## State Police at Reading Warn of Bitcoin Scam

Recently, **state police in Reading** have issued a warning regarding a **Bitcoin scam** that is targeting unsuspecting victims. The scammers instruct their victims to **withdraw cash** from their bank accounts and **deposit it into Bitcoin kiosks**. Once the cash is deposited, the scammers gain access to the funds, leaving victims without their money.

![State Police Warning](https://www.readingeagle.com/wp-content/uploads/2023/02/PAStatePoliceWebstock.jpg?w=620)

Troopers emphasize the importance of being vigilant and aware of such scams, which exploit individuals' trust and lack of knowledge about cryptocurrency transactions. It is crucial for everyone to remain cautious and verify any requests for cash withdrawals and deposits into Bitcoin kiosks.

Originally Published: November 7, 2024 at 3:30 PM EST

The victims are told to withdraw cash from their accounts and deposit it in bitcoins kiosks that the scammers then access, troopers said.

Beware: State Police Issue Warning About Bitcoin Scam Targeting Victims

Is it time to swap **Bitcoin** for **Solana**? Here's what you need to know about these big crypto names and their long-term prospects.

## Crypto Market Performance
The **S&P 500** market index has seen a total return of **25%** in 2024, a fantastic year for stocks, but it pales in comparison to the crypto market's performance. According to CoinMarketCap, the total market value of all cryptocurrencies reached **$1.65 trillion** at the end of 2023 and doubled to **$3.30 trillion** by December 19.

**Bitcoin (BTC)** gained **138%** over the same period, while **Solana (SOL)** achieved a **101%** gain, slightly ahead of the overall crypto sector. However, if we look further back, Solana boasts a remarkable **2,000%** price increase since the lows of December 2022.

![Solana Price Chart](https://media.ycharts.com/charts/63728faed1f8677e3c062ef0bbfee922.png)

## Solana's Rebound
Solana's price surge began from a low point due to the fallout from the **FTX** collapse, where its value plummeted from **$259** to **$10** per token within a year. This recovery is significant, and while Bitcoin also suffered during the FTX debacle, its decline was not as severe.

## Real-World Applications of Solana
Solana is proving to be a top performer in executing **smart contracts** quickly, which is essential for automating financial transactions. Its high-speed contracts are beneficial for decentralized programs, mobile games, and even potential everyday purchases like gas and groceries. As it returns to the top-10 list of cryptocurrencies, investing in Solana seems promising for 2024.

## Bitcoin's Growth Catalysts
While Solana has shown impressive growth, Bitcoin has several strong growth catalysts:
- **Bitcoin Halving**: The recent halving of Bitcoin's issuance historically leads to significant price increases a year later.
- **Spot Bitcoin ETFs**: With around **5.2%** of all Bitcoins invested in ETFs, the inflow of capital through these funds is expected to grow.
- **Political Support**: The incoming administration's crypto-friendly stance may lead to the creation of a national Bitcoin reserve, increasing scarcity and potentially driving up prices.

## Investment Preference
Despite Solana's recent performance, Bitcoin's long-term strength makes it the preferred investment. As a long-term investor, holding more Bitcoin and a smaller stake in Solana seems to be a wiser strategy. Bitcoin's evolution into a more stable asset gives it an edge over Solana, which, while exciting, is still more speculative.

**In summary**, while Solana's growth is impressive, Bitcoin's established position and multiple growth factors make it a compelling long-term investment choice.

Is it time to swap Bitcoin for Solana? Here's what you need to know about these big crypto names and their long-term prospects.

Should You Trade Bitcoin for Solana? Uncovering the Best Crypto Investment Strategy!

Multiple U.S. states are now **considering Bitcoin reserve bills**, following the push from advocates who see the potential benefits of holding this digital asset. With Bitcoin's price soaring, states are looking to bolster their financial strategies by incorporating this cryptocurrency into their reserves.

## Texas
Texas is at the forefront, with **State Representative Giovanni Capriglione** proposing a bill to create a **strategic Bitcoin reserve**. The bill mandates that the state hold Bitcoin for at least five years in **cold storage**, ensuring security against online threats. Importantly, these assets cannot be used for transactions outside Texas, aligning with the state's commitment to innovation in digital assets.

## Pennsylvania
In Pennsylvania, the House of Representatives has introduced a bill to establish a **strategic Bitcoin reserve**. The proposal allows the state’s Treasurer to purchase Bitcoin using up to **10% of the State General Fund**, potentially amounting to nearly **$1 billion**. Lawmakers believe that Bitcoin's appreciation could help the state combat inflation and adapt to economic changes.

