Rootstock, a Bitcoin layer 2 solution, has made a splash. They've verified a SNARK proof on-chain. This could be huge for zero-knowledge proofs on Bitcoin. The verification happened Thursday on Rootstock's mainnet. They'd already nailed it on the testnet a day earlier. Rootstock used BitVMX for this feat. It's their tweaked version of BitVM. BitVM is a computing model. It aims to bring Ethereum-style smart contracts to Bitcoin. SNARK stands for Succinct Non-Interactive Argument of Knowledge. It's a mouthful, right? Basically, it lets you prove you know something without spilling the beans. This move is a big deal for BitVMX. It shows the system can challenge and validate SNARK verifiers on-chain. Rootstock's team was pretty chuffed. They said in an email, "This breakthrough opens the door for replicating this process with any program compiled to the RISC-V architecture." They're using BitVMX's general-purpose virtual CPU for this. It's some serious tech. The implications could be far-reaching. Zero-knowledge proofs on Bitcoin? That's new territory. It's not just about Bitcoin, though. This could impact the whole blockchain scene. Will other platforms follow suit? Only time will tell. But Rootstock's definitely made waves with this one.

A US senator's push to make Bitcoin a Fed reserve asset has sparked debate. Not everyone is totally happy with the idea because it may be used to help greedy speculators profit from rising BTC prices. For instance, famous banking lawyer Todd Phillips isn't buying it. Senator Cynthia Lummis is set to unveil legislation at the Bitcoin Conference. The bill would require the Federal Reserve to buy and hold Bitcoin as a strategic reserve. Lummis hopes to get Trump's backing if he wins the presidency. But Phillips isn't convinced. He argues Bitcoin lacks the qualities of a proper reserve asset. "It's not like oil," Phillips says. The lawyer claims Bitcoin isn't an input for real-world goods and services. He reckons the move is just to pump Bitcoin's price. "It's simply to require the Fed to buy Bitcoin, sending its price higher for speculators," Phillips states. But crypto bigwigs are hitting back. VanEck's Matthew Sigel challenged Phillips' take. Sigel points out Bitcoin's role in stabilizing renewable energy grids. He also notes intangible assets make up 60% of US GDP. "Bitcoin's $800 billion market cap speaks for itself," Sigel adds.

VanEck, a New York-based asset manager, has released a report with bullish predictions for Bitcoin, far more bullish than anything you have heard before, that's for sure. The firm suggests the cryptocurrency could reach $52 million per coin by 2050. This forecast is based on several assumptions. VanEck's digital assets team foresees Bitcoin becoming a global reserve asset. They also anticipate a decline in current reserve currencies. The report, authored by Matthew Sigel and Patrick Bush, presents two scenarios. The base projection puts Bitcoin at $2.9 million by 2050. The more bullish scenario sees it hitting $52,386,207. Bitcoin currently trades at $64,896. It has risen 95,564% in 11 years. VanEck's predictions represent a massive jump from current levels. "We expect BTC to be widely used in international trade," the report states. It adds that Bitcoin could become "a significant medium of exchange and a valuable store of wealth." The authors argue that increased adoption will drive up demand. "Central banks and long-term investors will want to hold more BTC," they write. This could reduce the available supply, pushing prices higher. In other words, Satoshi Nakamoto was absolutely right about scarcity as the main tool to secure Bitcoin's ability to survive and prosper. VanEck's base projection assumes 2.5% of central bank assets will be held in Bitcoin. This scenario factors in world GDP and current growth projections. The $52 million prediction is based on even wider Bitcoin adoption. It assumes increased use in global trade and reduced circulation. However, the report comes with a caveat. It stresses the need for improved scaling networks. "If Bitcoin cannot become an important medium of exchange because adequate scaling is not completed, our core thesis for its meteoric rise will be broken," it warns. Simply put, Layer-2 solutions for Bitcoin are the absolutely mandatory condition for its survival.

