**Prominent economist Paul Krugman** has criticized former President **Donald Trump** and Ohio Senator **J.D. Vance** for their support of **Bitcoin**, describing it as an **economically useless** endeavor. Krugman argues that Trump's pitch to stockpile Bitcoin is merely a **bailout for a value-destroying industry**. This criticism highlights the ongoing debate about the legitimacy and future of cryptocurrency in the economic landscape. Krugman, known for his skepticism towards cryptocurrencies, suggests that endorsing Bitcoin aligns with a trend that undermines traditional economic values. As Bitcoin continues to fluctuate in value, the discussion surrounding its utility and potential risks intensifies. In the face of such criticism, supporters of Bitcoin argue for its potential as a revolutionary financial tool, contrasting sharply with Krugman's stance. The clash between traditional economic perspectives and the rapidly evolving world of cryptocurrency remains a hot topic in financial discourse.

The prominent economist thinks Trump’s Bitcoin stockpile pitch is just a bailout for a “value-destroying” industry.

Paul Krugman Slams Trump and Vance's Bitcoin Endorsement: A Bailout for a Failing Industry?

## Russia Embraces Cryptocurrency for International Payments

In a significant shift, **Russian firms** are now utilizing **cryptocurrency**, including **Bitcoin**, to navigate international payments, as confirmed by Anton Siluanov, Russia's finance minister, during an interview with Russia 24 TV. This move comes in response to the **sanctions** imposed on the country, which have severely impacted its trade capabilities.

Siluanov stated, "As part of the experimental regime, it is possible to use bitcoins, which we had mined here in Russia." He expressed optimism that these transactions would continue to expand in the coming year.

## Legislative Changes Open the Door to Crypto

Recent **legislative changes** have marked a turning point for Russia, overturning its previous skepticism towards cryptocurrencies. The government has now legalized the use of crypto for international payments and allowed for its mining within the country.

Bitcoin has gained significant traction globally, recently trading around **$98,000**, after breaching the **$100,000** threshold earlier this month. Despite its volatility, Bitcoin's increasing prominence has led some countries, such as El Salvador and the Central African Republic, to adopt it as **legal tender**.

## A Shift in Russia's Stance on Crypto

Historically, Russia has been resistant to cryptocurrencies. In early 2022, prior to the Ukraine invasion, the central bank proposed a ban on their use and mining, citing financial stability concerns. However, due to the **sanctions** and difficulties with international trade, Russia has pivoted towards **alternative payment systems**, including crypto, to facilitate its trade agreements.

This shift is crucial as global banks have significantly reduced transactions with Russia, complicating its ability to conduct business. Russia's foreign currency reserves, estimated at **$300 billion**, remain largely frozen due to sanctions, prompting discussions among G7 countries on their use to support Ukraine.

In a recent statement, President **Vladimir Putin** acknowledged the potential of Bitcoin, questioning the wisdom of accumulating reserves that can be easily lost. He emphasized Bitcoin's appeal as a **non-prohibitive** alternative to traditional foreign currency reserves, suggesting it could be a valuable asset for the country moving forward.

Some businesses have begun using crypto, including bitcoin, to make international payments, Russia's finance minister said.

Russia Turns to Bitcoin: A Bold Move in International Trade Amid Sanctions

### Springfield Police Warn Residents

The **Springfield Police Department** has issued a **warning** to the public regarding a surge in **cryptocurrency scams**. These scams often instruct victims to go to a machine to **insert and send money**.  

Residents are advised that if they receive a phone call demanding payment in **cryptocurrency** or **Bitcoin**, they should **hang up immediately**.  

Both the police and the **Federal Trade Commission** have noted that there are multiple variations of these scams and have provided several **tips** to help prevent individuals from falling victim to them.  

Stay vigilant and protect your finances!

No legitimate business will call for people to make payments using cryptocurrency.

