VanEck Director: UAE, Argentina and Ethiopia Have Started State-Supported Bitcoin Mining

Matthew Sigel, head of digital asset research at VanEck, said three new members of the BRICS group - Argentina, the United Arab Emirates and Ethiopia - have begun using government resources for Bitcoin mining. Sigel said in an interview that the move highlights a new trend among BRICS countries to explore digital assets for economic resilience and financial independence. The BRICS alliance now includes six new countries, whose combined GDP exceeds that of the Group of Seven. Sigel noted that the Russian sovereign wealth fund has also invested in Bitcoin mining and artificial intelligence infrastructure in the BRICS group. The goal is to establish a regional system that uses Bitcoin to settle international trade, potentially reducing dependence on the US dollar. He believes that the current market structure is very favorable for Bitcoin, and Bitcoin's recent rise coincides with the increase in Trump's winning odds and the high volatility pattern after the election results. (CNBC)