John Deaton, a pro-XRP attorney and Republican Senate nominee in Massachusetts, has emerged as a major crypto holder in the political arena. His portfolio is turning heads. Deaton's crypto holdings are no small change. A whopping 80% of his net worth is in Bitcoin or related investments, though it's worth mentioning that the senator has also got stakes in Ethereum, Solana, and XRP (no meme coins, in case you wondered). This news came to light on Wednesday. Fox journalist Eleanor Terret spilled the beans. Deaton's not just a lawyer. He's a Marine vet too. He's been defending cryptocurrencies, especially Ripple, for years. Ripple's been in a nasty legal scrap with the SEC since 2020. The regulator claims they violated securities laws. Deaton's been a key player in Ripple's defense. Now, Ripple's backing Deaton's campaign. They've been throwing serious cash at it. The company's pumped $1 million into a super PAC. It's called the Commonwealth Unity Fund. Legal expert James Murphy, aka "MetaLawMan", set it up. Murphy's got big plans. He wants to see more crypto-friendly faces in Congress. He reckons Deaton's the man for the job. But it's not all smooth sailing. Deaton's up against Elizabeth Warren. She's held her seat since 2013 and isn't a fan of crypto. Warren's got deeper pockets too. Deaton's playing catch-up in the fundraising game. Murphy's not fazed. He told Fox: "We're in it to win it." Meanwhile, XRP's price is feeling the heat. It's down 1.5% in the last 24 hours, trading at $0.615. The whole crypto market's taken a hit, with Bitcoin leading the slide on Thursday.

Senator Cynthia Lummis is set to shake things up. The pro-crypto Republican is cooking up a bill to make Bitcoin a mainstream asset. It's a big deal, folks. Fox Business spilled the beans. They say Lummis wants the Federal Reserve to hold Bitcoin as a strategic reserve. Three crypto bigwigs are in the know. The senator's keeping her cards close to her chest. But word on the street is she'll unveil the bill at the Bitcoin Conference in Nashville. It's happening this Saturday, right before Trump takes the stage. Lummis' team is crossing their fingers for Trump's thumbs-up. But plans can change. The announcement might be pushed back. There's another option on the table. Lummis could drop the bomb during a Friday chat with Tulsi Gabbard. Gabbard, a former Dem, now backs Trump's presidential run. The bill's nitty-gritty is still under wraps. But Lummis teased something big on social media. "₿ig things are in store this week. Stay tuned!" she wrote. An insider gave us a peek at the draft. The bill aims to make the Fed buy and hold Bitcoin. It'd be like how they handle gold and foreign currencies. The goal? Steady the U.S. monetary system and prop up the dollar. Lummis is drumming up support from her Senate Banking Committee colleagues. Alex Chizhik from HarrisX chimed in. He told Fox Business: "Having the Fed hold Bitcoin as a strategic reserve asset would be a momentous move. It brings stability to the U.S. dollar and our capital markets. It also signals that our central bank is embracing innovation." But it's not all smooth sailing. The bill needs both presidential and congressional backing. That's a tall order given the skepticism around digital currencies. The $2 trillion crypto industry has its fair share of fraud issues. Many economists aren't sold on its value as a financial asset. Right now, the U.S. is sitting on about 210,000 Bitcoins. Each one's worth over $66,000. Most came from Department of Justice seizures of illicit activities. The Bitcoin Conference is drawing some heavy hitters. Michael Saylor, Cathie Wood, Vivek Ramaswamy, and Robert F. Kennedy Jr. are all on the guest list. It's happening against a backdrop of political heat. Both parties are eyeing crypto-owning voters. The November presidential election is shaping up to be a nail-biter. Rumors are swirling about Trump's plans. Some say he might label Bitcoin a strategic asset at the conference. Dennis Porter from Satoshi Act dropped that bombshell. Kamala Harris was thinking about showing up too. But she ended up backing out. The crypto world is watching closely as the political drama unfolds.