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- Michael Saylor Proposes U.S. Shift from Gold to Bitcoin Amid Market Dynamics
Michael Saylor Proposes U.S. Shift from Gold to Bitcoin Amid Market Dynamics
News on the Blockchain
December 09, 2024
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🌍 Daily Crypto Market Overview
Global Stats:
Cryptocurrencies: 2.4M+
Exchanges: 762
Market Cap: $3.59T (-1.64%)
24h Volume: $175.74B (+15.02%)
Bitcoin Dominance: 54.62%
Ethereum Dominance: 12.99%
ETH Gas Price: 10.81 Gwei
Fear & Greed Index: 83/100 (Extreme Greed)
🪙 Top 5 Cryptocurrencies by Market Cap:
Name | Price | 24h Change | Market Cap | 24h Volume |
|---|---|---|---|---|
Bitcoin (BTC) | $98,906.48 | -0.32% | $1.96T | $58.98B |
Ethereum (ETH) | $3,878.48 | -1.79% | $467.14B | $26.57B |
Tether (USDT) | $1.00 | -0.05% | $138.07B | $148.30B |
BNB (BNB) | $712.93 | -3.79% | $102.67B | $2.21B |
Solana (SOL) | $227.64 | -3.36% | $108.38B | $3.72B |
💹 Market Highlights:
Total DeFi Volume: $16.87B (9.6% of total market volume)
Stablecoins Volume: $163.47B (93.02% of total market volume)
Coin with Highest % Change: SHRIMP/SOL (+133%)
📈 Preview On Today’s News:
- Michael Saylor Proposes U.S. Shift from Gold to Bitcoin Amid Market Dynamics
- US Treasury Endorses Bitcoin as Digital Gold While FSOC Warns of Stablecoin Risks
- Brooklyn DA Closes 40 Fraudulent NFT Sites Following $135K Scam
Keep reading for more!
Today’s News:
1)
Michael Saylor Proposes U.S. Shift from Gold to Bitcoin Amid Market Dynamics
Michael Saylor, Chairman of MicroStrategy, has put forward a bold proposal for the U.S. government to exchange a significant portion of its gold reserves for Bitcoin (BTC), aiming to secure 20-25% of the total Bitcoin supply. Saylor argues that this strategic move would enhance the U.S. economic position and establish it as the leader of the global reserve capital network, potentially destabilizing the gold reserves of rival nations like China and Russia. However, his proposal faces criticism from skeptics like Peter Schiff, who question its feasibility and warn of potential inflationary effects due to large-scale Bitcoin purchases. Concurrently, Bitcoin is experiencing a consolidation phase near its 52-week high, with technical indicators suggesting both bullish trends and caution for investors. This debate underscores the increasing interest in Bitcoin as a strategic reserve asset and its evolving role in global financial policy.
Strategic Shift Proposal: Michael Saylor advocates for the U.S. to replace 20-25% of its gold reserves with Bitcoin, aiming to strengthen the domestic economy and influence global reserve capital dynamics.
Market and Criticism: Bitcoin is nearing key resistance levels with mixed technical signals, while critics like Peter Schiff highlight potential inflationary risks and feasibility challenges of Saylor’s strategy.
2)
US Treasury Endorses Bitcoin as Digital Gold While FSOC Warns of Stablecoin Risks
The US Treasury has recognized Bitcoin as "digital gold," highlighting its pivotal role in decentralized finance (DeFi) and the significant growth in institutional adoption, with Bitcoin's market value now at $2.3 trillion. This endorsement underscores Bitcoin’s alignment with traditional gold as a store of value and its expanding use by companies for transactions. Meanwhile, the Financial Stability Oversight Council (FSOC) has raised concerns about the rapid expansion of stablecoins, particularly pointing out the dominance of Tether, which controls over 66% of the stablecoin market. FSOC has called for stronger regulatory frameworks to address the potential financial stability risks and market concentration issues associated with stablecoins.
Bitcoin as Digital Gold: The US Treasury labels Bitcoin "digital gold," emphasizing its $2.3 trillion valuation, role in DeFi, and increasing institutional adoption.
Stablecoin Risks Highlighted by FSOC: The Financial Stability Oversight Council flags the dominance of Tether in the stablecoin market and urges the implementation of robust regulatory measures to mitigate financial stability and market concentration risks.
3)
Brooklyn DA Closes 40 Fraudulent NFT Sites Following $135K Scam
The Brooklyn District Attorney's Office has dismantled 40 fake NFT marketplace websites after an 85-year-old artist was deceived out of $135,000 by a scammer posing as an art dealer on a counterfeit platform resembling OpenSea. The fraudster convinced the artist to mint his artwork on the bogus site and promised $300,000 in profits, which required an upfront fee of $135,000. Upon failing to receive the promised funds, the artist was left both financially and emotionally devastated. Investigators traced the illicit funds to a Nigerian exchange, complicating recovery efforts, and discovered that two other artists from Georgia and California were similarly victimized. The DA emphasized the importance of using established NFT marketplaces and staying alert to phishing attempts to prevent future scams.
40 Fake NFT Marketplaces Shut Down: The Brooklyn DA's office closed 40 fraudulent websites after an elderly artist lost $135,000 through a sophisticated scam mimicking the legitimate platform OpenSea.
Call for Vigilance in the NFT Space: The investigation revealed a network targeting artists, with funds traced to Nigerian exchanges, underscoring the necessity of using reputable NFT marketplaces and remaining cautious of phishing schemes.
