Why the Bitcoin Price Will Rise or Fall on the ETF Ruling

https://bitcoinmagazine.com/markets/why-the-bitcoin-price-will-rise-or-fall-on-the-secs-spot-etf-ruling

Bitcoin is up over 150% in 2023, and that momentum has captured hearts and minds on Wall Street, resulting in a landmark rush for its firms to launch the first-ever Bitcoin exchange-traded fund (ETF).

All eyes are now on the upcoming decision by the U.S. Securities and Exchange Commission (SEC) regarding the approval of a spot Bitcoin ETF, slated for January 10.

If the past is any indication, the ruling will have a significant impact on Bitcoin’s price, though whether positive or negative remains to be seen.

Potential for a Price Rise

Proponents of a Bitcoin ETF argue that its approval by the SEC would open the door to a flood of institutional and retail investments, driving the price of Bitcoin to new heights. 

History offers a glimpse into how expectations surrounding ETFs have affected Bitcoin’s price.

In 2017, the price of Bitcoin surged to over $1,400, driven in part by the anticipation of the first Bitcoin ETF. This was up from lows in the $600 range just the year before.

Investors believed then that the introduction of a Bitcoin ETF would make it easier for institutional money to enter the market, leading to a frenzy of buying. However, the SEC ultimately rejected the proposal, causing a sharp decline in Bitcoin’s price.

Within days, the price was trading back below $1,000. 

Ultimately, however, the arrival of Bitcoin futures would bring new attention in 2017, the market surging above $20,000 that year.

Price increase from CME Bitcoin futures announcement to listing.

Elsewhere, we can fast forward to 2021, when Bitcoin once again rallied to all-time highs, reaching over $60,000. 

This time, the rally was partly fueled by the successful launch of Bitcoin futures ETFs in Canada and Europe. These ETFs allowed investors to gain exposure to Bitcoin without holding the cryptocurrency directly. The anticipation of a similar product in the U.S. contributed to the bullish sentiment.

Finally, in the wake of fake news of an ETF approval earlier this year, Bitcoin’s price rose by several thousand dollars in minutes, a move that suggests upside volatility on approval is likely. 

The Bitcoin price spikes on fake news of an ETF approval.

Potential for a Price Fall

On the flip side, there are arguments suggesting that the approval of a Bitcoin ETF could lead to a price correction. 

Some market experts fear that the ETF could become a target for short sellers, leading to increased volatility, or that the ETF could be a “sell the news event.” 

Moreover, the approval of a Bitcoin ETF may bring greater regulatory scrutiny to the cryptocurrency market as a whole. This heightened oversight could lead to increased taxation, reporting requirements, and potential restrictions on the use of Bitcoin, which may dampen enthusiasm among investors.

Additionally, some believe the market may already have priced in the possibility of a Bitcoin ETF approval, and any decision to deny it might lead to disappointment and a sell-off similar to what was witnessed in 2017 when the Winklevoss Bitcoin ETF was rejected.

Bitcoin price sell-off after the ETF rejection in 2017.

The final decision by the SEC is eagerly awaited by the crypto community, but it’s essential to remember that it is just one of many factors influencing Bitcoin’s price. 

Market sentiment, macroeconomic conditions, and geopolitical events will also play their part in shaping the coin’s future.

Conclusion

In conclusion, Bitcoin’s price is at a crossroads as investors await the SEC’s decision on the Bitcoin ETF. 

While past instances have shown that ETF expectations can have a substantial impact on Bitcoin’s price, it is crucial to consider the broader market dynamics. Whether Bitcoin’s price rises or falls after the SEC ruling will depend on a multitude of factors, including how the market interprets and reacts to the decision. 

As the crypto world holds its breath, the future of Bitcoin remains uncertain, but it’s undeniably a pivotal moment for the world’s only decentralized cryptocurrency.

A List of Every Wall Street Giant Seeking to Launch a Bitcoin ETF

https://bitcoinmagazine.com/markets/every-wall-street-giant-applying-launch-spot-bitcoin-etf

As soon as January, a Bitcoin spot ETF could be live in the U.S. – but while that much appears likely, it remains to be seen which specific investment vehicles will be approved.

Indeed, in advance of the January 10 deadline, anticipation is high, with over 12 applicants ranging from disruptive Bitcoin companies to some of the most well-known names in global finance.

The prize is the potential to provide investors with a regulated and accessible vehicle to the world’s leading cryptocurrency. 

Unlike traditional investment routes, such as direct ownership or futures trading, a Bitcoin ETF simplifies the process, allowing a broader range of investors, both institutional and retail, to participate in the crypto market.

This article delves into the intense competition among prominent players in the financial industry as they seek approval for the first Bitcoin spot ETF in the U.S.

Grayscale 

Logo of Bitcoin ETF applicant Grayscale.

TICKER: $GBTC

A subsidiary of Digital Currency Group (DCG), a global enterprise that invests in and develops businesses focused on blockchains and cryptocurrencies, Grayscale offers investment products that provide exposure to various cryptocurrencies, including Bitcoin, Ethereum, and others.

Since 2013, the Grayscale Bitcoin Trust (GBTC) is a financial product offered by Grayscale Investments that has been one of the only ways for institutions to invest in Bitcoin.

GBTC is a publicly traded trust that holds Bitcoin, and its shares are traded on over-the-counter (OTC) markets. The trust provides a way for investors to gain exposure to Bitcoin without having to buy and store the cryptocurrency directly.

Among its owners are Ark Invest, a fellow ETF applicant.

21Shares

Logo of Bitcoin ETF applicant 21 Shares.

TICKER: TBD

21Shares is a Swiss-based company that specializes in providing investment products focused on digital assets. 

Formerly known as Amun AG, the company rebranded to 21Shares in February 2021. Amun was founded in 2018 by a team of financial professionals, including Hany Rashwan and Ophelia Snyder, and it is headquartered in Zug, Switzerland.

Since then it has operated a series of exchange-traded products tracking various cryptocurrencies. These ETPs are traded on traditional stock exchanges, providing investors with a convenient way to gain exposure to digital assets.

21Shares offers a range of ETPs, including Bitcoin (ABTC), Ethereum (AETH), Ripple (AXRP), and the 21Shares Crypto Basket Index ETP, offering exposure to a diversified portfolio of cryptos.

21Shares’ ETPs are listed on various traditional stock exchanges, making them accessible to a broader range of investors through regular brokerage accounts. 

Ark Invest

The logo of Bitcoin ETF applicant Ark Invest.

TICKER: $ARKB

ARK Invest is an investment management firm known for its active and innovative approach to investing in disruptive technologies.

Founded by Cathie Wood in 2014, ARK Invest has since gained widespread recognition for its focus on disruptive innovation and thematic investing. It remains a notable early backer of both Bitcoin and Tesla, wildly successful contrarian bets.

ARK Invest was founded by Wood in 2014 and manages a series of exchange-traded funds (ETFs) that align with its unique approach. 

Some of the flagship ETFs include ARK Innovation ETF (ARKK), ARK Genomic Revolution ETF (ARKG), and ARK Next Generation Internet ETF (ARKW).

ARK Invest actively manages its portfolios, making strategic investment decisions based on its research and analysis of disruptive trends. 

Notably, its funds were some of the first to offer exposure to GBTC when it in 2015 it was available on OTC exchanges.

Wood, in particular, is on the record as predicting Bitcoin will come to be worth over $1 million over the coming decade.

BlackRock

The logo of Bitcoin ETF applicant Blackrock.

TICKER: $IBIT

BlackRock is the world’s largest investment management firm with trillions of dollars under management. 

Founded in 1988 as a risk management and fixed income outfit, it has since evolved into a global investment management giant with a comprehensive suite of financial services for institutional investors, financial professionals, and individual investors.

BlackRock is primarily known for its asset management business, offering a wide range of investment products, including mutual funds, exchange-traded funds (ETFs), and institutional separate accounts. The firm covers various asset classes, from equities and fixed income to alternatives and multi-asset strategies.

Notably, BlackRock CEO Larry Fink has been dismissive of Bitcoin in the past, criticizing the nascent technology and its links to dark market-based criminal activity. 

However, this only made the news it would launch a Bitcoin ETF in 2023 more impactful, with Fink making clear he believes the only decentralized cryptocurrency has stood the test of time.  

Bitwise

The logo of Bitwise, a Bitcoin ETF applicant.

TICKER: $BITB

Bitwise Asset Management is a cryptocurrency investment firm that specializes in crypto-based investment funds. 

Founded in 2017 by Hunter Horsley and Hong Kim, Bitwise aims to provide institutional and individual investors with exposure to digital assets. Its flagship fund is the Bitwise 10 Crypto Index Fund, which tracks a diverse basket of the ten largest cryptocurrencies by market capitalization. 

