🚨🚨🚨MICHAEL SAYLOR CALLS ONCHAIN PROOF-OF-RESERVES A ‘BAD IDEA,’ RULES IT OUT FOR STRATEGY OVER SECURITY CONCERNS
Responding to a question on whether Strategy (formerly MicroStrategy) has any plans to publish onchain proof-of-reserves during a sideline event ahead of Bitcoin BTC -0.09% 2025 in Las Vegas on Monday night, the company's co-founder and executive chairman, Michael Saylor, said it posed security threats.
Many crypto firms broadly adopted proof-of-reserve measures after FTX's collapse to demonstrate onchain holdings for transparency. However, critics argue the approach falls short — often omitting audited fiat reserves, liabilities, and other key data needed to assess a firm's full financial health.
Saylor said that while the crypto industry learned from FTX's failure, he was unsure it had learned the things that the institutional community needs going forward, arguing that the current way to publish proof of reserves is insecure. "It actually dilutes the security of the issuer, the custodians, the exchanges, and the investors. It's not a good idea. It's a bad idea," he said. "It's like publishing the address and the bank accounts of all your kids and your phone numbers of all your kids, and then thinking somehow that makes your family better. It doesn't make your family better."
Saylor suggested that no institutional grade or enterprise security analyst would recommend publicly sharing wallet addresses, as it enables full traceability of past and future transactions. Ask any AI to list the risks, and you'll get a book's worth of vulnerabilities, he claimed.
"You publish your wallet, that's an attack vector for hackers, nation-state actors, every type of troll imaginable," Saylor said. "And it creates so much liability that you should think twice before you do it. It's okay at a small level, but really, it isn't God's gift. I think people give too much credence to it on X.
🛑🛑🛑 STANDARD CHARTERED SEES SOLANA REACHING $500 BY 2029, BUT EXPECTS IT TO UNDERPERFORM ETHEREUM IN THE NEAR TERM
Standard Chartered Bank has initiated coverage on Solana, predicting the token will underperform Ethereum over the next two to three years due to its overreliance on memecoin trading, but expects SOL -0.52% to rise from its current price of around $175 to $500 by 2029 — though with slower near-term upside compared to ETH +2.97%
"Solana's current uses are very trading-heavy. Within trading, Solana dominates memecoin trading," Geoffrey Kendrick, Standard Chartered's global head of digital assets research, wrote in a report published Tuesday and shared with The Block. "This is because of its ability to process a large number of transactions simultaneously while maintaining low fees for users."
While memecoin trading has stress-tested Solana's infrastructure, it's not a sustainable growth driver, according to Kendrick, who said the market is applying a discount to Solana's future earnings from the memecoin sector, which appears to have passed its peak.
"Solana trades' cheap' on our market cap-to-GDP metric, whereas BNB (another Layer 1 smart contract platform) trades 'rich' due to its unique link to Binance's centralized exchange," Kendrick said. He defines a blockchain's GDP, or gross domestic product, as the total revenue generated by the applications and protocols built on it.
With memecoin activity likely past its peak and #Solana trading 'cheap' to its GDP, near-term performance could suffer. "Declining usage and trading 'cheap' are not a good mix," Kendrick said.
While Solana is well-positioned to support future sectors that need fast, low-cost transactions — such as financial apps, social media and decentralized physical infrastructure networks (DePIN) — Kendrick expects these areas will take another two to three years to scale, as projects launched during the 2021 DeFi peak mature.
🛑🛑🛑 HELIUM PRICE FORECAST: POSSIBLE BREAKOUT FROM TRIANGLE PATTERN SIGNALS BULLISH OUTLOOK
Helium (HNT) trades at $4.121 at press time on Tuesday, consolidating in a triangle pattern this week and ignoring the record-high mobile signups over the same period. However, bulls anticipate a potential triangle patternbreakout, fueled by open interest recovery.
Helium nears triangle breakout Helium holds above the $4 mark with a mild drop of 0.38% at the time of writing on Tuesday. Since April 16, HNT has consolidated between the 50-day and 200-day Exponential Moving Averages (EMAs).
The converging dynamic moving averages develop a triangle pattern on the daily chart below, with the altcoin nearing the apex. This signals a heightened possibility of a breakout continuation move to prolong the 81% rally recorded between $2.39 on April 9 opening and $4.33 on April 26 closing.
🛑🛑🛑 Bitcoin Just Hit $112,000. Here's What Could Happen Next
Key Points
Bitcoin has been surging recently.
There are good arguments for why it will head even higher.
There's also a decent argument for why this rally will run out of gas soon.
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With Bitcoin's price hovering near its all-time highs and almost tocuching the $112,000 level, there are a few scenarios for what the king of cryptocurrencies might do next.
Let's explore three, starting with the bull thesis for why the coin is likely to go higher.
The bull thesis is playing out already
The most obvious possibility for Bitcoin over the coming days, months, and even years is for it to continue gaining in value.
This process is supported by a powerful mixture of different forces at the moment, including but not limited to:
Adoption among institutional investors (banks, pension funds, etc.).
Adoption by governments via the formation of strategic reserves or repositories.
Adoption by major corporations seeking to get exposure.
The genesis of Bitcoin treasury companies that aspire only to acquire and hold it.
Rising global liquidity, enabling capital flows into assets that are perceived as being riskier, like cryptocurrencies.
The widespread threat of inflation, encouraging capital to flow into assets that can't be debased.
The promise of #Web3 to decentralize the internet and challenge Big Tech's dominance has sparked heated discussions about its potential impact on the digital landscape.