In a move that may raise a few eyebrows on Wall Street, Oklahoma has become the first state to pass a law protecting citizens' rights to self-custody Bitcoin. A bold step for a state not typically known for leading in tech innovation. According to Decrypt, this groundbreaking legislation, signed into law by Governor Kevin Stitt, ensures that residents can hold and use Bitcoin without interference from the government. The Oklahoma law marks a significant shift in how states are approaching cryptocurrency regulation. As digital currencies gain traction, traditional financial centers like New York and San Francisco may need to take note. Self-custody, a principle cherished by crypto enthusiasts, implies that individuals hold their own private keys, essentially controlling their own digital assets. Oklahoma’s law affirms this right, challenging the norms of centralized financial control. Some might say it’s ironic that a state known more for its oil rigs than its tech hubs is leading this charge. Yet, Oklahoma’s proactive stance could signal a broader trend in decentralized finance (DeFi). By embracing Bitcoin and self-custody rights, the state is positioning itself as a forward-thinking player in the evolving financial landscape. It’s a reminder that innovation can spring from unexpected places. The legislation also dovetails with Oklahoma’s growing interest in Bitcoin mining. The state’s low energy costs make it an attractive location for mining operations, which require significant electricity. With this new law, Oklahoma not only attracts miners but also ensures that citizens benefit from the Bitcoin they produce. It’s a win-win scenario, though some skeptics might question the environmental impact. Financial institutions might find this development intriguing. Banks and investment firms have long been wary of Bitcoin’s volatility and regulatory uncertainty. Oklahoma’s move could prompt a reevaluation of these positions, especially if other states follow suit. The idea that individuals have an inherent right to control their digital assets could reshape the financial industry's approach to cryptocurrencies. In the grand scheme, Oklahoma’s new law is a small step for one state but potentially a giant leap for Bitcoin self-custody rights nationwide. As the financial world watches, the irony is clear: while Wall Street debates the future of digital assets, Oklahoma is already staking its claim.

In a surprising turn, former President Donald Trump has shifted his stance on cryptocurrencies, now expressing support for Bitcoin as he campaigns for the 2024 presidential election. Speaking at his Mar-a-Lago resort, Trump criticized President Biden and SEC Chair Gary Gensler for their allegedly hostile approach to crypto, positioning himself as the pro-crypto candidate. According to Cointelegraph, during his presidency, Trump was a vocal critic of Bitcoin, labeling it as a tool for illegal activities. However, his recent remarks suggest a strategic pivot to attract the growing number of crypto enthusiasts. This change aligns with dissatisfaction in the crypto community over the Biden administration’s regulatory stance, which many see as stifling innovation. Key figures in the crypto world, such as Ethereum co-founder Charles Hoskinson, have accused the Biden administration of actively undermining the industry. Trump’s new pro-Bitcoin stance aims to leverage this sentiment, presenting a stark contrast to his opponent. Despite skepticism about his genuine commitment to cryptocurrency, Trump's strategy might resonate with voters in swing states, where crypto holders could influence the election outcome. A recent poll indicated that nearly 20% of registered voters own crypto, with many willing to switch party allegiance based on candidates' crypto policies. As the election nears, Trump's position on Bitcoin could become a significant factor in a closely contested race. Whether this new pro-crypto stance is a sincere change of heart or a political maneuver remains to be seen, but it undoubtedly adds a new dimension to the 2024 presidential campaign.

El Salvador, a small, but fearless country in Central America, has mined a total of 474 Bitcoin worth $29 million using volcanic geothermal energy since 2021. According to Reuters, there is a pretty interesting math there. The country has allocated 1.5 megawatts (MW) to cryptocurrency mining out of the 102 MW produced by the state-owned power plant with the help of geothermal energy from the country’s Tecapa volcano. With that power, the Bitcoin was mined using 300 mining processors. In 2021, El Salvador made history by becoming the first country to adopt Bitcoin as a legal tender alongside the United States dollar. Since then, the government has adopted several Bitcoin-focused policies, including Lightning BTC wallets for citizens and establishing a geothermal plant to mine BTC. El Salvador now holds a total of 5,750 BTC worth around $354 million.

Wisconsin has officially become the first state to buy bitcoin, according to a new filing with the U.S. Securities and Exchange Commission. The state’s authorities decided to risk with $161 million the state pension fund, Gizmodo notes. They didn’t buy Bitcoin directly. Instead the opted to go with ETFs. According to the SEC filing, the State of Wisconsin Investment Board bought 94,562 shares of BlackRock’s iShares Bitcoin Trust (IBIT) worth about $98 million and $63 million of Grayscale’s spot Bitcoin ETF (GBTC). Bitcoin ETFs were only approved by the SEC this past January. They allow institutional investors to invest in bitcoin without actually holding the crypto directly. ETFs were widely speculated as the means of Bitcoin adoption by non-geeky investors. And it seems to be working out just perfectly, with many suggesting this could be just the start of other state pension funds investing in crypto. The most famous large institutional investment in bitcoin started in El Salvador in 2021 when President Nayib Bukele purchased the crypto for his country and declared the cryptocurrency to be legal tender. El Salvador currently holds about 5,748 BTC worth roughly $360 million. But bitcoin is an incredibly volatile asset. Those same holdings would have been worth about $155 million a year ago and there’s no guarantee bitcoin’s price will continue to climb steadily.

Bitcoin will stay in $55K to $75K zone for now, says Mike Novogratz, the founder and CEO of Galaxy Digital. He thinks crypto is in a “consolidation phase” and predicts that prices will bounce higher at the end of the current quarter. “Bitcoin, Ethereum, and everything else, Solana will consolidate. What does that mean? It means probably somewhere between 55 and 75 until the next set of circumstances, the next set of market events brings us higher,” Novogratz said during Galaxy Digital’s Q1 earnings call, Cointelegraph reports. Novogratz also mentioned he wasn’t too worried by the dwindling inflows for spot Bitcoin ETFs nor did he seem concerned by Bitcoin’s recent downward slide. According to Novogratz, there is a broader trend of adoption among traditional financial institutions. “We continue to see adoption growing [...] big players are just now starting to put it through their system,” he said. Novogratz’s take is pretty straightforward. Asset prices could begin to pick up when the United States Federal Reserve eventually begins cutting rates “because the economy finally slows” or alternatively we see a favorable outcome from the upcoming U.S. presidential election. As Yellow.com stated before, Novogratz is one of those high-profile Bitcoin optimists. As of now, Novogratz claims Bitcoin will reach $500,000 by the end of 2024.