This fund offers investors a way to gain exposure to a broad range of digital assets in a single investment.

Bitwise actively manages the fund by regularly rebalancing its holdings to reflect changes in the market and ensure alignment with the fund’s investment strategy.

Bitwise is known for its research efforts, providing insights into the cryptocurrency market. Further, it has been perhaps the only Bitcoin ETF applicant to launch an ad campaign that was been wildly successful, with the company hiring the former Dos Equis spokesperson, known as “The Most Interesting Man in the World.” 

VanEck

The logo of Bitcoin ETF applicant VanEck.

TICKER: $XBTF

VanEck is a global investment management firm founded in 1955 by John C. van Eck in New York City. 

Initially, the firm focused on managing gold investments, but over the years, it has expanded its offerings to include a diverse range of asset classes and investment strategies.

The firm provides a variety of investment products, including mutual funds, ETFs, and other investment vehicles, but is known for specializing in commodity investing.

VanEck first filed for a Bitcoin exchange-traded fund (ETF) in 2017, and has since been one of the most active Wall Street firms in the quest to have the investment product approved.

Wisdomtree

The logo of Bitcoin ETF applicant Wisdomtree.

TICKER: $BTCW

WisdomTree Investments is a global asset management company that offers a range of exchange-traded funds (ETFs), exchange-traded products (ETPs), and other investment solutions. 

Founded in 2006 by Jonathan Steinberg, the goal of the company was to create innovative investment products for investors seeking exposure to various asset classes including equities, fixed income, currencies, and alternative strategies.

WisdomTree has shown interest in the cryptocurrency space, particularly Bitcoin. The company has submitted regulatory filings for Bitcoin-related exchange-traded products (ETPs).

WisdomTree’s involvement in Bitcoin ETFs is part of its broader exploration of digital assets and blockchain technology.

Invesco 

The logo for Bitcoin ETF applicant Invesco.

TICKER: BTCO

Invesco Ltd. is a global investment management company with a diverse range of financial products and services. 

Founded in 1935, Invesco has grown into a global investment management firm with a presence in North America, Europe, Asia-Pacific, and other regions.

Invesco provides a wide array of investment products and services, including mutual funds, exchange-traded funds (ETFs), separately managed accounts, and institutional strategies.

Since 2021, Invesco has offered Invesco Physical Bitcoin, a physically backed ETP out of Switzerland, and is currently vying to launch a Bitcoin ETF.

For the Bitcoin ETF in the US, it has notably teamed with Galaxy Digital Holdings, a publicly listed financial services and investment management firm focused on cryptocurrency. 

Founded by former hedge fund manager Mike Novogratz, Galaxy Digital aims to be a bridge between traditional finance and the emerging world of digital assets. 

Galaxy’s research firm has estimated the addressable market for the ETF in the billions.

Fidelity

The logo of Fidelity Investments, a Bitcoin ETF applicant.

TICKER: $FBTC

Fidelity Investments is a leading financial services company based in the United States, and one of the largest privately owned and operated firms on Wall Street. 

Fidelity was founded in 1946, and is known for its focus on investment management, retirement planning, wealth management, life insurance, and other financial services.

However, the company is best known for mutual fund offerings, offering a wide range of funds covering various asset classes, investment styles, and strategies.

Fidelity has been interested in the digital asset space since 2013, when its R&D divisions began mining Bitcoin, its CEO Abigail Johnson saying famously in 2017 that she “loves” Bitcoin. 

Since then, the company has been active in the industry. Fidelity Digital Assets provides secure custody solutions for Bitcoin and other cryptocurrencies, catering to institutional clients looking to include digital assets in their portfolios.

Valkyrie

A logo for Bitcoin ETF applicant Valkyrie.

TICKER: $BTF

Valkyrie Investments is a financial services firm specializing in investment management in the digital asset space.

Founded in 2020 and based in the United States, the company has created funds and vehicles that provide exposure to digital assets, such as Bitcoin and other cryptocurrencies.

Valkyrie Investments has submitted proposals for a Bitcoin ETF, awaiting approval from the SEC. 

Global X

The logo for Bitcoin ETF applicant Global X.

TICKER: $BITS

Global X ETFs is a well-known provider of exchange-traded funds (ETFs) with a focus on thematic investing. 

Thematic ETFs are designed to track specific investment themes or trends, providing investors with targeted exposure to particular sectors or industries. 

Global X ETFs covers a wide range of themes, including AI, renewable energy, e-commerce, and more.

Hashdex 

The logo for Bitcoin ETF applicant Hashdex.

TICKER: $DEFI

Hashdex is a crypto-focused asset management company that specializes in creating investment products centered around digital assets. 

The company was founded in 2018 and is headquartered in Brazil. It primarily focuses on managing investment products related to cryptocurrencies. The company aims to provide investors with exposure to digital assets through regulated and structured investment vehicles.

Franklin Templeton

The logo of Bitcoin ETF applicant Franklin Templeton.

TICKER: N/A

Franklin Templeton is a global investment management firm with a long history and a diverse range of investment products and services. Founded in 1947, it has grown into one of the world’s leading investment management companies.

Franklin Templeton operates globally, with a presence in over 165 countries. The firm has a network of offices and investment professionals around the world.

The Wall Street giant offers a wide array of investment products, including mutual funds, closed-end funds, separately managed accounts, and more. The firm covers various asset classes, such as equities, fixed income, alternatives, and multi-asset strategies.

One of the later entrants into the Bitcoin spot ETF race, Franklin Templeton is not particularly well-known for ETFs. As such, its inclusion in the race is widely seen as a sign of strong Wall Street appetite for a Bitcoin spot ETF product offering.

What Happened the Last Time the SEC Ruled on a Bitcoin ETF

https://bitcoinmagazine.com/markets/what-happened-last-time-sec-ruled-bitcoin-spot-etf

The quest for a Bitcoin exchange-traded fund (ETF) has been a protracted journey, marked by highs and lows. 

In fact, those excited that a Bitcoin spot ETF approval could take place as soon as January may be shocked to know the initial attempt at a Bitcoin ETF dates back to July 2013 .

That’s when investors Cameron and Tyler Winklevoss, then best known for their controversial role in creating Facebook, first proposed the Winklevoss Bitcoin Trust, an exchange-traded vehicle that would open up Bitcoin to institutional investors. 

However, despite their forward-thinking proposal, the SEC officially rejected the proposal in March 2017, citing concerns about market surveillance and regulation. At the time, the Bitcoin price dropped some 30 percent on the news, declining from a high of around $1,400 to just over $900.

This rejection set the stage for a series of subsequent ETF rejections that have occurred ever since. 

The Early Attempts

Yet, even before the Winklevoss rejection, the quest for a Bitcoin ETF continued with other entities presenting their own proposals.

2013 also saw SolidX file a proposal for its Bitcoin fund shortly after the Winklevoss brothers. Despite later partnering with fund manager VanEck, the proposal for the VanEck SolidX Bitcoin Trust was withdrawn in 2019.

At the same time, Barry Silbert‘s SecondMarket took a different path, launching a publicly traded trust that holds Bitcoin, but whose shares are traded on over-the-counter (OTC) markets. Investors can buy shares of GBTC through traditional brokerage accounts, and the value of each share is intended to track the price of Bitcoin. However, GBTC can trade at a premium or discount to the actual net asset value (NAV) of the Bitcoin it holds.

As far back as July 2017, Grayscale filed to convert the GBTC to an ETF. Despite becoming the largest and most popular Bitcoin fund, GBTC remains unlisted on major U.S. exchanges.

Over the past few years, amid turmoil at its parent company, discounts have turned as steep as 40%.

September 2017 witnessed ProShares applying for two Bitcoin ETFs, facing rejection in August 2018 along with seven other proposed Bitcoin ETFs.

December 2017 brought applications from Direxion and GraniteShares for respective Bitcoin ETFs, both of which were rejected in August 2018.

2019 To Today

In the wake of the 2017 bull market, there were a host of other hopefuls that attempted to launch a spot Bitcoin ETF.

By January 2019, Bitwise proposed the Bitwise Bitcoin ETF Trust, which was rejected by the SEC about nine months later. (It is among a set of new applicants seeking approval in January.)

Simultaneously, Wilshire Phoenix proposed a unique approach with the United States Bitcoin and Treasury Investment Trust, hoping to blend Bitcoin and U.S. Treasury securities. Yet, the SEC rejected this proposal in February 2020.

2019 saw Realty Shares ETF Trusts proposing a Bitcoin fund investing in Bitcoin futures contracts. The SEC compelled the withdrawal of the proposal just two days later.

2020 brought WisdomTree’s application for a commodity fund, planning to invest up to 5% of its assets in Bitcoin futures. 

