
Florida Legislature Shelves Bitcoin Investment Proposals Amid Mounting Concerns
The proposed legislation aimed to authorize the state's Chief Financial Officer to invest up to 10% of select public funds, including the General Revenue Fund and the Florida Retirement System, into Bitcoin and other digital assets. Proponents, such as Senator Joe Gruters and Representative Webster Barnaby, argued that such investments could serve as a hedge against inflation and diversify the state's portfolio. They cited the growing institutional acceptance of Bitcoin by firms like BlackRock and Fidelity as indicative of its potential stability and value.
However, the bills faced substantial opposition from financial experts and lawmakers concerned about the volatility and regulatory uncertainties surrounding cryptocurrencies. Critics highlighted the risks of exposing public funds to an asset class known for significant price fluctuations and potential security vulnerabilities. They emphasized the responsibility of safeguarding taxpayer money through more traditional and proven investment avenues.
The failure of HB 487 and SB 550 reflects a broader hesitancy among U.S. states to embrace cryptocurrency investments for public funds. While some states have explored similar proposals, many have encountered resistance due to the inherent risks and lack of comprehensive regulatory frameworks governing digital assets. Florida's decision underscores the challenges policymakers face in balancing innovation with fiscal responsibility.
See also Mastercard Advances Stablecoin Payments with New Global System
Arabian Post – Crypto News Network
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Crypto Insight
14 hours ago
- Crypto Insight
Bitcoin ‘up year' is 2026, and the four-year cycle is dead: Bitwise
Bitcoin's price could see significant upside in 2026, bucking the traditional four-year market cycle, according to Bitwise chief investment officer Matt Hougan. The prediction comes as other analysts are divided on whether Bitcoin will stray from its historical pattern or follow the traditional halving cycle and peak in the coming months. Bitcoin may be in for a 'good few years,' says Hougan 'I bet 2026 is an up year,' Hougan said in an X video on Friday. 'I broadly think we're in for a good few years,' Hougan added. Hougan said the four-year halving cycle 'is dead' for several reasons, including the Bitcoin halving becoming 'half as important' every four years, and the interest rate cycle being positive for crypto. Since April, US President Donald Trump has been publicly pressuring Federal Reserve Chair Jerome Powell to cut interest rates, a potentially bullish catalyst for Bitcoin, as lower rates make traditional assets like bonds and term deposits less appealing to investors. Hougan also said the chances of significant price pullbacks have decreased as the industry gains more clarity on regulations. 'Blow-up risk is attenuated, due to improving regulation and the institutionalization of the space,' Hougan said. He said that given the ongoing regulatory process and the early stage of institutional adoption, Bitcoin likely has more upside in this cycle than historical trends suggests: 'The long-term pro-crypto forces will overwhelm the classic 'four-year cycle' forces, to the extent those exist, and that 2026 will be a good year.' Hougan said the most significant 'cyclical-style risk' for Bitcoin is the rise of Bitcoin treasury companies. 'Bears watching and is significant,' Hougan said. Asset manager VanEck recently echoed the same concern, warning that firms accumulating Bitcoin by issuing new stock or taking on debt are particularly vulnerable. VanEck said these companies might be overextended if Bitcoin's price falls sharply. Bitcoin more likely to see a 'sustained steady boom' However, Hougan forecasted that Bitcoin's price rally will be steady rather than aggressive in the short term. 'I think it's more 'sustained steady boom' than super-cycle,' he said. 'I could be wrong, and I'm certain there will be significant volatility,' he added. It comes only days after CryptoQuant CEO Ki Young Ju said the Bitcoin four-year cycle theory 'is dead.' 'My predictions were based on it — buy when whales accumulate, sell when retail joins. But that pattern no longer holds,' Ju said. 'Last cycle, whales sold to retail. This time, old whales sell to new long-term whales. Institutional adoption is bigger than we thought,' Ju added. However, not everyone says the pattern has changed. Crypto analyst Rekt Capital recently warned that Bitcoin may only have a few months of price expansion left in the cycle, especially if it follows the same historical pattern from 2020. Rekt explained that if the Bitcoin cycle follows the 2020 pattern, the market will likely peak in October, which is 550 days after the Bitcoin halving in April 2024. Source:


Crypto Insight
2 days ago
- Crypto Insight
35 companies now hold at least 1,000 Bitcoin as corporate adoption booms
