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SUI Eyes $8 After Breaking $3.50 as Golden Cross Emerges

Albert Brown
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SUI Eyes $8 After Breaking $3.50 as Golden Cross Emerges

SUI rallies with a breakout above $3.50, fueled by 29% of Ethereum outflows. Could a golden cross push SUI to a new all-time high?

As the total crypto market cap, excluding Bitcoin and Ethereum, recovers to $828.61 billion with a 7% surge this month, altcoins are gaining momentum. SUI is among the top-performing assets, recording a 58% increase in April.

The SUI token has surged from an opening price of $2.26 to a current market price of $3.58. Now holding above the $3.50 resistance-turned-support level, bulls are aiming for a new all-time high.

SUI Price Analysis

On the daily chart, SUI shows a bullish reversal, marking the end of a recent pullback phase. The rally has led to a breakout from a falling wedge pattern.

SUI Price Chart
SUI Price Chart

The uptrend broke through both the 200-day EMA and the 23.60% trend-based Fibonacci level at $3.30. However, after clearing this key resistance, momentum has slightly weakened.

This is indicated by the formation of multiple doji candles on the daily chart. Still, with the broader bullish trend intact, the 50-day and 200-day EMAs are on track to form a golden cross—a historically bullish signal.

Additionally, the daily RSI remains in overbought territory, reflecting strong upward momentum.

SUI Receiving Ethereum Outflows

Beyond price action, the SUI network itself is experiencing increased traction. According to a recent tweet by Torero Romero, data from Wormhole Scan shows a notable transition of Ethereum funds to the SUI network.

Over the past 365 days, 29% of Ethereum outflows via the Wormhole Bridge have been directed to SUI. This growing adoption positions the SUI network as an emerging Ethereum alternative, potentially driving even greater demand for the token in the coming months.

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SUI Price Targets

Based on current price action and network momentum, the SUI uptrend is likely to continue. According to trend-based Fibonacci levels, the rally could target the 61.80% level, near $8, signaling a potential new all-time high.

On the downside, critical support lies below $3.30, with the 200-day EMA at $2.79 as the next key level.

Solana Defends $145: Is a Breakout Move to $180 Possible?

Albert Brown
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Solana Defends $145: Is a Breakout Move to $180 Possible?

Solana faces a crucial test at the $145 support level, while a bullish weekly chart fuels hopes for a breakout beyond $300.

Solana is struggling to stay above the $130 psychological level as the broader market remains quiet. Following a bullish recovery, a sudden drop in buying momentum has led to consolidation.

However, the gradual rise in bearish pressure raises concerns about a potential breakdown below the $145 level. Could this trigger a quick pullback to $137?

Solana Price Analysis

On the 4-hour chart, Solana’s recovery rally saw a bounce from the $95 low to a swing high at $157. However, the bulls’ struggle to sustain levels above the $150 psychological barrier has led to sideways movement.

Solana Price Chart
Solana Price Chart

Currently, SOL is fluctuating between the lower boundary at $145 and the upper resistance at $155. It trades around $148, with a minor lower wick on the latest 4-hour candle indicating some buying interest.

While this slight recovery hints at a potential bullish reversal, the 50 EMA on the 4-hour chart now serves as dynamic support. However, a recent breakdown of a local ascending trendline raises the risk of a steeper correction.

Additionally, the consolidation zone between $145 and $155 has completed a bearish head-and-shoulders pattern, with the neckline aligning with the $145 support level.

Optimistic Analyst Eyes Solana Breaking Out of a Cup and Handle Pattern

Despite short-term bearish signals, crypto analyst Ali Martinez anticipates a major recovery for Solana on the weekly chart. According to him, SOL is forming a cup-and-handle pattern.

The neckline of this formation is near the $300 level. Currently, Solana is progressing positively within the “handle” portion, approaching the overhead trendline. If a breakout occurs, Solana could see a strong bullish move, potentially reaching a new all-time high.

