Top-5 news of the week! (29 July - 04 August)
Dear PointPay Family,
Another week is behind us, and it's time to summarize it. Read about the most interesting and important news from the world of cryptocurrencies in our article!
Senator Lummis Proposes Bold Bitcoin Acquisition Bill for US Treasury
Senator Cynthia Lummis of Wyoming has unveiled a groundbreaking bill proposing the US Treasury purchase 1 million bitcoins, valued at approximately $68 billion. This initiative aims to counteract the devaluation of the dollar and establish a stable asset backing the US currency. A long-time advocate of cryptocurrency, Senator Lummis has been at the forefront of legislative efforts to integrate digital currencies into the financial system.
The proposed bill outlines a strategic plan for the US Treasury to store these bitcoins across various geographical locations for at least 20 years, with a portion reserved domestically to help reduce national debt. As cryptocurrency gains political significance, especially following Trump's endorsement, Senator Lummis remains hopeful about the bill's future, though she acknowledges that significant legislative progress may be delayed until after the upcoming elections.
Ethereum Celebrates Nine Years of Innovation
Ethereum marked its ninth anniversary on July 30, 2024, commemorating the processing of its genesis block in 2015. Conceived by Vitalik Buterin in 2013 as a more versatile blockchain than Bitcoin, Ethereum has since become a cornerstone for decentralized applications (dApps) and smart contracts. The Ethereum Foundation, established to support the network, successfully launched the platform, which transitioned from Proof-of-Work to Proof-of-Stake in 2022. Despite market fluctuations, Ethereum's influence and technological advancements continue to shape the blockchain industry.
Hong Kong Legislator Proposes Bitcoin for Fiscal Reserves
Johnny Ng, a member of the Hong Kong Legislative Council, has proposed integrating Bitcoin into the region's fiscal reserves. This initiative aims to position Hong Kong as a leader in digital finance and Web3 technologies. Ng believes that Bitcoin, often seen as "digital gold," could enhance Hong Kong’s economic stability. Emphasizing regulatory compliance, he sees this move as pivotal for advancing the local Web3 ecosystem, fostering innovation, and ensuring robust economic growth in a rapidly evolving financial landscape.
Bitcoin Dips as Federal Reserve Maintains Key Rate
The Federal Reserve decided to keep its key interest rate unchanged at 5.25-5.5%, aligning with market expectations. This announcement coincided with a minor drop in Bitcoin's value, which briefly fell to $66,400. The decision comes amidst recent data showing a slight easing in inflation, with the consumer price index increasing by 3% in July, just below the forecasted 3.1%. Despite the dip, top cryptocurrencies showed modest gains, signaling a resilient market.
Palm-Sized Bitcoin Miner Scores $206,000 Jackpot
A small-scale Bitcoin miner struck it rich, earning $206,000 from a $179 investment in a Bitaxe ASIC mining rig. This open-source device, roughly the size of a human hand, managed to mine a full block of 6.25 BTC, with Bitcoin valued at around $64,000 each.
Altair Technology, an official seller of Bitaxe's ASIC miners, announced the remarkable achievement on Twitter/X.
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