Bitcoin's tepid response to a flurry of positive news from the crypto industry.

It's Friday, January 24th, 2025. I'm Christine Lee. This is CoinDust Daily.

We all want to believe in something. In Chinese, belief also means trust. We want to trust our systems and each other

so we can build a future beyond what we know. Join us at Consensus Hong Kong, where belief becomes real.

Bitcoin Pretty Flat Friday, despite U.S. President Donald Trump calling the U.S. the crypto capital of the world

and signing an executive order on crypto that directs his administration to establish friendly policies to put the industry on solid U.S. footing and create a working group to look into establishing a digital asset stockpile.

Trump's order additionally bans work on a U.S. Central Bank digital currency in his administration.

But on the other side of the world, the Bank of Japan lifted interest rates to the highest level

in 17 years while raising inflation forecasts. Investors like former BitMex CEO Arthur Hayes

have also predicted that Trump's inauguration would be a sell-the-news event.

BlackRock CEO Larry Fink is bullish on crypto at the World Economic Forum, telling CNBC he wants

the Securities and Exchange Commission to rapidly approve tokenization of bonds and stocks.

Earlier, he told Bloomberg that institutions and sovereign wealth funds are considering

allocating up to 5% of their portfolio to Bitcoin

based on fears of weakening currencies and socio-political uncertainty.

As a result, the chief of the largest fund manager in the world predicts BTC price to hit

up to $700,000 in the coming years.

Finally, the U.S. Securities and Exchange Commission has withdrawn a controversial

crypto financial reporting bulletin known as SAB-121, which made it burdensome for banks to custody

digital assets. Specifically, staff accounting bulletin 121 directed banks and other public

companies to mark crypto assets as liabilities on their own balance sheets. Instead, firms will now use

financial accounting standards board rules or international accounting standards provisions.

...