SkyBridge Capital’s Anthony Scaramucci expressed confidence that the United States will address its debt crisis by allowing controlled inflation, despite potential impacts on lower- and middle-income households. Speaking at the Reuters Global Markets Forum, Scaramucci took a positive stance on debt management, diverging from many analysts who worry about mounting U.S. debt and possible downgrades to its credit rating. The US fiscal deficit recently rose by 8%, reaching $1.833T, the third largest in US history.
Scaramucci also shared his support for Vice President Kamala Harris’s economic plan over that of Donald Trump, despite Wall Street’s leanings toward Trump. He suggested that a second Trump administration could see increased interest in cryptocurrencies, with bitcoin potentially benefiting from Trump’s pro-crypto stance.
Predicting a significant increase in bitcoin’s value, Scaramucci anticipated the cryptocurrency reaching $170,000 by mid-2026, a threefold jump. This forecast reflects his confidence in bitcoin’s limited supply and rising demand amid financial market shifts.
Russia is set to ban cryptocurrency mining in certain areas due to severe electricity shortages, Deputy Energy Minister Evgeny Grabchak announced. Key regions affected include the Far East, southwestern Siberia, and the South, all experiencing energy deficits that limit their ability to provide sufficient power until 2030.
The announcement aligns with new legislation signed by President Vladimir Putin, effective 1 November, giving the government authority to ban crypto mining in specific regions. The law also restricts crypto-related advertising, including promotions for mining, blockchain services, and crypto exchanges. Russia’s largest search engine, Yandex, has already updated its policies, banning ads linked to crypto activities within the country.
A coalition of major Japanese financial institutions has called on the government to prioritise top cryptocurrencies like Bitcoin and Ethereum if it decides to approve exchange-traded funds (ETFs) for digital assets. The group, which includes financial heavyweights such as Mitsubishi UFJ Trust and Banking Corp. and Nomura Securities, submitted recommendations on 25 October for creating crypto-focused ETFs, highlighting the importance of well-established tokens with significant market value.
In their proposal, the group also urged Japanese regulators to review the country’s taxation system, suggesting a distinct tax on crypto-derived earnings. This request reflects the institutions’ belief that Bitcoin and Ethereum’s established presence and stability could appeal to investors interested in building long-term wealth.
Despite these proposals, Japanese regulators remain cautious, with officials citing regulatory concerns and public scepticism following past issues, including the Mt. Gox collapse. Nevertheless, several firms remain optimistic about crypto’s future in Japan, as seen by partnerships like that of SBI Holdings and Franklin Templeton, aimed at expanding crypto offerings. Whilst Japan debates, nations such as the US, Hong Kong, and Australia have already approved spot crypto ETFs, creating a trend Japan may soon follow.
Microsoft shareholders will vote on 10 December on whether the tech company should assess adding Bitcoin to its balance books, following a proposal filed with the US securities regulator. While the National Centre for Public Policy Research (NCPPR) urged Microsoft to consider Bitcoin investments, highlighting MicroStrategy’s profitable strategy and rising corporate adoption, Microsoft’s board advised against it.
The board argued that they already reviewed various assets, including Bitcoin, as part of their investment evaluations. The NCPPR, however, stated that Bitcoin could act as an inflation hedge, suggesting that even a small investment—around 1% of assets—might offer long-term benefits.
Despite interest from some shareholders, Microsoft’s current focus remains on artificial intelligence rather than blockchain or cryptocurrency investments. Though it once accepted Bitcoin payments for its Xbox store, this practice was discontinued in 2018, and Bitcoin investment is viewed as unlikely at present.
CryptoQuant CEO Ki Young Ju suggests that Bitcoin’s increasing mining difficulty could be a step toward its evolution into a stable digital currency. Mining difficulty, which has surged by 378% over the past three years, reflects growing competition driven by large mining companies with institutional backing. Ju views this rise in competition as beneficial for Bitcoin’s stability and development, projecting that by the 2028 halving event, Bitcoin could reach low volatility levels, making it more appealing as a currency.
Meanwhile, US Bitcoin mining giants like Riot Platforms and Marathon Digital are pushing for pro-crypto legislation by backing a political action committee that will focus on key states. This move, along with institutional and regulatory developments, points towards a future where Bitcoin may be mainstreamed as a peer-to-peer electronic cash system by 2030, fulfilling Satoshi Nakamoto’s original vision.
Though some remain sceptical of Bitcoin’s viability as a global currency, Ju asserts that Bitcoin’s growing infrastructure, alongside regulatory support and reduced volatility, could allow it to transition from an investment to a usable digital currency within the decade.