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SOL Price Targets

Based on this analysis, as long as Solana holds above $145, bulls will likely aim for new higher highs. A breakout above $155 could set the stage for a rally toward $165 and then $180.

Conversely, the key support lies at the 200 EMA around $137, followed by the $124 support level.

Here’s How High Shiba Inu Must Rise to Turn $100 Into $1M

Lele Jima
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Here’s How High Shiba Inu Must Rise to Turn $100 Into $1M

Shiba Inu investors could see their $100 SHIB investment skyrocket to $1 million if the price surges to historic levels.

Over the years, crypto assets like Shiba Inu have established themselves as suitable investment vehicles for investors seeking to turn meager capital like $100 into life-changing gains of up to $1 million. It is worth mentioning that Shiba Inu helped many investors achieve this milestone in the 2021 market cycle. 

While it remains unclear whether SHIB can replicate this performance, this article estimated the growth rate needed to transform a meager $100 investment into $1 million. 

Shiba Inu Recent Performance

For context, Shiba Inu is trading at $0.00001385 after its price dropped by 0.98% in the past day. Despite the slight dip, Shiba Inu retains most of its gains from last week, up 10.31%.

Having retained most of its gains, Shiba Inu ranks 17th in the global crypto market-cap rankings, unchanged from last week. At press time, its market valuation was $8.15 billion. 

Growth Needed to Turn $100 into $1M

With a capital of $100, an investor can procure 7.22 million SHIB tokens at the current price of $0.00001385. As of mid-April, about 325,000 on-chain addresses held at least $100 worth of SHIB tokens, according to data from IntoTheBlock.

This portfolio of 7.22 million SHIB worth $100 could reach a target of $1 million if the price of SHIB rises to $0.1385 per token. 

Hitting the $1 million goal with an initial investment of $100 requires the price of SHIB to surge by 999,900% from its current value to $0.1385. If SHIB ever clinches the $0.1385 target, early investors who scooped up $100 worth of SHIB at the current price would see an ROI of $999,900. 

Can SHIB Hit a Price of $0.1385? 

The $0.1385 projection surpasses most of the targets set for Shiba Inu, including the highly ambitious one-cent dream. Reaching the $0.1385 target would push Shiba Inu’s market cap to $81.61 trillion, assuming SHIB’s circulating supply remains constant at 589.25 trillion tokens. 

Such a high valuation exceeds the current market cap of major global assets like gold, Bitcoin, and silver. With its current supply, SHIB will unlikely clinch the $0.1385 target. 

Therefore, a considerable chunk of Shiba Inu tokens must be destroyed to enable SHIB to clinch the $0.1385 target without its market cap soaring to $81.61 trillion.

In a hypothetical scenario where Shiba Inu’s supply drops to 10 trillion tokens and its price hits $0.1385, Shiba Inu’s market cap would soar to a realistic target of $1.38 trillion. 

SHIB to $0.13 Prediction 

Meanwhile, several analysts still believe SHIB can reach the $0.1385 target in its lifetime. Earlier this year, The Crypto Basic estimated that SHIB’s price could soar to the $0.13 mark if it repeats its 2021 history and soars 884,400% from $0.00001520–its price at the time of the report. 

Also, Shiba Inu’s marketing lead thinks it is possible that SHIB could soar past the $0.13 price to loftier targets like $1. Additionally, the leading AI chatbot, ChatGPT, projects that SHIB will soar close to the $0.13 target by 2029, four years from now. 

Notably, top prediction platform Telegaon provided a specific timeline for when the $0.13 target might materialize. According to Telegaon, SHIB will hit the $0.13 mark between 2041 and 2049. 

Cardano Traders Brace for Breakout: Will ADA Hit $1?

Albert Brown
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Cardano Traders Brace for Breakout: Will ADA Hit $1?

Cardano hovers above $0.70 after a 14% weekly surge, forming a bullish pattern. Will a breakout above $0.74 propel it to $1?

