BBVA Shares Rise 3.5% on Bitcoin, Ether Trading Approval

Michael Saylor, co-founder of Strategy, recently presented a comprehensive plan at the White House Digital Assets Summit. The plan aims to leverage the cryptocurrency industry to unlock up to $100 trillion in economic value over the next decade. Saylor's proposal includes a structured taxonomy for digital assets, divided into four categories: digital tokens for capital formation, digital securities for market efficiency, digital currencies to bolster the dollar’s global standing, and digital commodities for wealth preservation. The plan also emphasizes the need for transparency and accountability, advocating for stringent disclosure requirements to combat fraud and conflicts of interest. Saylor called for the end of what he termed “hostile and unfair tax policies” on the crypto sector and urged the government to support the industry to help it reach its full potential. A central pillar of Saylor’s vision is establishing a strategic bitcoin reserve, aiming to see the U.S. acquire a significant portion of the total bitcoin supply, ranging from 5% to 25%, by 2035. Saylor’s projection suggests that by 2045, this reserve could generate revenue ranging from $16 to $81 trillion, providing a substantial long-term solution for the United States’ national debt reduction efforts.

Banco Bilbao Vizcaya Argentaria (BBVA), one of Spain’s largest financial institutions, has received regulatory approval to offer bitcoin and ether trading to its clients. The approval was granted as the Markets in Crypto-Assets (MiCA) regulation was fully implemented. BBVA’s pursuit of regulatory approval dates back several years, with reports showing the firm was already planning to enter the sector in 2020. Initially, BBVA considered launching cryptocurrency services from Switzerland, leveraging the country’s established regulatory clarity. Earlier this year, the bank launched cryptocurrency trading in Turkey through a local subsidiary and has now secured approval within its home market.

A bill aimed at bolstering bitcoin adoption in Utah has passed the state Senate. However, a crucial provision that would have established a state BTC reserve was removed from it before it passed. The HB230 “Blockchain and Digital Innovation Amendments” bill primarily focuses on providing Utah residents fundamental custody protections, the right to mine bitcoin, operating nodes, stake funds, and more. The bill passed the senate with a 19-7-3 vote and is now heading to Governor Spencer Cox for consideration. The bill’s original version included a provision to authorize the