Elon Musk’s Department of Government Efficiency (DOGE) has reportedly achieved significant taxpayer savings, totaling $36.7 billion. This accomplishment has led industry leaders to advocate for enhanced transparency in government expenditures through the adoption of blockchain technology.
According to data from Doge-tracker, these savings represent approximately 1.8% of Musk’s ambitious objective to reduce U.S. government spending by up to $2 trillion. Musk detailed this vision during a January 9 interview with political strategist Mark Penn.
Brian Armstrong, co-founder and CEO of Coinbase, commended DOGE’s progress and emphasized the potential of blockchain to provide a transparent foundation for financial systems. He noted that decentralized blockchain ledgers allow for real-time public verification by anyone with internet access.
A blockchain-based treasury could introduce mandatory spending proposals, permitting transactions only if approved by a majority vote from the populace.
In collaboration with the U.S. Treasury, DOGE identified a significant loophole in government spending, amounting to an estimated $100 billion annually. These funds were directed to individuals lacking a Social Security number or temporary identity number, a practice deemed “extremely suspicious” by Musk. He highlighted that internal estimates suggest about half of this amount, approximately $50 billion per year, could be attributed to clear fraud. Musk described this situation as “utterly insane” and called for immediate action.
To address these issues, new criteria have been established for government payments. All transactions must now include a payment categorization code, which was often previously omitted, hindering audit processes. Additionally, each payment must provide a rationale, another detail frequently left blank in the past. Musk also advocated for more frequent updates to the “DO-NOT-PAY list of entities,” suggesting weekly or daily revisions instead of the current annual updates.
Jean Rausis, co-founder of decentralized finance platform Smardex, commented on the potential impact of Musk’s proposal to transition the U.S. Treasury to blockchain technology. He suggested that such a move could position the U.S. as a global leader in blockchain innovation. Rausis emphasized the importance of using a permissionless blockchain to ensure genuine transparency, cautioning that without this, the promised openness could be superficial. He also noted that embracing decentralized infrastructure could serve as a catalyst for merging traditional web2 and emerging web3 technologies.
Since the launch of the official DOGE website on January 21, the agency has achieved substantial savings for taxpayers in a relatively short period. DOGE’s initiatives are scheduled to conclude on July 4, 2026, aiming to establish a more efficient government with reduced bureaucracy. A comprehensive plan is expected to be unveiled on the 250th anniversary of the U.S. Declaration of Independence.
Michael Saylor, co-founder and executive chairman of MicroStrategy, has resurfaced on social media after a week-long break, sharing a Bitcoin price chart in his first post since his absence.
On Feb. 10, Saylor posted a Bitcoin chart on X (formerly Twitter) without any accompanying text, marking his return after an unusual period of inactivity. Prior to this, his last post was on Feb. 3, when he reaffirmed MicroStrategy’s long-term Bitcoin investment strategy, stating, “We are not sellers.”
Saylor’s social media presence is typically consistent, making his week-long absence stand out. His return to X has sparked speculation among Bitcoin supporters, with some interpreting his silence and subsequent post as a reflection of market developments.
MicroStrategy’s Growing Bitcoin Holdings
Saylor has been one of Bitcoin’s most vocal advocates, with MicroStrategy continually increasing its Bitcoin holdings. As of its most recent purchase, the company owns over 190,000 BTC, cementing its position as the largest publicly traded corporate holder of the asset.
Bitcoin’s price has seen significant fluctuations in recent weeks, briefly surpassing $48,000 before experiencing a pullback. Despite the volatility, institutional interest in Bitcoin remains strong, fueled in part by the approval of spot Bitcoin exchange-traded funds (ETFs) in the U.S.
While Saylor did not provide any direct commentary on Bitcoin’s price action in his latest post, his chart post aligns with ongoing discussions about Bitcoin’s trajectory. The cryptocurrency recently approached key resistance levels, with analysts closely monitoring whether it can sustain momentum in the face of macroeconomic uncertainty.