Since then, traders have relied on stocks like MicroStrategy and Block to gain exposure to Bitcoin, with these companies, both of which offer Bitcoin services, providing buyers with exposure. 

Regulatory Shifts And Resignations

The regulatory landscape underwent changes in December 2020 when SEC Chair Jay Clayton stepped down from the SEC, and at first, there was optimism a change might come.

For instance, in 2021, President Joe Biden nominated Gary Gensler, the former chairman of the Commodity Futures Trading Commission, as Clayton’s replacement. The appointment was notable as Gensler had given lectures on Bitcoin during his tenure at MIT, and even promoted various cryptocurrencies. 

However, Gensler’s policy responses to the industry has arguably been even more draconian. 

During this transitional period, VanEck re-filed its application for a Bitcoin ETF in December 2020, marking the first filing post-Clayton. The SEC acknowledged the filing on March 15, providing a 45-day review window.

In 2021, Valkyrie filed a new application for the Valkyrie Bitcoin Fund to be listed on the NYSE. Subsequently, NYDIG filed for approval of its Bitcoin ETF in February 2021, coinciding with Bitcoin’s price hitting $50,000 for the first time.

March 2021 brought Fidelity’s filing for approval of the Wise Origin Bitcoin Trust, adding another dimension to the ongoing quest for a regulated Bitcoin ETF.

Flash forward to the end of 2023 and there are 13 applications from players including Fidelity and BlackRock. Most of the applicants have met with the SEC and made modifications to their applications, heightening the prospects of an approval.

Still, it remains anything but a sure bet. While Bloomberg analysts predict a 90% chance of approval, some fear the SEC may find creative ways to further delay the Bitcoin spot ETF’s debut.

If past fake news is any indication, markets will likely react to the decision, and volatility could be in store.

Google Revising Crypto Ad Rules Ahead of Expected Bitcoin ETF Launch

https://bitcoinmagazine.com/markets/google-revising-crypto-ad-rules-bitcoin-etf

In a subtle yet significant move, Google has quietly adjusted its Crypto Ad Guidelines, ahead of the anticipated launch of a Bitcoin Exchange-Traded Fund (ETF) in the US. 

Beginning January 29, 2024, the search giant’s revised policy will permit advertisers offering “Cryptocurrency Coin Trusts” targeting the United States, provided they meet specific requirements and gain Google’s certification.

This development marks a notable shift from Google’s historically cautious stance toward cryptocurrency-related advertisements. The company had previously imposed embargoes on all manner of crypto ads, citing concerns about potential fraud and misleading promotions. However, as the Bitcoin landscape evolves and gains mainstream acceptance, Google appears to be recalibrating its approach.

The updated guidelines specifically address financial products that enable investors to trade shares in trusts holding substantial amounts of digital currency. This signals a recognition of the growing popularity and legitimacy of such investment vehicles within the financial ecosystem.

As of December, there are over 10 companies competing to launch the first Bitcoin spot ETF, including BlackRock, Fidelity, and Ark Invest. The approval of these funds is expected to drive billions of dollars worth of new industry investment.

The move also demonstrates a more nuanced enforcement strategy for Gogole. Rather than immediately suspending accounts for policy violations, Google will issue warnings at least seven days before any potential account suspension. 

The updates were announced on December 6, but began gaining more widespread attention on social media Monday.

Still, it remains to be seen how such policies will take shape once the market is live. As reported by The Wall Street Journal, there remain serious questions about ETFs that might serve the market beyond Bitcoin. 

In particular, a story highlighted potential issues with ETFs for centralized cryptocurrencies like ETH, and the complications they could bring.

As the crypto industry continues to mature and attract institutional interest, Google’s subtle policy adjustment reflects a broader acknowledgment of the evolving financial landscape, setting the stage for increased mainstream adoption of Bitcoin.

Brazil’s Largest Private Bank Itau Unibanco Launches Bitcoin Trading

https://bitcoinmagazine.com/markets/brazils-largest-private-bank-itau-unibanco-bitcoin

Brazil’s financial landscape witnessed a seismic shift as Itaú Unibanco, the nation’s largest private bank, announced its foray into the world of cryptocurrency trading Monday, introducing a service that allows its customers to engage in buying and selling Bitcoin and Ether via its ion investment platform.

Marking a significant move for a traditional banking institution, Itau follows newer financial entities like Nubank and BTG Pactual, both of which have integrated such offerings for their clientele. 

Initially, Itaú’s customers will have access to trade in Bitcoin and ether, the primary cryptocurrency of the Ethereum network. However, the rollout of this service will be gradual, with selective access granted to customers registered with ion, contingent upon regulatory clarity.

Guto Antunes, head of Itaú Digital Assets, emphasized the bank’s cautious approach, highlighting that the custody of Bitcoin traded on ion would be managed by Itaú, ensuring asset segregation but withholding access to the private keys of the wallets from platform users.

Notably, he clarified that for the initial phase, external Bitcoin deposits into Itaú accounts and withdrawals to customers’ personal digital wallets will not be available.

Instead, the bank pledges the security of its balance sheet to safeguard invested amounts, likening it to the security customers experience when their money remains in a traditional bank account.

Elsewhere, Antunes shed light on Itaú’s focus on attracting new customers by offering opportunities in Bitcoin. “We are in a generation that grows up and uses banking in a tokenized way,” he said.

Though the move is a significant step, it’s one that showcases how traditional banks still equate Bitcoin and cryptocurrency, with the bank here giving no indication of the scrutiny centralized cryptocurrencies are under in the US and other jurisdictions.

El Salvador National Treasury Likely In Profit After Bitcoin Surge Above $40,000

https://bitcoinmagazine.com/el-salvador-bitcoin-news/el-salvador-national-treasury-likely-profit-bitcoin-40000

El Salvador’s national Bitcoin treasury may be back in the green.

At least, that’s the latest data from NayibTracker.com, a website dedicated to following the performance of El Salvador’s President Nayib Bukele‘s decision to invest in Bitcoin in 2021. The website tracks the time and date of known purchases, as well as those that Bukele has pledged to follow through on.

According to the data, the total investment of $127 million has yielded a current value increase of $4 million, translating to a profit of 3.17%.

Still, the bulk of this performance rests on the idea that Bukele followed through on a public commitment to purchase 1 Bitcoin a day since November 17, 2022. If he did, Bitcoin purchased on that date is up 58% since the acquisition.

That said, Bukele has yet to confirm or speak publicly about whether the country acquired an additional 360+ Bitcoin over the last year, in accordance with his announcement it would pursue a dollar cost averaging strategy.

Elsewhere, the overall investment showcases a mix of gains and losses, with the most significant single-day increase occurring on July 1, 2022, when an investment of $19,000 per Bitcoin resulted in a staggering 119.81% surge in value. 

Conversely, there were moments of decline, such as on November 26, 2021 at a price of over $60,000, a purchase whose value is still down 29.14%.

However, with Bitcoin’s price surging above $40,000, and optimism a Bitcoin ETF may be approved in the U.S. soon, industry bulls believe even this purchase will be soon in the black.

As Bitcoin continues to assert its influence on the world stage, El Salvador’s journey serves as a noteworthy case study for other countries exploring the intersection of traditional finance and the rapidly evolving landscape of cryptocurrency.

Scaramucci: Spot ETF Will Help Wall Street’s Salesforce Drive Billions Into Bitcoin

https://bitcoinmagazine.com/markets/scaramucci-bitcoin-spot-etf-wall-streets-salesforce-drive-billions

If there’s one thing people are underestimating about a Bitcoin spot ETF approval, it’s the reality of Wall Street’s marketing engine.

At least that was the takeaway from capital allocator Anthony Scaramucci’s most recent visit to crypto industry podcast “The Scoop.” 

In the interview, Scaramucci talked at length about how a Bitcoin ETF is poised to reshape the investing landscape. In particular, the founder of SkyBridge Capital, declared that an ETF “approved by the federal government” would unleash a salesforce tsunami, channeling billions into the cryptocurrency.

Scaramucci, a Wall Street veteran, underscored the strategic shift, stating, “There’s this unspoken not-so-secret reality of Wall Street: products are sold, not bought.” 

In his vision, the traditional sellers of ETFs would become evangelists for Bitcoin, promoting the cryptocurrency to a much broader audience.

He painted a vivid picture of the sales pitch, envisioning those typically offering coffee and donuts during ETF presentations now advocating for Bitcoin ETFs. “Put 1% into Bitcoin,” they would say, armed with the narrative that Bitcoin has been the best-performing asset of the past decade.

“The target audience for Bitcoin in an ETF is tens of thousands of people,” Scaramucci asserted. By enabling investments ranging from $500 to “an infinite amount,” the ETF would attract a diverse cross-section seeking advice from traditional brokers, including those using platforms like E-Trade and Fidelity.