Beware: Springfield Police Issue Urgent Warning About Cryptocurrency Scams

![MicroStrategy Sinks After Nasdaq 100 Inclusion: Bitcoin Bet Under Fire?](https://s.yimg.com/ny/api/res/1.2/oQl7Kug.S6NjD7KiR.1t6A--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTU0MDtjZj13ZWJw/https://media.zenfs.com/en/benzinga_79/2a097c5d087ec3649e42d6e2a2c53215)

Shares of **MicroStrategy Inc. (NASDAQ: MSTR)** fell more than **8.5%** on Monday, marking a rough debut among the **Nasdaq 100**. The software company, recognized as a top corporate **Bitcoin (BTC)** holder, has recently faced a downturn, logging its fifth losing session in six, and experiencing a **37% drop** since its all-time high last month.

### Why Is MicroStrategy Falling?
On Monday, MicroStrategy revealed it had sold **$561 million** in common stock to acquire an additional **5,262 Bitcoins** at an average price of **$106,662** per coin, increasing its total Bitcoin holdings to an impressive **444,262 BTC**.

Yet, both the **size** and **timing** of this purchase have raised eyebrows among traders and analysts. This latest Bitcoin acquisition is **Michael Saylor**’s smallest to date, contrasting sharply with his previous bold strategies. The average price paid for this new Bitcoin stash is approximately **12% above current levels**, exceeding the record close of **$106,151** per Bitcoin on December 17—an unusual move for a company known for buying on dips.

Critics have been vocal. **Peter Schiff**, a prominent Bitcoin skeptic, remarked on X, "It seems like you are running out of firepower to keep propping up Bitcoin. Plus, not only is this your smallest buy, but the first time your average purchase price has been above the market price on the Monday you disclosed the buy."

### A Risky Game Of Leverage
MicroStrategy's deep connection to Bitcoin serves as both a significant asset and a potential vulnerability. With over **$41 billion** worth of Bitcoin on its balance sheet as of December 2024, the company remains heavily influenced by the volatile movements of the cryptocurrency market. As sentiment shifts, the market's reaction indicates increasing unease regarding MicroStrategy's strategy and future.

"**$MSTR continues to look quite heavy,**" stated the account Markets & Mayhem on X. "The ‘infinite money glitch' isn't really a glitch at all. It's just trying to replace a failing core SaaS business with something that attracts today's high-beta-loving speculators."

Shares of MicroStrategy Inc. (NASDAQ:MSTR) fell more than 8.5% Monday, marking a rough debut to its nascent tenure among the Nasdaq 100. The software company and top corporate Bitcoin (CRYPTO: BTC) holder has struggled lately, logging its fifth losing ...

MicroStrategy's Bitcoin Gamble: A Troubling Start After Nasdaq 100 Inclusion

Cathie Wood, the **growth investing mastermind**, has set her sights high for **Bitcoin (CRYPTO: BTC)**. In a recent Bloomberg TV interview, she reaffirmed her **price target of $1.0 to $1.5 million** for Bitcoin by 2030. But what underpins this ambitious forecast?

### Increased Probability in 2024
Wood believes that the **probability of achieving her price targets has risen in 2024**. With institutional investors starting to take digital assets seriously, facilitated by tools like the **spot Bitcoin exchange-traded funds (ETFs)**, the landscape is shifting. These investments are expected to significantly impact Bitcoin’s price and stability in the coming years.

### The Supply-Demand Dynamic
Wood emphasized an essential aspect of Bitcoin: **94.3% of all Bitcoin has already been mined**. With a hard cap on production, large investors can't simply increase supply as they would with physical assets like gold. This fundamental **supply-demand dynamic** sets the stage for potential price increases, urging financial institutions to build their Bitcoin portfolios before prices rise.

### Bitcoin's Role Beyond Speculation
Wood argues that Bitcoin transcends being a mere speculative asset. It's a **global monetary system** that is rules-based, decentralized, and incredibly secure. She describes it as a sophisticated **accounting system** that tracks ownership of digital tokens while ensuring transaction integrity through advanced cryptography.

In her view, Bitcoin is not just about **investment**; it's about establishing a new, secure financial infrastructure. As the world evolves, so does the understanding and utility of Bitcoin, positioning it as a key player in the future of finance.

Is Cathie Wood onto something huge with her latest crypto forecast? Find out why she expects unstoppable growth ahead.

Cathie Wood's Bold Bitcoin Prediction: Could Prices Skyrocket to $1.5 Million by 2030?