Community Reactions and Speculation
Saylor’s return to X was met with intrigue from the crypto community, with many questioning the significance of his week-long silence. Some users speculated that he may have been finalizing new Bitcoin acquisitions for MicroStrategy, while others suggested he was simply taking a break.
“Well, if Saylor is back, something big must be coming,” one user commented, hinting at the possibility of an impending announcement from MicroStrategy. Others interpreted his chart post as a bullish signal, viewing it as a subtle endorsement of Bitcoin’s long-term growth potential.
Saylor has long maintained that Bitcoin is the most reliable store of value, frequently criticizing traditional fiat currencies for their inflationary risks. His consistent messaging has made him one of the most influential figures in the cryptocurrency space.
MicroStrategy’s Bitcoin Strategy Remains Unchanged
Despite market fluctuations, Saylor and MicroStrategy have remained steadfast in their approach, continuing to accumulate Bitcoin as part of their corporate strategy. The company’s decision to hold rather than sell its BTC holdings underscores its confidence in Bitcoin’s long-term value proposition.
With Bitcoin’s price movement attracting increased attention from both institutional and retail investors, Saylor’s reappearance on social media has reignited discussions about the asset’s future trajectory. While his week-long absence remains unexplained, his return with a Bitcoin chart suggests that his focus on the cryptocurrency remains as strong as ever.
The United Arab Emirates (UAE) has emerged as a global hub for innovation, with its rapid adoption of cryptocurrency, the metaverse, and artificial intelligence (AI) reshaping its economy. In its pursuit of technological supremacy, the UAE is actively fostering an environment conducive to digital transformation, attracting investors, entrepreneurs, and visionaries from around the world.
A Crypto-Friendly Economy
The UAE has positioned itself as one of the most progressive nations in terms of cryptocurrency adoption and regulation. Dubai and Abu Dhabi have introduced comprehensive legal frameworks to regulate and encourage the crypto industry. The Dubai Virtual Asset Regulatory Authority (VARA), established in 2022, provides clear guidelines for crypto exchanges, digital asset firms, and blockchain enterprises. This regulatory clarity has made the UAE an attractive destination for crypto startups and institutional investors alike.
In addition, Abu Dhabi Global Market (ADGM) has developed a robust regulatory framework for digital assets, enabling businesses to operate with legal certainty. Binance, the world’s largest cryptocurrency exchange, has secured operational approval in Dubai, while Kraken and other major players have established a presence in Abu Dhabi. By embracing digital currencies, the UAE is cementing itself as a financial innovation hub, encouraging both institutional and retail adoption.
Beyond regulation, the UAE government has actively explored the integration of blockchain technology within public services. The Dubai Blockchain Strategy aims to transition government transactions onto blockchain platforms, enhancing transparency, security, and efficiency. Furthermore, the UAE Central Bank is developing a central bank digital currency (CBDC) to modernize the financial system and improve cross-border transactions.
The Metaverse Revolution
The UAE is not only embracing crypto but also investing heavily in the metaverse, with Dubai leading the charge. In 2022, Dubai launched its ambitious Metaverse Strategy, which aims to generate 40,000 virtual jobs and contribute $4 billion to the emirate’s economy by 2030. The initiative seeks to make Dubai one of the top 10 metaverse economies globally, fostering innovation in virtual reality (VR), augmented reality (AR), and Web3 technologies.
Government-backed entities, including the Dubai Future Foundation and the Abu Dhabi Investment Office, are investing in metaverse startups and infrastructure. The Dubai Municipality has even announced plans to create a virtual city where residents can interact in a fully immersive digital environment. Businesses are also leveraging the metaverse, with real estate developers showcasing virtual properties and luxury brands launching digital stores tailored for metaverse consumers.
Tourism and retail, two of the UAE’s strongest economic pillars, are also set to benefit from metaverse integration. Airlines such as Emirates have announced metaverse-driven experiences to enhance customer engagement, while retail giants are adopting virtual shopping platforms to cater to tech-savvy consumers. These initiatives highlight the UAE’s vision to be at the forefront of digital innovation.