Following a strong recovery last week, Cardano is holding its ground at $0.70. Over the past week, the price surged nearly 14%, signaling a bullish reversal.

However, the uptrend continues to face resistance from the overhead supply zone near $0.74. This area shapes a rounded bottom pattern that may define the future trend. Will a bullish breakout from this pattern push Cardano toward the $1 mark?

Cardano Price Eyes New Upswing Beyond $1

On the daily chart, Cardano’s price has bounced off a local descending support trendline for the fourth time since December 2024. This trendline is at the 23.60% Fibonacci level at $0.53.

Cardano Price Chart
Cardano Price Chart

As bulls defend the psychological support at $0.50, the ADA price trend forms a rounding bottom reversal. The neckline of this pattern lies at the $0.74 supply zone.

Currently, ADA is trading between the 38.20% Fibonacci level at $0.66 and the neckline. With multiple doji candles appearing, the short-term trend remains uncertain.

However, the broader market recovery and improving sentiment will likely support a breakout rally. The MACD and signal line maintain a positive trajectory, reinforcing the bullish outlook.

As the average line moves into positive territory, the momentum indicator also supports the potential for a breakout. Furthermore, a breakout rally would confirm a trend reversal via the Super Trend indicator, which currently places the red line at $0.72.

Based on Fibonacci levels, a breakout from the rounding bottom pattern could lead to a bullish move toward the overhead supply zone near $1.17. On the downside, critical support levels lie at $0.66 and $0.53.

Analyst Spots Potential Breakout Run in ADA Price to $0.88

Crypto analyst Ali Martinez highlights a potential breakout rally in Cardano, noting a descending channel pattern in the 3-day price chart.

Currently, the recovery run is testing the resistance trendline, which could signal the beginning of a significant breakout. According to Martinez, this breakout may lead to a smooth climb toward $0.88.

However, if the price fails to surpass the rising trendline, a pullback to the mid-line near $0.63 is likely.

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Long Positions Rise Amid Breakout Rally Chances

As Cardano nears a potential breakout, rising optimism in the derivatives market has led to an increase in long positions. According to CoinGlass, long positions account for 49.13%, with a long-to-short ratio of 0.9658.

ADA Long/Short Positions
ADA Long/Short Positions

Although short positions still slightly dominate, the bulls are gradually gaining momentum. Compared to a 47.95% share of long positions on April 27, bullish sentiment is on the rise.

This trend supports the possibility of a major reversal in Cardano. Notably, open interest in Cardano has risen by 1.72% to reach $796.89 million, with a positive funding rate of 0.0046%.

Top Analyst Issues Final Call On Dogecoin, Says DOGE Ready to Move Forward With a 293% Surge

Elendu Benedict
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Top Analyst Issues Final Call On Dogecoin, Says DOGE Ready to Move Forward With a 293% Surge

An analytical exposition has suggested that now is a good time to buy Dogecoin, following the completion of a perfect ABC price correction.

According to an analysis from MasterAnanda, one can never go wrong buying Dogecoin, the largest meme coin by market cap, at the current price level. In the April 27 TradingView commentary, he highlighted certain bullish factors driving this optimism and the asset’s next target.

Notably, the analysis comes on the heels of Dogecoin’s sluggish price performance over the last few days. After an over 12% rally a week ago, the dog-themed meme coin’s price has been underwhelming, retracing 7% from this week’s high of $0.1929.

The Start of a Bullish Impulse

MasterAnanda noted that Dogecoin recently completed an ABC correction, setting up nicely for an impulsive bullish rally. For perspective, the asset resumed this retracement from the December 8 high of $0.4846, with the first wave introducing a 46% correction to $0.2626.

Furthermore, the B-wave kicked in, as the asset rebounded 66% from the low to $0.4350 in January before wave C completed the pattern with a 70% drop to local support at $0.1298.

