Crypto

Ex-Google engineer says he sold all bitcoin holdings, raising liquidity and security concerns

Patrick Shyu, a former Google technical lead and content creator, said he sold his entire cryptocurrency portfolio including bitcoin and suffered heavy losses. He said the market drop was steeper than expected and that excessive leverage worsened his losses. Shyu also warned that exit liquidity is thinner than in 2021 and cited potential selling by Mt. Gox creditors and MicroStrategy. He also questioned long-term bitcoin network security as mining rewards decline.

Crypto

U.S. lawmaker proposes bill to hold seized bitcoin as reserve asset

A bill is being pursued in the U.S. Congress that would require the federal government to hold bitcoin seized in law enforcement operations instead of auctioning it. Republican Representative Nick Begich said the proposal, called the American Reserve Asset Modernization Act, aims to replace the practice of immediate sales. He argued bitcoin could serve as a reserve asset because of scarcity and a dispersed ownership base, and described it as insurance against potential dollar depreciation.