymity and scarcity.

📈 Some analysts predict even higher bitcoin prices in the future. Rick Wurster, the incoming CEO of Charles Schwab Corp, expressed regret for not investing earlier, stating,

I have not bought crypto, and now I feel silly.

💼 Corporate demand for crypto is also increasing. For instance, Microstrategy recently completed a $3 billion convertible senior notes offering, demonstrating private investors' confidence in its bitcoin accumulation strategy.

🌍 The upcoming U.S. bitcoin policies could significantly impact global perceptions of crypto. Reports suggest that Chinese President Xi Jinping may reconsider China's anti-crypto stance due to President-Elect Trump's position on the matter.

If China backpedals on its anti-crypto policy, it would mean opening a market of 1.4 billion people eager to find new investment assets.

🔮 While the future is uncertain, analysts generally agree that bitcoin's prospects look promising. Although the opportunity for 100,000 X gains may be gone, there is still potential for profit in bitcoin investments, despite expected volatility.

🪙 Hong Kong's Tax Break Proposal for Cryptocurrency Investments

🏦 Hong Kong is seeking to position itself as a global financial hub by proposing tax exemptions for hedge funds, private equity funds, and affluent individuals investing in cryptocurrencies. The proposed measures also extend to gains from private credit investments and other assets.

📄 A 20-page document circulated by Hong Kong authorities outlines the rationale behind these proposals and their alignment with the objectives of asset managers looking to establish operations in the region. This move comes as investors evaluate the potential impact of a Donald Trump presidency on the cryptocurrency landscape.

“This is an important step in boosting Hong Kong’s status as a financial and crypto trading hub,”

said Patrick Yip, vice chair and international tax partner at Deloitte China. If implemented, these proposals could attract wealthy Chinese individuals setting up private investment vehicles outside the mainland.

🌍 Hong Kong aims to compete with Singapore and Luxembourg in terms of fund launches. UBS CEO Sergio Ermotti predicts that Hong Kong’s advancements may surpass Switzerland as the world’s leading wealth management hub.

⚠️ U.S. Regulators' Subtle Squeeze on the Crypto Market

🗣️ Stuart Alderoty, Ripple's chief legal officer, has raised concerns about a deliberate effort by U.S. regulators to undermine the cryptocurrency industry. He likened this to "Operation Chokepoint 2.0," a recent initiative aimed at limiting banking services for crypto-related businesses. Alderoty drew parallels to a 2012 campaign where agencies like the FDIC and Federal Reserve pressured banks to withdraw support from certain sectors, such as gun retailers.

📅 He pointed out significant events that illustrate this trend. In January 2021, the Biden administration repealed the Fair Access to Banking Rule, which aimed to ensure equal financial access. Later that year, the OCC required banks to obtain pre-approval for cryptocurrency activities. The FDIC followed with its own directives in April 2022. In early 2023, major regulatory bodies issued warnings about "crypto risks," suggesting a deeper agenda despite stating that banks were not explicitly prohibited from serving crypto clients.

🔍 Alderoty, drawing from his experience as a former bank general counsel, interpreted these warnings as a covert message:

‘Don’t even think about it.'

He argued that such language serves as a deterrent, discouraging financial institutions from engaging with crypto businesses. He framed these actions as part of a larger strategy to marginalize the cryptocurrency sector under the pretext of regulatory caution.

🚨 This sentiment is echoed by other industry leaders. Marc Andreessen, co-founder of Andreessen Horowitz, noted that over 30 tech and crypto founders have been "debanked" in the past four years, forcing some to relocate or shift industries. Tyler Winklevoss, co-founder of Gemini, described "Operation Chokepoint 2.0" as a "coordinated conspiracy by government officials to persecute their political opponents by debanking them," calling it an ongoing federal crime that should be prosecuted.

🔥 Breaking: WisdomTree Files S-1 For XRP ETF With US SEC ⚖️

WisdomTree has taken a step forward for XRP ETF fund approval with its recent S-1 filing with the US SEC, sparking market optimism.

👉 Read more

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🚀 Fortlake's Sigma Opportunities Fund to be Tokenized with Crypto Firms

🌐 Fortlake Asset Management, an Australian investment firm, is set to enter the digital asset space by collaborating with three crypto companies: Chainlink, Backed, and Sonic (formerly known as Fantom). They aim to tokenize the Sigma Opportunities Fund.

🔗 According to a recent release, Chainlink will play a crucial role in this process by verifying the fund's collateralization and assets under management (AUM), as well as facilitating cross-chain liquidity. Backed will be responsible for issuing the fund tokens on the Sonic platform, which is a layer one (L1) EVM-compatible blockchain.

💡 This strategic move is aimed at leveraging non-traditional opportunities within decentralized finance (DeFi) sectors such as lending and margin trading.

Partnering with Backed, Sonic, and Chainlink to tokenize the Sigma Opportunities Fund is a substantial development in the way we provide access to our fund for the rapidly growing digital asset investor base

said Christian Baylis, Founder and CIO of Fortlake.

📈 A 2023 research report by Bank of America predicts that traditional asset tokenization could exceed $16 trillion, transforming infrastructure and markets within the next five to fifteen years. In a similar vein, Blackrock, the world's largest investment manager, launched its first tokenized fund, the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) on Ethereum in March. BUIDL has since become the largest tokenized fund globally with a market capitalization of $550 million and has expanded to multiple blockchains including Avalanche and Aptos.

💰 The Sigma Opportunities Fund currently holds net assets of approximately $124 million Australian dollars (around $80 million USD), as per data from Morningstar.