While Dogecoin has rebounded considerably from the $0.1298 support level to its current price, the TradingView analysis suggests that the meme coin still trades at a massive discount.

Dogecoin Ready to Move MasterAnanda
Dogecoin Ready to Move/MasterAnanda

Meanwhile, the commentator projected a meteoric DOGE rally to $0.703, stating this was the final call to buy the asset. Remarkably, the 293% price surge from the current market proceedings aligns with the 1.618 Fibonacci level.

Crucial Level for a Dogecoin Rally

Meanwhile, in a parallel analysis, prominent market analyst Ali Martinez identified a crucial level that Dogecoin needs to reach for a sustained upward push. According to his Monday analysis, the token must reclaim $0.20 and close above this level on the monthly timeframe to see higher prices.

Interestingly, the $0.20 price mark aligns with the bottom of an ascending wedge, within which DOGE has traded since 2017. However, the asset’s recent bearish trends saw it drop below the channel, and Martinez believes a reclaim will spark the needed momentum for higher prices.

Crucial Dogecoin Level/Ali Martinez

Specifically, the market expert shared that Dogecoin’s next target, if it closes above its former stronghold, is a retest of its all-time high of $0.74. Moreover, Martinez highlighted that the 312.7% breakout would signal strong upward momentum and rekindle investor interest in the meme coin.

In the meantime, DOGE trades at $0.1793, up 8% in the past seven days.

Industry Expert Gambardello Says Bitcoin Bottom Fully In, Setup Unfolding for $200K Target in 2025

Mark Brennan
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Industry Expert Gambardello Says Bitcoin Bottom Fully In, Setup Unfolding for $200K Target in 2025

Dan Gambardello, a notable crypto industry commentator, says a Bitcoin setup for a major rally is unfolding, predicting a fast and surprising move toward new highs.

Bitcoin has posted strong gains over the past seven days, rising from around $88,000 to over $95,000 amid a 7.4% weekly increase. Over the past two weeks, the crypto asset has climbed 10.8%, with a 14.3% gain in the past 30 days. 

Notably, while the asset traded near $94,963 during press time, analysts have increasingly drawn attention to projections pointing toward new highs by 2025.

Accelerating Path Toward $200K

Among the most vocal projections comes from Dan Gambardello, founder of Crypto Capital Venture, who outlined a setup for Bitcoin to double in value from its current position. He noted that Bitcoin’s bottom is already in place, and that conditions are forming for a rally to $200,000.

Gambardello projected that Bitcoin’s next major move would happen quickly and appear unbelievable. He emphasized that the rally would likely catch most people off guard, similar to previous cycles.

According to current figures, Bitcoin would need to rise approximately 110.6% to reach the $200,000 threshold. 

Interestingly, Gambardello observed that statements like this often transition rapidly from being considered “crazy” to being seen as “obvious.”

His outlook comes amid a broader context of growing optimism in the digital asset sector, especially as Bitcoin maintains upward momentum.

Growing Optimism for $200K Level

Notably, Gambardello’s view aligns with a sentiment observed late last year. In November 2024, research analysts at Bernstein, led by Gautam Chhugani, reaffirmed their June 2024 projection for Bitcoin to hit $200,000 by 2025. 

At the time, the crypto asset had already approached $100,000, making the forecast appear more realistic. The analysts identified several developments they believed would drive Bitcoin toward the target, including policies introduced by U.S. President Donald Trump.

According to Bernstein’s analysis, Trump’s pro-crypto agenda may serve as a major catalyst for further Bitcoin adoption. The firm pointed to policy positions such as the proposal to establish a national Bitcoin reserve as significant factors in support of their forecast. 

Bitwise Adds to Growing Consensus

Meanwhile, digital asset manager Bitwise released a report titled “The Year Ahead: 10 Crypto Predictions for 2025,” offering additional projections for Bitcoin. In that outlook, Bitwise stated that Bitcoin could reach $200,000 by the end of 2025, driven by sustained ETF inflows and expanding corporate interest. 

