Bitcoin News and Finance: What You Need to Know

During Q4 of 2023, the stablecoin supply available to invest in crypto assets was $3.8 billion. This is the first time the net supply of the top five stablecoins has turned positive in nearly two years. In 2023, zero-knowledge (ZK) technology became one of the most consistent talking points in the crypto space. Stablecoin Inflows Outpacing Outflows After six consecutive quarters of negative net supply, the top five stablecoins recorded a positive net supply of $3.8 billion in Q4, according to a new study by Binance. The last time the stablecoin supply was positive was in Q1 2022 when it exceeded $17 billion. As explained in the study report , stablecoin supply indicates the amount of capital that is ready and available to buy crypto assets. The study data shows that Q2 2022 had the largest negative net supply of $15.6 billion, while Q3 of the same year had the lowest negative net supply during the period. However, since the last quarter of 2022 when it topped $9.9 billion, the stab...

Financial services giant Fidelity recently met with the U.S. Securities and Exchange Commission (SEC) regarding its spot bitcoin exchange-traded fund (ETF) application. Like Blackrock, the world’s largest asset manager, Fidelity appears to be pushing to use the in-kind creation model for its spot bitcoin ETF. Fidelity’s Meeting With SEC Officers from financial services giant Fidelity met with staff from the U.S. Securities and Exchange Commission’s Division of Trading and Markets and the Division of Corporation Finance on Thursday to discuss the firm’s application for Wise Origin Bitcoin Trust, a spot bitcoin ETF, according to a memorandum posted on the SEC website. The memorandum states: The discussion concerned Cboe BZX’s proposed rule change to list and trade shares of the Wise Origin Bitcoin Trust under Cboe BZX Rule 14.11(e)(4). Based on the presentation attached to the memorandum submitted to the SEC by Fidelity during the meeting, the two parties discussed using the in-k...

The U.S. Securities and Exchange Commission (SEC) has renewed its warning that investments in crypto assets can be “exceptionally risky.” The regulator stressed that crypto-related investments “continue to be replete with fraud, including bogus coin offerings, Ponzi and pyramid schemes, and outright theft where the project promoter simply disappears with investors’ money.” SEC’s Crypto Investment Warnings The U.S. Securities and Exchange Commission (SEC)’s Office of Investor Education and Advocacy reiterated its warnings about investing in crypto assets on social media platform X on Friday. “Investments in crypto asset securities can be exceptionally risky and are often volatile,” the authority wrote. Investments in #crypto asset securities can be exceptionally risky and are often volatile. Learn more in our Investor Alert: https://t.co/Qd9ps9BPvm pic.twitter.com/dTlk9LE2KV — SEC Investor Ed (@SEC_Investor_Ed) December 8, 2023 The SEC’s investor education office also shared...

A new study has found that as much as 47% of Nigerians are actively engaged in crypto trading which is now increasingly incorporated in their financial lives. The analysis also showed that crypto ownership in the country grew by 15% between 2020 and 2023. Cryptocurrencies No Longer Seen as Speculative Assets According to an analysis carried out by Coin Journal, about 47% of Nigerians are actively engaged in crypto, which is now widely seen as an alternative to traditional financial systems. The analysis also showed that crypto ownership in the country grew by 15% between 2020 and 2023. The growth in the number of Nigerians owning such digital assets comes despite the Central Bank of Nigeria (CBN)’s move to curtail their use. As previously reported by Bitcoin.com News, the central bank moved to vigorously enforce its Feb. 6, 2021 decision, which sought to exclude crypto entities from the banking system. However, the depreciation of the Nigerian currency, which accelerated in the s...

Russian President Vladimir Putin has stated that the Western financial system is “clearly becoming obsolete.” Furthermore, he said solutions involving blockchain and central bank digital currencies (CBDCs) “will pave the way for revolutionary shifts that will deprive the major Western banks of their monopoly.” Putin on Western Financial System Russian President Vladimir Putin shared his view about the Western financial system during the plenary session of the “Russia Calling” forum in Moscow on Thursday. Describing the Western financial infrastructure as “decades-old” and largely controlled by the dollar and the euro, with transactions through Western banks and SWIFT, Putin stated: “Today, transactions in national currencies are effectively replacing this system. Of course, this is still a work in progress, which is obvious, but we are moving in this direction and this process is poised to gain momentum.” The Russian president emphasized: The Western financial system is clearly b...

