Bitcoin News: US State Expected to Acquire Bitcoin Within Four Months
Dennis Porter, co-founder and CEO of the Satoshi Action Fund (SAF), has revealed that a US state is likely to begin purchasing Bitcoin within the next four months. This announcement was made during Michael Saylor’s $100K New Year’s Eve Bitcoin Party in Miami. Porter clarified that while Texas has been a topic of discussion, the state’s current legislation only permits Bitcoin donations, not direct purchases. This indicates that another state may take the lead in this groundbreaking move.
First Bitcoin Acquisition By A US State ‘Near Guaranteed’ Within 4 Months
Dennis Porter, co-founder and CEO of the Satoshi Action Fund (SAF), announced at Michael Saylor’s $100K New Year’s Eve Bitcoin Party in Miami that a US state is expected to initiate BTC purchases within the next four months. Porter provided insights on the prediction, clarifying that while Texas has been mentioned, the relevant bill does not allow for direct purchases but only donations. This suggests that another state might be the first to put Bitcoin on its balance sheet.
Bitcoin Surpasses $97,000
Bitcoin expanded its rise and surpassed $97,000 for the first time in almost a week, targeting $98,000 at one point during the day. The dollar index surpassed 109, hitting its highest level since November 2022. Despite a strong dollar trend, which is typically associated with risk in the cryptocurrency market, Bitcoin and most major coins, including Ethereum, remained resilient.
Economist Predicts Big Push for Altcoins Amid Macro Shifts
Economist Henrik Zeberg warns that the macro environment is deteriorating but the cryptocurrency market is suddenly optimistic about altcoins. He notes that altcoins have begun to outperform Bitcoin (BTC) based on BTC's dominance ratio, which is currently 57.65%. Zeberg uses Elliott Wave Theory to predict a massive altcoin run, stating that the third wave (which has just started) will see a big push in altcoins.
Prediction: US State Government May Soon Purchase Bitcoin
Dennis Porter, co-founder and CEO of Satoshi Action Fund (SAF), predicted at Michael Saylor's New Year's Bitcoin party in Miami that a US state government is likely to soon include Bitcoin in its budget. Specifically, he mentioned Texas but clarified that Texas laws do not allow the direct purchase of Bitcoin, suggesting donations instead.
Bloomberg Highlights BlackRock’s Bitcoin Fund as Greatest ETF Launch
Bloomberg highlights BlackRock’s iShares Bitcoin Trust (IBIT) as the greatest ETF launch in history. Launched in January 2024, IBIT has amassed over $50 billion in assets in just 11 months, outpacing traditional funds. BlackRock’s entry into the Bitcoin market has been pivotal, contributing to Bitcoin’s move beyond the $100,000 mark and attracting institutional interest and investors previously skeptical about digital assets.
Bitcoin Coinbase Premium Sinks to Lowest Since FTX Crash: Bottom In?
Data shows the Bitcoin Coinbase Premium Index has witnessed a plunge to two-year lows recently. The BTC Coinbase Premium Index has seen a sharp drawdown into negative territory, reflecting the difference between the Bitcoin price on Coinbase (USD pair) and Binance (USDT pair). This metric indicates the difference in buying and selling behaviors of investors on the two exchanges, suggesting potential shifts in American institutional entities' moves.