Corporate adoption of Bitcoin is accelerating, with 35 publicly traded companies now holding at least 1,000 BTC each, signaling growing institutional interest in the world's largest cryptocurrency. Demand for Bitcoin is soaring among public companies four months after US President Donald Trump's executive order outlined the creation of a federal Bitcoin reserve for the world's largest economy. According to Chris Kuiper, vice president of research at Fidelity Digital Assets, at least 35 public companies have now surpassed 1,000 BTC in holdings on their balance sheets, worth more than $116 billion at the time of writing, up from 24 companies at the end of Q1. The growing Bitcoin-holding companies signal a 'notable increase in Bitcoin exposure,' said Kuiper in a Thursday X post. 'Bitcoin purchases became more widely distributed across public companies rather than concentrated among a few large buyers,' he added. Fidelity's data was published shortly after Bitcoin flipped Amazon's $2.3 trillion market capitalization to become the world's fifth-largest asset by total valuation, Cointelegraph reported on July 14. Following the new wave of institutional buying, over 278 public entities are now holding Bitcoin, up from 124 just weeks ago, according to The US leads all countries with 94 public entities holding Bitcoin, followed by Canada with 40 and the UK with 19 public BTC holding entities. Corporate Bitcoin investments rise 35% in Q3 2025 The growing institutional accumulation saw total Bitcoin purchases increase 35% quarter-on-quarter, from 99,857 BTC in the first quarter of 2025 to 134,456 BTC in the second quarter. 'Not only did the total purchases increase from Q1 to Q2 of 2025 […], but there are a lot more companies doing the buying,' said Fidelity's Kuiper. Bitcoin's open interest, which is near record levels, also points to growing institutional engagement, according to Iliya Kalchev, dispatch analyst at digital asset platform Nexo. 'Open interest in Bitcoin futures remains elevated above $45 billion, just shy of its historical peak, pointing to continued institutional engagement and speculative leverage,' the analyst told Cointelegraph, adding that the 'short-term trend remains sideways, but positioning suggests markets are bracing for a pivotal stretch.' Source:


Zawya
3 days ago
- Zawya
Bitcoin's surge & beyond: An Octa broker forecast
KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 24 July 2025 - Bitcoin (BTC) has been rising almost uninterruptedly over the past three months, setting new all-time highs (ATH) essentially every week since mid-May. According to Coinbase, BTCUSD surpassed the crucial $112,000 mark on 10 July and went on to touch the $123,200 level on 14 July. Since then, the market seems to have entered a period of consolidation, with prices fluctuating in the $116,000–120,000 range. The critical question now facing investors is whether this represents a prelude to a significant downward correction or if the current consolidation will merely serve as a springboard for the rally to continue its upward trajectory. Kar Yong Ang, a financial market analyst at Octa Broker, explains the reasons for the rally and examines potential scenarios. Following the spring pullback, when the price of the world's major crypto currency dipped below $75,000 in early April, BTC rallied 65% and was trading slightly above the $123,000 level by mid-July. The major drivers for such an impressive rally include renewed investor optimism, rising institutional flows, a favourable regulatory environment, and skewed BTC supply. Kar Yong Ang, a financial market analyst at Octa broker comments: 'In many ways, the stars have aligned for Bitcoin holders, with significant improvements in risk sentiment and supportive regulatory news truly propelling its ascent'. Indeed, the rally kicked off on 22 April, sparked by U.S. Treasury Secretary Scott Bessent's suggestion of a potential de-escalation in U.S.-China trade tensions. The following day, President Donald Trump further boosted sentiment by hinting at lower tariffs for China and retracting threats to dismiss Federal Reserve (Fed) Chair Jerome Powell. This news improved risk appetite and sent BTCUSD up by 6.82% on 22 April alone. Optimism for global trade was further fueled on 8 May, when Donald Trump unveiled a new trade deal with the United Kingdom (UK)—the first since the 'reciprocal' tariff pause—propelling BTCUSD higher by an additional 6.38%. Apart from positive headlines, deeper structural transformations—notably, a mismatch between supply and demand—have also played a key role. It is no secret that Bitcoin's total final emission is limited to 21 million coins. Additionally, bitcoin undergoes a "halving" event approximately every four years, which cuts the reward for mining new blocks in half, thus limiting the daily average supply of new bitcoins. Following the most recent halving, a new Bitcoin block is now mined roughly every 10 minutes, and the reward per block is 3.125 BTC. Therefore, the daily issuance of new Bitcoin currently stands at just around 450 coins per day. This is how it is calculated: (6 blocks/hour×24 hours/day)×3.125 BTC/block = 144 blocks/day×3.125 BTC/block = 450 BTC/day. This daily issuance has been vastly outpaced by demand from exchange-traded funds (ETFs), which have been absorbing up to 10,000 BTC per day. A mismatch between natural supply and ETF-driven demand has created a severe shortage in available coins, fueling aggressive upward price momentum. The imbalance has been exacerbated by continued investor preference for bitcoin vs other, less liquid, and less developed coins. Institutional flows into crypto investment vehicles have further amplified the rally, signalling growing mainstream adoption. BlackRock reported a 366% quarter-over-quarter surge in crypto ETF inflows in Q2 2025, with allocations rising to $14 billion, now comprising 16.5% of its total ETF flows. Similarly, U.S.