Bitcoin News and Finance: What You Need to Know

In mid-August, Bitmain revealed its intention to launch a new Antminer featuring an efficiency rating of 1X joules per terahash (J/TH). Three days after this disclosure, Canaan also announced plans to unveil a novel product but with little details. Canaan has since offered more information, indicating that their upcoming release will belong to the Avalon 14 series, alongside equaling the efficiency level of 1X J/TH. Upcoming Next-Gen Bitcoin Mining Rigs Will Boast 1X J/TH Efficiency At present, the leading application-specific integrated circuit (ASIC) bitcoin miners produced today possess an efficiency rating of 20 joules or higher per terahash. Yet this status quo may shift within the month as two rival bitcoin mining rig manufacturers intend to introduce a new generation of mining products. For example, the 2023 World Digital Mining Summit (WDMS) occurring in Hong Kong from September 22 to 23 will showcase Bitmain’s innovative mining product. This apparatus or series of devices...

Global investment bank JPMorgan expects the U.S. Securities and Exchange Commission (SEC) to approve multiple spot bitcoin exchange-traded funds (ETFs) at once, instead of giving one company the advantage of being the first. The bank’s analyst explained that if the securities regulator wants to defend its denial of Grayscale’s bitcoin ETF conversion proposal, it would have to retroactively withdraw its previous approval of bitcoin futures ETFs. “Such a retroactive withdrawal would be very disruptive and embarrassing for the SEC,” he cautioned. JPMorgan Expects to See Several Spot Bitcoin ETFs Approved JPMorgan analyst Nikolaos Panigirtzoglou explained in a note last week that the U.S. Securities and Exchange Commission (SEC) may be forced to approve several spot bitcoin exchange-traded funds (ETFs) after a court ruled in favor of Grayscale Investments regarding the crypto asset manager’s proposal to convert its bitcoin trust into a spot bitcoin ETF. “The court ruling on the Graysc...

Economist Peter Schiff has warned that the U.S. cannot afford to decouple from China. “Our entire standard of living rests on the support of China,” he stressed, adding that “If we lose that support, it’s going to collapse.” He also predicted the collapse of the U.S. dollar as the USD loses its world’s reserve currency status. Peter Schiff on US-China Decoupling, Dollar Collapse Economist and gold bug Peter Schiff discussed various economic topics, including the relationship between the U.S. and China, in an interview with NTD News last week. Commenting on the recent statement by Commerce Secretary Gina Raimondo stating that “Decoupling is neither in our economic or national security goals,” Schiff stressed: We can’t afford to decouple because you have to recognize that China is both our biggest supplier and our biggest banker. The Chinese loan us the money to buy the stuff that they produce that we can’t, and our entire standard of living rests on the support of China. “If we ...

Asset management firm Bernstein has predicted that the U.S. Securities and Exchange Commission (SEC) will approve its first spot bitcoin exchange-traded fund (ETF) between mid-October and mid-March next year. The firm’s analyst believes that “the crypto ETF opportunity won’t just stop at bitcoin but will extend into multiple crypto assets.” Bernstein’s Spot Bitcoin ETF Prediction Gautam Chhugani, managing director and senior analyst of Global Digital Assets at asset management firm Bernstein, has predicted that the U.S. Securities and Exchange Commission (SEC) will approve its first bitcoin exchange-traded fund (ETF) by mid-March next year. He explained in a note on Monday that the court ruling in favor of crypto asset manager Grayscale Investments last week regarding the firm’s proposed bitcoin ETF conversion is a “game changer.” Calling the ruling “a landmark win against the SEC,” he emphasized: “The ruling went beyond the GBTC conversion, but laid unambiguous principles for reg...

This week, the crypto community is abuzz with discussions about Bitcoin’s 21 million supply cap and the potential for its alteration. On September 4, in a social media exchange, software developer and Bitcoin Core contributor Peter Todd expressed his belief that in “10-20 years the idea of a hard fork to add a small tail emission may not be so controversial any more.” Todd’s remarks ignited a flurry of reactions from crypto aficionados who took issue with his statement. Rethinking Bitcoin’s 21 Million: A Controversial Crypto Conversation Many firmly hold that Bitcoin’s 21 million supply cap is unchangeable, yet recent chatter suggests otherwise. A discussion ignited on the social media platform X (previously known as Twitter) when Cake Group’s CEO, Dr. Julian Hosp, penned an X post declaring , “Bitcoin is neither scarce nor rare … it is limited.” The discourse then shifted to remarks Peter Todd made during a chat with Peter McCormack on the What Bitcoin Did podcast. Back in 2019, To...

