This past week ended with Bitcoin (BTC) getting much attention across several nations. Some jurisdictions and organizations are considering the leading cryptocurrency as a treasury reserve.
Amidst these exciting outlooks for Bitcoin, Ripple’s United States dollar-pegged stablecoin, RLUSD, also recorded a milestone.
Amazon Advised to Adopt Bitcoin as Treasury Reserve
Amazon, the top online retail platform, received a proposal to adopt Bitcoin as part of its treasury reserve strategy.
This comes as the firm prepares for Amazon’s 2025 shareholder meeting. The researcher who proposed the plan centered his case on inflation concerns and the platform’s long-term financial stability.
In the researcher’s argument, traditional inflation measurements, like the Consumer Price Index (CPI), underestimate how much prices are rising.
Therefore, he believes that Bitcoin could offer a more reliable hedge, given its proven track record, as inflation rises. He also presented Bitcoin’s track record to cement his argument, citing its 131% increase over the past year.
Vancouver Makes a Pivotal Shift in Bitcoin Stance
Similarly, Vancouver, British Columbia’s city council approved a motion to accept BTC to pay taxes and fees.
The initiative, led by Mayor Ken Sim, also focuses on establishing a Bitcoin strategic reserve. These efforts are geared towards diversifying financial reserves and hedging fiat currency volatility and inflation, which are fast becoming of great concern.
Mayor Sim recognizes the benefits of holding Bitcoin and thinks it would be irresponsible of the City of Vancouver not to consider them. He says adding Bitcoin to the city’s strategic assets will benefit Vancouver.
His strong argument probably compelled the city council to approve the proposal.
MicroStrategy Joins Nasdaq 100 Index Amid Bitcoin Surge
Michael Saylor’s software company MicroStrategy is preparing to join the Nasdaq 100 Index, a prestigious list of the most influential tech companies globally.
Alongside Palantir Technologies Inc. and Axon Enterprise Inc., the Bitcoin holder will replace Illumina Inc., Super Micro Computer Inc., and Moderna Inc. on the index.
This will become effective from December 23, 2024. It is worth noting that MicroStrategy’s adoption of a Bitcoin accumulation strategy has placed the firm above many of its peers.
Google Challenges Bitcoin’s Existence With Quantum Computing Chip
Amidst the growing adoption of Bitcoin, the ecosystem was jittery following Google’s introduction of a quantum computing chip dubbed Willow.
This supercomputer chip uses qubits, making the execution of transactions faster than other existing systems. It could solve problems in under five minutes, taking regular supercomputers billions of years.
Bitcoin relies on strong cryptographic algorithms like SHA-256 for mining and ECDSA for transaction signatures.
However, a powerful quantum computer could break these algorithms much faster than traditional computers. On this basis, the presence of Willow sparked talk about the future of encryption, cybersecurity, and Bitcoin.
Ripple’s RLUSD Receives Licence From NYDFS
Ripple’s much-anticipated RLUSD recently earned final approval from the New York State Department of Financial Services (NYDFS).
This marks a significant step for the blockchain payment firm as it solidifies its position in the evolving cryptocurrency landscape. Noteworthy, the stablecoin still needs to launch.
It is expected that the RLUSD launch will happen before this year ends.
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