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US Bitcoin reserve idea could spark global race, Metaplanet CEO predicts

Georvich predicts US move to adopt Bitcoin would spur global competition, stabilize developing nations' currencies.

CryptoSlate

Jan 2

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Happy Thursday!

In today's newsletter, we explore significant developments in the cryptocurrency landscape. Metaplanet CEO Simon Georvich suggests that the U.S. could ignite a global competition for Bitcoin if it establishes a national reserve, potentially stabilizing currencies in developing nations. Meanwhile, the IRS has granted temporary relief from new crypto tax reporting rules, providing investors with a much-needed reprieve as they navigate evolving regulations. Additionally, China is tightening its regulatory grip on cryptocurrencies with new foreign exchange rules, indicating a more stringent approach to digital asset transactions. Stay tuned for in-depth coverage of these crucial stories!

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The global crypto market cap is $3.4 trillion, with a 24-hour volume of $126.51 billion. The price of Bitcoin is $96,239.80, and BTC market dominance is 56.2%. The price of Ethereum is $3,457.05, and ETH market dominance is 12.3%. The best-performing sector is Base Ecosystem, which gained 14%. The Crypto Fear & Greed Index is currently Greed (70).