Today in crypto, notable developments include Wyoming Senator Cynthia Lummis proposing the US government convert part of its gold holdings into Bitcoin (BTC) as part of a proposed Bitcoin strategic reserve. Lummis advocates for the Treasury to accumulate 1% of Bitcoin's total supply (about 1 million BTC) to strengthen the dollar amid currency devaluation. Additionally, Coinbase CEO Brian Armstrong has endorsed the newly formed Department of Government Efficiency (DOGE), aimed at enhancing economic freedom through reduced government spending and regulation. The department will be led by Elon Musk and Vivek Ramaswamy, who are set to streamline federal operations. Furthermore, macroeconomist Lyn Alden expressed surprise over Ethereum's weak performance against Bitcoin following the recent presidential election, stating that Ether's decline was more severe than anticipated. The ETH/BTC ratio reached a multi-year low, with Ether up 17% and Bitcoin up 31% since early November 2023.

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