BlackRock, the global investment firm and issuer of the spot Bitcoin exchange-traded fund (ETF), has secured a commercial licence to operate in Abu Dhabi, marking a significant step in the company’s expansion into the crypto-friendly region. The approval, granted on 18 November, demonstrates BlackRock’s growing interest in the UAE’s financial landscape, which continues to embrace digital assets and emerging technologies. While the firm is also seeking a licence to operate in the Abu Dhabi Global Market (ADGM), a financial hub that hosts various crypto businesses, BlackRock’s focus in the region will be on private markets and artificial intelligence infrastructure, according to Middle East head, Charles Hatami.
This move comes as part of the UAE’s broader strategy to position itself as a global leader in digital finance and technology. BlackRock’s decision to establish a presence in Abu Dhabi reflects the region’s proactive government policies and commitment to sustainable growth, which are seen as ideal for capital markets. The UAE has been steadily advancing its role in the crypto world, with institutions like Microsoft already making significant AI investments in the region.
BlackRock’s iShares Bitcoin Trust ETF, which provides US-based investors with exposure to Bitcoin, has seen considerable success, surpassing $33 billion in net assets earlier this month. This marks a significant milestone, as the ETF outpaces the company’s gold trust. BlackRock’s new licence in Abu Dhabi underscores the firm’s ongoing ambition to further integrate digital assets into its investment offerings, aligning with the UAE’s growing stature in the global financial and cryptocurrency sectors.
The UAE continues to gain recognition in the crypto world, ranking third in Henley & Partners’ global crypto adoption index. With BlackRock’s entry, the UAE’s reputation as a key destination for digital finance is likely to strengthen even further.
Robert F. Kennedy Jr., former presidential candidate and current Cabinet nominee, has made headlines again by revealing that he has invested the majority of his wealth in Bitcoin. Describing the digital asset as the “currency of freedom,” Kennedy shared his belief that Bitcoin offers a hedge against inflation and can help preserve wealth. His commitment to Bitcoin is clear, as he stated in a recent post: “I’m a huge supporter of Bitcoin. I went home and put most of my wealth into Bitcoin, so I’m fully committed.”
Kennedy’s enthusiasm for Bitcoin is not new. In 2023, he disclosed that he had bought Bitcoin for each of his seven children. He’s long been a vocal advocate for Bitcoin, arguing that it, alongside gold and silver, could act as a stabilising force for the US dollar, which he believes is at risk of devaluation.
Furthering his Bitcoin commitment, Kennedy has proposed bold ideas, such as placing the entire US fiscal budget on the blockchain for enhanced transparency and accountability. During the Bitcoin 2024 event in Nashville, he also promised to establish a Bitcoin strategic reserve if elected president and pledged to sign an executive order to transfer the US government’s Bitcoin holdings to the Federal Reserve.
Kennedy’s view on Bitcoin’s role in the future of the US dollar is equally strong. He has described Bitcoin as “inevitable” and suggested that the country must move quickly to incorporate Bitcoin as part of its reserve assets to maintain control and stability.
US Senator Cynthia Lummis has proposed the creation of a Bitcoin national strategic reserve, suggesting that the US government could sell some of the Federal Reserve’s gold to fund the purchase of Bitcoin, rather than relying on the federal budget. Lummis, a Republican Senator, pointed out that the government already holds gold certificates that could be converted into Bitcoin, which would then be held for at least two decades. The aim is to use Bitcoin’s potential appreciation to help reduce the national debt, which currently stands at around $36 trillion.
Lummis’ proposal aligns with President-elect Donald Trump’s broader vision for Bitcoin, which includes positioning the US as the global hub for cryptocurrency. Trump had previously pledged to establish a Bitcoin reserve and remove SEC Chairman Gary Gensler, replacing him with someone more supportive of digital assets. While some in the crypto community are sceptical, with a poll showing only a 30% chance of success, the increasing number of pro-crypto legislators in Congress suggests the bill could pass in the future.
The proposal comes at a time when Bitcoin’s price has surged, reaching a new all-time high of $93,477 earlier this month. With a market cap now exceeding $1.7 trillion, Bitcoin’s rising value has increased optimism around its role in reducing the US debt. Lummis and Trump’s plans signal a potential turning point in the US government’s stance on cryptocurrency.
Attorneys General from 18 US states have launched a joint lawsuit against the Securities and Exchange Commission (SEC), its Commissioners, and Chair Gary Gensler. The coalition, led by states such as Kentucky, Texas, Florida, and Nebraska, accuses the SEC of overstepping its constitutional authority with aggressive actions against the cryptocurrency industry. The lawsuit seeks court intervention to curb what they describe as “unconstitutional persecution” of the sector.
The complaint argues that states have successfully fostered innovation and safeguarded consumers through local regulatory frameworks, enabling blockchain experimentation and adaptation to regional needs. Examples include licensing requirements for digital asset platforms, taxation rules for digital currencies, and procedures for handling unclaimed digital property. The lawsuit claims the SEC has ignored these efforts, instead attempting to impose federal mandates without Parliamentary approval.
The Attorneys General allege that the SEC’s enforcement actions violate the separation of powers, undermining state authority over crypto regulation. With all 18 Attorneys General being Republicans, the lawsuit calls for judicial intervention to reaffirm states’ rights and halt the SEC’s centralised approach.
Pennsylvania’s legislature has unveiled a bold proposal to invest state funds in Bitcoin. Led by Representative Mike Cabell, the bill, known as the Pennsylvania Bitcoin Strategic Reserve Act, aims to allocate up to 10% of the General Fund, Rainy Day Fund, and State Investment Fund into the leading cryptocurrency. Cabell argues that Bitcoin could provide a hedge against inflation, helping to stabilise the state’s economy in uncertain times.