Highlighting the underappreciated power of Wall Street’s marketing machinery, Scaramucci contended that the cash ETF approval was not fully priced in. Further, he emphasized that while individual investors might already dabble in Bitcoin personally, the monumental shift would come when money managers, responsible for managing billions strategically allocate 1% of their portfolios to Bitcoin.

As he broke down the numbers, Scaramucci cited the potential involvement of giants like Fidelity and BlackRock, suggesting that a mere 1% allocation from these two behemoths could funnel over $110 billion into Bitcoin. 

As of today, 13 Bitcoin spot ETFs are vying for approval, with industry analysts expecting a 90% chance one will go live by January 2024.

Bitcoin Price Up 120% Since El Salvador Became First Nation to Buy 1 BTC A Day

https://bitcoinmagazine.com/el-salvador-bitcoin-news/bitcoin-price-up-120-since-el-salvador-became-first-nation-to-buy-1-btc-a-day

It’s officially been one year since the nation of El Salvador became the first to begin buying Bitcoin every day, joining the millions of savers around the world who dollar cost average into the cryptocurrency.

As profiled by Bitcoin Historian Pete Rizzo today, it was on this date last year when El Salvador’s President Nayib Bukele committed to purchasing one bitcoin every day. One year later, the results are in, Bitcoin is up 120%.

While it is unclear whether El Salvador stuck to the plan, if it has, it has amassed a total of 365 bitcoins at a reported cost of $13 million during that time. However, the cost basis for these acquisitions is notably lower at $9.5 million, or a $3 million gain.

The results showcase the potential benefits of consistent and measured investment in the volatile Bitcoin market.

Time will tell if the results will silence critics, however, who have been critical of the country’s strategy. El Salvador has faced scrutiny for its Bitcoin purchasing efforts, with skepticism arising from the lack of transparency regarding the actual purchases. While President Bukele has publicly disclosed the ownership of 2,381 bitcoins acquired at an average price of around $44,300, there remains a challenge in verifying these claims.

As a result, El Salvador may, at least temporarily, still be down on its overall Bitcoin investment. The country became the first in the world to make Bitcoin legal tender in September 2021, a move that has boosted tourism but drawn the scrutiny of international regulators who fear it is moving away from the U.S. dollar.

As the nation continues to navigate this uncharted territory, the impact of its pioneering DCA plan, should it have followed through on the promise, will no doubt go a long way toward mitigating concerns given its strong performance.

Documentary Shows How Bitcoin Helped Verify Guatemala’s Elections

https://bitcoinmagazine.com/culture/documentary-bitcoin-guatemalas-presidential-elections

A new documentary is showcasing how Bitcoin, beyond its role as a digital money, played a crucial role in verifying Guatemala’s most recent presidential elections.

The documentary, entitled “Immutable Democracy,” delves into the innovative use of OpenTimestamps, a tool developed by Bitcoin Core developer Peter Todd, and implemented by Guatemalan tech startup Simple Proof.

OpenTimestamps utilizes cryptographic timestamps on the Bitcoin blockchain, ensuring the immutability of key documents related to the country’s elections. This approach, leveraging hash functions and decentralized blockchain technology, provides a robust defense against fraud and tampering.

“The reason why Bitcoin is useful for elections… is because all of these communities have one common goal, which is the truth. We can use the same system which is good at helping people come to the truth,” Todd said in the video.

The documentary explains the intricacies of OpenTimestamps, detailing how it cryptographically timestamps data into the Bitcoin blockchain. By anchoring information to a specific block, the tool ensures that tens of thousands of network nodes can independently verify the existence and timing of the timestamp.

Guatemala, plagued by a history of political corruption, embraced Simple Proof’s Immutable Backup solution to fortify the electoral process. 

Rafael Cordón, co-founder of Simple Proof, highlighted the application of OpenTimestamps in recording proofs of documents on the Bitcoin blockchain in a tamper-evident manner. This method not only protects official election documents but also guards against artificial intelligence and disinformation.

Guatemala’s citizens now have access to a dedicated web portal allowing them to verify the timestamp proofs of each tally sheet used in the election. While the setup doesn’t guarantee the validity of each sheet, it provides transparency by allowing citizens to independently verify when each tally sheet was timestamped. 

This transparency becomes crucial in identifying potential anomalies, such as sheets timestamped significantly later than the expected timeframe.

“The only acceptable election is something where anyone can verify and be a part of that process, and the beauty of paper is to [give] it integrity, you just need a whole lot of eyes from a whole lot of observers,” Todd added.

The documentary emphasizes the role of Bitcoin and OpenTimestamps in dispelling claims of election fraud. Following the unexpected victory of President-elect Bernardo Arévalo, allegations of fraud led to intense scrutiny. 

Bitcoin’s role in this context extends beyond its original design as electronic peer-to-peer money, offering a blueprint for how increased transparency and accountability can be brought to elections worldwide.

Bitcoin Price Up 400% Since CashApp First Began Letting Users Buy

https://bitcoinmagazine.com/business/bitcoin-price-up-400-cashapp-first-let-users-buy

It’s now been six years that one of the largest financial players in payments has been supporting Bitcoin.

Indeed, November 14, 2017, marks the date that Jack Dorsey‘s Square, now rebranded as Block, began letting customers buy and sell Bitcoin. The move came at a time when Bitcoin’s price was surging in the wake of the Block Size wars, with the price topping $7,000 on its way to a peak of $20,000 that year.

Fast forward to today, and Bitcoin’s price has surged by an astonishing 400% since Block’s inaugural foray into facilitating cryptocurrency transactions, marking a notable chapter in the evolving landscape of Bitcoin finance.

Still, more notable is this event seemingly played a role in convincing Jack Dorsey, then the co-founder and CEO of Twitter, to become a fervent advocate for Bitcoin. His public endorsements and active involvement in Bitcoin now showcase a deep belief in the transformative power of the technology. 

Today, Block is building a commercial Bitcoin hardware wallet, as well as a decentralized exchange, among other Bitcoin projects.

Yet, this all began in 2017, when Square Cash quietly tested the waters of Bitcoin support, allowing a select few users to buy and sell Bitcoin directly within the app. The move was confirmed by the company, acknowledging the trial phase with a basic interface that displayed USD and BTC balances.

“We’re exploring how Square can make this experience faster and easier, and have rolled out this feature to a small number of Cash app customers. We believe cryptocurrency can greatly impact the ability of individuals to participate in the global financial system and we’re excited to learn more here,” a Square representative said at the time.

Interestingly, the focus during the trial was primarily on buying and selling, deviating from Square Cash’s conventional emphasis on money transfers. 

Today, Block conducts billions of dollars worth of Bitcoin sales per quarter, with Bitcoin making up a large percentage of the financial company’s revenue. 

Bitcoin Price Surges to 18-Month High Above $37,000

https://bitcoinmagazine.com/markets/bitcoin-price-etf-surges-18-month-high-37000

Spurred on by enthusiasm for a forthcoming spot ETF, Bitcoin has catapulted to an 18-month high, surpassing the $37,000 mark Thursday.

The cryptocurrency’s resurgence comes after a period of relative disinterest from mainstream market participants – with most eyes on the trial of disgraced FTX CEO Sam Bankman-Fried, the news was apocalyptic, with major news sources decrying the death of not just Bitcoin but cryptocurrency. 

Still, the surge in Bitcoin’s price can be attributed to a combination of factors, including renewed institutional interest, growing adoption, and a favorable macroeconomic climate. Institutional investors, often considered a significant driving force behind Bitcoin’s price movements, have once again shown confidence in the digital asset, fueling its upward trajectory.

As global economic uncertainties persist, investors are turning to Bitcoin as a hedge against inflation and currency devaluation. The decentralized nature of the cryptocurrency provides a level of security and autonomy that traditional financial instruments struggle to match.

The $37,000 milestone sets up the more significant $40,000 psychological barrier to be broken, instilling a renewed sense of optimism in the cryptocurrency community. 

But as Bitcoin continues to capture headlines and the attention of both retail and institutional investors, the question on everyone’s mind is whether this bullish trend will persist into the new year.

Bitcoin Price Up 15,000,000% Since First Blogger Obituary

https://bitcoinmagazine.com/business/bitcoin-price-15000000-first-blogger-obituary

Imagine predicting Bitcoin’s death on a website that no longer exists.

That’s what blogger Sean Lynch did 13 years ago today, when he wrote what 99 Bitcoins now classifies as the world’s first “Bitcoin obituary,” a news article that predicted the cryptocurrency’s death or demise.

The post, titled “Why Bitcoin can’t be a currency,” argued that Bitcoin lacked the mechanisms to handle fluctuations in demand, which would lead it to become worthless over time. He wrote: 

“In nature, positive feedback loops like exist with Bitcoin are lethal; the only thing that’s even kept Bitcoin alive this long is its novelty. Either it will remain a novelty forever or it will transition from novelty status to dead faster than you can blink.”

