Washington, March 7 – U.S. President Donald Trump has signed an executive order to establish a strategic Bitcoin reserve, marking a significant step in integrating cryptocurrency into the country’s financial framework. As per agency reports, the White House confirmed on Friday that the process of creating the reserve has officially begun under the President’s directive.

While most countries, including India, have yet to grant official recognition to Bitcoin, Trump's initiative is expected to bolster its global acceptance. According to the White House statement, the reserve will be funded using Bitcoin assets already seized by the federal government through criminal or civil forfeiture proceedings, ensuring that no taxpayer money will be used for this initiative.

The U.S. government currently holds approximately 200,000 Bitcoins, though no comprehensive audit has been conducted to confirm the exact number. The executive order mandates a full accounting of all digital assets owned by the federal government. Unlike previous instances where seized Bitcoin was liquidated, the administration has decided to retain these holdings as a store of value. The White House compared the initiative to a digital version of Fort Knox, underscoring Bitcoin’s reputation as "digital gold."

Reports indicate that premature Bitcoin sales by the U.S. government have already led to losses exceeding $17 billion for taxpayers. The new strategy aims to maximize the value of these holdings rather than selling them at undervalued prices. The Treasury and Commerce Departments have been authorized to develop budget-neutral strategies to acquire additional Bitcoin, provided these measures do not impose any financial burden on taxpayers.

The executive order also includes the creation of a U.S. Digital Asset Stockpile, which will encompass other digital assets seized through legal proceedings. However, the government will not actively purchase additional digital assets beyond those acquired through forfeiture. The primary objective of this initiative is to ensure responsible management of digital assets under the U.S. Treasury Department.

Emphasizing Trump's commitment to making the U.S. the "crypto capital of the world," the White House reiterated that this executive order fulfills promises made during his administration. David Sacks, the White House’s AI and Crypto Czar, praised Trump's leadership and vision in advancing cutting-edge financial technology. He also acknowledged the contributions of Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Bo Hines, who played a crucial role in implementing the initiative.

With this move, the U.S. is positioning itself as a leader in cryptocurrency management, setting a precedent for how governments can integrate digital assets into their economic strategies.

New Delhi, Jan 11 (IANS) The approval of spot Bitcoin exchange-traded funds (ETFs) in the US not only symbolises a maturing market but also signifies support from regulatory authorities, industry experts said on Thursday.

The US Securities and Exchange Commission (SEC) has finally approved a number of spot Bitcoin ETFs and with the decision, the world's largest cryptocurrency has joined the global financial system.

“The readiness of the sector to list these ETFs and the commitment of the broader market to continue the growth momentum, highlight the industry's confidence in regulatory decisions,” said Rahul Pagidipati, CEO, ZebPay.

“We believe that the approval of Spot Bitcoin ETFs will not only enhance accessibility for investors but also contribute to the establishment of a more robust and regulated crypto market, aligning with our vision for a thriving web3 economy,” he added.

Gold ETFs transformed the gold market two decades ago, triggering a huge rally in gold's price. Over $100 billion is currently stashed in gold ETFs that trade in the US.

According to some experts, Bitcoin ETFs could do the same for the world of cryptocurrency. British multinational bank Standard Chartered forecasts that the US SEC’s approval of a spot Bitcoin ETF may allow Bitcoin to reach a high of almost $200,000 at the end of 2025.

“If ETF-related inflows materialise as we expect, we think an end-2025 level closer to USD 200,000 is possible,” wrote Geoff Kendrick, Standard Chartered’s Head of Digital Assets and precious metals analyst Suki Cooper in a new report.

The price of Bitcoin hovered around $47,000 apiece on Thursday after the US SEC decision.

Bitcoin soared 155 per cent in 2023.

“We expect Bitcoin to enjoy price gains of a similar magnitude as a result of US spot ETF approval, but we see these gains materialising over a shorter (one-to two-year) period, given our view that the BTC ETF market will develop more quickly,” the bank noted.

Spot Bitcoin ETFs have the potential to develop into a $100 billion product, according to some analysts, reports CoinDesk.

Currently, Bitcoin ETFs exist in Canada and Europe but have seen muted trading volume in Europe since launching in August.

The US decision will make around a dozen spot Bitcoin ETFs available to investors, such as those from Grayscale, Fidelity and BlackRock.

"While we approved the listing and trading of certain spot Bitcoin ETP shares, we did not approve or endorse Bitcoin. Investors should remain cautious about the myriad risks associated with Bitcoin and products whose value is tied to crypto," SEC Chair Gary Gensler said in a statement.

San Francisco, Jan 11 (IANS) The US Securities and Exchange Commission (SEC) has finally approved a number of spot Bitcoin exchange-traded product (ETP) shares and with the decision, the world's largest cryptocurrency has joined the global financial system.