China is pushing for universal national adoption of the digital yuan, with People’s Bank of China’s (PBOC) officials stating the currency should be available for all retail payment scenarios. The recent introduction of a standard for QR-based payment codes is part of this move, which also seeks to make wholesale payments interoperable with the digital yuan. China Aims for Digital Yuan Ubiquity in Payments China is seeking to make the digital yuan, its central bank digital currency (CBDC), more usable by allowing citizens to pay with it everywhere. Last week, Chinese local media reported the implementation of a QR code-based interoperable payment standard that would be compatible with popular payment methods such as Alipay and Wechat, but also with the digital yuan wallet. The system intends to increase the low usage and popularity of the digital yuan by giving Chinese citizens more ways of spending it, letting them know the CBDC can be used in most retail stores. Mu Changchun, h...

The government in Seoul intends to submit new legislation tailored to facilitate the tracking and freezing of crypto used to fund the weapons programs of North Korea. A bill has been drafted after extended consultations between ministries with the aim to make South Korean sanctions more effective and improve the country’s cybersecurity. South Korean Government Takes Aim at DPRK’s Stolen Digital Assets A bill that will allow the Republic of Korea to better track and freeze assets obtained through crypto theft by the Democratic People’s Republic of Korea (DPRK) is expected to be submitted by the government in Seoul, the Korea Joongang Daily reported. The legislation was initially announced by the South’s National Intelligence Service (NIS) in November but President Yoon Suk Yeol sent it back for revision, demanding “practical measures to bolster national security,” the publication noted, quoting sources familiar with the matter. The draft law has been revised during months-long cons...

A recent report by The Miner Mag suggests bitcoin mining orders might have sped up Huawei’s development of its new Kirin smartphone chip. The chip, which powers Huawei’s new Mate 60 Pro smartphone, was produced by China’s Semiconductor Manufacturing International Corp. (SMIC) using its N+2 7nm process. Research Suggests Bitcoin Mining Boosted Huawei’s Chip Development, Reducing China’s Dependence on Western Tech The Miner Mag reported that bitcoin mining companies were among the first to buy SMIC’s N+1 process, ordering wafers and providing the volume that helped SMIC improve its 7nm production. The Miner Mag is a blog and data publication by Blocksbridge Consulting focusing on the bitcoin mining industry. Guess who was among the first batch of companies that did tape-out and production on SMIC's N+1 7-nm chips that later proved to power Huawei's comeback? #bitcoin https://t.co/XXbBMWxdvw pic.twitter.com/MHxvcaDaXn — TheMinerMag (@TheMinerMag_) September 4, 2023 ...

The G20 countries are actively discussing a global framework for crypto assets under India’s presidency, Finance Minister Nirmala Sitharaman has revealed. “India’s presidency has put on the table key issues related to regulating or understanding that there should be a framework for handling issues related to crypto assets,” she emphasized. India Says ‘Active Discussions’ on Crypto Are Happening Indian Finance Minister Nirmala Sitharaman provided an update on the discussions regarding global cryptocurrency regulations under India’s G20 presidency on Tuesday at this year’s Global Fintech Fest in Mumbai. Regarding crypto discussions at the G20, the Indian finance minister emphasized: “India’s presidency has put on the table key issues related to regulating or understanding that there should be a framework for handling issues related to crypto assets.” She affirmed: Active discussions are happening. Sitharaman proceeded to reference various in-depth papers relating to the regulatio...

Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has sounded the alarm about an impending financial crisis. “We have a crisis emerging,” he warned, emphasizing that small business owners will be “cut off at the regional bank level.” He stressed: “You’re going to hear a lot of people crying about this in the next few months.” Kevin O’Leary Warns About Emerging Financial Crisis Shark Tank star and O’Leary Ventures chairman Kevin O’Leary, aka Mr. Wonderful, warned about an impending financial crisis in an interview with Fox News, published Saturday. He said: We have a crisis emerging … I’m talking about companies with five to 500 employees, which represent over 60% of our economy. “If you’re in the S&P 500, you have no trouble financing your business. You can’t say that about small business anymore. The cost of capital has gone through the roof,” the Shark Tank star stressed. He explained small business owners will be “cut off at the regional bank level.” He emphasized: “They’...