Since then, Bitcoin, the world’s most famous cryptocurrency, has defied critics and naysayers like Lynch, surging an astonishing 15 million percent in value since. Indeed, Bitcoin has consistently defied the odds, transforming from a niche experiment into a global financial phenomenon.

Still, the post, unearthed today by Bitcoin Historian Pete Rizzo is notable for proving just how wrong Bitcoin critics can be, with Lynch specifically arguing that economies need intervention and that Bitcoin would fail because it lacked it.

“The reason this can’t happen with government currencies is that government currencies *are* backed,” he wrote. “They’re backed by bullets. If demand for USD starts to fall faster than the USG would like, the USG can just raise taxes without increasing spending, increasing demand and reducing supply simultaneously. There’s a bunch of stuff the FED can do, of course, and the FED tends to act first, but its operations are harder to explain. This is obviously not a perfect mechanism, since bubbles are still blown and popped, but even this mechanism is not available with Bitcoin.”

Today, more and more people are seeing just how destructive that intervention can be, with central banks struggling to contain inflation around the globe.

Elon Musk: None of My Companies Will Issue ‘Crypto Tokens’

https://bitcoinmagazine.com/business/elon-tesla-spacex-x-xai-neuralink-wont-issue-crypto-tokens

It appears X, Tesla, SpaceX, Neuralink, and xAI won’t be issuing their own cryptocurrency anytime soon.

Announced on X late last week, Elon Musk has declared that none of his companies will be launching a cryptocurrency token, in a move that underscores a shift in the tech industry’s attitude toward competing with Bitcoin as a digital currency. 

This announcement is particularly noteworthy in light of X (formerly Twitter), which recently announced its intention to transform into a platform for financial services. Previously, there had been speculation that Musk might integrate Dogecoin, a cryptocurrency he has vocally supported in the past, into his companies’ operations.

Under the leadership of Jack Dorsey, Twitter was known for its pro-Bitcoin stance, actively incorporating new features like Bitcoin tipping, a feature that has attracted him to the upstart social network, Nostr. However, Elon Musk has seemed to walk back that support, creating questions about his intentions.

Musk’s decision not to launch a crypto token carries significance, as it suggests that the concept of issuing worthless cryptocurrencies is losing favor among prominent Silicon Valley tech leaders. 

This shift in sentiment could be attributed to the increasing regulatory scrutiny and uncertainty surrounding the cryptocurrency industry, or simply the failures over the last decade for any crypto token to differentiate from Bitcoin. 

With Musk’s reputation as a tech visionary and influencer, his statement may influence other tech leaders and entrepreneurs, to put the idea to rest as well.

Ark CEO Cathie Wood Would Hold Bitcoin, Not Gold for the Next 10 Years

https://bitcoinmagazine.com/business/ark-ceo-cathie-wood-bitcoin-gold-10-years

Bitcoin bull Cathie Wood believes gold’s time has come and gone.

The CEO of Ark Invest weighed in on the enduring debate between the traditional safe haven asset and digital currency during a recent Bloomberg UK podcast, Merryn Talks Money

In a hypothetical scenario where Wood had to choose between holding gold, a cash deposit account, or Bitcoin for a decade, she made her stance clear.

“It’s a hedge against inflation and deflation. It’s digital,” she began, passionately advocating for Bitcoin. Wood acknowledged the time-tested appeal of gold but highlighted a crucial difference. “Gold already has its demand; it’s happened,” she explained. In contrast, she emphasized that Bitcoin remains a fresh and evolving asset, with institutions only beginning to scratch the surface of its potential.

Wood’s perspective aligns with the prevailing sentiment among younger investors who increasingly favor Bitcoin over gold. She pointed out that Bitcoin’s allure lies in its technological novelty and the rising enthusiasm from millennials and Gen Z, who see it as a more attractive store of value compared to the yellow metal.

Intriguingly, Wood made a notable observation regarding the role of both gold and Bitcoin as hedges against deflation. However, she noted that Bitcoin’s recent performance suggests that it has been outshining its traditional counterpart.

In summary, Wood’s sentiment reflects the evolving landscape of investments, with Bitcoin emerging as a powerful contender. 

Time will tell if more investors will follow suit as Bitcoin continues its recovery from 2022’s brutal bear market.

Michael Saylor’s MicroStrategy Is Now Up Nearly $1 Billion on Its Bitcoin Investment

https://bitcoinmagazine.com/business/michael-saylors-microstrategy-up-nearly-1-billion-bitcoin-investment

MicroStrategy, the software firm led by prominent Bitcoin evangelist Michael Saylor, is once again demonstrating the potential of Bitcoin as a store of value.

With a strategic approach to accumulating the Bitcoin through the entirety of the most recent bear market, the company is now sitting on a nearly $1 billion gain.

MicroStrategy’s journey into Bitcoin began in August 2020 when it first announced its entry into the world of digital assets. The company’s initial investment, at a cost basis of $4.68 billion, has now soared in value to $5.62 billion, representing a $932 million profit, according to data from BitcoinTreasuries.

This increase in MicroStrategy’s Bitcoin holdings has only reinforced Saylor’s unwavering confidence in the digital currency. 

Saylor, a fervent advocate for Bitcoin, has been vocal about his belief that the cryptocurrency is not just an asset but a revolutionary monetary network. He asserts that Bitcoin’s inherent qualities, including scarcity and decentralization, make it a superior long-term investment and a hedge against inflation.

Saylor’s conviction extends beyond his role at MicroStrategy, as he has been a prominent figure in the broader financial landscape, advocating for the adoption of Bitcoin by other institutional investors. He has encouraged companies to allocate a portion of their treasuries to Bitcoin, as a safeguard against the devaluation of fiat currencies and the erosion of purchasing power.

The rise in MicroStrategy’s Bitcoin investment serves as a testament to Saylor’s vision and persistence. Despite fluctuations in Bitcoin’s price, Saylor remains steadfast in his belief that it represents a paradigm shift in the world of finance. 

He often characterizes Bitcoin as “digital gold” and sees it as an essential component of any forward-thinking investment strategy.

Still, looking ahead questions remain for the MicroStrategy empire. With a Bitcoin Spot ETF on the horizon, institutional investors may have new options for acquiring Bitcoin, dampering what has long been a driver in the company’s stock price.

Regardless, his firm will likely be well positioned for the return of a sound money era with a Bitcoin stash that will be unrivaled among public companies.

SGKB Bank Is Now Letting Retail Clients Buy and Custody Bitcoin

https://bitcoinmagazine.com/business/sgkb-swiss-bank-retail-clients-buy-custody-bitcoin

In a move that showcases the expanding demand for Bitcoin, St. Galler Kantonalbank (SGKB) has become the latest major Swiss bank to offer Bitcoin and crypto buying services.

Announced Thursday, SGKB partnered with SEBA Bank to offer its retail customers cryptocurrency trading and custody services, a venture that marks another step in the expanding world of crypto adoption within the Swiss banking sector.

SGKB already enabled the service for high net worth clients.

The partnership between SGKB and crypto bank SEBA was forged earlier this year, and after a swift implementation phase, SGKB is now facilitating the trading and custody of digital assets, starting with Bitcoin (BTC) and Ethereum (ETH).

This move follows Zuger Kantonalbank’s recent launch of a similar crypto offering in late October and Luzerner Kantonalbank, which debuted its service in August.

Falk Kohlmann, Head of Market Services at St. Galler Kantonalbank, expressed enthusiasm for the development, stating: “We are pleased to offer access to digital assets and the digital economy to a select group of customers.”

It’s important to note that, initially, SGKB’s crypto offerings are limited to Bitcoin and Ethereum. However, upon request, clients may explore investments in other cryptocurrencies. According to SEBA’s website, the crypto bank provides cold storage for a range of digital assets, including Bitcoin, Ethereum, USDC, and others.

Looking ahead, the move enables SGKB clients to manage their cryptocurrencies alongside existing investments, a development that could become increasingly common in the years ahead.

With SGKB, the fifth largest cantonal bank, joining the Bitcoin fray, the path to mainstream adoption becomes increasingly clear.

Redditor Earns 41% Return Investing $5 Into Bitcoin Every Day for 1 Year

https://bitcoinmagazine.com/markets/redditor-investing-5-into-bitcoin-every-day-for-1-year

In a compelling tale of persistence and financial prudence, a Reddit user embarked on a unique investment experiment, demonstrating the potential rewards of consistently investing small amounts, or dollar cost averaging, into Bitcoin. 

The Redditor, going by the handle u/Gorillahair2000, initiated an experiment to determine whether allocating just $5 per day into Bitcoin was a worthwhile endeavor, and over the course of one full year, diligently recorded their progress.

