By Frank Martin (MoneyAmped.com)
Crypto enthusiasts have had several discussions around various topics in the past seven days. Here are some of the most discussed stories.
North Dakota and New Hampshire Plan to Adopt Bitcoin
North Dakota and New Hampshire US states have introduced bills for Bitcoin reserve in an effort to diversify their respective treasuries. Satoshi Action Fund leader Dennis Porter revealed last Tuesday that Republican Representative Keith Ammon was behind the New Hampshire bill.
The North Dakota bill, on the other hand, was introduced by Representatives Josh Christy and Nathan Toman. Senator Jeff Barta has already expressed his support for the bill.
Proposal to Adopt Bitcoin Submitted to Meta
On Thursday, The National Center for Public Policy Research employee Ethan Peck submitted a proposal to Meta, requesting the Facebook parent firm to convert some of its over $70 billion in cash to BTC as a hedge against inflation.
According to Peck, Meta has lost about 27% of its cash assets over the past two years due to inflation. He is optimistic that his proposal will be accepted by Meta’s board of directors. Peck says the firm’s director Marc Andreessen, who is a well-known Bitcoin advocate, could push other directors to vote for the proposal.
It is worth highlighting that The National Center for Public Policy Research has submitted a proposal for Bitcoin adoption to several other top US firms, including Amazon and Microsoft.
Bybit Temporarily Suspends Its Crypto Services in India
Global crypto exchange Bybit has announced that it has temporarily suspended its services in India due to regulatory challenges. The suspension took effect on Sunday, restricting Indian users from opening accounts and trading digital assets. However, existing Bybit users can still withdraw their funds.
In a statement published on Wednesday, the exchange said it will resume operation in India after fully complying with the applicable rules.
Bitwise Says More Advisers Are Likely to Invest in Digital Assets This Year
Asset manager Bitwise conducted a survey involving over 430 financial advisers between November 14th and December 20th, 2024. The study findings published on January 9th showed that 56% of the advisers are willing to invest in Bitcoin and other currencies following Donald Trump’s victory.
These advisers are optimistic that Trump will help create a crypto-friendly environment, enabling digital assets to flourish. In addition, they believe that if the proposed Bitcoin strategic reserve is actualized, it could help legalize BTC, making it an ideal financial instrument.
UK Court Dismisses James Howells’ Case
Newport-based IT engineer James Howells saw his case aimed at persuading the Court to order the Newport City Council to allow him to recover his hard drive holding Bitcoin worth $770 million, dismissed.
In his lawsuit, Howells stated that the hard drive was accidentally thrown away and later dumped in a landfill, which the Newport Cty Council has constantly denied access to. However, it appears that the IT engineer won’t be able to recover the hard drive following Judge Keyser KC’s decision, which favored the involved authority.
PeckShield Says Bad Actors Stole Over $3 Billion Last Year
Blockchain security company PeckShieled revealed on Thursday that more than $3 billion was lost to hackers and scammers in 2024. According to the firm’s report, hackers stole $2.15 billion, while scammers made away with over $850 million.
Notably, only $489 million of the stolen assets was recovered. By comparison, nearly $680 million in stolen assets was recouped in 2023.
Regarding the largest heists of 2024, Japan-based crypto exchange DMM Bitcoin and gaming protocol PlayDapp were the most affected, with the former losing roughly $306 million and the latter $390 million.
Winners and Losers
Bitcoin and Ethereum have posted negative performances in the past seven days, dropping 6.1% and 12.7% to $92,931 and $3,168, respectively. The biggest winners this week are Bitcoin SV, which is up 10.94%, and XDC Network, which has risen 14.57%. Meanwhile, Dogwifhat (27.43%) and ThorChain (29.74%) have seen the biggest 7-day losses.
