Bitcoin is helping reinforce the US dollar’s reserve currency status by acting as a market check on excessive inflation and deficit spending, Coinbase CEO Brian Armstrong said. Coinbase CEO Brian Armstrong has claimed Bitcoin provides healthy competition for the US dollar, which in turn pressures policymakers to maintain fiscal discipline and helps preserve the greenback’s dominance. “[Bitcoin] provides a check and balance on the dollar in the sense of if there's too much deficit spending or inflation in the US, people will flee to Bitcoin in times of uncertainty,” Armstrong argued in an interview on Tetragrammaton with Rick Rubin on Thursday. “It might be okay to have 2-3% inflation if the economy is growing at 2-3% but if inflation outstrips the growth of the economy, you'll eventually lose the reserve currency status, and that would be a massive blow to the United States.” Read more
Crypto executives, including Bitwise CEO Hunter Horsley and Castle Island Ventures founding partner Nic Carter, have pushed back against a proposed billionaire tax in California. A proposed 5% tax on billionaires' wealth in California has drawn a strong response from crypto executives, who argue it would trigger an exodus of entrepreneurs and capital flight, and would be wasted anyway. The ballot initiative, known as the 2026 Billionaire Tax Act, proposes a 5% tax on net wealth above $1 billion to help fund the health care system and state assistance programs, according to the SEIU United Healthcare Workers West union. As the proposed wealth tax is partly assessed against unrealized gains, some billionaires may need to sell stock or parts of their businesses to raise funds to pay the tax, which would either be payable in one installment, or over five years with interest payments. Read more
A server-wide hack flooded Rainbow Six Siege with billions in credits, forcing an emergency shutdown and a major rollback operation. French video gaming giant Ubisoft has been forced to halt the live services of Rainbow Six Siege after hackers breached the game and dished out 2 billion in-game credits to every player. The exploit was initially confirmed by the team via X on Dec. 27, with a series of updates following, ultimately leading to a suspension of the game’s servers and marketplace the following day. Reports from players on social media indicate that hackers were able to take control of the major parts of the game’s online systems, with players reporting that everyone was receiving 2 billion in-game R6 credits upon logging in, alongside rare items such as skins and guns. Read more