Artificial Intelligence As a Priority
AI is at the heart of the UAE’s digital transformation strategy. The country’s leadership has made AI development a national priority, exemplified by the appointment of the world’s first Minister of State for Artificial Intelligence in 2017. The UAE AI Strategy 2031 aims to position the nation as a global leader in AI, with plans to integrate AI across various sectors, including healthcare, finance, transportation, and public services.
Dubai’s Smart City initiative and Abu Dhabi’s AI research efforts are driving AI adoption in governance and business operations. The country is also home to some of the world’s most advanced AI-driven projects, such as the Mohamed bin Zayed University of Artificial Intelligence (MBZUAI), the first university dedicated solely to AI research.
AI is transforming industries across the UAE, from autonomous transportation solutions to AI-powered healthcare diagnostics. The UAE’s embrace of AI is evident in initiatives such as the Dubai Police’s use of AI-powered surveillance and the implementation of smart traffic systems to reduce congestion. In finance, AI-driven algorithms are optimizing investment strategies, fraud detection, and customer service automation.
A Magnet for Global Talent and Investment
The UAE’s proactive approach to crypto, the metaverse, and AI has positioned it as a prime destination for global talent and investment. The government has introduced business-friendly policies, including 100% foreign ownership in various tech-related sectors and long-term residency visas for entrepreneurs, tech professionals, and investors.
International firms are flocking to the UAE to capitalize on its supportive regulatory environment, strategic location, and tax-friendly policies. Events like the Dubai Future Blockchain Summit and AI Everything attract industry leaders and innovators, reinforcing the UAE’s reputation as a technology-driven economy.
The University of Austin is set to establish a pioneering Bitcoin investment fund, reflecting the increasing integration of cryptocurrency within U.S. academic institutions. The university plans to allocate over $5 million to this fund, which will be part of its $200 million endowment.
Chun Lai, the foundation’s chief investment officer, emphasized the institution’s proactive approach, stating, “We don’t want to be left behind when their [cryptocurrency’s] potential materializes dramatically.”
This initiative follows recent developments in higher education’s engagement with digital assets. Notably, Emory University recently disclosed a $15 million investment in Bitcoin through Grayscale’s spot Bitcoin exchange-traded fund (ETF), marking it as the first U.S. university endowment to report such holdings.
The University of Austin intends to maintain its Bitcoin holdings for a minimum of five years. Chad Thevenot, senior vice president for advancement at the university, explained the strategy: “We think there is long-term value there, just the same way that we might think there is long-term value in stocks or real estate.”
Beyond academia, cryptocurrencies are gaining traction among retirement funds, indicating a broader shift in financial strategies. A recent Bitget Research report revealed that up to 20% of Gen Z and Alpha are open to receiving pensions in cryptocurrency. Furthermore, 78% of respondents expressed greater trust in “alternative retirement savings options” over traditional pension funds, highlighting a significant move towards decentralized finance and blockchain-based solutions.
Gracy Chen, CEO of Bitget, commented on this trend: “Younger generations are no longer content with one-size-fits-all pension systems. They’re looking for modern solutions that give them more control, flexibility, and transparency.”
As of January 2025, 40% of individuals in these younger demographics had already invested in cryptocurrency, underscoring the growing acceptance and integration of digital assets in various sectors.
The University of Austin’s initiative signifies a notable step in the evolving relationship between higher education and cryptocurrency investments, potentially setting a precedent for other institutions to follow.
Renowned artist Kanye West, also known as Ye, recently disclosed that he declined a $2 million proposal to participate in a cryptocurrency scam. The scheme entailed him sharing a deceptive crypto promotion with his 32.6 million followers and later asserting that his account had been compromised.
In a February 7 post on X (formerly Twitter), West stated, “I was proposed 2 million dollars to scam my community. Those left of it. I said no and stopped working with their person who proposed it.”