Galaxy Digital CEO Mike Novogratz says JPMorgan CEO Jamie Dimon has been proven wrong about bitcoin. “I think it’s supreme arrogance to think he knows what has value but all the rest of the people don’t,” said Novogratz after the JPMorgan executive slammed bitcoin as being used by criminals, emphasizing that he would shut it down if he were the government. Jamie Dimon ‘Keeps Being Wrong’ About Bitcoin, Says Novogratz Galaxy Digital CEO Mike Novogratz fiercely criticized JPMorgan CEO Jamie Dimon’s recent remarks about bitcoin and cryptocurrency. The JPMorgan boss said during a congressional hearing earlier this week that he would close down crypto and bitcoin if he were the government, claiming that they are primarily used by criminals, drug traffickers, money launderers, and tax evaders. Expressing his opinion that Dimon is wrong about bitcoin, Novogratz stated: He keeps doubling down and he keeps being wrong. The Galaxy Digital chief proceeded to point out that many of Dimon’...

Asset management firm Vaneck has unveiled its 15 crypto predictions for 2024. They include the U.S. recession’s arrival, the approvals of spot bitcoin exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC), and bitcoin’s historic rally, “potentially spurred by political events and regulatory shifts following a U.S. presidential election.” 15 Crypto Predictions for 2024 Asset management firm Vaneck published its 15 crypto predictions for 2024 on Thursday. The first prediction concerns the U.S. economy slipping into a recession and the U.S. Securities and Exchange Commission (SEC) approving spot bitcoin exchange-traded funds (ETFs). Vaneck wrote on social media platform X: The U.S. recession will finally arrive, but so will the first spot bitcoin ETFs. Over $2.4 billion may flow into these ETFs in Q1 2024 to support bitcoin’s price. Vaneck is among the companies that have filed an application to launch a spot bitcoin ETF with the SEC. Other applicants includ...

Gold achieved a record high of $2,117 per troy ounce on Dec. 3, 2023, yet its price per ounce has decreased by 5.33% in the previous week. Despite hitting this unprecedented peak, its year-to-date increase against the U.S. dollar is relatively modest at 9.9%. In contrast, bitcoin, the leading crypto asset in terms of market capitalization, has experienced a significant surge of 166% since the beginning of 2023. Gold Hits Record High, Yet Bitcoin Steals the Spotlight With Stellar 2023 Surge Prominent gold supporter and economist Peter Schiff , along with several other gold enthusiasts, expressed satisfaction with gold’s recent ascent to $2,117 per ounce. Concurrently, Schiff remarked that bitcoin’s rise was not particularly noteworthy. However, objective analysis and factual data reveal that Schiff’s preferred investment in gold has fallen significantly short of the impressive gains achieved by the digital asset bitcoin. Gold’s current trading price has dipped by 5.33% from its ...

The Indian government has confirmed its commitment to supporting startups that are innovating in the Web3 sector in India. “Web3 represents the future of internet and the government is committed to ensuring that the innovators and innovation from India create the future of Web3 and internet,” said the country’s Minister of State for Electronics and Information Technology. Indian Government’s Web3 Stance The Indian government answered some questions about Web3 in Lok Sabha, the lower house of India’s parliament, on Wednesday. The Minister of Electronics and Information Technology was asked by a parliament member “whether the government supports startups that are innovating in the Web3 sector in the form of any incubation or mentorship.” Noting that blockchain is “an important element of Web3,” Minister of State for Electronics and Information Technology Rajeev Chandrasekhar replied: Yes … Web3 represents the future of internet and the government is committed to ensuring that the i...

A U.S. senator says Congress needs to regulate the crypto industry “with a light touch that doesn’t kill innovation in the U.S.” Noting that crypto “has the potential to disrupt much of the traditional banking model,” he s tressed that crypto regulation needs to be appropriate to avoid driving companies offshore. ‘We Need to Regulate With a Light Touch’ Senator Bill Hagerty (R-TN), a member of the U.S. Senate Banking and Foreign Relations Committees and former U.S. Ambassador to Japan, addressed JPMorgan CEO Jamie Dimon’s controversial remarks about bitcoin and cryptocurrency during an interview with Bloomberg and in a post on social media platform X on Thursday. Commenting on Dimon’s statement made during a Senate hearing that he would close down crypto and bitcoin if he were the government, Hagerty wrote: I can understand why large banks are opposed to cryptocurrencies — the technology has the potential to disrupt much of the traditional banking model. This is not a fight for ...