## Ohio
Ohio is also joining the movement, with **State Representative Derek Merrin** proposing a bill to create a **Bitcoin fund** within the state Treasury. This would give the Treasurer the discretion to purchase Bitcoin, with Merrin emphasizing the need for Ohio to embrace technology to protect tax dollars from inflation.

These proposals indicate a growing interest among U.S. states to leverage Bitcoin as a strategic financial asset, potentially setting a precedent for more states to follow suit.

Multiple U.S. states are reviewing Bitcoin reserve bills, while crypto advocates are pushing for similar proposals in other states.

Is Your State Next? Bitcoin Reserves Are Gaining Traction Across the U.S.

Bitcoin has undergone a **dramatic price drop**, falling towards **$90,000** per coin, which has significantly impacted the **crypto market**, erasing around **$500 billion** from the total market value of **$3.2 trillion**. This downturn is attributed to broader market trends following warnings from **Federal Reserve** Chair **Jerome Powell** regarding persistent inflation.

### Current Market Overview

In the last 24 hours, Bitcoin's drop of approximately **10%** seems modest compared to other cryptocurrencies like **Ethereum**, **Solana**, and **Dogecoin**, which saw declines of **15% to 25%**. However, recent news has sparked a rebound, with Bitcoin nearing **$100,000** again after the **Personal Consumption Expenditures (PCE)** index indicated a smaller than expected inflation rise of **2.4%** for November.

### Predictions and Insights

**Cathie Wood**, founder of **Ark Investment Management**, remains bullish on Bitcoin, predicting its price could soar to **$1 million** by **2030**, leading to a **$20 trillion** market cap. Wood highlighted that Bitcoin is becoming **scarcer than gold**, emphasizing that unlike gold, Bitcoin's supply cannot increase even when prices rise.

### Market Volatility Ahead

As we approach the holiday season, experts suggest that **Bitcoin's volatility** is likely to increase. James Toledano from **Unity Wallet** noted that Bitcoin's price behavior during this period is historically mixed, with no clear patterns. Analysts are also keeping an eye on **January 20**, coinciding with the inauguration of incoming U.S. President **Donald Trump**, as a potential turning point for the market.

### Investor Sentiment

Danni Hewson from **AJ Bell** commented that the recent remarks from the Federal Reserve serve as a wake-up call, indicating that inflation remains a concern and could affect risk appetite in the market. With many investors now leaning towards long-term options, there is a sense of **optimism** for a recovery in **2025**.

![Bitcoin Price Drop](https://specials-images.forbesimg.com/imageserve/63020d5a58234c4b60fa8c68/Federal-Reserve--Jerome-Powell--bitcoin--bitcoin-price--crypto--image/960x0.jpg?cropX1=0&cropX2=3074&cropY1=356&cropY2=2336)

![Bitcoin Chart](https://specials-images.forbesimg.com/imageserve/67655cd6e24e42f3de0990ce/bitcoin--bitcoin-price--crypto--chart/960x0.jpg?fit=scale)

Bitcoin's drop of around 10% in the last 24 hours was dwarfed by ethereum and smaller, top ten cryptocurrencies that crashed back by between 15% and 25%...

Bitcoin's Rollercoaster Ride: From $90,000 Drop to $100,000 Surge Amid $20 Trillion Predictions!

## BONK Leads the Charge in Dog Meme Rebound
Solana-based **BONK** has surged by **30%**, leading the growth among dog-themed memecoins as Bitcoin recovers to above **$98,000**. This rebound comes a day after a significant drop that saw Bitcoin near **$93,000**.

## Memecoins Outperform Major Tokens
In the past 24 hours, BONK's impressive gain was complemented by other dog-themed tokens such as **Dogecoin (DOGE)**, **Shiba Inu (SHIB)**, **Dogwifhat (WIF)**, and **FLOKI**, which saw increases of up to **20%**. Collectively, the dog-themed token category averaged an **8%** gain, outperforming a broader market rise of **4.5%** as tracked by the **CoinDesk 20 (CD20)** index.

## The Volatility of Memecoins
Memecoins are notorious for their **high volatility** and often serve as **leveraged bets** on the overall crypto market sentiment. However, this recent rally is backed by solid fundamentals and positive sentiment among some memecoins.