The firm also added that if the United States implements a national strategic Bitcoin reserve, the asset’s price could climb as high as $500,000.

Massive Breakout Brewing: XRP 1W Bull Flag Could Launch Price Toward $10

Mark Brennan
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Massive Breakout Brewing: XRP 1W Bull Flag Could Launch Price Toward $10

Analyst Scient highlights a bullish flag formation on the weekly XRP chart, signaling a potential continuation of the uptrend.

Notably, XRP’s short-term outlook has improved in recent days, with the price showing a clear pattern of higher highs and higher lows. From April 22 to 28, XRP gained momentum, rallying toward $2.30 before experiencing a retracement that brought it slightly above $2.10. 

Over the past 24 hours, XRP has recorded a 4.6% increase, highlighting the strengthening bullish sentiment.

Amid this movement, several market participants, including technical analysts and industry experts, have shared both near-term and long-term projections for XRP’s trajectory.

Bull Flag Formation Targets $10

Data from Scient’s weekly XRP chart reflects a strengthening bullish structure. Reviewing the data shows that they spent most of 2024 consolidating between $0.50 and $0.60 before executing a powerful breakout late in the year.

During this breakout phase, XRP moved sharply from under $0.38 to a high close to $3.30, with minimal pullbacks observed during the rally. Notably, this rapid ascent led to the formation of the asset’s flagpole, setting the foundation for the bull flag structure.

XRP Price Prediction
XRP Price Prediction

Following the ascent, XRP entered a consolidation period extending several months into 2025. The crypto asset traded within a narrow range between $1.60 and $3.30, with neither buyers nor sellers establishing control. According to his chart, this consolidation resulted in the formation of the pennant (flag), confirming the complete bull flag pattern.

The characteristics supporting the bull flag interpretation include shrinking candle sizes, lower volatility, and the formation of well-defined support and resistance levels. Based on this technical setup, Scient forecasts a potential top target of $10 for XRP, a move that would represent a 338.6% increase from the current price point of $2.28.

Resistance Levels Remain Crucial 

Meanwhile, CasiTrades provided further insight into the weekend trading activity, emphasizing the importance of critical resistance levels. She noted that XRP briefly spiked on Sunday following the circulation of an outdated ETF article, which some readers misinterpreted as new information. 

Despite the temporary surge, XRP faced rejection after failing to sustain momentum above the key $2.24 resistance zone, peaking instead at $2.27 before retreating.

Casi Trades highlighted that XRP must reclaim and close above $2.24 to preserve its bullish momentum, especially during typically volatile weekend sessions characterized by lower liquidity. 

She added that weekend moves often exaggerate price action, urging a focus on clean technical structures instead of reacting to speculative headlines.

Long-Term XRP Prediction

Separately, CryptoGuard COO Matthew Brienen outlined an ambitious long-term valuation framework for XRP during the inaugural edition of the ‘Ask Matty Show.’ Brienen disclosed that XRP comprises 50% of his crypto portfolio, having steadily accumulated the asset since 2020 through dollar-cost averaging.

In the short term, Brienen plans to gradually reduce his holdings over the next few years to lock in potential gains from the 2024-2025 cycle. However, he also revealed that he would retain part of his XRP position for 5 to 10 years, citing XRP’s use case in cross-border settlements.

According to Brienen, XRP’s rapid transaction speeds and minimal fees position it favorably for remittance markets. As a result, he projects that XRP could reach price levels between $100 and $1,000 over the next decade.

Arizona Legislature Passes Two Bills Enabling Bitcoin State Investments

Albert Brown
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Arizona Legislature Passes Two Bills Enabling Bitcoin State Investments

Arizona could soon invest public funds in crypto, following the Legislature’s approval of two Bitcoin-related bills. 

On Monday, lawmakers in both chambers passed Senate Bills 1025 and 1373, paving the way for the state’s treasury and retirement system to allocate up to 10% of their funds into virtual currencies. These measures now await Governor Katie Hobbs’ signature to become law. 