Elon Musk, CEO of Tesla and SpaceX, addressed the potential of cryptocurrency during a town hall in Pittsburgh, emphasising its role in safeguarding individual freedom. Although he stopped short of directly endorsing XRP, Musk highlighted how cryptocurrencies like it could be crucial in resisting centralised control. His comments were met with enthusiasm from XRP supporters, with Ripple’s ongoing legal battle against the SEC remaining a hot topic.
The legal dispute over whether XRP is a security continues, as Ripple defends its position that XRP is a cryptocurrency. Ripple’s CEO, Brad Garlinghouse, agreed with Musk’s view, stressing that crypto and XRP are no longer niche concerns but essential issues for voters who want policies that foster innovation.
Musk’s involvement in the crypto space remains significant, with Tesla recently transferring $765 million worth of Bitcoin to new wallets. While Tesla stopped accepting Bitcoin for payments over environmental concerns in 2021, the company continues to engage with the crypto market, also accepting Dogecoin for some merchandise.
Australia’s corporate regulator has charged Grant Colthup, the former CEO of Mine Digital, with fraud involving a A$2.2 million transaction. The Australian Securities and Investments Commission (ASIC) claims that a customer paid this amount to ACCE Australia, which operated the crypto exchange, to purchase Bitcoin in July 2022. However, the customer allegedly received no cryptocurrency in return.
ASIC alleges that Colthup used the funds to cover ACCE’s liabilities or acquire cryptocurrency for others. Mine Digital, active from 2019 to 2022, shut down following financial issues. Investigations revealed that the company had only A$20,000 in assets, far below the A$16 million owed to creditors.
The charges come amid ongoing scrutiny of the collapsed exchange and growing concerns over the accountability of cryptocurrency platforms. Colthup’s case sheds light on the challenges of regulating the digital asset sector and ensuring transparency.
The Magistrates Court in Ipswich will hear the case next on 16 December 2024. Legal proceedings are expected to explore Colthup’s role and whether funds were misappropriated to benefit others.
The US Securities and Exchange Commission (SEC) has granted approval for 11 exchange-traded funds (ETFs) to list and trade options linked to spot bitcoin prices on the New York Stock Exchange. This decision marks a significant step forward for both the cryptocurrency sector and institutional investors seeking more flexibility in managing bitcoin exposure.
Several major funds, including the Fidelity Wise Origin Bitcoin Fund, ARK21Shares Bitcoin ETF, Invesco Galaxy Bitcoin ETF, and Grayscale Bitcoin Trust, are among those receiving the green light. The introduction of options trading will provide market participants with a quicker and cost-effective way to adjust their exposure to the cryptocurrency market.
These bitcoin index options offer traders a strategic tool to hedge risk or amplify returns without directly owning the underlying asset. Institutional investors, in particular, are expected to benefit from the ability to manage their investments with more precision.
BlackRock’s ETF had already received approval for options trading on the Nasdaq in September. The latest SEC decision opens the door for even wider participation, signalling growing acceptance of bitcoin-based financial products within traditional markets.
Samson Mow, CEO of Bitcoin technology company Jan3, has called on Germany to incorporate Bitcoin into its national strategic reserves. Speaking at the German Bundestag, Mow suggested that the country acquire 281,267 Bitcoin, stressing its potential to strengthen financial resilience. His remarks came during discussions on Bitcoin strategies for nation-states, which attracted Members of Parliament and Bitcoin supporters alike.
Mow, a leading voice in the Bitcoin community, is known for helping El Salvador become the first country to adopt Bitcoin as legal tender. Drawing on his past experience, he emphasised that Bitcoin could be used by countries like Germany to stabilise their economies by holding it as a reserve asset, much like gold.
He remains a strong advocate for nations adopting Bitcoin as part of their financial strategy, arguing it could reduce dependence on traditional currencies and offer a way to diversify national reserves.
A recent paper from the European Central Bank has sparked controversy by claiming that Bitcoin should either be heavily regulated or banned altogether to prevent older holders from profiting at the expense of new investors. Published on 12 October 2024, the report suggests that those who purchased Bitcoin early are exploiting newer buyers, a practice common to all financial markets. The authors argue that without intervention, the rising price of Bitcoin could lead to social unrest.
The paper also attempts to link Bitcoin to criminal activity, despite a US Treasury report from May 2024 confirming that fiat cash remains the primary tool for illicit transactions. Moreover, the authors neglect the fact that Bitcoin was created as a response to government-induced inflation, which continues to erode the value of fiat currencies globally.
Bitcoin’s pseudonymous creator, Satoshi Nakamoto, designed the digital asset as a decentralised method of payment and a hedge against monetary mismanagement. With rising public sector debt in both the UK and the US, critics argue that Bitcoin’s growing popularity is a direct reaction to the failings of traditional financial systems.
