This morning, the Bitcoin Policy Institute (BPI) released a 53-page report on the pros of the United States establishing a strategic bitcoin reserve (SBR).

In July, @CynthiaMLummis announced the BITCOIN Act, the first bill in US Congress to propose a strategic #bitcoin reserve.In our most comprehensive report to date, we endorse the United States adopting a strategic reserve. Read the report here: pic.twitter.com/gq3yI7oJUO

— Bitcoin Policy Institute (@btcpolicyorg) November 4, 2024

The authors of the report touched on four key benefits of holding bitcoin as a strategic reserve asset:

Economic and monetary stability — bitcoin is a hedge against currency… Read more on BitcoinMagazine

BTCPay Server has just released a new documentary covering the use of bitcoin as a means of exchange this summer during the Bitcoin 2024 in Nashville. The documentary by Parker Worthington (@webworthy) takes a look at the behind the scenes set up of both BTCPay Server and Strike with merchants around the conference venue, documenting the use of bitcoin as a real payment tool during the course of the conference. 

Watch the documentary below.

Read more on BitcoinMagazine

Cartwright, a British pension specialist, has taken a significant step forward in the institutional embrace of cryptocurrencies by guiding the country’s first pension fund into bitcoin. According to Corporate Advisor, the fund committed 3% of its £50 million assets to bitcoin, marking a bold shift in asset management after extensive discussions on ESG concerns, investment benefits, and security.

This move is a noteworthy deviation from traditional investments as the fund directly invested in bitcoin rather than through proxies like ETFs. The investment’s security is reinforced by distributing the private key across five separate institutions. This direct investment contrasts sharply with the State of Wisconsin’s pension plan, which previously invested a mere 0.1% of its assets in bitcoin via an ETF.

Further cementing its commitment to cryptocurrency, Cartwright announced the launch of a Bitcoin Employee Benefits scheme, allowing employers to deposit bitcoin into employee wallets. With five companies already expressing interest, this initiative positions Cartwright at the forefront of integrating bitcoin into standard financial practices.

Source

On November 4, 2024, the daily net flow of U.S. Bitcoin ETFs predominantly showed a decrease across various funds, with a few exceptions. Notable outflows were observed in some of the larger ETFs, including Grayscale’s GBTC which saw a reduction of 454 BTC and Fidelity’s FBTC, which decreased by 409 BTC. ARK’s Bitcoin ETF (Ticker: ARKB) also reported a significant outflow of 349 BTC, while VanEck’s (Ticker: HODL) and Valkyrie’s (Ticker: BRRR) funds experienced smaller declines of 198 BTC and 85 BTC, respectively.

Conversely, Invesco Galaxy’s BTCO was a standout with a positive net flow, gaining 152 BTC. Bitwise’s Bitcoin ETF (Ticker: BITB) saw a modest decrease of 82 BTC, indicating a relatively stable performance compared to its peers.

Overall, the total holdings of these ETFs summed up to 1,003,533 BTC, reflecting a collective net outflow of 1,425 BTC for the day, which corresponds to a value decrease of approximately $96.5 million. This activity suggests a day of cautious trading or profit-taking across the U.S. Bitcoin ETF market.

Disclaimer: Market capitalizations and data can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.

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Analysts at Bernstein are bullish on Bitcoin, setting a striking price target of $200,000 by the end of 2025, regardless of the upcoming U.S. election results. This confidence stems from factors like U.S. fiscal policies, burgeoning debt levels, and the launch of U.S. spot Bitcoin ETFs which are seen driving demand for Bitcoin as a hard asset. According to Bernstein, “The Bitcoin genie is out of the bottle, and it is hard to reverse this course.”

The presidential race shows varying support with Donald Trump viewed as the pro-crypto candidate, potentially boosting Bitcoin prices to new all-time highs by inauguration day. On the other hand, a win by Kamala Harris could momentarily push Bitcoin prices down, although recovery is anticipated. Current trading on prediction markets like Polymarket and Kalshi shows a highly competitive race, with odds adjusting rapidly in response to the latest polls.

Regardless of who wins, the crypto industry looks set to flourish. Bernstein suggests that a supportive regulatory environment under either administration could foster growth across all crypto sectors, not just Bitcoin. This includes potential advantages for other blockchain technologies and a continued focus on domestic Bitcoin mining, highlighting a robust future for cryptocurrency investments.