Framework for Public Crypto Investment 

Senate Bill 1025, officially titled “Public Monies; Investment; Virtual Currency,” introduces a framework that enables public funds to invest directly in cryptocurrencies. It defines virtual currency as a digital representation of value functioning as a medium of exchange, unit of account, and store of value, excluding U.S. and foreign fiat currencies. 

The legislation limits these investments to 10% of total funds managed by the state treasurer and retirement systems. This structured approach aims to diversify public fund holdings through a controlled introduction of Bitcoin, while maintaining a clear separation from traditional currencies.

The bill passed the Senate with a 17-11 vote and cleared the House 31-25. Notably, a few Democratic lawmakers joined the Republican majority in support. 

Custody Defined in Companion Bill

Senate Bill 1373 complements the reserve bill by setting detailed standards for handling the digital assets strategic reserve fund managed by the state treasurer.

It defines key terms such as “digital assets,” which include cryptocurrencies, stablecoins, and non-fungible tokens. Lending is also permitted if no additional risk is incurred.

The bill also outlines technical safeguards through definitions of “secure custody solution” and “qualified custodian.” These standards mandate encryption, exclusive key access, and maintenance in multiple secure data centers.

Additionally, multi-party governance, audit protocols, and disaster recovery systems are required to protect public assets held in digital form.

Importantly, SB 1373 ensures continuous appropriation for these funds and exempts them from standard lapse rules. This grants the state treasurer additional flexibility in managing crypto investments, allowing for more responsive financial strategies. 

Arizona’s Bitcoin Legal Tender Bill

While the reserve bills progress, Arizona lawmakers are also considering a separate proposal to designate Bitcoin as legal tender. Introduced by State Senator Wendy Rogers, the bill seeks to allow Bitcoin as an official medium of payment for goods and services in the state.

It has passed one committee and one chamber and is currently awaiting a second committee review. If enacted, Arizona would follow countries like El Salvador and the Central African Republic in recognizing Bitcoin as legal tender.

Other states, including Alabama, Utah, and New Hampshire, are exploring similar digital reserve initiatives.

Cardano Founder: We Are Building the Future, Not Selling Get-Rich-Quick Dreams

Elendu Benedict
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Cardano Founder: We Are Building the Future, Not Selling Get-Rich-Quick Dreams

Cardano founder Charles Hoskinson has blown hot on the negativity around the crypto ecosystem, insisting that enthusiasts focus on the wrong things.

Hoskinson has always been vocal about the constant abuse he and the Cardano ecosystem face, despite the numerous achievements they have made. Speaking in a recent podcast with Gokhshtein Media, he insisted that it is difficult to win in the crypto space, citing the intense negativity among users of the technology.

Users Focused on Price Over Innovation

The Cardano founder highlighted the impressive feat that the Cardano ecosystem has achieved in the past decade. He noted that the network transformed from a $72 million project to a $25 billion network, moved from nothing to 3 million users, and has delivered most of its roadmap in creating a sustainable and innovative technology.

Yet, the crypto community still considers Cardano a failure. Hoskinson narrowed the skepticism down to the space, citing the positivity from his other endeavors despite achieving nothing near what he did with Cardano.

Meanwhile, he emphasized that this bias stems from people’s focus on personal profits over innovation. The Cardano founder stated that crypto users tie a project’s success to the price action of its token rather than technological advancements.

According to him, users want to 10x or 100x their portfolio overnight, and any supposed big move that does not facilitate that is considered a scam or unsuccessful.

Recall that Hoskinson recently taunted a new project that dumped over 90% in a few hours following encouragements from key opinion leaders to dump ADA due to its underwhelming price actions for “the next big thing.”

Sustainability Over Quick Price Action

Nonetheless, Hoskinson remains unfazed, maintaining that the team will continue to build “in a decentralized manner.” He stressed that Donald Trump’s new administration has made considerable changes in the financial sector, and clarity is already underway through new regulations.