Crypto exchange Binance has withdrawn its application for a license in Abu Dhabi. “When assessing our global licensing needs, we decided this application was not necessary,” a Binance spokesperson stated, adding that the company plans to continue to work with regulators “to provide world-class services and offerings in the Middle East and beyond.” Binance Says ‘This Application Was Not Necessary’ Cryptocurrency exchange Binance has reportedly withdrawn its application with Abu Dhabi’s financial regulator. A spokesperson for Binance said on Thursday: When assessing our global licensing needs, we decided this application was not necessary. According to Binance’s website, Abu Dhabi-based Binance (AD) Ltd. received conditional financial services permission from the Financial Services Regulatory Authority (FSRA) on Nov. 15 last year to provide crypto custody services. The regulator’s website details: “Binance (AD) Limited is not permitted to deal with retail clients, as defined in t...

Thirdweb, a Web3 development framework provider, has announced that it has started mitigating a vulnerability that could potentially affect thousands of smart contracts across several networks. The vulnerability, uncovered in November, impacts various pre-built smart contracts that the framework provides for rapidly deploying applications using an undisclosed open-source library. Thirdweb Mitigates Critical Vulnerability Across Dozens of EVM Networks Thirdweb, a Web3 development framework provider, is mitigating the impact of a recently discovered vulnerability in its smart contracts suite. The organization stated that in the last 48 hours, more than 8,000 contracts had been mitigated to contain the impact of this vulnerability, and it is working to extend these actions. While the organization stated that the vulnerability derived from an open-source Web3 library used across the industry, it has not disclosed its specific nature or its mitigation procedures. Thirdweb announced the...

Economist Peter Schiff says the only enforcement success of the Joint Chiefs of Global Tax Enforcement (J5) is its “failed” action against his bank, allegedly aimed to “put a stop to the suspected facilitation of offshore tax evasion.” Schiff stressed: “Other than the failed investigation of my bank, which did not result in any charges being filed against anyone, the J5 has not had a single enforcement success in its 5-year plus history of existence.” Peter Schiff Says J5’s Only Success Is a Failure Economist Peter Schiff slammed the Joint Chiefs of Global Tax Enforcement (J5) on Wednesday, claiming its only success is a failed action against his bank, Euro Pacific Bank. J5 was established in 2018 by leaders of tax enforcement authorities from Australia, Canada, the Netherlands, the U.K., and the U.S. to increase collaboration in the fight against international and transnational tax crime and money laundering. Schiff detailed: The only J5 enforcement success the IRS brags about o...

Rich Dad Poor Dad author Robert Kiyosaki has warned that a soft landing for the U.S. economy is a fantasy, emphasizing that a crash landing is more likely. Noting that he already warned of this giant crash in his Rich Dad’s Prophecy book, the famous author stressed: “This next crash may turn into a depression.” Robert Kiyosaki on Giant Crash and a Depression The author of Rich Dad Poor Dad, Robert Kiyosaki, has once again sounded the alarm about the U.S. economy. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. Kiyosaki wrote on social media platform X Wednesday: “Soft landing is a fantasy. Crash landing more likely. I warned of this giant crash in my book Rich Dad’s Prophecy pub 2012.” He continued: This next crash may turn into a depression. The renowned author also share...

JPMorgan Chase CEO Jamie Dimon told U.S. senators in a congressional hearing that he would close down crypto if he were the government. Emphasizing that he has always been “deeply opposed” to crypto and bitcoin, the executive stressed that the true use case of crypto is criminals, drug traffickers, money laundering, and tax avoidance. Jamie Dimon Wants to Shut Down Crypto, Bitcoin The chief executive officer of global investment bank JPMorgan Chase shared his view about crypto and bitcoin on Wednesday during the Senate Banking Committee’s annual Wall Street oversight hearing. Responding to U.S. Senator Elizabeth Warren’s question about why cryptocurrencies are an attractive tool for criminals, Dimon stated: I’ve always been deeply opposed to crypto, bitcoin, etc. You pointed out the true use case for it is criminals, drug traffickers, anti-money laundering, tax avoidance. “That is a use case because it is somewhat anonymous, not fully, and because you can move money instantaneo...

Brazil will address the subject of digital currencies and how they can improve the financial system for the Group of Twenty (G20). Roberto Campos Neto, president of the Central Bank of Brazil, stated he wants the G20 to consider the benefits of using these currencies for making financial transactions and to work towards adapting rules to take advantage of this. Brazil to Discuss Digital Currencies as G20 President The government of Brazil will discuss digital currencies and the possible benefits of implementing them for financial transactions as part of the Group of the Twenty (G20). Having assumed the G20 presidency on December 1, Brazil will leverage its position to advance the digital agenda and assess how the twenty largest economies could adapt their regulatory frameworks to take advantage of digital currencies. At a recent event, Roberto Campos Neto, president of the Central Bank of Brazil, explained Brazil will touch on this subject in the group. According to Valor Economico...