The decision will make around a dozen spot Bitcoin ETFs available to investors, such as those from Grayscale, Fidelity and BlackRock.

"While we approved the listing and trading of certain spot bitcoin ETP shares, we did not approve or endorse bitcoin. Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto," SEC Chair Gary Gensler said in a statement late on Wednesday.

For the last 10 years, the SEC denied all attempts to create a Bitcoin ETF.

Gensler said that the decision should in no way signal the Commission's willingness to approve listing standards for crypto asset securities.

"Nor does the approval signal anything about the Commission’s views as to the status of other crypto assets under the federal securities laws or about the current state of non-compliance of certain crypto asset market participants with the federal securities laws," Gensler informed.

The vast majority of crypto assets are investment contracts and thus subject to the federal securities laws.

The sponsors of bitcoin ETPs will be required to provide full, fair, and truthful disclosure about the products.

“While these disclosures are required, it is important to note that today’s action does not endorse the disclosed ETP arrangements, such as custody arrangements,” said the Commission.

These products will be listed and traded on registered national securities exchanges.

“We will monitor them closely to ensure that they are enforcing those rules,” said the SEC.

The existing rules and standards of conduct will apply to the purchase and sale of the approved ETPs.

Earlier this week, the US SEC saw its X account hacked for a brief time, with a post claiming it has approved listings for Bitcoin exchange-traded funds (ETFs).

Gensler later clarified in a post on his X account that the agency’s account was “compromised, and an unauthorised tweet was posted”.

San Francisco, Sep 20 (IANS) Bitcoin has witnessed an extraordinary surge in transaction volume in the past week, logging over 700,000 transactions in a single day, a new data has shown.

According to the data presented by the analytics firm IntoTheBlock, the number of reported Bitcoin transactions increased to nearly 703,000, representing not only the highest number recorded in 2023, but also the highest transaction volume seen in nearly two years.

"Historic Milestone: Bitcoin processed a record-breaking 703K transactions on Friday," the firm posted on X.

Moreover, the network also saw an increase in the number of daily active addresses.

According to the data from Bitinforcharts, the number of daily active addresses reached a multi-month high on September 15, rising from 754,000 two years ago to a whopping 1.08 million.

A day earlier, Ethereum briefly crossed Bitcoin in terms of daily active addresses.

In April, Bitcoin trading volume sank by almost $700 billion, historically seen as one of the strongest months for Bitcoin and other cryptocurrencies, bringing the biggest average monthly returns.

Although Bitcoin topped over $30,400 on April 18, reaching the highest level since early June, its monthly gain was only 3 per cent, way down from 21 per cent in March and much less than gains usually seen in the fourth month of the year, according to data by BitcoinCasinos.com.

According to CoinMarketCap data, Bitcoin's monthly trading volume amounted to $492.9 billion in April, a massive 58 per cent less than almost $1.2 trillion seen a month before.

New Delhi, July 11 (IANS) As the world of cryptocurrency tumbles down amid regulatory crackdowns, there are 19 individuals in the world who achieved the title of a billionaire through cryptocurrency.

One cryptocurrency in particular that has led to investors amassing impressive returns is Bitcoin.

Satoshi Nakamoto, the pseudonym for the creator of Bitcoin, is widely assumed to have the most Bitcoin wealth. Though the creator has not officially revealed the amount of Bitcoin he holds, estimates predict he has a wallet containing around 1.1 million BTC, according to data shared by niche news publisher BanklessTimes.com.

This would convert to a staggering around $25 billion.

"Following Nakamoto is Changpeng Zhao, commonly known as CZ who is the founder and CEO of Binance, with a total of $65 billion. Prior to Sam Bankman-Fried's scandal, he took third position with a total of $24 billion,” the report showed.

Looking at the landscape of BTC investing across countries, the US takes the lead, with 46 million holders. This is significantly more than India in second place with 27 million holders and Pakistan with 26 million. However, the most Bitcoin owned is distributed between just four wallets which holds a collective 663,306 Bitcoins.

Aside from individuals, there are large corporations that have accumulated great volumes of Bitcoin.

In fact, a total of 23 publicly traded companies have sizable investments in BTC, said the report.

The company with the largest investment in BTC among these is MicroStrategy Inc. with an astonishing 129,699 BTC, equating to $3,975 million.

Another high profile example of company ownership of BTC is Tesla, which in 2021, purchased $1.5 billion worth of Bitcoin. The automotive and clean energy company also began to accept BTC as a form of payment which would've increased their total value invested even higher.

However, the company later went on to offload the majority of its bitcoin holdings in 2022, said the report.