Today in crypto, an Ethereum developer has launched a new privacy tool ‘Privacy Pools, ’ which enables private transactions on Ethereum while weeding out bad actors. BlackRock CEO Larry Fink warned that rising US debt could push investors toward Bitcoin, posing a threat to the dollar’s global dominance. Meanwhile, US President Donald Trump’s sons have partnered with Hut 8 to launch a new mining firm.
Privacy Pools launch on Ethereum, with Vitalik demoing the feature
A new semi-permissionless privacy tool, Privacy Pools, has launched on Ethereum, allowing users to transact privately while proving their funds aren’t linked to illicit activities.
The privacy tool, launched by Ethereum builders 0xbow.io on March 31, earned support from the likes of Ethereum co-founder Vitalik Buterin, who not only backed the privacy project but made one of the first deposits on the platform.
Source: Vitalik Buterin
0xbow.io said that it implements “Association Sets” to batch transactions into the anonymous Privacy Pools and that a screening test is conducted to ensure that those transactions aren’t linked to illicit actors, such as hackers, phishers and scammers.
Bitcoin could reduce dominance of US dollar — BlackRock
The US dollar could lose its status as the world’s reserve currency to Bitcoin or other digital assets if the United States does not get its debt under control, according to BlackRock CEO Larry Fink.
Fink wrote in his Annual Chairman’s Letter to Investors that “decentralized finance is an extraordinary innovation” that makes “markets faster, cheaper, and more transparent.” But “that same innovation could undermine America’s economic advantage if investors begin seeing Bitcoin as a safer bet than the dollar.”
According to Trading Economics, the US debt equaled 122.3% of the country’s gross domestic product in 2023. That is a considerably higher percentage than the 105% observed in 2018. Moody’s Ratings retains the US’s AAA credit rating but has downgraded its outlook to negative, indicating a possible future rating downgrade.
In the letter, Fink says that “tokenization is democratization” with the technological innovation “enabling instant buying, selling, and transferring without cumbersome paperwork or waiting periods.”
If every asset ends up being tokenized, Fink said, “it will revolutionize investing. Markets wouldn’t need to close. Transactions that currently take days would clear in seconds. And billions of dollars currently immobilized by settlement delays could be reinvested immediately back into the economy, generating more growth.”
Trump sons back new Bitcoin mining venture with Hut 8
Several members of US President Donald Trump’s family are backing a new venture to launch what aims to become the world’s largest Bitcoin mining firm.
Hut 8, a digital asset mining and infrastructure company, announced on March 31 that it is acquiring a majority stake in American Bitcoin, formerly known as American Data Center. The firm was founded by a group of investors, including Trump’s sons, Donald Trump Jr. and Eric Trump.
Related: Bitcoin miner Hut 8 argues to toss ‘short and distort’ shareholder suit
As part of the deal, American Bitcoin will take ownership of Hut 8’s Bitcoin (BTC) mining hardware. Donald Trump Jr. said that the entrepreneurs behind American Data Centers have backed their conviction in Bitcoin personally and through their businesses.
The new venture “aims to become the world’s largest, most efficient pure-play Bitcoin miner while building a robust strategic Bitcoin reserve,” the announcement said. Mining operations will remain under Hut 8’s compute segment but will operate through the American Bitcoin brand. Donald Trump Jr. added:
“Mining it on favorable economics opens an even bigger opportunity. We’re excited to bring investors into that equation through a platform engineered to execute on this thesis and deliver real, tangible participation in Bitcoin’s growth.”
