US State of New Mexico To Invest 5% Of Public Funds In Bitcoin

By Vishakha Thakur

US State of New Mexico To Invest 5% Of Public Funds In Bitcoin.

New Mexico has proposed investing 5% of its public funds in Bitcoin with the introduction of Senate Bill 57. The “Strategic Bitcoin Reserve Act” aims to diversify the state’s investment portfolio. Managed by the State Investment Officer under the State Investment Council, the reserve will be kept in cold storage for security. This move aligns with a broader trend, as over 15 US states are now exploring Bitcoin reserves.

Tether Unveils AI Platform ‘Tether Data,’ Launch Expected by March 2025.

Tether CEO Paolo Ardoino announced the upcoming AI platform, Tether Data, expected to launch by March 2025. The platform will feature tools such as AI Translate, AI Voice Assistant, and AI Bitcoin Wallet Assistant. Built on Bare, Holepunch’s JavaScript runtime, Tether Data will ensure seamless compatibility across devices while emphasizing privacy and self-custody. Tether also introduced an open-source AI SDK, supporting diverse hardware.

TIGER 21 Allocates $6 bn to Crypto Portfolio.

TIGER 21, a network of affluent investors, disclosed a $6 bn allocation to crypto, representing 1-3% of its $200 bn portfolio. The group’s founder, Michael Sonnenfeldt, highlighted Bitcoin as a store of value and hedge against economic instability, particularly in countries like Argentina and Lebanon.

Russia Enforces Crypto Mining Oversight, Requires Earnings Reporting.

Russia’s Federal Tax Service (FNS) now mandates cryptocurrency miners to report earnings by the 20th of each month. The new law, Federal Law No. 259-FZ, also limits mining to registered entities, barring those with financial crime convictions. The FNS oversees the Register of Miners and emphasizes compliance with anti-money laundering regulations. The law aims to curb illegal financial activities while ensuring regulated mining practices.

Elon Musk Advocates for Blockchain in U.S. Treasury Transactions.

Elon Musk, Head of the Department of Government Efficiency, endorsed putting U.S. Treasury transactions on the blockchain for enhanced transparency. Musk criticized Treasury officials for approving fraudulent payments and proposed using blockchain technology to track spending, secure data, and manage government assets.

BTC Worth $1.6bn Leave Exchanges in Biggest Bullish Outflow Since April: Research Analyst.

Over 17,000 Bitcoin, worth $1.6 bn, left centralized exchanges in the largest outflow since April 2024, signaling bullish sentiment. The biggest net outflow came from Coinbase, which processed over 15,000 BTC. Experts suggest the movement indicates significant institutional buying, potentially from major players like ETFs or MicroStrategy. This large outflow hints at long-term holding and investor confidence despite recent price fluctuations.

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