After 365 days of investing $5 per day, the Redditor accumulated a total stack of 0.075 Bitcoin. The average purchase price stood at $24,108.58, while the current price of Bitcoin was $34,158.20. 

The total expenditure over the year amounted to $1,825.00, and the current value of the investment was $2,585.75, yielding a net change of +41.68%.

The Redditor also noted that they accounted for the 0.5-1.0% spread on each of their purchases, meaning the gains remained after adjusting for fees. The user indicated that they buy with Strike, a popular Bitcoin Lightning wallet, and then withdraw the Bitcoin to a hardware wallet, in line with industry best practices.

In a year’s time, they transformed the daily expense equivalent to a Starbucks coffee into $2,500 in current value, or a $750 gain.

The experiment proves that even with a modest budget, investing in Bitcoin can yield significant returns, and it further demonstrates the power of dollar-cost averaging, a strategy that involves consistently purchasing assets at fixed intervals, regardless of their price, thereby mitigating the effects of market volatility.

Further, it also highlights Bitcoin’s main advantages as a sound money, one that doesn’t depreciate like traditional savings vehicles tied to inflationary fiat currencies.

Thai Bank Acquires 97% Stake in Bitcoin and Crypto Exchange

https://bitcoinmagazine.com/markets/thailands-kasikorn-bank-97-stake-bitcoin-and-crypto-exchange

In a strategic move that solidifies its presence in the cryptocurrency sector, Thailand’s Kasikorn Bank has announced the acquisition of a 97% stake in Satang Corporation Company Limited, the parent company of the Satang cryptocurrency exchange.

The deal, valued at 3.705 billion Thai baht ($102.8 million), was conducted through a newly formed Kasikorn Bank subsidiary called Unita Capital, specifically created for investments in digital asset companies, according to local news sources.

Kasikorn is the country’s second-largest bank by assets under management, according to 2023 data from Statista.

Following the finalization of the acquisition, Satang Corporation will be rebranded as Orbix Trade Company Limited. 

In addition to the exchange services, the newly formed company will establish three additional subsidiaries: Orbix Custodian, Orbix Invest (a digital asset fund manager), and Orbix Technology, a blockchain technology developer.

Kasikorn’s support for Bitcoin specifically, as opposed to other cryptocurrencies and digital tokens, is at this time unclear.

This announcement follows K-Bank’s recent launch of a $100 million fund designed to target investments in web3, fintech, and artificial intelligence. Its counterpart, Siam Commercial Bank (SCB), is also reportedly making notable strides into web3 and the cryptocurrency space. Both banks are vying to offer a full spectrum of crypto services permissible within the regulatory framework in Thailand.

SCB had earlier this year attempted a similar acquisition of a regional rival, though it was notably stalled over regulatory issues.

Kasikorn Bank has set an ambitious goal to capture 20% of the cryptocurrency market share in Thailand by the year 2024, marking its commitment notable at a time when many global banks remain on the sector’s sidelines.

Mexican Billionaire Says ‘Buy Bitcoin, Sell Bonds, Reject Inflation’

https://bitcoinmagazine.com/markets/ricardo-salinas-mexican-billionaire-buy-bitcoin-sell-bonds-reject-inflation

“Store your wealth in Bitcoin.”

That was the message give by Ricardo Salinas, a prominent billionaire and the honorary chairman of TV Azteca, in an exclusive interview with Bitcoin Magazine reporter Isabella Santos last week. The rare sit-down interview, which marked the Mexican billionaire’s first Spanish-language interview on the topic.

The Ricardo Salinas Interview: Mexican Billionaire Says Sell Bonds, Buy Bitcoin, & Reject Inflation (; 19:49)

In the 20-minute interview, he discussed how the cryptocurrency can act as a safeguard against inflation and the pitfalls of traditional financial systems, the conversation taking place on the occasion of Salinas’ recognition by the Atlas Society, an organization known for promoting individualism and free-market philosophies.

Salinas began by addressing the widespread issue of inflation, which he sees as an insidious tax eroding people’s savings without their consent. This is a concern not only in Mexico and Latin America but also globally. 

To counteract this, Salinas emphasized the value of Bitcoin as a means of protecting one’s wealth. He highlighted its unique properties, such as its resistance to inflation and its appeal in hyperinflationary economies, which are common in Latin America.

Discussing the mass adoption of Bitcoin in Mexico, Salinas emphasized the importance of educating people about the impact of government monetary policies, which he referred to as fraud. To promote Bitcoin as a tool for financial freedom, Salinas stressed the necessity for individuals to recognize the manipulative nature of the financial system.

Salinas also tackled the challenge of transitioning to Bitcoin as a store of value. He acknowledged the need for a robust custodial system in Mexico, which is still in its early stages of development. However, Salinas sees Bitcoin as an important asset class, particularly for long-term savings and inheritances.

The discussion extended to the role of Bitcoin in third-world countries, where Salinas acknowledged that Bitcoin has the potential to benefit these nations, particularly in regions with hyperinflation. 

He emphasized the importance of individuals comprehending the significance of protecting their wealth from currency debasement.

Regarding his family’s perception of Bitcoin, Salinas noted generational differences, particularly with his father. He described the challenge of explaining the value of digital assets to someone from an older generation who might not understand the concept of cryptocurrency.

The interview with Ricardo Salinas shed light on his enthusiastic support for Bitcoin and his belief in its role as a hedge against inflation and a protector of individual wealth. As a prominent figure in the business and media world, his advocacy for Bitcoin is likely to have a significant impact on its adoption in Mexico and beyond.

Bitcoin Price Up 1.6 Million Percent Since Infamous Nick Allen ‘Mess Tweet’

https://bitcoinmagazine.com/markets/bitcoin-price-up-1-6-million-percent-since-infamous-allen-tweet

They say time heals all wounds – not in Bitcoin.

As documented by Bitcoin Historian Pete Rizzo, tomorrow marks the 12th anniversary of a now-infamous tweet by Nick Allen back in 2011, one that demonstrates the remarkable growth and resilience of the cryptocurrency over the past decade.

The tweet in question, posted on October 25, 2011, by technologist Nick Allen, expressed disbelief at Bitcoin’s value, which was “down to $2.70 a pop.” Allen went on to say he was “so glad I didn’t buy in on that mess.”

At the time of the tweet, Bitcoin was trading at $2, and it’s up some 1,600,000 percent since that date.

Fast forward to today, and Bitcoin’s price has soared to nearly $35,000 per coin, marking a phenomenal increase from the days when it was valued in the single digits. Allen’s tweet has since become a symbol of how the cryptocurrency has defied expectations and evolved into a mainstream asset class.

Allen’s responded to the post in 2021, at a time when Bitcoin was down from $60,000 all-time highs.

Nick Allen, who has an extensive background in the gaming and esports industry, may not have anticipated the extraordinary growth of Bitcoin when he posted his tweet, but the incredible price increase highlights the digital currency’s journey and the increasing interest in cryptocurrencies as a legitimate investment vehicle.

Still, as recent news stories show, Allen is not alone when it comes to believing Bitcoin is a fad whose best days are behind it. While some are excited about the potential approval of a Bitcoin spot ETF, there has been a continued barrage of news stories in the wake of the FTX trial that take a similar tone.

In this way, Allen’s tweet may serve as a reminder that Bitcoin has a history of defying its doubters – and rewarding its investors.

Rich Dad, Poor Dad Author: ‘Next Stop’ for Bitcoin Price $130,000

https://bitcoinmagazine.com/markets/rich-dad-poor-dad-kiyosaki-next-stop-for-bitcoin-price-130000

Renowned financial educator and author of the best-selling book “Rich Dad Poor Dad,” Robert Kiyosaki, has once again made a bold prediction regarding the future of Bitcoin, suggesting that the cryptocurrency’s price is on a trajectory to reach $130,000. 

Kiyosaki’s pronouncement comes amid his growing concerns about inflation and a shifting global economic landscape.

In a recent tweet, Kiyosaki shared his insights on various assets, including Bitcoin, gold, and silver. He started by forecasting a bullish future for gold, stating, “Gold will soon break through $2,100 and then take off.”

Kiyosaki’s optimism about gold stems from the precious metal’s historical role as a hedge against inflation and economic uncertainty. His forecast suggests a significant increase in the value of gold, which has been catching the attention of investors as a traditional store of value.

However, what grabbed the attention of the Bitcoin community and investors was Kiyosaki’s next prediction. He asserted, “Bitcoin testing $30,000. Next stop Bitcoin $135,000.” This statement underscores Kiyosaki’s belief in the potential of Bitcoin to not only recover from recent price fluctuations but to surge to new all-time highs.

Despite periodic market volatility, Bitcoin has maintained its status as the leading digital asset and is seen by many as a store of value and a hedge against global economic instability.

