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- Florida CFO Proposes Bitcoin-Based Pension Fund Inspired by Trump’s Pro-Crypto Stance
Florida CFO Proposes Bitcoin-Based Pension Fund Inspired by Trump’s Pro-Crypto Stance
News on the Blockchain
October 31, 2024
@newsontheblockchain, 31/10/2024
Confidence in Knowledge. Providing daily news to make sure you're up to date!
🌍 Daily Crypto Market Overview
Global Stats:
Cryptocurrencies: 2.4M+
Exchanges: 759
Market Cap: $2.43T (↓ 0.41%)
24h Volume: $87.1B (↓ 15.98%)
Bitcoin Dominance: 58.90% (↑ 0.12%)
Ethereum Dominance: 13.13%
ETH Gas Price: Data not provided :(
Fear & Greed Index: 66 (Greed)
🪙Top 5 Cryptocurrencies by Market Cap:
Name | Price | 24h Change | Market Cap | 24h Volume |
|---|---|---|---|---|
Bitcoin (BTC) | $72,271.91 | -0.14% | $1.43T | $38.91B |
Ethereum (ETH) | $2,648.99 | -0.25% | $318.96B | $21.62B |
Tether (USDT) | $0.9997 | -0.01% | $120.54B | $66.82B |
BNB (BNB) | $591.46 | -1.94% | $86.31B | $1.65B |
Solana (SOL) | $175.35 | -2.47% | $82.49B | $2.70B |
💹 Market Highlights:
Total DeFi Volume: $4.2B (4.82% of total market volume)
Stablecoins Volume: $79.97B (91.81% of total market volume)
Coin with highest % change: AIC (+17.68%)
📈 Preview On Today’s News:
- Florida CFO Proposes Bitcoin-Based Pension Fund Inspired by Trump’s Pro-Crypto Stance
- MicroStrategy Unveils Ambitious $42 Billion Bitcoin Investment Plan Amid Record Stock Surge
- Bitcoin Dominance and Its Impact on Altseason: Analyst Insights on Market Health
🔥Heat Map:
Top 10 News for today:
1)
Florida CFO Proposes Bitcoin-Based Pension Fund Inspired by Trump’s Pro-Crypto Stance
Florida's Chief Financial Officer, Jimmy Patronis, is advocating for the state to consider adding a Bitcoin stockpile to its pension funds, drawing inspiration from Donald Trump’s support for cryptocurrency. In a letter to the state’s investment managers, Patronis urged the adoption of Bitcoin as a "digital gold" to diversify the state’s financial portfolio and provide a hedge against economic volatility. Patronis also cited the growing institutional interest in Bitcoin and suggested that Florida follow the examples of states like Wisconsin and Michigan, which have explored similar crypto investment strategies. He has requested a report on the viability of a Bitcoin pension fund, hoping to guide future legislative discussions.
Key Proposal: Florida CFO Jimmy Patronis recommends incorporating Bitcoin into state pension funds, inspired by Trump’s pro-Bitcoin stance, aiming to leverage it as a hedge and portfolio diversifier.
Next Steps: Patronis requested a report on Bitcoin's potential in the state pension fund, possibly setting a precedent for other states to consider similar moves.
2)
MicroStrategy Unveils Ambitious $42 Billion Bitcoin Investment Plan Amid Record Stock Surge
MicroStrategy, led by Michael Saylor, announced an ambitious $42 billion investment plan to increase its Bitcoin holdings significantly over the next three years. The "21/21 Plan," disclosed in the company's Q3 earnings report, involves raising $21 billion in equity and $21 billion in fixed income, all directed towards expanding its Bitcoin reserves as a treasury asset. This move underscores MicroStrategy's commitment to BTC, which aligns with its impressive financial growth this year, as the firm’s stock climbed 470%—outpacing Bitcoin’s own rise—hitting a high of $260 recently. CFO Andrew Kang highlighted that the company increased its Bitcoin holdings by 11% in Q3, achieving a year-to-date BTC yield of 17.8% and reducing annual interest expenses by $24 million.
MicroStrategy's "21/21 Plan" aims to raise $42 billion over three years to bolster its BTC holdings, funded through equal parts equity and fixed income, as part of its treasury strategy.
MicroStrategy stock surged 470% in 2024, paralleling Bitcoin's rise, while the company increased BTC holdings by 11% in Q3 and reduced annual interest expenses by $24 million.
3)
Binance Expands Kaia (KAIA) Accessibility Through Multi-Platform Listing
Binance has officially listed the Kaia (KAIA) token on multiple platforms, enhancing user accessibility and trading options. Starting at 11:00 AM on October 31, 2024, KAIA became available on Binance Simple Earn's Flexible Products, offering users the option to earn flexible returns. KAIA can now be purchased through Binance’s “Buy Crypto” page with various payment options, including VISA, MasterCard, Google Pay, and Apple Pay. Additionally, KAIA is available on Binance Convert, allowing zero-fee trades for BTC, USDT, and other tokens. By 1:00 PM, KAIA was also added as a borrowable asset on Binance Margin, supporting both Cross and Isolated Margin trading for the KAIA/USDT pair. These new listings provide expanded opportunities for users to invest and trade in KAIA across multiple Binance services.
Binance has listed Kaia (KAIA) on multiple services, including Simple Earn, Buy Crypto, and Convert with zero fees, enhancing ease of purchase and flexible earning opportunities.
The listing includes margin trading options, enabling KAIA borrowing on Cross and Isolated Margin for the KAIA/USDT pair, broadening trading options for Binance users.
