A wild ride for crypto! A massive recovery is underway—Texas eyes a Bitcoin reserve, MicroStrategy raises $2B for BTC, and analysts push for U.S. gold-to-Bitcoin swaps! Plus, Musk’s AI wars, Visa’s Russia return, and Trump’s anti-China push dominate headlines.
Argentine President Faces Criminal Charges Over Alleged Crypto Scam Promotion
On February 17, a group of Argentine lawyers filed fraud charges against President Javier Milei in criminal court. The charges stem from allegations that Milei promoted a cryptocurrency project that later turned out to be a “rug pull,” a type of scam where developers abandon a project after collecting investors’ money. Critics argue that Milei’s endorsement led many citizens to invest, only to suffer financial losses.
The president, however, has denied any wrongdoing, stating that he merely shared information and was not involved in the project’s operations. (AP News)
Bernstein Suggests U.S. Government Could Sell Gold Reserves to Buy Bitcoin
Financial analysts at Bernstein, a $725 billion asset management firm, have proposed a controversial strategy: the U.S. government could sell portions of its gold reserves to purchase Bitcoin. The firm argues that Bitcoin is becoming a stronger store of value and hedge against inflation than gold, potentially making it a strategic asset for the U.S. Treasury. This suggestion has sparked debate among economists and policymakers, as Bitcoin’s volatility presents risks that gold does not. (The Crypto Basic)
Texas Senate Considers Creating a Strategic Bitcoin Reserve
On February 17, Texas lawmakers scheduled a public hearing for February 18 to discuss the possibility of establishing a Strategic Bitcoin Reserve. The proposal aims to position Texas as a global leader in Bitcoin adoption by allocating state funds to Bitcoin investments. Proponents argue that this move would hedge against federal monetary policies and inflation, while opponents caution against investing taxpayer money in such a volatile asset. (The Crypto Basic)
Visa and Mastercard May Resume Operations in Russia
The Russian State Duma announced that Visa and Mastercard could soon return to the Russian market, a significant development after the companies suspended operations following Russia’s invasion of Ukraine. The potential return is expected to ease financial transactions for businesses and individuals in Russia, but it remains unclear under what terms these services would operate given ongoing Western sanctions. (News Pravda)
Elon Musk Unveils ‘Grok 3,’ the “Smartest AI on Earth”
On February 18, Elon Musk’s AI venture, xAI, officially launched ‘Grok 3,’ which Musk claims to be the “smartest AI on Earth.” This latest iteration features enhanced reasoning, faster processing, and improved accuracy compared to previous models. The announcement has intensified competition in the AI sector, particularly against OpenAI’s ChatGPT and Google’s Gemini. (Reuters)
President Trump Moves to Ban Chinese Purchase of U.S. Farmland
Former President Donald Trump announced a policy initiative to prevent Chinese entities from purchasing American farmland, citing national security concerns. The proposal is part of a broader strategy to reduce Chinese influence over U.S. infrastructure and food production. Lawmakers are expected to debate the feasibility and economic implications of such a ban in the coming weeks. (New York Post)
Michael Saylor’s Strategy Plans to Raise $2 Billion for More Bitcoin
MicroStrategy, led by Bitcoin advocate Michael Saylor, is raising $2 billion through a private debt offering to acquire more Bitcoin. The move underscores Saylor’s long-term bullish stance on Bitcoin and could significantly impact market sentiment. MicroStrategy’s aggressive Bitcoin accumulation has previously influenced institutional adoption trends. (Bloomberg)
Howard Lutnick Confirmed as U.S. Secretary of Commerce
On February 19, Howard Lutnick, a pro-Bitcoin financier, was confirmed as the new U.S. Secretary of Commerce. Lutnick’s appointment is expected to shape policies favoring digital assets and financial innovation. His stance aligns with a growing trend of Bitcoin-friendly legislation in the U.S. (New York Post)
Elon Musk to Discuss “DOGE Dividend” Tax Refund with Trump
Elon Musk is reportedly in discussions with President Trump regarding a potential “DOGE dividend” tax refund for U.S. taxpayers. While details remain unclear, the proposal suggests using Dogecoin or other cryptocurrencies as part of a government tax rebate program. If implemented, it would mark a historic moment for cryptocurrency adoption at the federal level. (Politico)