He included a screenshot detailing the scam’s strategy, which involved an initial payment of $750,000 for posting the promotion and keeping it live for eight hours. Afterward, he was to claim his account was hacked, followed by a subsequent $1.25 million payout 16 hours later. The message highlighted that the company orchestrating this would defraud the public of tens of millions of dollars.
An hour later, West shared another screenshot of a private conversation where he inquired about a “crypto connect” name that wouldn’t require a middleman. The respondent mentioned Coinbase CEO Brian Armstrong and offered to obtain his contact information for West.
This revelation has prompted reactions from various crypto commentators. One suggested that West should consider utilizing cryptocurrency to sell his merchandise instead of launching a memecoin, noting, “Celebrity tokens generally bring a reckoning on retail.”
Another commentator predicted that West is unlikely to launch a token and might be generating buzz ahead of an upcoming album release, stating, “He is a master marketer.”
This incident follows a series of celebrity-related crypto ventures. Recently, Hailey Welch, known as the “Hawk Tuah” girl, broke her silence after nearly two months following the launch and subsequent crash of the HAWK memecoin. In an interview with podcaster FaZe Banks, Welch claimed she was misled by the project manager. The Hawk Tuah token had launched on December 4, 2024, rapidly reaching a market capitalization of over $490 million, only to plummet by over 91% to approximately $41 million the next day.
Additionally, former U.S. President Donald Trump introduced the Official Trump (TRUMP) memecoin just days before his inauguration in January. However, a day after its launch and initial growth, the memecoin’s value declined by 38% following the release of a separate memecoin by First Lady Melania Trump. Surveys indicated that many purchasers of these memecoins were first-time cryptocurrency investors.
Florida Republican Senator Joe Gruters has introduced a bill advocating for the state to invest a portion of its funds in Bitcoin and other digital assets as a hedge against inflation. The proposal aligns with a growing trend among U.S. states exploring cryptocurrency investments.
“The state should have access to tools such as Bitcoin to protect against inflation,” Gruters stated in the bill introduced to the Florida Senate on Feb. 7. He emphasized that inflation has significantly weakened the purchasing power of state-managed funds, making alternative investments necessary.
Institutional Bitcoin Adoption on the Rise
Gruters pointed to the growing acceptance of Bitcoin among major financial institutions as a key reason Florida should consider adding the digital asset to its investment strategy. He cited firms such as BlackRock, Fidelity, and Franklin Templeton, which have embraced Bitcoin as a “hedge against inflation” and recognized its rising value and increasing global acceptance.
To facilitate this, the bill proposes granting Florida’s chief financial officer, Jimmy Patronis, the authority to allocate Bitcoin investments across various state-managed funds, including the general reserve fund, the budget stabilization fund, and select agency trust funds.
However, the bill includes a safeguard to limit Bitcoin holdings in any account to a maximum of 10%. This threshold is notably higher than Wyoming’s recent proposal, which caps Bitcoin allocations at 3%.
The proposal follows a push from Patronis himself, who previously urged the Florida State Board of Administration to consider integrating Bitcoin into the state’s retirement fund investments. In an Oct. 29 letter, he highlighted Bitcoin’s potential to “diversify the state’s portfolio and provide a secure hedge against the volatility of other major asset classes.”
A Growing Trend Among U.S. States
Florida’s move comes amid a broader wave of state-level interest in Bitcoin reserves. Just one day before Gruters’ bill was introduced, Kentucky became the 16th U.S. state to propose legislation aimed at establishing a Bitcoin reserve.
Kentucky State Representative Theodore Joseph Roberts introduced KY HB376 on Feb. 6, a bill that, if passed, would authorize the State Investment Commission to allocate up to 10% of excess state reserves into digital assets, including Bitcoin.
