Bitcoin News and Finance: What You Need to Know

Two U.S. lawmakers have joined forces in an effort to fire Securities and Exchange Commission (SEC) Chairman Gary Gensler. “2024 would be a great time to fire Gary Gensler, pass the SEC Stabilization Act, [and] hold the SEC accountable for its corruption,” Congressman Warren Davidson announced. ‘2024 Would Be a Great Time to Fire Gary Gensler’ Representatives Warren Davidson (R-OH) and Tom Emmer (R-MN) are seeking to remove Gary Gensler as the chairman of the U.S. Securities and Exchange Commission (SEC). Congressman Davidson wrote on social media platform X Thursday: 2024 would be a great time to fire Gary Gensler, pass the SEC Stabilization Act, hold the SEC accountable for its corruption, and end the accredited investor rule that protects deal flow for the donor class. Davidson introduced the SEC Stabilization Act earlier in June to fire Gensler as the chair of the securities regulator. He previously explained that the bill would “remove the role of chairman,” noting: “It w...

On Dec. 29, 2023, past 6 p.m. Eastern Time (ET), the Department of Justice (DOJ) conveyed in a letter to Judge Lewis Kaplan its decision to not move forward with a subsequent trial against Sam Bankman-Fried, the ex-CEO of FTX. FTX’s Bankman Fried Avoids Second Trial According to several reports on Friday evening, prosecutors have decided against pursuing a second trial against Sam Bankman-Fried (SBF). Matthew Russell Lee of the Inner City Press disclosed the update on X, posting a snapshot of the DOJ’s letter and also distributing it on his Patreon . “So no evidence and cross examination about the campaign finance and China bribe counts, no getting to the bottom of who took the money,” Russell Lee wrote on Friday. “It is known that officials in the Bahamas, whose request to drop these charges DOJ cited in severing them, took SBF’s and FTX customers’ money.” Following the announcement, the X user known as ‘amuse’ weighed in on the development. “Shock: SBF won’t force Biden to ...

The CEO of the Chamber of Digital Commerce says the Senate Ethics Committee should launch a full investigation on Senator Elizabeth Warren for making false and misleading statements about crypto. “Senator Elizabeth Warren has misled the American people as well as the U.S. Congress on multiple fronts,” she stressed. ‘Senate Ethics Committee Should Launch a Full Investigation’ Chamber of Digital Commerce founder and CEO Perianne Boring slammed U.S. Senator Elizabeth Warren (D-MA) for making false and misleading statements regarding cryptocurrency in an interview with Fox Business on Thursday. “Senator Elizabeth Warren has misled the American people as well as the U.S. Congress on multiple fronts,” the Chamber of Digital Commerce chief began. “First, she’s misled us to believe that crypto has an AML [anti-money laundering] problem,” she continued, emphasizing: It does not have an AML problem. The vast majority of illicit finance go through the traditional financial system and legacy...

In recent years, attention has centered on bitcoin mining, particularly its energy usage in securing the network and validating transactions through proof-of-work (PoW). As generative artificial intelligence (AI) emerges as a major force in technology, it’s encountering similar environmental concerns. Moreover, advocates of bitcoin are drawing parallels between the criticisms of AI’s energy demands and those directed at cryptocurrency mining. Eco-Impact of AI: Facing the Environmental Challenges of Innovation Although AI has generally received acclaim in the press, its consumption of electricity and water has recently sparked considerable debate. Numerous online articles decry the significant resources AI utilizes, including a Rolling Stone piece alleging that “Microsoft’s global water consumption spiked in a year to nearly 1.7 billion gallons.” The article oversimplifies the intricate issue by comparing AI’s water usage to that of 2,500 Olympic-sized swimming pools. The digital ...