🇮🇳 India's Stance on De-Dollarization: A Focus on Local Currency Trade

🗣️ The Reserve Bank of India (RBI) has clarified its position on de-dollarization, stating that it is not a policy goal for the country. During a recent press conference, RBI Governor Shaktikanta Das emphasized that India's recent initiatives are aimed at reducing trade risks rather than moving away from the dollar.

What we have done is permit the opening of Vostro accounts and entered agreements with a couple of countries for local currency-denominated trade. This is to de-risk Indian trade, as dependence on a single currency can sometimes be problematic due to appreciation or depreciation,

he explained.

🌍 Das also addressed the idea of a common BRICS currency, highlighting the challenges posed by the geographical dispersion of BRICS countries. He noted that unlike the Eurozone, which benefits from geographical continuity, BRICS nations are spread across different regions.

Unlike the Eurozone, which has a single currency and geographical continuity, BRICS countries are spread across different regions, and that has to be considered,

he stated.

🚫 India's External Affairs Minister S. Jaishankar has consistently opposed a common currency proposal involving China,aligning with the country's focus on maintaining sovereignty in trade practices.

🔒 Das reaffirmed India's commitment to fostering local currency trade to mitigate risks associated with dollar volatility.He dismissed speculation around de-dollarization, stating:

Dedollarization is certainly not our objective and is not on the table. I think this is more of a narrative in some sections of the media. Our efforts are focused on de-risking trade,

he said.

📈 These comments come amid ongoing global currency debates, particularly in light of U.S. concerns about alternative currency proposals from BRICS nations.

🌐 Pi Network Price Finds Crucial Support: Can It Rise To $100? 🚀

Find out why the Pi Network price is rising after finding crucial support at the 200-day Exponential Moving Average.

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🌐 Bridging the Trust Gap in Nigeria's Capital Markets through Blockchain

🤝 The Nigerian Securities and Exchange Commission (SEC) is actively considering the implementation of blockchain technology to enhance trust in its capital markets. Director-General Emomotimi Agama emphasized that utilizing this technology is essential for ^^bridging the [trust] gap between issuers and investors.^^

📊 During a conference hosted by the Capital Market Correspondents Association of Nigeria, Agama highlighted the advantages of adopting blockchain for all investors, particularly those in underrepresented regions of the country. He stated, ^^The SEC is exploring the integration of blockchain technology for secure and transparent transaction processing, a step that will redefine trust in the market.^^

🇳🇬 This move by the SEC aligns with the Nigerian government's recent initiatives to incorporate blockchain. In May 2023, Nigeria established a blockchain adoption policy and subsequently restructured its blockchain policy steering committee. Additionally, the National Information Technology Development Agency pledged to train 30,000 individuals in blockchain technology. A partnership between the Nigerian Institute of Social and Economic Research (NISER) and the Japanese tech firm Soramitsu was also announced to bolster Nigeria's knowledge and development in this area through research and innovative projects.

📈 Agama noted that the oversubnoscription of recent recapitalization offers reflects strong investor confidence. To maintain this positive trend, he mentioned that the SEC is ^^intensifying efforts to enhance disclosure standards and corporate governance practices.^^ He also pointed out the importance of collaboration among stakeholders for the success of recapitalization initiatives.

🌱 Agama stated, ^^Developing innovative financial products, such as green bonds and sukuk, to attract diverse investor segments is crucial. The success of recapitalization efforts depends on collaboration among regulators, issuers, and investors.^^ This underscores the SEC's commitment to fostering an innovative and cooperative environment in Nigeria's capital markets.

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🌟 Senator Lummis Backs Scott Bessent for Treasury Secretary to Promote Bitcoin Reserve

👩‍💼 U.S. Senator Cynthia Lummis (R-WY) has expressed strong support for Scott Bessent, nominated by President-elect Donald Trump as the next Treasury Secretary. Lummis believes that Bessent's appointment could enhance her proposed Strategic Bitcoin Reserve legislation, known as the BITCOIN Act, which aims to establish a federal bitcoin reserve to strengthen the U.S. dollar and address national debt.

💬 Lummis stated on social media,

Scott Bessent will be a champion for digital assets and a crucial ally in passing my Strategic Bitcoin Reserve.

She added,

I look forward to working closely with the future Treasury Secretary to restore fiscal responsibility!

📈 The idea of a U.S. strategic bitcoin reserve is gaining momentum, with states like Texas and Pennsylvania proposing legislation to create such reserves. Texas's House Bill 1598 aims to establish a bitcoin reserve funded by donations, allowing tax payments in bitcoin. Pennsylvania's proposal would permit its treasury to invest up to 10% of state funds in bitcoin. At the federal level, Trump's advocacy for a national bitcoin reserve has sparked debate among experts about its feasibility and economic implications.

🌐 Supporters highlight Bessent's openness to cryptocurrency innovation. Ripple CEO Brad Garlinghouse remarked,

I don’t want to get too far ahead of myself but… Scott Bessent is the perfect pick by Donald Trump. He will be the most pro-innovation, pro-crypto Treasury Sec we’ve ever seen.

📊 Bessent, founder of Key Square Capital Management and former chief investment officer for George Soros, is recognized for his macroeconomic expertise and advocacy for deficit reduction and regulatory reform. His nomination has been met with optimism by financial markets and business leaders, who anticipate that his leadership could promote cryptocurrency-friendly policies and advance initiatives like Lummis’s bitcoin reserve plan.