With multiple states now considering Bitcoin as part of their investment portfolios, the push for cryptocurrency adoption at the government level continues to gain traction. Whether Florida’s bill moves forward remains to be seen, but the discussion around digital assets in state funds is unlikely to slow down anytime soon.
Cryptocurrency exchange Coinbase now holds over $420 billion in digital assets, making it larger than the 21st biggest bank in the United States by total assets. This milestone highlights the rapid expansion of the crypto industry and Coinbase’s growing influence in the financial sector.
As the third-largest centralized cryptocurrency exchange (CEX) by trading volume, Coinbase continues to solidify its position as a key player in the market. Its assets under management (AUM) surpass those of New York Community Bancorp (NYCB), which manages $112.9 billion in assets.
Coinbase’s Growth Compared to Traditional Banks
Coinbase CEO and co-founder Brian Armstrong emphasized the significance of the company’s AUM in a post on X (formerly Twitter) on Feb. 7.
“If you think of Coinbase like a bank, we now hold about $0.42T in assets for our customers, which would make us the 21st largest bank in the US by total assets, and growing,” Armstrong wrote.
He also pointed out that Coinbase’s standing among brokerage firms is equally notable. “If you think of us more like a brokerage, we’d be the 8th largest brokerage today by AUM,” he added.
The comparison to NYCB is particularly striking, as the bank recently reported a $260 million quarterly loss in Q4 2023 following its acquisition of the failed Signature Bank, which had been known for its crypto-friendly policies. In contrast, Coinbase posted a $273 million net profit for the same quarter, marking its first profitable period since Q4 2021.
The Future of Crypto in Financial Services
Armstrong believes cryptocurrency will play a crucial role in reshaping financial services, ultimately consolidating multiple banking and investment functions into a single, crypto-powered financial account.
“With crypto, the line between these categories is blurring,” he explained. “In the updated financial system, you will have a single primary financial account which serves all these functions. A greater percentage of global GDP will run on more efficient crypto rails over time.”
He further argued that this evolution will lead to “sound money, lower friction transactions, and greater economic freedom for all.”
Challenges to Mass Adoption
Despite Coinbase’s success, Armstrong and other industry leaders acknowledge that cryptocurrency adoption still faces significant barriers. Chintan Turakhia, senior director of engineering at Coinbase, spoke about these challenges at EthCC.
“If our goal is to bring in the next billion users — and let’s start with just 100 million — we have to take all those friction points out,” Turakhia stated.
The cryptocurrency sector continues to evolve, and as companies like Coinbase expand their influence, the traditional financial industry is taking notice. Whether crypto exchanges will fully integrate into mainstream banking or continue operating as distinct entities remains to be seen, but for now, Coinbase’s growing AUM signals a shift in how digital assets are perceived in the broader financial landscape.
Bitcoin’s price is at risk of a sharp downturn if it slips below a critical support level, which could trigger the liquidation of over $1.3 billion in leveraged long positions.
The leading cryptocurrency recently fell below the key psychological threshold of $100,000 on Feb. 4, as market sentiment weakened following rising global trade tensions. The United States and China both announced new import tariffs, creating uncertainty in financial markets and impacting Bitcoin’s price movement.
Key Support Levels to Watch
To prevent a deeper correction, Bitcoin must maintain a weekly close above the $93,000 support level, according to Ryan Lee, chief analyst at Bitget Research.
“Watch for Bitcoin’s support at $90,500, $93,000,” Lee said. “Dropping below $90,500 might indicate bearish trends. These levels could shape market sentiment depending on how Bitcoin trades around them.”
If Bitcoin falls below $93,000, it could face significant volatility. Coinglass data suggests a drop under this level would result in the liquidation of nearly $1.3 billion in leveraged long positions across crypto exchanges.
Trade War Tensions and Bitcoin’s Role
Global trade conflicts are adding further uncertainty, with potential consequences for Bitcoin’s price trajectory. While Bitcoin is often considered a hedge against financial instability, escalating trade disputes between the U.S. and China could still push the asset below $90,000 in the short term.