Cathie Wood, CEO of Ark Investment Management, foresees widespread institutional involvement in spot bitcoin exchange-traded funds (ETFs) following anticipated approval by the U.S. Securities and Exchange Commission (SEC). “All we need is for the trillions of dollars in institutional assets out there to allocate maybe 0.1% or 0.2% to an ETF, which will be one of the easiest ways to gain exposure and one of the most efficient ways to gain exposure to bitcoin,” she explained, adding: “That will move the price significantly.” Ark Invest CEO Cathie Wood on Spot Bitcoin ETF Approval The CEO of Ark Investment Management (Ark Invest), Cathie Wood, shared her perspective regarding spot bitcoin exchange-traded funds (ETFs) in an interview with Yahoo Finance on Tuesday. Ark Invest is among the applicants seeking approval from the U.S. Securities and Exchange Commission (SEC) to launch a spot bitcoin ETF. The deadline for the securities regulator to make a decision on whether to approve or den...

Economist Peter Schiff has shared some predictions for 2024. “The big surprise in 2024 will not only be that the economy crashes into recession, but that high inflation returns with a vengeance,” he described. The technicals are breaking down for the U.S. Dollar Index, he added, emphasizing: “This couldn’t come at a worse time. The Fed is planning interest rate cuts, which will not only accelerate the decline, but put renewed upward pressure on inflation.” Peter Schiff’s 2024 Economic Predictions Gold bug and economist Peter Schiff shared his predictions for 2024 in a series of posts on social media platform X Wednesday. “Investors are convinced the Fed has succeeded in restoring price stability without causing a recession, pulling off a miraculous soft landing,” Schiff described, warning: The big surprise in 2024 will not only be that the economy crashes into recession, but that high inflation returns with a vengeance. “The U.S. Dollar Index is below 101 for the first time sin...

An analysis by crypto intelligence firm Arkham indicates that Donald Trump, the 45th President of the United States, is selling millions of dollars in ether acquired from selling his non-fungible token (NFT) collections. The analytics firm also revealed that Trump’s highest crypto balance reached $4 million. Based on deposit analysis to date, the former U.S. president has sold 1,325 ETH , totaling over $3 million. Donald Trump Selling Ether, Analysis Suggests Crypto intelligence firm Arkham shared an analysis on social media platform X on Thursday, revealing the amount of ether former U.S. President Donald Trump appears to have sold. “Looks like Donald Trump is selling his ETH ,” the firm wrote, adding that three weeks ago, the former U.S. president started sending his cryptocurrencies to Coinbase after months of accumulating from the sale of non-fungible tokens (NFTs). “His peak balance was $4 million,” the firm added, noting that based on the deposits, Trump has sold 1,075 ETH ...

Elon Musk, the chairman of X, has referred to non-fungible tokens (NFTs) and the defects of their implementation, indirectly making the case for inscriptions. Answering a post on X on the topic of NFTs, Musk suggested saving the jpeg (an image format) of the NFT on the blockchain, like inscriptions are currently saved on Bitcoin. Elon Musk Indirectly Nods at Ordinal Inscriptions Elon Musk has given indirect support to Ordinal inscriptions, a series of images and other data saved on the BTC blockchain. In an X post commenting on the issue of non-fungible token (NFT) data, and how it can be linked to content not owned by the issuers, that can be removed, Musk declared : Yeah, at least encode the jpeg on the blockchain! Musk’s complaints about how standard NFTs work are not new. On the Joe Rogan Experience podcast, Musk stated : The funny thing is the NFT is not even on the blockchain — it’s just a URL to the JPEG. As Musk explained, earlier NFT implementations featured a link...

Hong Kong’s financial regulator has published rules for spot bitcoin exchange-traded fund (ETF) issuers, allowing the use of both cash and in-kind creation models. This approach contrasts with the U.S. Securities and Exchange Commission (SEC), which insists on the exclusive use of the cash creation model for spot bitcoin ETFs. Hong Kong Publishes Spot Bitcoin ETF Rules The Hong Kong Securities and Futures Commission (SFC) published a circular on Dec. 22 for “authorized funds with exposure to virtual assets.” The regulator explained that the circular sets out the requirements under which the SFC would consider authorizing investment funds with exposure to virtual assets (VAs) of more than 10% of their net asset value (NAV) for public offerings in Hong Kong. “Globally, the VA landscape has been evolving rapidly,” the SFC stated, noting that a broader range and a larger number of investment products providing crypto exposure, including crypto exchange-traded funds (ETFs), are now avai...