## FLOKI's Recognition as a Utility Token
**FLOKI** has gained attention after being named a **utility token** by the **Commodity Futures Trading Commission (CFTC)** alongside **Ether (ETH)** and **Avalanche (AVAX)**. The CFTC proposed a new class of assets that includes tokens providing **"immediately available, non-incidental consumptive use"** in crypto platforms.

The lead developer of FLOKI stated, "This recognition validates FLOKI's utility-first approach. With the upcoming launch of **Floki's Valhalla metaverse game** in early **Q1 2024** and a recently released **Floki Trading Bot** generating over **$1 million** in fees, FLOKI is set apart from other memecoins."

## BONK's Supply-Shrinking Strategies
Interest in **BONK** is also growing as the community aims to **deflate the token supply**. The **BonkDAO**, a decentralized group supporting BONK, recently burned **100 billion tokens** and is targeting a **trillion token burn** in December, a strategy that historically leads to increased token value due to scarcity. Observers suggest this goal could be met in the coming weeks.

Memecoins are known for their high volatility and tend to outperform major tokens during price rallies, serving as a leveraged bet 

Dog Memecoins Soar as Bitcoin Hits $98,000: The Surprising Comeback of BONK, DOGE, and FLOKI

MicroStrategy's **Michael Saylor** just gave crypto investors another reason to keep a close eye on **Bitcoin**. Cryptocurrency remains a **polarizing asset class**, with most enthusiasm stemming from retail investors despite growing institutional interest.

### Saylor's Support for Bitcoin
In a recent **CNBC interview** with Sara Eisen, Saylor expressed confidence in President-elect **Donald Trump's** potential plans for a **strategic reserve of Bitcoin**. Following these remarks, Bitcoin's price surged to over **$108,000**.

### Why a Strategic Bitcoin Reserve Could Make Sense
The volatility of currencies like the **U.S. dollar** has been exacerbated by inflation, prompting the Federal Reserve to implement **11 interest rate hikes**. The **purchasing power** of consumers has significantly declined, making alternative assets like Bitcoin increasingly attractive. With a **fixed supply** of **21 million coins**, adding Bitcoin to the U.S. balance sheet could serve as a hedge against inflation.

![Bitcoin Logo](https://g.foolcdn.com/art/companylogos/mark/BTC.png)

### How to Build a Bitcoin Reserve
For the U.S. to establish a Bitcoin reserve, **Congress** would need to pass specific legislation allowing the **Treasury** to acquire Bitcoin. Additionally, a regulatory framework involving the **SEC**, **CFTC**, and **IRS** must be developed to classify Bitcoin appropriately.

### The Bottom Line
While the notion of a **Bitcoin reserve** is intriguing, it remains a **pie-in-the-sky ambition**. The inherent volatility of cryptocurrencies may deter Congress from allocating taxpayer dollars to such speculative assets. For those interested in Bitcoin, exploring **spot Bitcoin ETFs** or trading platforms like **Coinbase** or **Robinhood** may be more prudent.

MicroStrategy's Michael Saylor just gave crypto investors another reason to keep a close eye on Bitcoin.

Michael Saylor's Bold Prediction: Could Bitcoin Become a U.S. Strategic Reserve?

There aren't too many better investors than the billionaire hedge fund manager **Paul Tudor Jones**. Jones launched **Tudor Investment Corp** in 1980 and made headlines in 1987 by correctly predicting the stock market crash on **Black Monday**, when the **Dow Jones** fell by an astonishing 22%. More than four decades later, he remains the chief investment officer of his firm, which has reportedly generated average annual returns of **19%**, according to **Hedge Fund Alpha**. His recent investment decisions are ones to watch closely.

### Safety Concerns and Regulatory Issues Crushed Boeing

In the third quarter, Tudor Investment Corp sold its equity position in **Boeing** and increased its **put options**, indicating a bearish outlook on the company. If you've been following the news, you know Boeing has faced significant scrutiny lately. For instance, in January, an **Alaska Airlines** flight was forced to make an emergency landing due to a door being ripped off a Boeing plane. This incident, along with other findings of loose parts on **Boeing 737 MAX 9 Jets**, led to increased oversight from the **Federal Aviation Administration (FAA)** and the **National Transportation Safety Board (NTSB)**.

![Boeing Logo](https://g.foolcdn.com/art/companylogos/mark/BA.png)

Boeing's troubles aren't new; the company previously dealt with two fatal crashes of the **737 MAX Jet** in 2018 and 2019, resulting in a global grounding of the aircraft. After a series of setbacks, Boeing recently resumed production of the 737 MAX Jet following a labor strike, but it has incurred over **$8 billion** in losses this year and continues to face negative cash flow.

