Recent weeks have seen Bitcoin’s price rally, initially sparked by Donald Trump, come to a halt, even amid rising tensions as Trump advisor and Tesla billionaire Elon Musk hints at a possible Federal Reserve crisis.
Unlock over $3,000 in NFT, web3, and crypto perks — Apply now!
The price of Bitcoin has stabilized just below $100,000, retracting after getting close to $110,000 following a surprising revelation from a Coinbase executive about Satoshi Nakamoto.
As Wall Street titan Goldman Sachs quietly indicates its investment in Bitcoin, the sovereign wealth fund of Abu Dhabi has also announced its bullish stance on Bitcoin, igniting a global adoption “race” with thrilling suggestions from Trump’s crypto czar David Sacks about an “important” announcement looming.
Subscribe now for the free CryptoCodex—A daily newsletter that takes just five minutes to read for traders, investors, and anyone curious about crypto, keeping you informed and ahead in the bitcoin and crypto market surge
U.S. president Donald Trump’s crypto czar is hinting at an “important” announcement as Abu Dhabi’s … [+]
According to a recent regulatory filing, Abu Dhabi’s $1 trillion sovereign wealth fund has invested $436 million in BlackRock’s spot bitcoin exchange-traded fund (ETF) during the last quarter of the previous year.
BlackRock has spearheaded efforts to get a spot bitcoin ETF approved in the U.S. throughout 2023, with a range of bitcoin funds making their market debut in January 2024, quickly becoming some of the fastest-growing ETFs ever.
U.S. spot bitcoin ETFs crossed the $100 billion mark in net assets for the first time in November, with BlackRock’s $60 billion iShares Bitcoin Trust (IBIT) offering holders access to nearly 600,000 bitcoins.
In recent months, whispers and conjectures have circulated that countries and their sovereign wealth funds are covertly acquiring bitcoin, fueled by striking remarks from BlackRock’s CEO back in January.
“We’re merely scratching the surface; brace yourselves,” expressed David Bailey, CEO of Bitcoin Magazine publisher Bitcoin Inc., who previously advised on Trump’s strategy related to bitcoin and coordinated his appearance at a bitcoin conference in July, where Trump promised to establish a bitcoin strategic reserve.
“Abu Dhabi’s investment significantly exceeds what’s reflected in today’s filing,” Bailey continued. “There are a few other GCC nations making moves as well,” referencing the Gulf Cooperation Council that comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE of Abu Dhabi.
“I warned you the race was on,” tweeted bitcoin-supporting U.S. senator Cynthia Lummis in reaction to Abu Dhabi’s disclosures. “America must seize the moment.”
Lummis, a Republican senator from Wyoming, previously introduced The Bitcoin Act to Congress, proposing the establishment of a strategic bitcoin reserve aimed at mitigating the U.S.’s soaring, nearly $36 trillion national debt by acquiring 1 million bitcoins over five years.
Sign up now for CryptoCodex—A free, daily newsletter for those curious about crypto
Since Donald Trump’s election victory, bitcoin’s price has soared to nearly $110,000 as traders speculate he will drive the price higher throughout his term in office.… [+]
In the meantime, David Sacks, Trump’s crypto czar, has hinted at “important announcements coming soon,” confirming that the Trump administration is investigating the practicality of a national bitcoin reserve, akin to the U.S.’s oil and gold reserves.
“This will be among our priority topics as we convene the internal working group in the administration,” Sacks stated regarding the prospective bitcoin reserve at a recent press conference.
Sacks discussed on X that “the inter-agency working group on digital assets is collaborating effectively to advance the president’s agenda.”
