By Mat Di Salvo
3 min read
A White House official told a room of crypto big wigs on Thursday that the new administration wants to acquire as much Bitcoin as possible.
This week had no shortage of Bitcoin news.
Now, Bitcoin ETFs are lagging behind their gold counterparts, after having briefly overtaken them back in December.
Still, not to worry: Experts told Decrypt that the products have room to run this year, with Bloomberg's ETF analyst Eric Balchunas adding that he thought Bitcoin was likely to win the ETF war over the long-term.
Speaking of ETFs, asset managers still don't think the market's crowded: Bitwise on Tuesday launched a new fund giving investors exposure to publicly traded companies with the biggest Bitcoin stashes.
The new Bitwise Bitcoin Standard Corporations ETF—OWNB—tracks 21 firms that hold 1,000 Bitcoins or more, including Strategy (formerly MicroStrategy), Bitcoin miner MARA, America's biggest crypto exchange, Coinbase, and even electric car company Tesla.
YouTube rival Rumble wasn't included in Bitwise's index, but the company is a good example of a smaller firm stacking sats: The media firm last year said it would allocate $20 million of its excess cash reserves to Bitcoin.
And on Wednesday, the Nasdaq-listed platform announced it had bought roughly 188 orange coins for its treasury at an average price of $91,000 per token.
Bitcoin treasury Strategy, which came up with the blueprint Rumble is now following, has slowed down its BTC buys after a manic shopping spree.
Decrypt spoke to experts who said it was unlikely the company—previously known as MicroStrategy—was giving up its long-term plan, and rather focusing on its new stock offering, STRK.
Perhaps most dramatically for Bitcoiners this week, news dropped that the White House does indeed want to buy more Bitcoin.
Attendees at a closed-door roundtable hosted by the Bitcoin Policy Institute on Tuesday confirmed to Decrypt that the new administration is planning to buy as much of the cryptocurrency as possible. That's at least what Bo Hines, the executive director of the Presidential Working Group on Digital Assets, reportedly said.
Edited by James Rubin
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