### A Crypto Fan

In contrast to his bearish stance on Boeing, Jones has been a vocal supporter of **Bitcoin**. In the third quarter, Tudor Investment Corp significantly increased its position in the **iShares Bitcoin Trust ETF** by more than **400%**. Jones has expressed concerns about the U.S. government's fiscal situation, highlighting the **tens of trillions in debt** and a fiscal deficit. He believes that inflation is an inevitable outcome of such spending, famously stating that "**all roads lead to inflation**."

![US Public Debt Chart](https://media.ycharts.com/charts/8504773a87ab17c909e5ef90d86b3cdc.png)

Jones views Bitcoin as a **digital gold** and a hedge against inflation. With only **21 million tokens** that can ever be mined, and approximately **19.8 million** already in circulation, Bitcoin's scarcity is appealing. Its price recently surpassed **$107,000**, and its resilience during periods of high inflation and rising interest rates has made it increasingly accepted in mainstream finance. As more investors like Jones back Bitcoin, its position as a safe-haven asset continues to strengthen.

There aren't too many better investors than the billionaire hedge fund manager Paul Tudor Jones. Jones launched Tudor Investment Corp in 1980. In 1987, Jones correctly predicted the stock market crash on Black Monday when the Dow Jones fell by an incredible 22%. More than four decades after launching Tudor Investment Corp, Jones still serves as the chief investment officer of the company, which has reportedly generated average annual returns of 19%, according to Hedge Fund Alpha. These accomplishments have made Jones and his firm a must-watch for stock ideas. Recently, Tudor Investment Corp sold Boeing (BA 0.17%) and bought this popular cryptocurrency instead.

Why Paul Tudor Jones Just Sold Boeing for Bitcoin: A Hedge Fund's Bold Move

### Ripple Faces SEC Appeal Drama
Ripple is currently navigating through a turbulent period as it awaits the SEC's critical appeal decision in January. The SEC's ongoing litigation against **Dragonchain** for unregistered crypto asset security offerings could have significant implications for Ripple and other crypto firms like **Coinbase** and **Binance**.

### Dragonchain's Court Filing
In its court filing, Dragonchain highlighted that changes in SEC leadership could influence its case, stating:
> “There are fast-approaching changes to SEC leadership and enforcement priorities... This case meets those criteria.”

### Critique of SEC Chair Gensler
Former SEC Chief, **John Reed Stark**, criticized Chair **Gary Gensler**, suggesting that his legacy may complicate the SEC's future direction under an incoming pro-crypto agenda. Stark warned about the challenges seasoned enforcement staff might face:
> “Gensler’s actions have brought such a plot to the forefront and put it in plain view.”

### XRP Price Trends Amid Legal Uncertainty
XRP's price is fluctuating as it reacts to ongoing legal battles, recently gaining **1.83%** after a previous loss. If the SEC withdraws its appeal, XRP could aim for its all-time high of **$3.5505**, but initial selling pressure may arise if the SEC proceeds with its opening brief by **January 15**.

### Bitcoin's Volatility and Market Sentiment
Bitcoin also experienced volatility, sliding down to **$92,074** before rebounding due to U.S. economic data. The **Core PCE Price Index** showed a year-on-year increase of **2.8%**, which was below expectations, boosting demand for riskier assets.

### Impact of ETF Market Outflows on Bitcoin Demand
The U.S. BTC-spot ETF market faced significant outflows totaling **$671.9 million**, marking the largest outflow since its launch. This trend may weigh on Bitcoin demand in the short term, despite impressive inflows earlier in the week.

### Bitcoin Price Outlook
As of December 20, Bitcoin closed at **$98,124**, with its price heavily influenced by sentiment towards Fed rate policies and ETF market trends. A major sale by the U.S. government could push BTC towards **$90,000**, while progress in Strategic Bitcoin Reserve news could propel it toward **$100,000**.

Ripple Faces SEC Appeal Drama: XRP battles market volatility as Ripple awaits the SEC’s crucial January appeal decision, with potential price impacts looming.

Beware: State Police Issue Warning About Bitcoin Scam Targeting Victims

Summary:

State Police at Reading Warn of Bitcoin Scam

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Dog Memecoins Soar as Bitcoin Hits $98,000: The Surprising Comeback of BONK, DOGE, and FLOKI

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Ripple's Legal Battle and Bitcoin's Price Surge: What You Need to Know Now!