Tharman Shanmugaratnam, the former deputy prime minister and central bank chairman of Singapore, has been elected as the new president of the country. The Singaporean president-elect, who advocates for a single regulatory system for both crypto and traditional finance, wants to make sure that everyone is aware that there is “one regulatory system for everything.” He emphasized: “If you’re outside of the regulatory system, buyer beware.” President-Elect Tharman Shanmugaratnam’s Crypto Stance Tharman Shanmugaratnam, a former deputy prime minister, finance minister, and education minister, has been elected as Singapore’s ninth president. He also served as the chairman of the country’s central bank, the Monetary Authority of Singapore (MAS), from 2011 to 2023. The president-elect has spoken about cryptocurrency and its regulation on multiple occasions before his election. He stated earlier this year that there could only be one regulatory system for both crypto and traditional finance...

Martin Shkreli, the former CEO of several hedge funds and pharmaceutical companies, offered updates about the life of Sam Bankman-Fried in prison. Jeremy Lorenzo (aka Flacco Poops), Shkreli’s source on MDC Brooklyn, the center in which Bankman-Fried is being held, stated that he has been facing some troubles due to inmates believing he was a “chomo” (prison slang for child molester) and that he was now moved to another area with Asian inmates. Martin Shkreli States Sam Bankman-Fried Faces Problems in Brooklyn’s MDC Martin Shkreli, a CEO of various hedge funds and pharmaceutical companies who was convicted of securities fraud and conspiracy charges back in 2017, offered insight into the alleged difficulties that Sam Bankman-Fried, former CEO of FTX, is facing while being held at Brooklyn Metropolitan Detention Center (MDC). Shkreli, also known for telling former Terra CEO Do Kwon that jail was “not that bad,” hosted an X space with Jeremy Lorenzo (Flacco Poops), his alleged source...

Drivechain, a Bitcoin improvement proposal that presents a way of scaling Bitcoin using sidechains, level two blockchains that receive bridged tokens from a parent chain, is generating a loud buzz on social media from supporters and detractors. While Paul Sztorc, the author of the Drivechain proposal, states that its concept seeks to drive all innovation toward Bitcoin, some believe it might give rise to complexity and other unintended consequences. What Is Drivechain? Drivechain is the name of an improvement proposal ( BIP 300 ) in development since 2018 that seeks to advance Bitcoin features without modifying its core design. Written and proposed by Layer Two Labs founder and CEO Paul Sztorc, the Drivechain implementation aims to scale Bitcoin through sidechains, adjacent blockchains that would be created and eliminated using Bitcoin code. Drivechain has been purposefully written with minimal changes to the base layer in mind while still requiring a soft fork to be activated. Th...

According to Joonatan Lintala, the co-founder and CEO of Phaver, the limited progress of the technology behind Web3 social media platforms is one of the reasons why prospective users are reluctant to try them out. Lintala also added that “none of the current generation Web3 protocols are yet ready to support multi-million user levels.” The Advantages of a Web3 Social Media Platform Lintala , however, told Bitcoin.com News that dozens of Web3 companies are currently working towards finding solutions to drive the adoption and embrace of blockchain-based social media platforms. Meanwhile, Lintala said he sided with those asserting that Web3 social media can potentially overcome problems often seen with Web2 platforms. He said the fact that such Web3 platforms are based on “user-controlled interoperable profiles” will assure prospective users that their data will not be controlled by a few entities or used without their consent. Also, in written answers to questions sent to him via Te...

Rune Christensen, a co-founder of Maker, the Ethereum-based stablecoin protocol, has proposed to reimplement the protocol on a new chain forked from Solana. This move would be the final part of “Endgame,” an update to the protocol that seeks to grow the stablecoin dai by enhancing “efficiency, resilience, and participation.” Maker Proposal Involves Protocol Reimplementation on Solana Fork Rune Christensen, a cofounder of Maker, the stablecoin protocol behind dai, has proposed reimplementing the protocol on top of a fork of Solana, updating it to manage possible problems derived from technical failures or governance attacks. The move would be part of Maker’s roadmap evolution, called “Endgame,” designed to “enhance efficiency, resilience, and participation” around the Maker protocol. He defended the creation of a blockchain used only to run the backend of Maker, stating that it would “deal with the eight years of technical debt in the protocol.” This would imply each component woul...

