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Coinbase CEO Calls Bitcoin ‘Most Important Asset in Crypto’

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Coinbase CEO Brian Armstrong, chief executive at one of the world’s largest crypto asset exchanges, broke his longstanding silence on Bitcoin today, offering rare words of enthusiasm for the world’s largest cryptocurrency by market value.

In a post on X, Armstrong announced that Coinbase is moving to enable user access to the Bitcoin Lightning Network, a layer-two scaling solution that allows Bitcoin to be used for faster consumer payments and deferred settlement, with the company formally dedicating engineer Viktor Bunin to the effort.

He stated, “Bitcoin is the most important asset in crypto, and we’re excited to do our part to enable faster [and] cheaper Bitcoin transactions.”

The move to integrate the Lightning Network into Coinbase’s platform underscores the growing significance of the Lightning Network, a scaling solution that Armstrong originally opposed. Armstrong was a notable backer of movements to increase the Bitcoin block size, often voicing his dissatisfaction to Bitcoin Core developers.

Still, Armstrong’s acknowledgment of Bitcoin as the “most important” asset in crypto is a significant endorsement of the leading cryptocurrency’s role in the industry. 

Despite the proliferation of thousands of cryptocurrencies, Bitcoin remains the flagship digital asset, often referred to as “digital gold” for its store of value properties and widespread adoption.

The decision to integrate the Lightning Network aligns with Coinbase’s commitment to improving the usability of Bitcoin for its users. By reducing transaction fees and speeding up transaction confirmation times, Coinbase aims to enhance the overall Bitcoin experience for its millions of customers.

However, Armstrong cautioned that the integration would take some time to complete, urging users to be patient. Already, major US exchanges like Kraken have integrated Lightning, helping users save on fees during times of network congestion.

The crypto community has largely welcomed this development, as it is expected to significantly improve the practicality of Bitcoin as a medium of exchange. The Lightning Network’s growth has been steadily increasing, with more nodes and channels being added to the network, enhancing its scalability and usability.

This move may set a precedent for other major cryptocurrency exchanges to follow suit, further cementing Bitcoin’s status within the industry.

​ Brian Armstrong said Wednesday that Coinbase is moving to enable user access to the Lightning Network, at the time offering some rare positive praise for Bitcoin. 

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Crypto News

Aligned Layer Secures $2.6M in Funding to Become a Faster and Cheaper Settlement Layer for Validity Proofs on Top of EigenLayer – Press release Bitcoin News

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PRESS RELEASE. April 15th, 2024 –– Aligned Layer has successfully raised $2.6 million in a funding round led by Lemniscap, a VC firm specializing in

​ PRESS RELEASE. April 15th, 2024 –– Aligned Layer has successfully raised $2.6 million in a funding round led by Lemniscap, a VC firm specializing in 

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ETF Analyst Offers Sober Outlook on Newly Approved Hong Kong Bitcoin ETFs; Challenges $25B Inflow Estimate

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Balchunas emphasized on Monday that Hong Kong’s ETFs would be “lucky to get” around $500 million in total flows.

​ Balchunas emphasized on Monday that Hong Kong’s ETFs would be “lucky to get” around $500 million in total flows. 

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Short Sellers Target Bitcoin Miners as Reward Halving Nears, $2 Billion at Stake

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A recent report highlights that the collective short interest in stocks from 15 bitcoin mining companies has approached the $2 billion mark.

​ A recent report highlights that the collective short interest in stocks from 15 bitcoin mining companies has approached the $2 billion mark. 

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