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🌙 US Bitcoin Reserve Plan: Fed's Gold Revalued

The purchase of bitcoin for a new strategic reserve would be financed partly by revaluing Federal Reserve's gold, according to draft legislation from U.S. Senator Cynthia Lummis's office.

Author

Mike Gavela
July 30, 2024

Crypto Roundup - July 30

The U.S. government is considering creating a strategic Bitcoin reserve, funded partly by revaluing the Federal Reserve's gold holdings. This initiative, revealed in a draft bill, aims to position the U.S. at the forefront of cryptocurrency adoption and economic resilience. Meanwhile, the SEC has charged Nader Al-Naji, founder of BitClout, with fraud, alleging that he misled investors about the platform's operational status and token value. Additionally, a new Solana-based protocol, Dumpy.fun, offers traders a way to short memecoins, capitalizing on the volatility of these assets.

Top Stories:

  • U.S. government explores creating a strategic Bitcoin reserve, partially funded by revaluing gold reserves.

  • SEC charges BitClout founder Nader Al-Naji with fraud, accusing him of misleading investors.

  • Solana protocol Dumpy.fun launches, allowing traders to short memecoins and promising an airdrop.

TOP STORIES

U.S. Strategic Bitcoin Reserve to Be Funded Partly by Revaluing Fed's Gold, Draft Bill Shows

The office of Senator Cynthia Lummis, who proposed the strategic reserve at the Bitcoin Nashville conference on Saturday, shared a draft of the legislation with CoinDesk.

www.coindesk.com/policy/2024/07/30/us-strategic-bitcoin-reserve-to-be-funded-partly-by-revaluing-feds-gold-draft-bill-shows

Solana protocol offers way to short $53b memecoin market — and it’s teasing an airdrop

Dumpy.fun is a new Solana protocol that allows traders to short memecoins as several celebrity tokens have crashed.

www.dlnews.com/articles/defi/solana-protocol-for-shorting-memecoins-promises-airdrop

SEC Charges BitClout founder Nader Al-Naji with fraud

The Securities and Exchange Commission charged BitClout founder Nader Al-Naji with selling unregistered securities and using customer funds for personal items.

cointelegraph.com/news/sec-charges-bitclout-founder-nader-al-naji-fraud

FUNDRAISING

Web3 AI firm Hyperbolic raises $7 million in seed funding

Hyperbolic aims to reduce AI computing resource consumption by aggregating GPU power, using blockchain to bolster its network.

www.theblock.co/post/308169/web3-ai-firm-hyperbolic-raises-7-million-in-seed-funding

OTHER HEADLINES

The dark catalyst for a Bitcoin price rally

Bitcoin could benefit from tension in Latin America and the Middle East, according to an analyst.

www.dlnews.com/articles/markets/the-dark-catalyst-for-bitcoin-price-rally-venezuela-lebanon

Bitcoin could be a ‘store of value', says Goldman Sachs CEO

Goldman Sachs CEO David Solomon also referred to bitcoin as a speculative investment without a real use case.

blockworks.co/news/goldman-sachs-ceo-btc-store-of-value

Pump.Fun Flips Ethereum Blockchain in Daily Revenue - The Defiant

Memecoin launchpad Pump.Fun posted the highest gross revenue in all of Decentralized Finance (DeFi) over the last 24 hours, surpassing even Ethereum.

thedefiant.io/news/defi/pump-fun-flips-ethereum-blockchain-in-daily-revenue

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