Bitcoin’s Unexpected Rise Amidst US Stablecoin Shenanigans! 💰

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Ah, mesdames et messieurs! Gather ’round as we delve into the curious case of the United States, which, in its fervent quest to keep the dollar atop its gilded throne, has stumbled upon a most unexpected ally: Bitcoin! Yes, the very cryptocurrency that once danced in the shadows now finds itself basking in the limelight as a potential asset of the federal reserve. Who would have thought? 🤔

Our esteemed US Treasury Secretary, the illustrious Scott Bessent, proclaimed with great pomp during the White House Crypto Summit on the seventh day of March, “We shall employ stablecoins to ensure that our dear dollar remains the sovereign of all currencies!” A noble endeavor, indeed! But one must wonder, is this a masterstroke or merely a jester’s folly? 🎭

“We shall ponder deeply upon the stablecoin regime, and as our dear President Trump has commanded, we shall keep the US dollar as the unrivaled reserve currency of the globe,” Bessent declared, as if he were a king issuing a royal decree. 👑

In a twist befitting a comedy of errors, Bessent reiterated the Trump administration’s vow to cease the war on crypto, promising to roll back the IRS’s previous punitive measures. A round of applause, if you please! 👏

Just before the ink dried on Trump’s executive order, which established a Bitcoin reserve from the spoils of government criminal cases, one might say the government’s view of BTC is shifting faster than a stage actor’s costume change! 🎭

According to the wise Omri Hanover, general manager at Gems Trade blockchain launchpad, “If Trump’s policy fortifies US financial dominance, Europe’s hesitant and ‘wait-and-see’ demeanor may very well weaken its economic leverage.” A most astute observation! 🧐

“This divide creates two market realities: the US accelerates Bitcoin’s institutional adoption, drawing capital; while the EU prioritizes compliance, risking a capital shift to US markets.”

Meanwhile, two grand bills await the approval of Congress: the Stablecoin bill and the Market Structure bill, both aiming to lift the fog of regulatory uncertainty that shrouds the US crypto industry. Will they succeed? Only time will tell! ⏳

Stablecoin Profits: A Golden River Flowing into Bitcoin Investments! 💸

As the profits of stablecoin issuers swell like a well-fed goose, they may very well contribute to Bitcoin investments, further solidifying its status as a veritable treasure chest! 🏴‍☠️

Tether, the proud issuer of the world’s largest stablecoin, Tether USDt (USDT), has declared it shall invest 15% of its net profit into Bitcoin, diversifying its backing assets like a clever merchant at a bustling market! 🛒

With a record profit of $4.5 billion in the first quarter of 2024, Tether’s Bitcoin holdings have proven to be as lucrative as a well-timed jest! Approximately $1 billion of this bounty stemmed from operating profits derived from US Treasury holdings, while the remaining $3.52 billion came from the market-to-market gains in the firm’s Bitcoin and gold positions. A veritable feast! 🍽️

With Tether’s “bc1q” address currently holding over $6.8 billion worth of Bitcoin, it proudly stands as the world’s sixth-largest Bitcoin holder, according to BitInfoCharts data. A most impressive feat! 🏆

Tether’s Bitcoin holdings have earned the company a staggering $5 billion in profits during 2024, contributing to a total yearly profit of $13 billion. Truly, a tale of riches worthy of the grandest stage! 🎭

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2025-03-10 17:39