The initiative reflects growing interest in Bitcoin as a store of value across the United States. Prominent firms such as BlackRock and Fidelity have backed Bitcoin as a strategic asset, lending weight to Cabell’s vision. This legislative push coincides with discussions of a national Bitcoin reserve, particularly if President-elect Donald Trump’s administration follows through on its pro-crypto agenda.
Pennsylvania’s move follows its recently passed Bitcoin Rights bill, which ensures residents can securely hold digital assets. With the state embracing Bitcoin on multiple fronts, it could signal a shift towards broader cryptocurrency adoption in government policies.
The global cryptocurrency market has surged past $3 trillion, fueled by a resurgence in interest following Donald Trump’s recent presidential election win, which many investors believe could usher in favourable US regulations. This milestone marks a new peak, eclipsing even the 2021 boom fueled by pandemic-era investments, as the total market value reached nearly $3.2 trillion in early November, according to CoinGecko. Bitcoin, the market’s leader, hit a record high of $93,480, with other cryptocurrencies like Ether and Dogecoin also seeing significant gains.
Trump’s election and pro-crypto lawmakers in Congress appear to have injected optimism by easing concerns over regulatory uncertainty. Bitcoin has doubled in value this year and jumped 30% since Election Day to $90,000, while Ether rose to $3,220, and Dogecoin gained 140%, supported by endorsements from Trump ally Elon Musk. Institutional interest has also grown, with increased buying in crypto exchange-traded funds hinting at broader adoption from financial entities.
Yet, the overall value of cryptocurrencies remains modest compared to traditional assets like gold or the US stock market. Some segments of the crypto market, such as NFTs, remain subdued. However, industry insiders suggest that sustained high market values could lead to further exploration of blockchain applications, including decentralised finance and real-world asset tokenisation, signalling that crypto’s current momentum might spark broader financial innovations.
Bitcoin has overtaken silver in market capitalisation, reaching $1.75 trillion after briefly crossing $89,000 before retracing slightly. The achievement positions Bitcoin as the eighth-largest global asset, surpassing silver, which fell to $1.732 trillion. The cryptocurrency has risen by 30% over the past week, while silver declined by over 6%.
This marks the second time Bitcoin has flipped silver in 2023, signalling a growing shift in perception among traditional investors. Increasing institutional demand and enthusiasm for spot Bitcoin ETFs have driven its rise, while silver, often viewed as a stable store of value, has struggled.
Broader market optimism, spurred by recent political shifts in the US elections, has played a role in Bitcoin’s surge. Pro-crypto lawmakers gaining power have boosted investor sentiment, with the “Bitcoin Industrial Complex” index seeing record trading volumes. Stocks like Coinbase and MicroStrategy hit multi-year highs, reflecting the growing adoption of Bitcoin as a hedge against market uncertainties.
Bitcoin reached a new all-time high of $89,604 on Tuesday, pushing its market value to $1.77 trillion before experiencing a slight dip as long-term holders began to move their assets. At the time of writing, Bitcoin is trading at $88,400, with daily trading volume hitting $133 billion. The surge in price has prompted a notable increase in the circulation of dormant Bitcoin, with two-year and three-year-old coins seeing significant movements, signalling that long-term holders are taking profits.
The rally has also positively impacted the broader crypto market, which saw the total market cap climb to an all-time high of $3.11 trillion, marking a 4.7% increase over the past 24 hours. In addition, the market saw a $765 billion surge over the past week, with institutional investors contributing to the increased momentum. Bitcoin’s Market Value to Realized Value (MVRV) ratio is now at 178%, indicating that the average Bitcoin holder is currently experiencing a 178% profit.
The surge in Bitcoin’s price and overall market activity has sparked renewed interest in the sector. Crypto-related investment products have seen their highest inflows of the year, with $31.3 billion invested, bringing the total assets under management to $116 billion. The post-election market optimism, especially following Donald Trump‘s win, has led to a green market and increased institutional involvement in the crypto space.
Italy’s economy minister, Giancarlo Giorgetti, is open to reviewing proposals to raise the tax on cryptocurrency capital gains. The government’s 2025 budget, to be approved by parliament by December, includes a plan to increase the tax rate on capital gains from cryptocurrencies like bitcoin to 42% from 26%. This change is expected to bring in an additional 16.7 million euros annually, adding to the current 27 million euros collected from the existing tax rate.
Despite the modest revenue boost in a country with a budget exceeding 800 billion euros, the proposal has faced criticism, particularly from Giorgetti’s own League party. Lawmaker Giulio Centemero argued that raising the tax could be “counterproductive” and called for more in-depth dialogue with market participants to address the issue.
Giorgetti, however, defended the measure, stating that speculation should be taxed more. His comments indicate a willingness to adapt the proposal but also reflect his stance on ensuring that speculative investments face higher taxation. The outcome of these discussions will depend on ongoing negotiations within the government.
Donald Trump’s 2024 election victory has led to a significant surge in Bitcoin wealth, creating over 11,000 new Bitcoin millionaires. On 6 November, the number of Bitcoin wallets holding $1 million or more reached 132,842, up from 121,061 just a month earlier. The increase follows a remarkable 7.8% rise in Bitcoin’s value within 24 hours.
The price of Bitcoin has recently broken its all-time high, now trading at $75,428, following a strong 20% gain over the past month. Trump’s commanding lead in the electoral race, coupled with renewed interest in Bitcoin, has contributed to this price surge. Analysts suggest that Trump’s pro-crypto stance may bring about a favourable regulatory shift, further boosting market conditions.
Some experts are even predicting Bitcoin’s price could soar to $250,000 by early 2025, as the market responds positively to these developments.