Hackers have grown more sophisticated and continue to rake in billions from **crypto exploits**. The year 2024 has officially surpassed last year’s totals for stolen funds, with **over $2.2 billion** reported stolen by Q3 2024, exceeding the **$1.8 billion** lost in all of 2023.

### DMM Bitcoin’s $308 Million
Japanese crypto exchange **DMM Bitcoin** lost over **4,500 BTC**—worth **$308 million**—to hackers back in May. The exact method of the breach is unclear, but **stolen private keys** are a plausible explanation. The exchange is in the process of shutting down and transferring accounts to **SBI VC Trade**.

### PlayDapp’s $290 Million
In February, hackers targeted the crypto gaming platform **PlayDapp** twice, exploiting a **private key vulnerability** and making off with **$290 million** in PLA tokens. Remarkably, they ignored a **$1 million** white hat reward to return the stolen funds.

### WazirX’s $235 Million
Indian crypto exchange **WazirX** was hit in June, losing nearly **$235 million**. The attack, linked to North Korea, forced WazirX to suspend all withdrawals, leaving users unable to access their funds. The exchange is currently undergoing a financial restructuring.

### Ripple Co-founder Chris Larsen’s $112.5 Million
**Chris Larsen**, co-founder of Ripple, had **213 million XRP** worth **$112.5 million** stolen from his accounts in January. He reassured that Ripple itself was not targeted, but efforts to recover the stolen assets have been unsuccessful.

### Orbit Chain’s $80 Million
On January 1, hackers drained over **$80 million** from the cross-chain bridge project **Orbit Chain**, taking Ethereum and DAI. The team behind Orbit has provided little update since the exploit.

### BtcTurk’s $54 Million
Turkish exchange **BtcTurk** lost **$54 million** on June 22, primarily in **Avalanche (AVAX)**. The exchange confirmed that most funds in cold storage were safe, and Binance assisted by freezing **$5.3 million** in stolen funds.

### Radiant Capital’s $50 Million
In October, hackers executed a sophisticated attack on **Radiant Capital**, stealing **$50 million** in tokens by using malware delivered through a PDF. The attack has been attributed to **North Korean hackers**.

### U.S. Government’s $20 Million
Even the U.S. government wasn't spared, with hackers targeting a wallet containing over **$20 million** worth of stablecoins and Ethereum in October. The funds, tied to a previous hack of the **Bitfinex exchange**, saw a portion returned, but the fate of the remaining funds remains unclear.

The crypto industry may have matured this year, but hackers made off with billions by targeting a mix of DeFi projects and exchanges.

Shocking Crypto Heists of 2024: Billions Stolen in Major Hacks

## Bitcoin's Rising Role in Russian Trade

Russian companies are increasingly turning to **Bitcoin** and other **digital currencies** for international transactions, according to Finance Minister **Anton Siluanov**. This shift is a response to **Western sanctions** affecting trade with key partners like **China** and **Turkey**.

### What Sparked This Change?
Siluanov stated that legislative changes enabling the use of Bitcoin were implemented to mitigate the impact of these sanctions. He mentioned on the Russia 24 television channel, "As part of the experimental regime, it is possible to use bitcoins, which we had mined here in Russia (in foreign trade transactions)." This indicates that transactions using Bitcoin are already taking place, and he expressed a desire for these practices to be **expanded and developed further** in the future.

### The Future of Digital Currencies
Siluanov is confident that digital currencies will play a significant role in future international payments, suggesting that the trend will continue to grow over the next year.

### Why This Matters
Russia's increasing acceptance of cryptocurrencies aligns with President **Vladimir Putin**'s recent criticisms of the U.S. administration for undermining the **U.S. dollar**'s status as a reserve currency through political maneuvers. Putin noted that this has prompted many nations to look for **alternative assets**, highlighting Bitcoin as a prime example.

He also remarked that cryptocurrencies might become the **only instrument for international trade** for countries facing sanctions. This comes despite a recent announcement regarding a **six-year ban on cryptocurrency mining** in ten regions of Russia, effective from January 1, 2025, due to concerns about excessive energy usage.

### Current Market Status
As of now, Bitcoin is trading at **$98,305**, reflecting a **4% increase** over the past 24 hours, according to data from Benzinga Pro.

