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A Congressman in the Philippines has introduced a proposal to establish a Strategic Bitcoin Reserve that would see the country’s central bank, the Bangko Sentral ng Pilipinas (BSP), purchase up to 10,000 BTC.  Submitted as bill number 421 by Congressman Miguel Luis Villafuerte, the proposed “Strategic Bitcoin Reserve Act” mandates the purchase of 2,000 BTC yearly over a five-year period. That BTC will be locked up for 20 years as part of a “holding period.”   “During the minimum holding period, no Bitcoin held in the Strategic Bitcoin Reserve may be sold, swapped, auctioned, encumbered, or otherwise disposed of for any purpose other than retiring outstanding government debt instruments,” Villafuerte wrote in the bill. If enacted, the bill would make the Philippines one of the first countries in Asia to legislate a sovereign strategic BTC reserve. Bitcoin Can Provide Financial Stability In the bill, the Congressman said that...

Blockchain tracking firm Lookonchain says one crypto trader is looking at multi-million dollar losses after trading the official memecoin of Melania Trump, wife of US President Donald Trump. According to Lookonchain, the trader scooped up nearly 14 million Melania (MELANIA) last month for about $30 million, only to sell off all his holdings this week at a loss of $15.68 million. Lookonchain also noticed another whale lost $3.73 million on his MELANIA trade this week as well. “Whales sold all their MELANIA holdings at a loss recently! DNTpoX…LN2A spent 30 million USDC to buy 13.97 million MELANIA a month ago, and sold for 14.32 million USDC yesterday, losing $15.68 million. Gu2bnm…xmni spent 10 million USDC to buy 6.69 million MELANIA 22 days ago, and sold 6.27 million USDC in the past two days, losing $3.73 million.” Melania is trading for $0.85 at time of writing, down 93.5% from its all-time high of $13.05, which it hit on January 20th...

Joining a number of states seeking to establish similar legislation, Oklahoma has been the latest to introduce a bill that would create a strategic Bitcoin reserve. Indeed, Oklahoma State Representative Cody Maynard officially announced the introduction of the state’s ‘Strategic Bitcoin Reserve Act’ on Wednesday. The move aligns with the expectation that US President-elect Donald Trump would enact similar legislation on the federal level. US Senator Cynthia Lummis has already introduced the Bitcoin Act. Moreover, she has discussed its implementation with key members of the Trump administration in recent months. JUST IN: Oklahoma introduces "Strategic Bitcoin Reserve Act" to buy & hold Bitcoin as a state asset. — Watcher.Guru (@WatcherGuru) January 15, 2025 Also Read: Pennsylvania Introduces Bill to Create Bitcoin Strategic Reserve Oklahoma is Latest State to Introduce Bitcoin Reserve Legislation Ahead of Trump’s Return Entering 2025, the finance sector had a kee...

In what is certainly an important step in the ongoing process, US Senator Cynthia Lummis and Donald Trump’s incoming Treasury Secretary Scott Bessent have met to discuss the United States’ potential strategic Bitcoin reserve. In a post to X (formerly Twitter), Lummis confirmed the meeting with the key member of the US president-elect’s impending administration. Lummis called Bessent a “champion for digital assets and a crucial ally in passing my strategic Bitcoin Reserve.” Moreover, she shared her excitement about working with the official in the future as the incoming president and his team work to “restore fiscal responsibility.” JUST IN: Senator Cynthia Lummis meets with Trump's incoming Treasury Secretary Scott Bessent to discuss a Strategic #Bitcoin Reserve. pic.twitter.com/S1o8ElV7DW — Watcher.Guru (@WatcherGuru) December 13, 2024 Also Read: Donald Trump’s Son Eric Trump Says Cryptocurrency is The Future Bitcoin Act Architect Meets ...