Key Points:
Bitcoin ETF demand hits record high, surpassing gold funds
Elon Musk Backs Senator's Call to Repeal Fed Amid Growing Bitcoin Support
Wyoming Senator Pushes for US Bitcoin Reserves to Reach 5% of Supply Target
BlackRock’s iShares Bitcoin Trust ETF (IBIT) has surpassed iShares Gold Trust (IAU) in assets, now at $34.3 billion after $1.1 billion in inflows, surpassing IAU’s $33 billion. Since its launch in January, IBIT has attracted more than $27 billion, making it the fourth-highest fund in the world in terms of flows this year. The trend reflects Bitcoin’s surge to a record $76,956, driven by increased investor interest following the election of Donald Trump, which suggested the incoming U.S. government would take a pro-crypto stance. Analysts predict continued inflows, with a target of $100,000 by early 2025 if momentum is maintained.
Elon Musk recently retweeted Lee’s criticism of the Fed’s independence, supporting Utah Senator Mike Lee’s call to disband the Fed. Lee believes that Fed Chairman Powell’s refusal to step down under the Trump administration reflects a departure from the constitutional principle that gives the president power over the executive branch. This view is consistent with “sound money” advocates and Bitcoin supporters who believe that fiat currencies are vulnerable to inflation. Amid the surge in U.S. debt, lawmakers such as Florida Chief Financial Officer Jimmy Patronis and Wyoming Senator Cynthia Lummis are promoting Bitcoin as an inflation hedge, and President-elect Trump has also hinted at building a strategic Bitcoin reserve.
Senator Cynthia Lummis of Wyoming introduced the Bitcoin Strategic Reserve Act, proposing that the U.S. government acquire 5% of the total supply of Bitcoin as a national reserve asset. The bill outlines the creation of a secure network of Bitcoin vaults under the control of the Treasury Department, with cybersecurity measures to protect the assets held. Lummis sees this as a proactive anti-inflation measure designed to support economic stability as the national debt climbs. Although the recent U.S. move of Bitcoin to unmarked wallets has been seen by some as contradictory, figures such as Robert Kennedy Jr. and Donald Trump have endorsed Bitcoin as a reserve asset.
news
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product
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Regulation
Elon Musk again calls for end of Fed
Senator Lummis Introduces Bitcoin Strategic Reserve Act in Senate
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funds
Standard Chartered's crypto custodian Zodia raises $50 million
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