KEYTAKEAWAYS
- State and institutional interest in Bitcoin grows with Texas hearing and Bernstein's national reserve analysis showing shift in mainstream adoption.
- Standard Chartered leads Hong Kong's digital currency innovation through stablecoin joint venture with Animoca Brands and HKT.
- Major crypto platforms signal strategic shifts with Coinbase targeting stablecoin dominance and industry leaders addressing market integrity.
CONTENT
Welcome to the CoinRank Crypto News Roundup. CoinRank will provide daily important crypto news in this column series, allowing readers to quickly obtain the latest crucial updates from the cryptocurrency market.
MORNING NEWS
1. Michael Saylor Suggests U.S. Should Acquire 20% of Bitcoin Supply
MicroStrategy founder Michael Saylor has proposed that the United States should acquire 20% of the total Bitcoin supply as a strategic reserve asset.
2. Texas to Hold First Public Hearing on Bitcoin Reserve
Texas is set to hold its first public hearing on February 18 to discuss establishing a potential strategic Bitcoin reserve. The hearing comes less than a week after the bill was received by the Secretary of the Senate. While this represents a positive step for Bitcoin adoption, Nexo’s dispatch analyst Iliya Kalchev suggests it might be largely symbolic unless accompanied by concrete purchase plans or major policy shifts.
3. Bitwise CEO Predicts Watershed Year for Bitcoin Adoption
Bitwise CEO Hunter Horsley outlined on X platform that 2024 will see increased ETF flows, corporate Bitcoin purchases, nation-state adoption, U.S. wealth management integration, expanded financial institution services, clearer regulatory frameworks, and growing geopolitical factors driving Bitcoin demand.
4. JPMorgan Increases MSTR Stock Holdings by $100M
According to Immutable co-founder and president Robbie Ferguson’s X post, JPMorgan has purchased $100M worth of MicroStrategy (MSTR) stock, bringing their total Bitcoin exposure to $300M.
5. Jupiter Issues Statement on LIBRA: No Inside Trading Found
Jupiter has released a comprehensive statement regarding the LIBRA token launch, confirming no team members engaged in insider trading or had prior knowledge of the launch timing or contract address. The team emphasizes their commitment to transparency and proper verification processes in the memecoin space.
NOON NEWS
1. SEC Recruiting New Members for Investor Advisory Committee
The U.S. Securities and Exchange Commission is seeking new members for its Investor Advisory Committee. Established under Section 911 of the Dodd-Frank Act, the committee advises on regulatory priorities and investor protection. Under Acting Chair Mark T. Uyeda’s leadership, the SEC’s approach to crypto regulation has shown signs of evolution, with Commissioner Hester Peirce leading a new working group focused on digital asset regulation reform.
2. Michael Saylor Reveals Personal Bitcoin Holdings
In a recent interview, Michael Saylor disclosed that he exclusively holds Bitcoin and no other cryptocurrencies. He previously revealed owning 17,732 BTC purchased at under $10,000 each about four years ago. While he has since acquired more Bitcoin, the exact additional amount remains undisclosed.
3. Coinbase CEO Announces Plans to Challenge Tether’s Dominance
During Coinbase’s Q4 earnings call, CEO Brian Armstrong announced plans to challenge Tether’s position as the leading stablecoin issuer, with the goal of making USDC the world’s premier dollar stablecoin. CFO Alesia Haas noted this is a multi-year objective, while industry analysts debate the feasibility of overtaking USDT’s market dominance.
4. Hitachi Payments Invests in Blockchain Startup Spydra
Hitachi Payments, the Indian subsidiary of Japanese IT giant Hitachi, has made a strategic investment in Spydra, a startup focusing on real-world asset tokenization. The partnership aims to innovate in Web3, CBDC, and blockchain technology, particularly targeting India’s payment infrastructure and CBDC solutions.
5. samczsun Warns About Negative Impact of Memecoins
Paradigm researcher samczsun expressed concerns on X about the current state of memecoins, stating that the sector has become negative-sum and represents a “wildfire burning through our industry.” He called for action to prevent the industry from being reduced to ashes.
EVENING NEWS
1. Standard Chartered, Animoca Brands, and HKT to Issue Hong Kong Dollar Stablecoin
Standard Chartered Bank (Hong Kong), Animoca Brands, and Hong Kong Telecommunications have formed a joint venture to issue a Hong Kong dollar-backed stablecoin. The group will seek licensing from the Hong Kong Monetary Authority, leveraging Standard Chartered’s banking infrastructure, Animoca’s Web3 expertise, and HKT’s mobile payment capabilities.
2. Stablecoin Supply Increases on Ethereum Mainnet
According to Lookonchain, the past week saw a net increase of 1.1 billion stablecoins (USDT and USDC) on Ethereum’s mainnet, while Solana chain witnessed a reduction of 772 million stablecoins.
3. Bernstein: U.S. Crypto Task Force to Focus on National Bitcoin Reserve
Bernstein analysts, led by Gautam Chhugani, report that the U.S. crypto task force will prioritize establishing a national Bitcoin reserve, potentially triggering a global race for sovereign Bitcoin acquisition. The report discusses various implementation possibilities, including Federal Reserve or Treasury involvement.
4. Deutsche Börse CEO Calls for Permanent EU CBDC
Deutsche Börse CEO Stephan Leithner has advocated for a permanent digital euro, emphasizing its crucial role in financial stability, efficiency, and EU autonomy. He views this as a key component of the EU’s digital agenda and financial strategy.
5. CZ: Binance Not for Sale
Binance co-founder CZ addressed rumors on X platform, stating that “Binance is not for sale” as a shareholder. He added that while top investors have shown interest, they may consider allowing investments in the single-digit percentage range over time.
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