-listed Bitcoin ETFs posted their second consecutive $2 billion inflow week in mid-July. This growing supply-demand imbalance has coincided with significant regulatory milestones in the U.S. Specifically, the Republicans have pushed forward three pieces of legislation (the Genius Act, the Clarity Act and the Anti-CBDC Surveillance State Act) aimed at creating a regulatory framework for the growing cryptocurrency market. The Genius Act, which focuses on stablecoins, creating a comprehensive regulatory framework for their issuance and oversight, has already been signed into law by President Trump, while the Clarity Act and the Anti-CBDC Surveillance State Act are yet to be passed by the Senate. Overall, the increasing crypto interest and adoption drove the crypto market capitalization to hit $4 trillion on 18 July, reflecting its strength and maturity with bitcoin in particular becoming a central part of the global investment landscape. BTC Rally Outlook: A Burning Topic With so many factors working in Bitcoin's favour, it seems reasonable to infer that its price will likely continue to go higher in the long term. And while this may be true, it is still important to highlight major risks that lie ahead. Kar Yong Ang, comments: 'Technically, Bitcoin looks like it is preparing for a major downward correction. BTCUSD failed to hold above the 0.618 extension level of the bullish trend, which commenced in early April. The price has formed a long wick on the daily chart, signalling an exhaustion of the bullish trend. A decline towards the 112,000 level is now highly likely. A break below 112,000 would open the way towards the 105,000 level.' BTCUSD DAILY CHART Indeed, the failure to hold the 121,500 level on 14 July and the subsequent correction on 15 July occurred on very strong volume, meaning that traders are uncertain about the next big move and doubt that a rally can be sustained in the short term. Furthermore, fundamentals have turned sour lately. After a 0.1% increase in May, U.S. consumer prices rose 0.3% in June, a roughly 3.5% annual rate, which is uncomfortably above the Fed's target rate. This renewed inflationary pressure diminishes the likelihood of a September interest rate cut by the Fed and may exert bearish pressure on equity and crypto valuations. A similar scenario is evident in other major economies. For example, UK CPI rose to 3.6% in June from 3.4% in May and also undermined the widespread anticipation of a rate cut by the Bank of England (BoE). In other words, the global monetary policy may not be as accommodative as investors had hoped for previously, making them reluctant to purchase in risky assets Three BTC price action scenarios Kar Yong Ang of Octa Broker has come up with three potential scenarios for BTCUSD. The most optimistic scenario envisions a continued upward climb beyond current highs, driven by persistent institutional inflows and favourable regulatory developments. However, given signs of short-term overextension and waning upside momentum on the daily chart, this outcome appears less likely in the short term. There is the risk of a deeper, prolonged correction, particularly if macroeconomic headwinds or regulatory setbacks dampen sentiment. While not impossible, this scenario is seen as less probable for now, given strong underlying fundamentals such as limited BTC supply and sustained demand from ETFs. A more probable, base-case scenario is a modest correction toward support levels, followed by a resumption of the broader uptrend. Such a pullback would allow the market to consolidate and establish a stronger foundation, ultimately preserving the bullish structure while shaking out weak hands. Kar Yong Ang comments: 'Bitcoin looks a little stretched right now, and you can see it struggling to punch clean through resistance at the highs. A pullback into the $112,000–105,000 area would actually be healthy—that's where smart money will likely step back in. The fundamentals are still stacked in Bitcoin's favour: supply is tight, ETFs money keeps flowing, and regulatory progress is finally breaking through'. ___ Disclaimer: This press release does not contain or constitute investment advice or recommendations and does not consider your investment objectives, financial situation, or needs. Any actions taken based on this content are at your sole discretion and risk—Octa does not accept any liability for any resulting losses or consequences. Hashtag: #Octa The issuer is solely responsible for the content of this announcement. Octa Octa is an international CFD broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and various services used by clients from 180 countries who have opened more than 52 million trading accounts. To help its clients reach their investment goals, Octa offers free educational webinars, articles, and analytical tools. The company is involved in a comprehensive network of charitable and humanitarian initiatives, including improving educational infrastructure and funding short-notice relief projects to support local communities. In Southeast Asia, Octa received the 'Best Trading Platform Malaysia 2024' and the 'Most Reliable Broker Asia 2023' awards from Brands and Business Magazine and International Global Forex Awards, respectively. Octa