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Crypto News

Coinbase CEO fears Bitcoin replaces dollar if US debt grows

Coinbase CEO Brian Armstrong has warned that Bitcoin could eventually replace the USD as the world’s reserve currency if lawmakers fail to address America’s spiraling debt.

“I love Bitcoin, but a strong America is also super important for the world,” Armstrong posted on X Tuesday. “We need to get our finances under control.”

The U.S. national debt recently crossed $37 trillion, adding fresh urgency to concerns about long-term fiscal stability.

Stablecoin Firm Circle’s IPO Raises $1.1 Billion in Upsized Deal

Circle Internet Group Inc. and some of its shareholders raised nearly $1.1 billion in an upsized initial public offering that was priced above a marketed range, in a sign that stablecoin issuers are winning greater acceptance.

The firm and backers including co-founder and Chief Executive Officer Jeremy Allaire sold 34 million shares Wednesday for $31 each, according to a statement confirming an earlier Bloomberg News report.

Hong Kong to permit crypto derivatives for professional investors: Report

Hong Kong’s securities regulator aims to introduce digital asset derivatives trading for professional investors as part of a broader strategy to expand product offerings and reinforce the city’s role in the global digital asset market, local media reported.

Christopher Hui Ching-yu, secretary for Financial Services and the Treasury, confirmed the move on June 4, according to a report by the English-language newspaper China Daily HK.

Bitcoin Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Tuesday was $86.92 million. The total net asset value of Bitcoin spot ETFs is $126.67 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.09%. The Bitcoin spot ETF with the highest net inflow on June 4 was iShares Bitcoin Trust ETF , with a net inflow of $283.96 million.