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Bitcoin(BTC) Surpasses 95,000 USDT Hits Another All-Time High

On Nov 21, 2024, 03:26 AM(UTC). According to Binance Market Data, Bitcoin has crossed the 95,000 USDT benchmark and is now trading at 95,290.890625 USDT, with a narrowed 3.95% increase in 24 hours.
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Bitcoin Reserve Proposal Faces Skepticism Amid Rising US Debt

According to Cointelegraph, United States Senator Cynthia Lummis has proposed establishing a strategic Bitcoin reserve as a potential solution to the country's escalating debt crisis, which has reached $35 trillion. However, Avik Roy, president of the Foundation for Research on Equal Opportunity, expressed skepticism about the effectiveness of this plan. Speaking at the North American Blockchain Summit 2024 in Dallas, Texas, on November 20, Roy cautioned against overestimating Bitcoin's potential to eliminate federal debt. Roy acknowledged that if the US were to acquire a substantial amount of Bitcoin that appreciates in value, it could provide some financial relief. Nonetheless, he emphasized that such a strategy would not address the core issue of the $35.46 trillion debt, which has been increasing at an alarming rate since the 1980s. Roy stressed the necessity of implementing budgetary reforms to tackle the $2 trillion annual federal deficits, suggesting that a Bitcoin reserve alone would not suffice. While Roy noted that a Bitcoin reserve might alleviate pressure in the bond market by backing the US dollar, he also expressed concerns about the potential depletion of these reserves, drawing parallels to the US's handling of gold reserves in the 1970s. The national debt has grown at a compounded annual rate of 5.3% since 1981, rising from $3.81 trillion to its current level, according to US Treasury Fiscal Data. Senator Lummis introduced the Bitcoin Act in July, proposing that the US government purchase 1 million BTC, approximately 5% of the total Bitcoin supply, and hold it for at least 20 years. She also suggested converting some of the US Treasury's 8,000 tons of gold holdings, valued at around $448 billion, into the proposed Bitcoin reserve. Additionally, President-Elect Donald Trump, set to be inaugurated on January 20, has pledged to establish a national Bitcoin stockpile, further highlighting the growing interest in cryptocurrency as a financial strategy.
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SEC Postpones Decision On Franklin Templeton Crypto Index ETF

According to Cointelegraph, the United States Securities and Exchange Commission (SEC) has postponed its decision on the approval of the Franklin Templeton Crypto Index ETF until early 2025. In a letter dated November 20, the SEC stated that it had not received any comments following the publication of the proposed rule change in the Federal Register on October 8, 2024. The regulatory body emphasized the need for additional time to thoroughly evaluate the proposed rule change and the associated issues, setting January 6, 2025, as the new deadline for a decision. The delay in the SEC's decision has left the industry in anticipation, as crypto index ETFs are seen as a significant development for digital asset markets. In August, Franklin Templeton submitted its application for a crypto index ETF, with industry experts like Katalin Tischhauser from Sygnum crypto bank highlighting the potential benefits. Tischhauser noted that index ETFs allow investors to gain market exposure without the need to select individual assets, thereby reducing the risk of costly mistakes. This approach has contributed to the popularity of stock indexes such as the S&P 500. Franklin Templeton is not alone in its pursuit of launching a crypto index ETF in the United States. In October, the New York Stock Exchange expressed interest in listing Grayscale's crypto index ETF and sought regulatory approval for trading. By November, US regulators were reportedly considering the listing of the Grayscale ETF. The approval of such an ETF would be a landmark event in the US, potentially unlocking new capital flows into the digital asset markets, akin to the impact of Bitcoin and Ether ETFs approved earlier in 2024.
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Peter Schiff Challenges Bitcoin's Energy Status Amid Debate With Michael Saylor