Russian companies have started using Bitcoin (CRYPTO: BTC) and other digital currencies for international transactions, said Finance Minister Anton Siluanov on Wednesday.

Russian Companies Embrace Bitcoin for Global Trade Amid Sanctions: A Strategic Shift

### Christmas Day Bitcoin Surge

Bitcoin experienced **an exciting surge**, climbing past **$99,000** on Christmas Day, fueled by renewed optimism in the market. However, this rally was short-lived, as it quickly corrected to **$98,000**, establishing a strong support level.

![Bitcoin Rebound](https://cryptoslate.com/wp-content/uploads/2024/12/christmas-bitcoin-768x403.jpg)

### Market Performance

According to **CryptoSlate’s data**, Bitcoin gained over **5%** within 24 hours, bouncing back from a weekly low of **$92,973**. At the time of writing, it was trading at **$98,000**. This rebound coincided with a broader recovery in altcoins, including **Ethereum**, **XRP**, and **Solana**, each recording gains of over **4%**.

The **global crypto market cap** increased by **3.5%**, reaching **$3.44 trillion**, while the **Crypto Fear and Greed Index** soared to **73**, indicating a sentiment of **Greed**.

### Whale Accumulation Strategy

This bullish trend aligns with insights from **Santiment**, a blockchain analytics firm, which noted that market rebounds often follow panic-induced sell-offs by retail traders. This allows larger investors, or **“whales,”** to acquire assets at discounted rates. Santiment stated:
> “Historically, when retail traders begin to sell based on panic and emotion, whales and sharks have opportunities to scoop up more coins with little resistance, creating bounces.”

### Liquidation Data

Despite the positive momentum, the recent rally faced challenges. Data from **CoinGlass** indicated that over **$290 million** was liquidated in the past 24 hours, affecting **105,883 traders**. Most of these losses came from short positions, totaling **$162 million**, while long positions accounted for **$128 million** in liquidations. Bitcoin traders faced the largest losses, with **$78 million** wiped out, followed by Ethereum traders with **$51 million**.

### Current Market Data

As of **12:52 pm UTC on Dec. 25, 2024**, Bitcoin is ranked #1 by market cap, priced at **$98,000** with a market capitalization of **$1.94 trillion** and a **24-hour trading volume** of **$46.21 billion**. The total crypto market is valued at **$3.42 trillion**, with Bitcoin dominance at **56.76%**.

![Bitcoin Market Overview](https://cryptoslate.com/wp-content/uploads/2024/12/christmas-bitcoin.jpg)  
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

Bitcoin's brief recovery ignited broader altcoin surges and pushed the Crypto Fear and Greed Index to 'Greed.

Paul Krugman Slams Trump and Vance's Bitcoin Endorsement: A Bailout for a Failing Industry?

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Other Latest News

Russia Turns to Bitcoin: A Bold Move in International Trade Amid Sanctions

Beware: Springfield Police Issue Urgent Warning About Cryptocurrency Scams

MicroStrategy's Bitcoin Gamble: A Troubling Start After Nasdaq 100 Inclusion

Cathie Wood's Bold Bitcoin Prediction: Could Prices Skyrocket to $1.5 Million by 2030?

Shocking Crypto Heists of 2024: Billions Stolen in Major Hacks

Russian Companies Embrace Bitcoin for Global Trade Amid Sanctions: A Strategic Shift

Bitcoin's Holiday Surge: Briefly Reaches $99,000 Before Correction

Other Latest News

Russia Turns to Bitcoin: A Bold Move in International Trade Amid Sanctions

Beware: Springfield Police Issue Urgent Warning About Cryptocurrency Scams

MicroStrategy's Bitcoin Gamble: A Troubling Start After Nasdaq 100 Inclusion

Cathie Wood's Bold Bitcoin Prediction: Could Prices Skyrocket to $1.5 Million by 2030?

Shocking Crypto Heists of 2024: Billions Stolen in Major Hacks

Russian Companies Embrace Bitcoin for Global Trade Amid Sanctions: A Strategic Shift

Bitcoin's Holiday Surge: Briefly Reaches $99,000 Before Correction