Aside from focusing on firebrand price actions and elusive price explosions, Hoskinson urged enthusiasts to collaborate and ensure that a clear regulatory framework exists for the cryptocurrency industry.

“Don’t you care about a solid regulatory clarity and a solid operating environment and being able to build your projects up?” Hoskinson queried.

Meanwhile, Hoskinson stressed that Cardano will continue to focus on building a sustainable ecosystem and is not in the business of “selling get-rich-quick dreams.” He aims to achieve this through innovations, such as Midnight and decentralized finance (DeFi) on the Bitcoin network.

US Secretary of Commerce Reveals Vision for Bitcoin Mining, Wants BEA to Add BTC to its Account

Lele Jima
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0
US Secretary of Commerce Reveals Vision for Bitcoin Mining, Wants BEA to Add BTC to its Account

US Secretary of Commerce Howard Lutnick reveals how the United States aims to support Bitcoin mining operations under President Donald Trump’s administration. 

During an interview with Bitcoin Magazine, Lutnick shared his vision for Bitcoin mining. He disclosed that the Commerce Department’s investment accelerator initiative will benefit Bitcoin mining companies and allow miners to set up shop in the U.S. 

Bitcoin Miners Will Benefit from Investment Accelerator Initiative

Last month, President Donald Trump ordered the Commerce Department to create an Investment Accelerator office to accelerate investments of $1 billion in the American economy. 

Trump investment accelerator executive order
Trump Investment Accelerator Executive Order

This initiative helps clear regulatory hurdles for businesses looking to invest in America and fast-tracks the process of obtaining the necessary operational licenses for these businesses. 

Interestingly, the Commerce Secretary emphasized that the investment accelerator would support crypto businesses, particularly Bitcoin mining companies. 

Other Bitcoin Mining Support 

Besides helping miners obtain the required operational licenses, Lutnick suggests that the Commerce Department would allow Bitcoin miners to build their own power plants right next to where they intend to site their mining data centers. 

This power plant, often powered by wasted gas, would allow miners to run their operations off-grid without relying on local utilities. 

“Bitcoin miners will be allowed to put their data centers on top of gas fields, with a power plant set up right next to them,” Lutnick remarked. “This way, miners won’t be drawing power [from the existing grid].” 

With this support, Lutnick expects the next generation of Bitcoin miners in America to ‘control their destinies’ and drastically reduce power costs. He speculates that the support would ‘turbocharge’ Bitcoin mining operations in the United States. 

Trump Wants Remaining Bitcoin Supply Minted on US Soil 

The Commerce Department’s push to scale Bitcoin mining operations in the U.S. aligns with Donald Trump’s vision for the industry. Last year, Trump promised to ensure that the United States dominates the Bitcoin mining sector. 

He wants the remaining Bitcoin supply to be mined on American soil. This move would enable the United States to dominate the energy sector, according to him. 

Bitcoin Is a Commodity, Not a Currency

Meanwhile, Lutnick added credence to Bitcoin’s status as a commodity. According to him, Bitcoin is a commodity and not a currency. He emphasized that Bitcoin should be treated like other commodities, including oil and gold. 

Interestingly, Lutnick floated the idea of having the Bureau of Economic Affairs (BEA) incorporate Bitcoin in its national account metrics. This approach is similar to how the BEA refines its account using gold while also recording the exports and imports of the precious metal under its International Transaction Accounts. 

Lutnick Welcomes Bitcoin to the US 

Further, Lutnick declared that Bitcoin is welcome in the U.S., noting that the current administration has several BTC proponents, including himself and the White House Crypto Czar David Sacks. 

The Commerce Secretary says he wants Bitcoin to thrive in the U.S., adding that the industry has to figure out how to win. He emphasized that the U.S. will never return to the era when crypto businesses were treated as if they had committed an offense.

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