Aurelia Butler

The bill outlines the definitions relevant to the reserve, including “Bitcoin,” “cold storage,” “cryptocurrency,” and “custody.” It emphasizes the decentralized nature of Bitcoin and its potential as a hedge against inflation, aligning with Texas’s commitment to fostering innovation in digital assets.The Texas Strategic Bitcoin Reserve would be managed by the state comptroller, who would be responsible for the secure storage, management, and reporting of the Bitcoin assets. The comptroller would also have the authority to accept Bitcoin donations from Texas residents or governmental entities, with the aim of promoting shared ownership and community investment in the state’s financial future.The bill stipulates that all Bitcoin held in the reserve must be stored for a minimum of five years before it can be transferred, sold, or converted. To ensure security and transparency, the comptroller is tasked with developing policies and protocols for the reserve’s management, including regular audits and biennial reports to be published online.The reports will detail the total amount of Bitcoin held, its equivalent value in dollars, account growth, transactions, security threats, and the amount eligible for conversion after the five-year holding period.Additionally, the comptroller may issue certificates of acknowledgment to donors and establish a recognition program to honor significant contributions. The comptroller also has discretion over donor eligibility and the ability to return Bitcoin to ineligible donors.The bill includes provisions for the acceptance of certain cryptocurrencies for the payment of state fees and taxes, with the requirement that these be converted to Bitcoin before being deposited into the reserve. The comptroller is also empowered to establish rules for compensating departments or agencies for the Bitcoin received.If passed, the Texas Strategic Bitcoin Reserve Act would take immediate effect if it secures a two-thirds majority vote in both houses. Otherwise, the Act is set to take effect on September 1, 2025, and will expire on September 1, 2035.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

Schiff says the latest inflation figures show that the central bank’s interest rate measures are not doing enough to curb inflation. While he sees it as a worrying sign, the fact that Jerome Powell, current Fed head, called Bitcoin a digital alternative to gold did not encourage Peter Schiff.For him, Bitcoin is neither money nor an adequate substitute for gold. The prospect of the cryptocurrency integrating with state mechanisms raises further concerns, suggesting the potential for economic disruptions, per the expert’s reflections on adding Bitcoin to strategy reserve calls.However, a different narrative is emerging from BlackRock (NYSE:BLK), the world’s largest asset manager. Bitcoin has not just entered the conversation but, in the view of one of the world’s largest hedge funds, has matured enough to claim a strategic spot in traditional portfolios.Low correlation with traditional markets is a key point in BlackRock’s argument. While Schiff critiques Bitcoin for its lack of intrinsic value, BlackRock sees it as a hedge against systemic risks, such as geopolitical tensions and fragmented financial systems. Even with its swings, Bitcoin’s calculated inclusion, the report notes, mirrors the risk levels of tech giants dominating portfolios today. By embracing cryptocurrency, BlackRock signals a growing institutional shift that defies traditional skepticism.This article was originally published on U.Today More

Satoshi Nakamoto’s final post on the Bitcoin forum on Dec. 12, 2010, and subsequent disappearance on Dec. 13 of the same year marked a defining moment in Bitcoin’s history. Satoshi’s departure shifted the responsibility of Bitcoin’s development and governance to its decentralized community.Fourteen years later, Bitcoin remains a testament to the power of decentralized technology, thriving without its creator’s direct involvement. The leading cryptocurrency has evolved into a multi-trillion-dollar asset class, inspiring the creation of thousands of cryptocurrencies and blockchain-based apps.To this day, Satoshi Nakamoto’s true identity remains unknown. Speculation has ranged from a single individual to a group of developers, but no conclusive evidence has emerged.According to Glassnode, the Bitcoin network has grown by leaps and bounds since the Genesis Block, achieving a market capitalization of $2 trillion, flipping silver in value and settling $131 trillion in volume via 1.12 billion transactions.Throughout this era of exceptional market boom, investors have realized a total of $1.27 trillion in profit and -$592 billion in losses on-chain, resulting in a cumulative net capital inflow of $750 billion, highlighting the tremendous value that has flowed into the Bitcoin network over its lifetime.On Dec. 5, notable aggregate balances included 1.8 million BTC (9.1% of the supply) held on exchanges and 1.1 million BTC (5.6% of the supply) managed by U.S.-based ETFs, indicating exceptional growth since their launch on Jan. 11, 2024. Furthermore, miners (excluding Patoshi) possessed 700,000 BTC (3.5% of the supply), whereas the U.S. Treasury had 187,000 BTC (0.9% of the supply), demonstrating the vast spread of ownership across various entities.This article was originally published on U.Today More