As investors and financial experts continue to navigate the complex financial landscape, Kiyosaki’s forecasts serve as a reminder of the growing interest in alternative assets like Bitcoin and precious metals.

Argentina’s Pro-Bitcoin Presidential Candidate Javier Milei Forces Run-Off Election

https://bitcoinmagazine.com/culture/argentina-bitcoin-president-javier-milei-run-off-election

In a surprising twist in Argentina’s presidential election, pro-Bitcoin candidate Javier Gerardo Milei has emerged as a formidable contender, forcing a run-off election against current Economy Minister Sergio Massa after the first round of voting.

Javier Milei, a libertarian economist who has vowed to shut down the nation’s central bank and expressed support for Bitcoin, managed to secure 31.2% of the vote, a remarkable achievement for a candidate with limited prior political exposure. 

Milei’s passionate advocacy for economic reform have resonated with a significant portion of the electorate. In August, Milei won the most votes in the country’s primary election, a fact owed to the nation’s ongoing economic crisis.

In past remarks, Milei has said he will address Argentina’s chronic economic woes, a message struck a chord with disillusioned voters. Argentina’s annual inflation rate was 124.4% in August, its highest level since 1991.

The upcoming run-off election, slated for November 19th, will see Milei face off against Sergio Massa, who secured 46.7% of the vote in the first round, but missed the majority threshold needed to claim victory outright. In order to win outright, either candidate would have needed to claim 40% of the vote, and to lead his political opponent by 10% of the vote, owing to election rules.

The outcome of the run-off could have a profound impact on Argentina’s economic policies and its role in the global cryptocurrency landscape.

Investors and crypto enthusiasts worldwide are closely watching this electoral showdown, anticipating its potential implications on the adoption of Bitcoin, and whether the nation could follow El Salvador’s landmark legal tender law, which in 2021 made the cryptocurrency a payment method across the country.

El Salvador Vice President: Bitcoin Is Driving the ‘Rebirth of Our Country’

https://bitcoinmagazine.com/markets/el-salvador-vice-president-bitcoin-driving-tourism-rebirth

El Salvador’s Vice President, Félix Ulloa, has expressed his belief that Bitcoin’s adoption is playing a pivotal role in the country’s economic and political resurgence.

In a new interview with Forbes, Vice President Ulloa described it as a driving force behind a transformation that is fueling tourism, investment, and economic growth.

Ulloa stated, “Without a doubt, tourism and the use of digital currencies go hand in hand and are a sign of that future and the rebirth of our country.”

He went on to emphasize that Bitcoin’s adoption has facilitated an open and borderless financial system, unlocking new opportunities for Salvadorans and the nation as a whole that have outweighed an increase in international criticism. 

“There were reactions in both directions. Some multilateral organizations initially made objections. Still, the enthusiasm that started in the sphere of the digital economy, with bitcoiners, where El Salvador, having positioned itself as the first country to adopt a cryptocurrency as legal tender, was at the forefront and attracted many investors who are in fact installed in Salvador,” he explained.

El Salvador’s journey into the world of Bitcoin gained significant attention when it became the first country to adopt Bitcoin as legal tender in September 2021. This historic move, driven by President Nayib Bukele, enabled citizens to transact in Bitcoin, fostering financial inclusion and providing access to a global financial ecosystem.

The combination of financial inclusion, tourism growth, and increased investment demonstrates the potential of cryptocurrency to stimulate economic development and inspire other nations to explore innovative approaches to their economic and financial systems.

All Videos from Europe’s Largest Bitcoin Conference Now Available

https://bitcoinmagazine.com/culture/watch-all-talks-from-europes-largest-bitcoin-conference-now-available-

Europe’s largest Bitcoin conference, Bitcoin Amsterdam, is now accessible to a global audience, as all video from the event has been uploaded to video platforms including YouTubeRumble, and X

Concluding this Friday, the event featured a remarkable lineup of speakers and discussions on Bitcoin and the global freedom movement. 

The second year for the event, organizers estimate nearly 2,500 enthusiasts came from around the world to discuss how Bitcoin is leading to a new age of financial freedom for citizens around the world. 

Key Highlights from Day One include:

  • Edward Snowden discusses Bitcoin : The renowned whistleblower expressed his excitement about Bitcoin, underscoring the significance of financial privacy and decentralization in an increasingly surveilled world. Reiterating his stance, Snowden emphasized that Bitcoin is positioned to strip power away from authoritarian regimes, further highlighting its potential as a tool for individual empowerment.
  • Stella Assange addresses WikiLeaks Ordinals protest: The wife of renowned journalist Julian Assange broke her silence on the mysterious project Spartacus, which is attempting to store forever the entire contents of the Afghan War Logs on the Bitcoin blockchain. She went on to argue Bitcoin is opening up a new frontier for freedom via decentralized and immutable publishing. 
  • Eva Vlaardingerbroek gets orange pilled: New to Bitcoin, the firebrand Dutch political commentator made a massive debut at the event, downloading her first Lightning wallet, receiving her first Bitcoin, and discussing her belief that Bitcoin can be a tool to limit government crackdowns of free speech in the face of the disappearance of cash in her home country.

The conference’s talks and discussions then continued to an action-packed day two..

Key Highlights from Day Two include:

  • Prince Filip of Serbia: The royal acknowledged Bitcoin as an “open secure protocol akin to the internet” and emphasized its role as a technology for the future, echoing the sentiment of a bright and decentralized financial future.
  • President of Madeira: The President welcomed all things related to Bitcoin in Madeira, announcing the launch of a Bitcoin business hub aimed at fostering local innovation. This endorsement from regional leadership is a notable development in the cryptocurrency space.
  • Middle ground found on Ordinals? A fireside with Bitcoin Magazine Editor Pete Rizzo and RGB creator Giacomo Zucco presented a more measured conversation on the protocol, its technical merits, and why some in the Bitcoin community are looking for better ways to verify data using the protocol.

Tickets for Bitcoin Amsterdam 2024 are now on sale

Watch: The Final Day Of Europe’s Largest Bitcoin Conference In Amsterdam

https://bitcoinmagazine.com/culture/final-day-europes-largest-bitcoin-conference

The curtains are coming down on Europe’s premier Bitcoin event, Bitcoin Amsterdam, as it concludes its final day. 

As the conference wraps up, the final day promises to be just as engaging as the preceding ones, with notable speakers taking the stage:

  1. Adam Back, CEO of Blockstream: Renowned for his contributions to the field of cryptography and his pivotal role in the development of Bitcoin, Adam Back is expected to share his insights on the current state of the cryptocurrency landscape and its future prospects.
  2. Paul Sztorc, Creator of Drivechains: Paul Sztorc, the mind behind Drivechains, is set to delve into the intricacies of this innovative technology, which has garnered considerable attention within the Bitcoin community. The technical debates surrounding Drivechains (BIP 300) are anticipated to be a focal point of the day’s discussion, moderated by BTC Inc CEO David Bailey.
  3. Giacomo Zucco, Creator of RGB: Giacomo Zucco, developer of RGB, a protocol for Bitcoin assets, will join Bitcoin Magazine Editor Pete Rizzo for an on-stage discussion about the software’s ongoing cultural upheaval.

The day follows a packed day one that included notable appearances from Edward Snowden, famed American whistleblower, and Eva Vlaardingerbroek, a Dutch political commentator known for her support of the country’s farmer movement.

As the final day of Bitcoin Amsterdam unfolds, attendees can expect to witness dynamic discussions, technical debates, and valuable takeaways that will contribute to the ongoing advancement of the Bitcoin ecosystem.

For those unable to attend in person, a live stream of the event is available on YouTube, Rumble, and X.

Bitcoin’s First Trade Now Worth $130 Million

https://bitcoinmagazine.com/markets/bitcoins-first-trade-now-worth-130-million-

Fourteen years ago today, on October 12, 2009, a historic moment unfolded in the world of Bitcoin as Bitcoin saw its first-ever trade for U.S. dollars. 

This pivotal event, orchestrated by Martti “Sirius” Malmi, a developer who worked with Bitcoin’s pseudonymous creator Satoshi Nakamoto on some of its earliest software versions, marked the birth of its circular economy.

In this inaugural trade, Malmi exchanged 5,050 Bitcoins for a mere $5.02, valuing each Bitcoin at a fraction of a cent. 

Fast forward to the present day, and the price appreciation of Bitcoin has been nothing short of astounding. With Bitcoin’s current value exceeding $26,000 per coin, that humble $5 trade from 2009 is now worth an astonishing $130 million. 

This exceptional price growth over the years has made early Bitcoin enthusiasts and adopters witnesses to a true financial revolution.

