The FOMC announced a 0.25% interest rate cut.
They talked about adjusting the benchmark rate to 4.25%-4.5%, and Chairman Jerome Powell announced that the Fed will not be involved in holding bitcoin.

While the rate cut contributed to the rise in the price of Bitcoin, the mention of not holding Bitcoin is negative for the price of Bitcoin. However, altcoins have been rising in price since the FOMC meeting ended with high probability.

We expect PS Coin to benefit from this.

In the next installment, we'll reflect on Arthur Hayes' Twitter comments.

Bitcoin price hits new all-time high after Trump confirms BTC federal reserve plan

The price of bitcoin has hit a new all-time high after US President-elect Donald Trump confirmed plans to create a BTC federal reserve.
The world’s leading cryptocurrency rose nearly 5 per cent following Trump’s latest comments, reaching a new record above $106,000 (£84,000) on Monday morning.
The incoming president first proposed a bitcoin federal reserve during an appearance at the Bitcoin 2024 conference in July, promising to make the US the “bitcoin superpower” of the world.

Speaking to CNBC on Sunday, Trump suggested his administration would focus on overhauling regulation and introduce favourable policies that would boost crypto.

“We’re gonna do something great with crypto because we don’t want China, or anybody else … but others are embracing it, and we want to be ahead,” Trump told CNBC, adding that his plans involved a strategic reserve similar to the US’s oil reserve.

Other countries have also been considering cryptocurrency strategic reserves.
Russian President Vladimir Putin earlier this month questioned the need to hold state reserves in foreign currencies, saying that domestic investment of such reserves was more attractive.
Putin said the current US administration was undermining the role of the US dollar as the reserve currency in the global economy by using it for political purposes, forcing many countries to turn to alternative assets, including cryptocurrencies.

“For example, bitcoin, who can prohibit it? No one,” Putin said.

There are skeptics though, with Federal Reserve Chair Jerome Powell likening bitcoin to gold earlier this month.
“People are not using it as a form of payment, or as a store of value. It’s highly volatile, it’s not a competitor for the dollar.”
Bitcoin has surged more than 50 per cent since the election on 5 November that saw Trump elected along with many other pro-crypto candidates.

The price surge has pushed bitcoin’s market cap above $2 trillion, while the overall cryptocurrency market is now approaching $4 trillion.

“We believe the stage is set for even greater highs in the months ahead,” Nigel Green, chief executive of financial services firm deVere Group, told The Independent.

“I’ve previously predicted that following Donald Trump’s inauguration, it could surge to $120,000. I now believe growing investor FOMO (fear of missing out) and increasing institutional investment can be expected to push the price to $150,000 by mid-2025.

“This dual momentum is fueling the crypto market’s resurgence and establishing bitcoin as a ‘must-have’ asset in portfolios.”

Additional reporting from agencies.

The Untold Story: Who Received 10,000 Bitcoin for Pizzas? *🍕*💰****

The story of the infamous Bitcoin Pizza Day has become crypto folklore. On May 22, 2010, Laszlo Hanyecz, a programmer, made history by paying 10,000 BTC for two Papa John’s pizzas—valued at around $41 at the time. Today, those bitcoins would be worth hundreds of millions of dollars, making it the most expensive meal ever recorded. But while everyone remembers the buyer, what about the guy who received 10,000 BTC?

1. Who Was the Seller? The Man Behind the Wallet 👤****
The person who accepted the 10,000 BTC in exchange for pizzas was Jeremy Sturdivant, also known by his online handle "jercos." At just 19 years old, Jeremy was active on the Bitcoin forums, where Laszlo posted his offer to trade BTC for real-world goods. Seeing the opportunity, Jeremy jumped in to fulfill the request.

. What Did Jeremy Do with the 10,000 BTC? 🤔
Unlike Laszlo, who famously “spent” his bitcoin, Jeremy didn’t hold onto his newfound treasure. Instead, he spent or traded the coins as Bitcoin gained traction in niche online communities. At the time, Bitcoin wasn’t seen as a store of value but more as an experimental currency.

Jeremy later explained in interviews that he never regretted spending the bitcoins, as their value was insignificant back then. “Hodling” wasn’t yet a common practice in the crypto world!

3. Where Is He Now? 🕵️****
Jeremy Sturdivant has largely stayed out of the public eye, unlike Laszlo, who has become a Bitcoin celebrity. Despite missing out on a fortune, Jeremy’s involvement in the early Bitcoin ecosystem has cemented his place in history. He continues to show an interest in technology and cryptocurrency but prefers to remain low-key.

4. Why Don’t We Talk About Him? The Buyer vs. The Seller *👊***
The story of the Bitcoin Pizza Day is often framed around “the loss”—the potential value of the 10,000 BTC Laszlo spent. It’s easy to imagine what could have been if he had held onto those coins. But Jeremy’s story reminds us of the other side: someone received those coins, used them, and moved on.

The emphasis on the buyer over the seller also reflects our obsession with missed opportunities. Laszlo’s story is a cautionary tale, while Jeremy’s is one of simply participating in an experiment with no regrets.
5. Final Thoughts: A Tale of Two Bitcoiners *🥇***
While Laszlo gets all the attention for spending 10,000 BTC on pizzas, Jeremy’s role is just as significant. He represents the early adopters who saw Bitcoin not as a goldmine but as a currency to use and trade.

In the end, both men played pivotal roles in Bitcoin’s history, demonstrating its utility in real-world transactions. Without people like Jeremy willing to accept BTC for goods, the cryptocurrency might never have grown into the global phenomenon it is today.

So, next time you celebrate Bitcoin Pizza Day, raise a slice for Jeremy Sturdivant—the unsung hero of crypto’s most iconic transaction. 🍕🚀

#2024withBinance #CryptoHistoricMoment #CryptoMarketHype #BTC☀️ #SuperMacho

You haven't forgotten about us, have you?
We're PS Coin, and we're keeping our prices low.

A lot has happened since the Bitcoin halving, but as always, we're here to stay.

#PS #Bitcoin

Bitcoin is currently taking a hit in anticipation of the release of a slowdown in US economic activity.

There are other reasons, of course, but they will be resolved with time, so hang in there. Stay strong, everyone.

Wall Street faces a double whammy on Wed(May 12). The U.S. Consumer Price Index (CPI) for May will be released at 8:30 a.m. ET, followed by the Federal Reserve's monetary policy statement at 2 p.m. ET

BTC and Alt are likely to be affected by this, but what will the outcome be?