Is the Web3 Space About to Change Forever? — The Next Route
What a week! We've seen lots of news during the last seven days, some of them with the potential to transform the landscape forever. Get ready for a thrilling edition of The Next Route, packed with the latest game-changing developments in the crypto world.
Curious about the details and their implications? Dive into our full newsletter for an in-depth look!
Sen. Lummis Proposes US Government Purchase 5% of Total Bitcoin Supply
U.S. Senator Cynthia Lummis introduced a groundbreaking bill at the Bitcoin 2024 conference in Nashville, proposing that the U.S. government purchase 5% of the world’s Bitcoin supply.
This "strategic Bitcoin reserve" plan involves acquiring one million Bitcoin (roughly $68.1 billion at current prices) over five years to reduce the national debt and hold the Bitcoin for at least 20 years. Lummis likened this initiative to a modern-day Louisiana Purchase, underscoring its historical significance.
Lummis argued that holding Bitcoin would be a more secure investment compared to U.S. dollars, which she claimed are designed to devalue over time. The Bitcoin reserve would start with the 210,000 Bitcoin mentioned by former President Donald Trump, who also spoke at the conference and expressed his intent to make the U.S. the “crypto capital of the world” if re-elected.
Lummis received enthusiastic support from the conference attendees. Her speech followed the release of her report criticizing the proposed 30% tax on energy consumed by Bitcoin miners. She argued that Bitcoin mining infrastructure is critical to the U.S. energy grid (CoinTelegraph).
Do you think Senator Lummis' proposal is good or bad for Bitcoin? Let us know!
Don't miss this week's Lumerin article!
Firm Behind Proton Mail Unveils Self-Custodial Bitcoin Wallet
Proton, known for its privacy-focused services like Proton Mail and Proton VPN, has launched Proton Wallet, a self-custodial Bitcoin wallet aimed at simplifying the Bitcoin experience.
The new wallet aims to make Bitcoin more accessible, particularly to non-crypto natives, by offering an intuitive and secure platform that leverages Proton’s existing infrastructure.
Proton Wallet supports Bitcoin transactions through email addresses, bypassing the need for complex Bitcoin addresses and reducing user errors.
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At launch, it will only support Bitcoin but may integrate other currencies in the future based on user feedback. The wallet ensures users have control over their private keys with robust recovery methods, built-in two-factor authentication, and Proton Sentinel security.
Proton has a history with Bitcoin, having accepted Bitcoin payments and donations since its early days, partly due to challenges faced with traditional financial institutions.
Proton Wallet aims to reduce reliance on centralized financial systems, offering enhanced financial freedom, privacy, and security (The Block).
What do you think about Proton's initiative? Will you be trying their wallet?
Don't miss our Co-Founder Ryan Condron's talking about Bitcoin mining and compute power at CNBC!
Telegram CEO Predicts Blockchain Mass Adoption This Year
Telegram CEO Pavel Durov forecasts 2024 as the year of blockchain mass adoption, announcing new features like a mini app store and an in-app Web3 browser.
Durov emphasized that 2024 will be historic for blockchain, with Telegram playing a central role. He highlighted the introduction of a mini app store and Web3-supported in-app browser to facilitate blockchain accessibility. Additionally, Telegram will enhance efforts to combat crypto scams by displaying registration dates and principal countries for public accounts and enabling organizations to issue verification labels via mini apps.
Since November 2022, Telegram has been focusing on developing decentralized tools, such as non-custodial wallets and decentralized exchanges, to facilitate secure cryptocurrency transactions and reduce reliance on centralized intermediaries.
Durov’s vision aligns with advancements in the blockchain industry, aiming to empower individuals and promote decentralized finance (Bitcoin.com News).
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