According to U.Today, Peter Schiff, a well-known critic of Bitcoin, has reignited his debate with MicroStrategy Chairman Michael Saylor regarding Bitcoin's energy status. Schiff dismissed Saylor's assertion that Bitcoin represents 'digital energy,' likening it to other labels such as 'digital gold.' He argued that these terms are exaggerated and do not accurately describe Bitcoin's function. In a recent post, Schiff questioned the practicality of describing Bitcoin as 'digital energy,' asking how it could generate power. He emphasized that Bitcoin is more speculative than a resource capable of producing tangible energy or utility. To strengthen his argument, Schiff compared Bitcoin to crude oil, highlighting the latter's irreplaceable role in sustaining industries and human survival. He warned that the absence of crude oil could lead to mass starvation, posing a rhetorical question about the consequences of Bitcoin's disappearance and its lack of critical function. Michael Saylor, a prominent Bitcoin advocate, has often described Bitcoin in transformative terms, including 'digital gold' and now 'digital energy.' For Saylor, Bitcoin represents a technological breakthrough and a new form of value storage, akin to gold's historical role in monetary systems. Industry figures like Robert Kiyosaki, author of 'Rich Dad Poor Dad,' share Saylor's view, praising Bitcoin's value and urging traders to consider it as a hedge against economic instability and a vital asset for financial growth. However, Schiff views these narratives as misleading attempts to elevate Bitcoin's status without addressing its practical limitations. His critique highlights a broader ideological divide within the financial world. While Bitcoin advocates like Saylor emphasize its potential to transform finance, critics like Schiff question its practical use and sustainability. These differing perspectives reflect ongoing debates about Bitcoin's true value and purpose.
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Metaplanet's Bitcoin Strategy Propels It Among Top Japanese Companies

According to U.Today, Michael Saylor, the executive chairman of MicroStrategy, has praised the remarkable success of Japanese public company Metaplanet. Saylor welcomed Metaplanet to the 'Bitcoin standard' in a social media post, highlighting its impressive rise among the top 30 publicly listed Japanese companies by trading volume. This achievement places Metaplanet ahead of major corporations like Itochu and NTT. Metaplanet, previously known for operating budget hotels, has dramatically transformed its business model by heavily investing in Bitcoin, similar to MicroStrategy's approach. Since announcing its Bitcoin strategy in April, Metaplanet has rapidly climbed the ranks of corporate Bitcoin holders. The company's current Bitcoin holdings are valued at $93 million, and it has recently introduced a new debt-for-Bitcoin offering. Metaplanet is poised to surpass other significant players in the Bitcoin space, such as Bitcoin mining equipment manufacturer Canaan and Norwegian industrial giant Aker ASA. MicroStrategy, often referred to as the '800-pound gorilla' in the Bitcoin market, continues to set the standard for corporate Bitcoin investment. The company's Bitcoin holdings have reached a staggering $30 billion following a record-breaking $4.6 billion purchase. Additionally, MicroStrategy has announced a $1.75 billion debt offer to acquire even more Bitcoin. Despite this success, some industry experts express concerns about the centralization of Bitcoin around Saylor. Eric Conner, founder of EthHub, suggests that Bitcoin's centralization poses a risk, while hedge fund manager Mark Spiegel warns that Saylor might face a fate similar to the Hunt brothers, who famously went bankrupt after attempting to corner the silver market.
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Vitalik Buterin Discusses Ethereum's Future Strategy

According to U.Today, Ethereum cofounder Vitalik Buterin has shared insights into the future dynamics of Ethereum's layer 1 (L1) and layer 2 (L2) solutions. In a recent Twitter discussion, Buterin emphasized the importance of building L1s to endure challenging times, ensuring a robust and reliable foundation for the blockchain ecosystem. He suggested that while L1 should focus on security and decentralization, L2 solutions can develop more flexible and high-performing systems for favorable conditions. Buterin highlighted the risks associated with relying on overly idealized solutions, such as satellite-based communication networks, due to potential threats like censorship and intrusions. He advocated for prioritizing infrastructure that can withstand adverse situations, including censorship, distributed denial-of-service (DDoS) attacks, and outages. The discussion also touched on potential improvements like Single Slot Finality (SSF), aimed at enhancing user experience and reducing latency. However, Buterin cautioned against hastily implementing such innovations at the cost of resilience and decentralization. He stressed that a strong foundational layer provides users and developers, particularly those working on L2 applications, with the confidence to remain secure and operational even in unforeseen circumstances. This perspective underscores the need for a careful balance between security and scalability in shaping Ethereum's roadmap. As Ethereum continues to face competition from alternative blockchains prioritizing speed and efficiency, maintaining stability and trust on L1 is crucial, especially as L2 solutions like Arbitrum and Optimism expand their capabilities.
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