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Chinese firm SOS Limited announces purchase of Bitcoin for $50M
SOS Ltd., the Chinese financial services firm, has announced plans to invest up to $50 million in Bitcoin. Which underlines its commitment to expanding its investments in Blockchain and cryptocurrencies. The group’s Board of Directors is convinced that Bitcoin is a store of value, which implies that this investment will benefit shareholders.
The company will employ various quantitative trading strategies to manage this investment and optimize returns. SOS Limited believes that Bitcoin will play an important role as a global strategic reserve asset, enhancing its long-term competitiveness and profitability in the digital asset sector.
On this fact, SOS President and CEO Yandai Wang highlighted the strong performance of the Bitcoin market and positive developments, such as new Bitcoin-related ETF options and improved US regulatory conditions for digital assets. Wang expressed his belief that the investment plan will boost the company’s competitiveness and profitability in the digital asset sector.
Dan Morehead: Bitcoin could reach $740,000 by 2028
Pantera Capital CEO Dan Morehead predicts that the price of Bitcoin could reach $740,000 by April 2028 if its growth pattern continues.
«I imagine an investor thinking: Bitcoin has doubled this year. Well, I guess I missed it. “That’s the wrong mentality.”
Dan Morehead
Additionally, Morehead indicated on CNBC’s Squawk Box that he doesn’t believe Bitcoin can go to zero now that it has reached “escape velocity” with 300 million investors worldwide owning it.
According to “OKG Research”, Bitcoin could register inflows of $2.28 trillion in 2025
According to a report from the research arm of the Oko Cloud Chain Institute, OKG Research, Bitcoin could see inflows of up to $2.28 billion by 2025.
All this based on several macroeconomic and market-specific factors: institutional adoption, regulatory clarity, global economic trends, network developments and retail market expansion.
The report also highlights some nations that decided to invest in Bitcoin to protect their wealth from degradation caused by inflation. For example, El Salvador, which has made Bitcoin legal tender, or Bhutan, which is Mining the Cryptocurrency in an effort to utilize its decentralized nature.
Brazil proposes the creation of a Bitcoin Sovereign Federal Reserve
On November 25, Congressman Eros Biondini introduced a bill for the creation of a Strategic Sovereign Reserve of Bitcoin by the federal government, called RESBit.
The main objective of RESBit is to diversify Brazilian Treasury assets and protect international reserves from market fluctuations and geopolitical risks. Likewise, support the digital currency of the Central Bank of Brazil (Drex). In turn, complement traditional assets with Bitcoin up to a maximum of 5% of the country’s total reserves through staggered purchases.
The bill also includes provisions for sanctions in case of non-compliance or mismanagement of the RESBit, indicating that violators could face administrative or criminal sanctions. Currently under review by the President of the Brazilian Chamber of Deputies, the legislation will be directed to committees for debate upon approval.
MARA Holdings urges the United States to strengthen its dominance in Bitcoin and mining for national security
Crypto mining giant MARA Holdings has highlighted the vital role Bitcoin plays in protecting national security in the changing global economy.
The miner added that the United States must lead in holding Bitcoin, just as it has done with gold, particularly due to the growing trend of de-dollarization, countries reducing their dependence on the US dollar.
Indeed, it underlines that the growing relevance of Bitcoin, especially as rivals like China increase their mining capabilities, calls for proactive actions to ensure that the United States remains competitive in the digital asset arena.
I leave with this quote from Leon Luow: “Every informed person needs to know Bitcoin, as it could be one of the most important developments in the world.”
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