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JUST IN: 🇸🇻 El Salvador expects to finalize a $1.3bn IMF loan deal within two to three weeks by agreeing to make Bitcoin acceptance voluntary instead of mandatory for businesses❗️
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The BITCOIN Act of 2024 would have the US government create a strategic bitcoin reserve, funded in part with remittances from the Federal Reserve to the Treasury. *The problem is the Fed is currently operating at a loss of over US$1bn per week, due to a negative interest margin. Even after the Fed returns to profitability, it would have to apply those future profits to filling the hole in its balance sheet from accumulated losses—currently worth US$212bn—before remittances resume, including to any bitcoin reserve. * That could take years. In the meantime, bitcoin purchases—as envisioned by the act—would have to lean heavily on profits from revaluing and remonetizing the Treasury’s gold
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El Salvador has discovered $3 Trillion in unmined gold.
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Google unveiled a powerful new quantum computer prototype that compresses what would take today’s most powerful super computers ten septillion years to calculate into five minutes.
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Wrapped Bitcoin has removed WBTC on Tron from its dashboard where it provides proof-of-reserves for the various forms of the token.
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