This article was originally published on U.Today More

Transak, a global leader in Web3 payments infrastructure, has officially launched Transak Stream, a groundbreaking innovation that redefines the crypto-to-fiat off-ramping experience. This new product delivers unmatched simplicity, making stablecoin and cryptocurrency conversions to fiat as seamless as sending a token between wallets.Imagine this: A user with a Web3 wallet wants to withdraw $1,000 USDC. All they need to do is send their crypto to their unique Transak Stream Address. Within seconds, the equivalent fiat amount is deposited into their bank account or card— no order placement, no need to open additional apps, no widget.Click here to see Transak Stream in actionSuch a smooth, hassle-free process transforms the off-ramp experience, making it incredibly user-friendly while offering wallet partners and platforms a competitive advantage, i.e., enhanced user retention, higher conversions.“Our goal was simple, yet ambitious — make crypto as intuitive as cash. Transak Stream is a giant leap in that direction. It makes crypto transactions feel as natural as everyday payments,” said Sami Start, CEO of Transak.1. Send Stablecoins or Crypto: Users simply send their assets to their unique Transak Stream Address.2. Instant Fiat (BIT:STLAM) Payout: The fiat equivalent is instantly deposited into their linked bank account (SEPA, FASTER) or card (Visa/Mastercard).This innovative approach streamlines the traditionally cumbersome multi-step off-ramping process. Transactions that once took ~5 minutes or more are now completed in seconds, making it easier to integrate stablecoins and crypto into real-world financial use cases. In a live test, Transak compared its standard off-ramp with the new Transak Stream. The results were striking: while the standard process took approximately 4 minutes, Stream enabled cash-outs in just 19 seconds.“Transak Stream bridges the gap between crypto and fiat with the simplicity users deserve and the compliance businesses demand,” said Yeshu Agarwal, Co-Founder & CTO of Transak. “With Visa (NYSE:V) Direct and stablecoins like USDC at the core, we’re creating an ecosystem where crypto becomes as easy to use as traditional money.”“Our goal with Transak Stream is to create a future where crypto flows seamlessly into real-world financial systems,” added Agarwal. “Visa Direct and Circle are integral to making this vision a reality, enabling secure, scalable, and compliant transactions across borders.”Visit Transak.com/integrate-stream to get Transak Stream for your appHeadquartered in Miami, US, and incorporated in Delaware, Transak has a tech hub in Bengaluru and offices in London, Milan, Dubai, and Hong Kong.For more information, visit https://transak.com/ or follow us on x.com/transak and linkedin.com/company/transakContactHarshit GangwarHarshit.Gangwar@transak.comThis article was originally published on Chainwire More

On Dec. 5, after 5,256 trading days, the Bitcoin price crossed $100,000 for the first time, and the market capitalization briefly surpassed $2 trillion.According to on-chain analytics platform Glassnode, Bitcoin miners have earned $71.49 billion since inception, demonstrating the network’s robust security and economic incentives.As of Dec. 5, when Bitcoin first hit $100,000, Bitcoin miners’ revenue for securing the network and processing transactions stood at $71.49 billion. This includes $67.31 billion in block subsidies and $4.18 billion in transaction fees. A total of 19,791,952 BTC have been mined, representing 94.2% of the total 21 million supply cap. Since the Genesis Block, 873,304 blocks have been mined, with an average block time of 11.8 minutes for Bitcoin to reach the historic price of $100,000 on Dec. 5, 2024. After 418 difficulty adjustments, excluding periods without adjustment, network difficulty has risen to 446,331,432,498,125,300,000,000, as Bitcoin’s security and computational power continue to grow.By the time Bitcoin reached $100,000, the network hashrate had increased from 128,185 hashes/sec to more than 804,407,834,059,443,100,000 hashes/sec. Miners have collectively computed roughly 5.01 x 1028 hashes to date. Interestingly, 37% of the entire computed hash occurred in 2024.Bitcoin has also seen exceptional transaction growth. To date, the network has successfully processed 1.12 billion transactions (unfiltered). Since the Genesis Block, Bitcoin has processed $131 trillion in transfer volume.Bitcoin’s price has been actively traded for 5,256 days and has ranged from fractions of a cent to $100,000. This journey has seen 72 positive monthly candles (including December 2024), with an average increase of 37.4%, and 71 negative monthly candles, with an average drop of -14.2%.According to Glassnode, during this period of unprecedented market boom, investors made a total of $1.27 trillion in profit and -$592 billion in losses on-chain.At the time of writing, BTC was up nearly 2% in the last 24 hours to $100,290.This article was originally published on U.Today More