A bill has been introduced in the U.S. state of New Jersey to classify all cryptocurrencies issued and sold directly to institutional investors as securities. In contrast, the U.S. Securities and Exchange Commission (SEC) has previously stated that bitcoin is not a security, but SEC Chairman Gary Gensler views all other crypto tokens as securities. New Jersey Bill 5747 New Jersey Assembly Bill 5747, sponsored by Representative Herbert Conway, was introduced on Nov. 30 in the New Jersey State Assembly to classify all cryptocurrencies issued and sold to institutional investors as securities. According to the text of the bill: This bill classifies all virtual currencies issued and sold to institutional investors as securities. Under the proposed rules, virtual currencies issued and sold directly to institutional investors will be subject to the state’s “Uniform Securities Law” and any regulations promulgated by the Bureau of Securities in the Division of Consumer Affairs to effectu...

Blackrock, the world’s largest asset manager, has warned in its latest spot bitcoin exchange-traded fund (ETF) filing update of the potential for bitcoin to be classified as a security by the U.S. Securities and Exchange Commission (SEC), state regulators, or court rulings. “If a digital asset is determined or asserted to be a security, it is likely to become difficult or impossible for the digital asset to be traded, cleared or custodied in the United States through the same channels used by non‑security digital assets,” Blackrock cautioned. Bitcoin’s Potential Security Status Blackrock, the world’s largest asset manager, addressed the possibility of bitcoin being classified as a security in its latest amended application for a spot bitcoin exchange-traded fund (ETF), filed with the U.S. Securities and Exchange Commission (SEC) on Monday. The new filing update details: Any enforcement action by the SEC or a state securities regulator asserting that bitcoin is a security, or a c...

PRESS RELEASE. The TEAMZ WEB3 / AI SUMMIT represents an evolution from the TEAMZ WEB3 SUMMIT 2023, previously recognized as one the most significant and influential events in Japan’s Web3 landscape. For 2024, we’re expanding our focus to encompass both the burgeoning realms of Web3 and AI, two domains that have seen explosive growth recently. With our rallying cry, “WEB3 / AI: The Future”, we aim to facilitate vibrant discussions on the trajectory of the Web3 sector post-2024 and the emerging societal and economic paradigms being shaped by AI. Thought leaders, pioneers, and experts in Web 3 and AI, hailing from both Japan and overseas, will offer a kaleidoscope of insights on technological applications, market dynamics, and innovative solutions. Additionally, interactive sessions are planned to deepen the discourse among attendees from diverse industries and nations. This summit anticipates a gathering of over 100 VCs and investors, more than 100 exhibitors, and 120+ esteemed exper...

Elon Musk’s social media company, X, has obtained 12 money transmitter licenses across the United States. Furthermore, his artificial intelligence (AI) company, X.AI, stated in a filing with the U.S. Securities and Exchange Commission (SEC) its intention to raise $1 billion in an equity offering. X Obtains 12 Money Transmitter Licenses Elon Musk’s social media platform X, formerly Twitter, has reportedly obtained transmitter licenses in 12 U.S. states: Arizona, Georgia, Iowa, Kansas, Maryland, Michigan, Mississippi, Missouri, New Hampshire, Rhode Island, South Dakota, and Wyoming. In October, Musk unveiled his plan to turn X into a powerful financial platform . The Tesla boss stated in November last year that X could offer “an extremely compelling money market account,” debit cards, checks, and loan services. He recently detailed: “When I say payments, I actually mean someone’s entire financial life … If it involves money. It’ll be on our platform. Money or securities or whatever...

The United States District Court for the District of Utah has expressed concerns that the U.S. Securities and Exchange Commission (SEC) is making “materially false and misleading representations” in its lawsuit against a crypto firm. T he court has ordered the securities regulator to show cause why it should not be subject to sanctions. Court Threatens to Sanction SEC The U.S. Securities and Exchange Commission (SEC) is facing renewed scrutiny for its actions in yet another legal battle involving a cryptocurrency firm. The United States District Court for the District of Utah issued an order to show cause in the SEC v. Digital Licensing Inc. dba Debt Box, et al. case on Nov. 30, demanding the securities watchdog justify its actions. The court called out the SEC for making “materially false and misleading representations” and warned of potential sanctions if the regulator fails to provide adequate justification. The order states: The court orders the Commission to show cause why t...