The trade was revealed by Malmi in 2014, when he wrote on Twitter (now X): “Found the first known bitcoin to USD transaction from my email backups. I sold 5,050 BTC for $5.02 on 2009-10-12.”

The tweet was resurfaced today by Bitcoin Historian Pete Rizzo.

This remarkable milestone not only highlights the dramatic increase in Bitcoin’s value but also serves as a testament to the innovation and resilience of cryptocurrencies. Bitcoin’s ability to disrupt traditional financial systems and establish itself as a store of value has reshaped the financial landscape. It continues to draw attention from investors, institutions, and individuals seeking financial freedom and security.

As the Bitcoin community celebrates the 14th anniversary of the first U.S. dollar trade, it’s an opportunity to reflect on the profound impact this digital currency has had on the world of finance. The legacy of Satoshi Nakamoto, Martti Malmi, and countless others who have contributed to Bitcoin’s growth remains a testament to the ongoing evolution of the revolution.

WATCH: Europe’s Largest Bitcoin Conference Is Happening Now in Amsterdam

https://bitcoinmagazine.com/culture/europes-largest-bitcoin-conference-amsterdam-day-1

The much-anticipated Bitcoin Amsterdam conference, Europe’s largest Bitcoin event, is kicking off today, bringing together top speakers from around the world. 

The event promises to be a hub for thought-provoking discussions, insights, and announcements within the Bitcoin technology sector, and comes at a time when the world’s attention is focused on the FTX trial and the potential criminal conviction of its founder Sam Bankman-Fried.

Headlining the first day of the conference are notable speakers who are set to share their perspectives on Bitcoin and its broader impact. 

These include: 

  1. Edward Snowden: The famed whistleblower, known for his revelations on government surveillance, joins the conference to discuss the importance of privacy and decentralization, aligning with the principles of Bitcoin.
  2. Stella Assange: Wife of Julian Assange, the well-known freedom fighter and founder of WikiLeaks. Her presence at the event highlights the significance of Bitcoin in the context of free speech and censorship resistance.
  3. Balaji Srinivasan: A former A16z investor and the author of “The Network State.” Srinivasan brings his wealth of experience in the tech and crypto space to shed light on the evolving landscape of decentralized networks and their role in shaping the future.

Furthermore, the conference is set to feature announcements from key players in the Bitcoin industry, including Blockstream, a leader in Bitcoin technology, Trezor, a renowned hardware wallet manufacturer, and THNDR Games, a startup focused on Bitcoin-based gaming. 

Bitcoin Amsterdam is poised to be a dynamic platform for networking, learning, and exploring the future of digital finance. As the event unfolds, it will provide attendees with valuable insights, fostering discussions on the transformative power of Bitcoin.

For those unable to attend in person, a live stream of the event is available on YouTube and Rumble, ensuring that the insights and discussions from Bitcoin Amsterdam can reach a global audience of cryptocurrency enthusiasts and professionals.

Bitcoin Magazine will be in attendance providing updates from today’s coverage.

Binance CEO: ‘All-Time Highs’ Likely to Follow 2024 Bitcoin Halving

https://bitcoinmagazine.com/markets/binance-ceo-all-time-highs-likely-to-follow-2024-bitcoin-halving-

Changpeng Zhao, the CEO of Binance, one of the world’s largest Bitcoin and crypto exchanges, has expressed his belief that the next Bitcoin halving, scheduled for 2024, could usher in a period of renewed price growth.

Bitcoin halvings, which occur approximately every four years, are pivotal events in the cryptocurrency’s history. During these events, the rate at which new Bitcoin is created through mining is reduced, resulting in a reduction in the asset’s issuance.

As alluded by Zhao, this supply shock has historically had a significant impact on the price of Bitcoin, resulting in all-time highs in 2013, 2017, and 2021.

Zhao’s remarks on the potential for “all-time highs” following the 2024 Bitcoin halving are grounded in historical trends. Over the past three halvings, Bitcoin has experienced remarkable price surges in the years that followed.

Zhao offers the following explanation for the data:

  1. Pre-Halving Excitement: In the lead-up to a Bitcoin halving, the cryptocurrency community typically witnesses a surge in excitement, discussions, and media coverage. This phenomenon reflects the anticipation and high expectations surrounding the event.
  2. Post-Halving Reality: Contrary to some expectations, the price of Bitcoin does not immediately double overnight following a halving. Instead, the immediate aftermath is often characterized by a period of consolidation and adjustments.
  3. Subsequent Price Surges: It is in the year or years following a Bitcoin halving that the cryptocurrency’s price has historically surged to new all-time highs. This phenomenon is driven by a combination of factors, including increased awareness, growing adoption, and the reduced rate of Bitcoin production.

As such, the remarks find Zhao echoing the belief of many Bitcoiners that the asset is becoming predictable and cyclical with its price movements, as a result from that fact that it is a sound money whose monetary policy isn’t controlled by governments.

These events serve as a reminder of the digital currency’s deflationary characteristics, setting it apart from traditional fiat currencies.

ARK Invest’s Cathie Wood: ‘Odds Going Up’ for Bitcoin ETF Approval

https://bitcoinmagazine.com/markets/ark-invest-ceo-cathie-wood-odds-up-bitcoin-etf-approval

Cathie Wood, the CEO of influential innovation investor ARK Invest, has voiced new optimism regarding the potential approval of a Bitcoin spot ETF in the United States, stating that the “odds are going up” for such a decision. 

Her comments come amid ongoing efforts by multiple entities to launch a Bitcoin ETF in the U.S., including by incumbents like Fidelity and BlackRock, a development that signals growing interest in providing investors with easier access to crypto.

The path to approving a Bitcoin spot ETF in the U.S. has been marked by a series of applications, delays, and discussions with the SEC. While several proposals have been filed by prominent financial firms like VanEck and Fidelity, the SEC has delayed its decisions on these applications.

Yet, Wood was overall optimistic in her new remarks, according to Financial News

“We are partnering with [21Shares] in the US, hoping to launch a bitcoin ETF, if it’s ever approved by the SEC. We think the odds are going up that it will be approved,” Wood is quoted as saying.

In the absence of a spot ETF, investors have turned to Bitcoin futures ETFs, which have already been approved and are live in the U.S. These ETFs offer exposure to Bitcoin’s price movements by investing in futures contracts traded on regulated exchanges.

However, the distinction between spot and futures-based ETFs is significant. Bitcoin spot ETFs provide direct ownership of the underlying asset, Bitcoin itself, whereas Bitcoin futures ETFs involve contracts based on Bitcoin’s future price, potentially introducing additional complexities and risks. 

Yet, while the U.S. grapples with the approval of spot Bitcoin ETFs, other countries, such as Canada, have already approved and launched similar products. 

As reported, Wood said she did not anticipate any problems for Ark Invest as it seeks to roll out more crypto products in Europe.

“My sense is there won’t be any issue. But we are still working through this with our partners who are speaking with regulators,” Wood remarked.

As discussions and deliberations continue between financial firms, regulators, and the SEC, the crypto community will be closely monitoring developments in the hope that a Bitcoin spot ETF approval may be on the horizon.

Bitcoin Price Up 3.6 Billion Percent Since It Was First Priced Above Zero

https://bitcoinmagazine.com/culture/bitcoin-price-up-3-6-billion-percent-since-it-was-first-priced-above-zero

On this day 14 years ago, the Bitcoin price was born. 

As noted in a post on X today by Bitcoin Historian Pete Rizzo, October 5 marks the anniversary of the date on which NewLibertyStandard, a pseudonymous early Bitcoin user made public the first U.S. dollar price valuation for Bitcoin.

A home miner at the time, NewLibertyStandard notably used the price of electricity to calculate the exchange rate, factoring how much it cost for him to power his personal computer as he mined coins with little competition.

At the time, he reached the conclusion that 1,309 Bitcoin were worth $1, meaning that a single U.S. dollar could buy the Bitcoin produced by 26 blocks.

The calculation marked the first time that anyone had priced Bitcoin above zero. As noted by Rizzo, Satoshi Nakamoto never priced Bitcoin, nor, as far as we know, offered to buy or sell Bitcoin for dollars.

The date is notable as since then, Bitcoin, the world’s first cryptocurrency, has achieved a staggering milestone, with its price soaring by over 3.6 billion percent. 

Fast forward to the present day, and Bitcoin has become a household name, a symbol of financial innovation, and a store of value. It has weathered countless ups and downs, regulatory challenges, and market cycles, emerging as a resilient and highly sought-after asset.

The exponential growth of Bitcoin’s price is a testament to its unique features and value propositions. Here are some key factors that have contributed to Bitcoin’s remarkable ascent, including its adoption by the market. 

So, while NewLibertyStandard remained only a personal buyer and seller of Bitcoin, he remains one of its founding fathers, helping to create the conditions for later markets to flourish within a global Bitcoin economy.