Bitcoin
Project 2025 has Bitcoin primed for a $16 trillion price showdown with gold
Project 2025 — a radical policy plan created by the right-wing think tank Heritage Foundation — has spread like wildfire in Washington DC, fueled by the struggling Biden administration.
“Google Project 2025”, Biden’s official X account posted after former president and 2024 Republican candidate Donald Trump claimed “knowing nothing about Project 2025” and having “no idea who is behind it”, in his Truth Social.
The Project 2025 plan, detailed in a mammoth 920-page document that recommends major reforms across every government department, would abolish the Federal Reserve and create a free banking system or a commodity-backed replacement for the U.S. dollar.with some increasingly confident that bitcoin would be more attractive than gold.
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The Project 2025 plan would abolish the Federal Reserve and reintroduce a gold standard — though many … [+] I think bitcoin is already outperforming gold.
to obtain
“Under free banking, banks typically issue liabilities (e.g. checking accounts) denominated in dollars and backed by a valuable commodity,” said Paul Winfree, who served in the Trump administration from 2017 to 2021. he wrote in the Project 2025 plan.
“In the 19th century, this backing was usually gold coins: each dollar, for example, was defined as about 1/20 of an ounce of gold, redeemable on demand at the issuing bank,” Winfree wrote.
“Today, we can expect most banks to back them with gold, although some may prefer to back their notes with another currency or even with stocks or other assets such as real estate.”
The open nature of free banking leaves the door open for banks to back their notes with bitcoin or another cryptocurrency, as “free banking leads to stable, sound currencies and strong financial systems because customers will avoid the riskiest issuers, driving them out of the market,” Winfree wrote.
Meanwhile, a commodity-backed dollar would require the Fed to back the notes it issues with “some hard asset like gold,” Winfree wrote, in a system designed “to control spending and inflation so that its gold reserves are not depleted.”
Bitcoin, often referred to as digital gold due to its immutable nature and fixed supply, has seen its price increase in recent years as it is adopted by Wall Street and adopted by the country of El Salvador as its official currency.
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Bitcoin’s price has skyrocketed in recent years, sparking serious speculation that it could eventually… [+] eclipse both gold and the US dollar.
Forbes Digital Assets
Larry Fink, the chief executive of BlackRock who leads the world’s largest asset manager, which oversees about $9 trillion in assets worldwide, said last year that bitcoin and cryptocurrencies could “revolutionize finance”, triggering a chain reaction that saw a fleet of spot bitcoin exchange-traded funds (ETFs) explode on Wall Street in January.
Last month, former billionaire and “best friend” of the All In podcast Chamath Palihapitiya predicted that bitcoin could “completely replace gold” as countries adopt it.something he thinks could boost its market cap to $15.7 trillion from gold.
Meanwhile, fears of a looming economic crisis and the return of inflation have led analysts at Jefferies to say they expect the Federal Reserve will soon be forced to restart its money printing press. potentially driving down the US dollar and fueling a boom in the price of bitcoin to rival gold.
Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Bitcoin
Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise
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At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
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