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Bitwise Director Matt Hougan Explains Possible Effects of Donald Trump`s Crypto Reserve Plan! Here Are the Details

Bitwise Chief Investment Officer Matt Hougan believes the crypto market misread US President Donald Trump’s announcement of the US Crypto Strategic Reserve, arguing that the proposal is ultimately bullish on digital assets despite its flaws. Bitwise CIO: Market Misunderstood Trump`s Crypto Reserve Plan, Calls for Bullishness After Trump announced his directive to create a crypto reserve, the crypto market initially surged, sending Bitcoin (BTC) up 6.81%, Ethereum (ETH) up 10%, and other major assets like XRP, Solana (SOL), and Cardano (ADA) up 15%, 25%, and 70% respectively from last week’s lows. However, these gains were quickly erased as Bitcoin fell over 10% and ETH fell over 15% following Trump’s tariff announcement on Canada, Mexico and China. The sharp reversal was reminiscent of the infamous Bitcoin rally and crash under President Xi in 2019. But it happened even faster. Hougan: Only Bitcoin Reserve Could Be More Bullish Hougan suggested in a note to clients that the market overreacted because the proposed reserve included multiple assets rather than just Bitcoin. “If it was just Bitcoin reserves, prices would probably be higher,” he said. He also questioned the inclusion of more speculative assets like Cardano, calling it “more calculating than strategic.” Bitwise CEO Hunter Horsley echoed these concerns, aligning himself with industry leaders like Coinbase’s Brian Armstrong and the Winklevoss twins who advocate for a Bitcoin-only reserve. “I imagined a strategic reserve would just be Bitcoin. That makes the most sense to me,” Horsley says. “There’s value in many crypto assets, but this is not an investment portfolio, it’s a reserve, and Bitcoin is the undisputed store of value for the digital age.” Key Questions: Financing, Execution, and Political Viability While the announcement has generated excitement, significant uncertainties remain. The biggest questions revolve around how the reserve will be funded and whether it can be implemented without new legislation from Congress. “The Federal Reserve and the Treasury Department would probably need new legislative authority to move forward,” Hougan said, adding that there are doubts about how realistic the plan is in the near term. *This is not investment advice. Continue Reading: Bitwise Director Matt Hougan Explains Possible Effects of Donald Trump`s Crypto Reserve Plan! Here Are the Details CoinOtag

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Nvidia-backed CoreWeave To Acquire AI Developer Platform Ahead of IPO

Cloud computing firm CoreWeave has plans to acquire AI developer platform Weights & Biases as it seeks to bolster its infrastructure offerings in the fast-expanding AI sector. The deal, which is expected to close in the first half of 2025, cost CoreWeave $1.7 billion, according to a report by The Information. Weights & Biases, which in 2023 was valued at $1.25 billion, has become a staple in the AI development community, with researchers and engineers using its tools to manage complex machine learning workflows. By acquiring the company, CoreWeave aims to integrate its cloud computing services with Weights & Biases’ tools, offering a more seamless experience for AI developers. The acquisition comes just days after the cloud computing provider filed for an initial public offering (IPO) on Tuesday, with the company expected to raise $4 billion with a valuation of more than $35 billion. CoreWeave also tapped bitcoin miner Core Scientific (CORZ) to build 500 megawatts (MW) of infrastructure for AI-related purposes. CoinOtag