JPMorgan has provided an analysis of the risks of de-dollarization and the potential for the Chinese yuan to displace the U.S. dollar as the world’s reserve currency. The global investment bank says the renminbi could assume “some of the current functions of the dollar among non-aligned countries and China’s trading partners.” JPMorgan on De-Dollarization and Chinese Yuan JPMorgan’s Global Research published a report on Thursday titled “De-dollarization: Is the US dollar losing its dominance?” Alexander Wise, who covers Strategic Research at JPMorgan, described: The risk of de-dollarization, which is a periodically recurrent theme throughout post-war history, has returned into focus due to geopolitical and geostrategic shifts. JPMorgan outlined two scenarios that could erode the status of the U.S. dollar as the world’s reserve currency. “The first includes adverse events that undermine the perceived safety and stability of the greenback — and the U.S.’s overall standing as the ...

Bloomberg Intelligence’s senior commodity strategist, Mike McGlone, has predicted that the price of bitcoin could “follow the path of the Nikkei, which reached a 33-year high in June.” He highlighted that the largest crypto “has had a close directional relationship with the Nikkei 225.” Bitcoin’s ‘Close Directional Relationship’ With Nikkei Index Mike McGlone, a senior commodity strategist for Bloomberg Intelligence (BI), the research arm of Bloomberg, has pointed out similarities between the Nikkei index and the price of bitcoin. In the latest Bloomberg Intelligence report, the commodity strategist explored whether the Nikkei index or the Nikkei Stock Average (Nikkei 225), the premier index of Japanese stocks, is “a guide for bitcoin or vice versa.” McGlone detailed last week: Bitcoin has had a close directional relationship with the Nikkei 225, and recent crypto weakness may portend contagion. That or the benchmark crypto might recover and follow the path of the Nikkei, which r...

The Bank of New York Mellon has provided insights into why the growth of the BRICS economic alliance is unlikely to impact the U.S. dollar’s dominance as the global reserve currency. “We think the most important factor for dollar use into the next decade revolves around technology instead,” said the investment bank’s analyst. BNY Mellon on US Dollar’s Dominance The Bank of New York Mellon Corp. (BNY Mellon) explained in a note, published Friday, that the U.S. dollar is unlikely to lose its global reserve currency status despite the expansion of the BRICS economic bloc. The leaders of the BRICS nations (Brazil, Russia, India, China, and South Africa) recently invited six nations — Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE) — to join the alliance as new members. Bob Savage, head of market strategy at BNY Mellon, does not believe the expansion of the BRICS group is enough to dethrone the U.S. dollar. Noting that one of the BRICS objectives is t...

Dubai’s Bybit cryptocurrency exchange has unveiled an artificial intelligence (AI)-powered instrument named Tradegpt. The new chatbot can scrutinize the exchange’s existing market data and offer an in-depth price evaluation by employing bitcoin’s current metrics as an example. Furthermore, the Bybit chatbot can recommend apt trading approaches for that day’s sessions and provide additional crypto market knowledge based on real-time Bybit market data. Bybit’s Unveils New AI Tool for Real-Time Crypto Market Insights As AI frameworks and ideas continue to expand, numerous individuals and organizations have been integrating cryptocurrency and blockchain knowledge with these extensive language models (LLMs) and advanced learning algorithms. On September 4, 2023, the cryptocurrency exchange Bybit disclosed the deployment of an AI tool named Tradegpt , a component of Bybit’s AI suite called Toolsgpt. Bybit explained on Monday that Openai’s Chatgpt only possesses pertinent data up to S...

PRESS RELEASE. [Singapore, September 4th 2023] – The Hourglass Collective is spearheading a new era of Web3 adoption. In a world where technological progress has sprinted from hard industries to consumer-facing revolutions, it’s now in the hands of service-oriented high-tech sectors like robotics, advanced software, artificial intelligence, and quantum computing. OpenAI’s ChatGPT recently made headlines, reaching 100 million users in just two months, even outpacing TikTok’s adoption rate record of nine months. Yet, challenges faced by crypto, Web3, and blockchain technologies in 2022 prompted the need for fresh perspectives and strategies to clarify and elevate their value proposition to the real economy. The solution? The Hourglass Collective. About The Hourglass Collective: A New Model for Blockchain Adoption The Hourglass Collective is a Web3 incubator composed of seasoned professionals from fintech, media, mobile apps, retail, real estate, entertainment, and marketing sector...