However, the long-term impact remains uncertain. Some analysts argue that prolonged trade conflicts could weaken fiat currencies, ultimately driving investors toward Bitcoin as an alternative.
“This is what Bitcoin was originally intended for, to be a hedge against fiat devaluation and inflation,” said James Wo, CEO of venture capital firm DFG. “We might see Bitcoin ultimately benefiting from the flight away from weakened fiat currencies, pushing its price higher over time.”
Delays in U.S.-China Trade Talks Add to Market Uncertainty
Investors are now closely monitoring an upcoming meeting between former U.S. President Donald Trump and Chinese President Xi Jinping, which is expected to have significant implications for global trade policy and financial markets.
Trump was initially scheduled to meet Xi on Feb. 11, as confirmed by top trade adviser Peter Navarro during a Politico Live event on Feb. 4. However, later the same day, reports emerged that the meeting had been delayed, citing unnamed U.S. officials.
The uncertainty surrounding these trade negotiations is likely to influence Bitcoin’s price in the coming weeks. If talks remain unresolved or tensions escalate, market sentiment may shift further, leading to increased volatility in both traditional markets and the cryptocurrency sector.
For now, Bitcoin’s ability to stay above key support levels will be crucial in determining whether it experiences a deeper correction or stabilizes amid the ongoing macroeconomic challenges.
Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has released its latest weekly crypto derivatives report in collaboration with Block Scholes. The report provides an analysis of the past week’s sell-off and movements in the options market.
A broad market retreat wiped out an estimated $10 billion in open interest, following an active Friday in the 24/7 crypto markets. Among major tokens, BTC was the only one maintaining positive funding rates, while ETH faced significant turbulence, with its options market signaling further downward pressure.
Trump Sell-Off
On Feb. 3, Trump’s tariff threats triggered a major sell-off across markets, including crypto and U.S. equities. The crash erased $3.1 billion in perpetual swap open interest across BTC, ETH, XRP, and SOL. Ben Zhou, co-founder and CEO of Bybit, noted, “$8-10B in total liquidations” as leveraged positions were wiped out. Trading volumes hit a monthly high of $31 billion in perpetual swaps on Feb. 2 as traders rushed to close positions.
Altcoins Struggle
The crypto market continued to struggle after another rough Monday. Funding rates for perpetual swaps dropped sharply as traders exited long positions. BTC, however, maintained neutral funding rates, showing relative strength amid the volatility.
Ethereum to Fall Further
ETH has been less resilient than BTC during the downturn. Spot prices dipped below $2.5K, though open interest remained stable due to lower-than-expected options market volatility. However, realized volatility surged to nearly 140%, and the options term structure suggests further downside risks that may not yet be fully priced in.
Enso, the leading provider of blockchain shortcuts, has reached a major milestone, processing over $3.1 billion in volume. This achievement placed Enso among the top three aggregators by 7-day volume in the blockchain ecosystem, according to DeFi Llama.
Enso Shortcuts: Powering DeFi at Scale
Enso simplifies onchain development by offering shortcuts—single transactions that compress multi-step DeFi interactions. By integrating with leading protocols, Enso provides the infrastructure for scalable and seamless Web3 applications.
Boyco: The Catalyst Behind the $3.1B Surge
Boyco, Berachain’s pre-launch liquidity campaign, played a pivotal role in this growth. Built on the Royco Protocol, Boyco is a collaborative effort involving Berachain, Enso, LayerZero, and Stargate. It revolutionizes liquidity security for new blockchains by allowing dApps to directly incentivize liquidity providers, eliminating intermediaries. Enso’s infrastructure efficiently routed billions in deposits across multiple DeFi protocols, underscoring its ability to manage large-scale onchain activity.
The Future of Onchain Execution
This milestone demonstrates Enso’s potential to enable frictionless, high-performance DeFi applications. As Enso continues to expand, its infrastructure is poised to reshape DeFi, making Web3 more efficient and accessible.