Grayscale Investments has adopted the cash creation model, instead of the in-kind model, for its proposed spot bitcoin exchange-traded fund (ETF). However, the crypto asset manager warned of adverse consequences. “A spot commodity exchange-traded product that only employs cash creations and redemptions and does not permit in-kind creations and redemptions is a novel product that has not been tested, and could be impacted by any resulting operational inefficiencies,” the firm’s filing with the U.S. Securities and Exchange Commission (SEC) details. Grayscale’s Spot Bitcoin ETF Filing Amendment Grayscale Investments filed the second amendment to its registration statement (Form S-3) for Grayscale Bitcoin Trust with the U.S. Securities and Exchange Commission (SEC) on Dec. 26. The crypto asset manager outlined how its proposed spot bitcoin exchange-traded fund (ETF) will use the cash creation method, instead of the in-kind method. “The trust is currently able to accept cash orders,” t...

The U.S. Securities and Exchange Commission’s former head of internet enforcement has warned that spot bitcoin exchange-traded funds (ETFs) “will create yet another Wall Street fee-sucking investor scam of epic proportions.” In addition, he stressed that it will likely be the most centralized crypto contraption conceivable. Ex-SEC Official’s Spot Bitcoin ETF Warnings Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark issued some warnings about spot bitcoin exchange-traded funds (ETFs) in a post on social media platform X Monday. Stark is currently president of cybersecurity firm John Reed Stark Consulting. He founded and served as chief of the SEC Office of Internet Enforcement for 11 years. He was also an SEC enforcement attorney for 15 years. Expressing his skepticism about spot bitcoin ETFs, Stark wrote: “As to whether the approval of a spot bitcoin ETF is a good thing, my view is that it is not.” He cautioned: The very idea of a bitcoin spot ETF rem...

In a recent statement by Sergey Lavrov, Russia’s Foreign Affairs Minister, he noted that the BRICS bloc is set to expand in 2024 with new members including the United Arab Emirates (UAE), Iran, and Saudi Arabia. He revealed that approximately “30 countries would like to establish partner ties with BRICS.” Additionally, as November drew to a close, China and Saudi Arabia forged a currency swap agreement valued at 50 billion yuan ($6.93 billion), which some interpret as Xi Jinping’s move to contest the supremacy of the U.S. dollar. Lavrov: ‘30 Nations Aspire to Collaborate With BRICS’ This year, the BRICS bloc, consisting of Brazil, Russia, India, China, and South Africa, garnered significant attention as an intergovernmental organization. During the 15th BRICS summit in Johannesburg, South Africa, the world observed as the alliance extended invitations to join the bloc to the UAE, Saudi Arabia, Argentina, Egypt, Ethiopia, and Iran. According to Russia’s TASS news agency, Lavrov ann...

Worldcoin, the biometric ID and digital wallet project, will now allow Minecraft server integration through one of its apps. A plugin called Luckperms, a Minecraft server mod, lets server admins tackle the bot problem by only giving access to the server to World ID-verified users. Minecraft to Integrate Worldcoin for ID Verification Purposes Worldcoin, the iris-scanning ID and digital wallet program, can now be integrated with Minecraft, the award-winning Microsoft-owned game, through one of its apps. Worldcoin’s inclusion in the game is focused on dealing with the “griefing” problem, which happens when a bot user joins a server to ruin the gaming experience. Through Luckperms, a Worldcoin app, server admins can leverage World ID to establish a set of permissible actions that only verified users can perform, leaving unverified users unable to access these features until they verify with World ID. The feature would be available by installing a plugin in the Minecraft server, and us...

The U.S. Securities and Exchange Commission (SEC) has reportedly set a deadline of Dec. 29 for spot bitcoin ETF applicants to finalize their filing amendments. According to reports, the SEC has told spot bitcoin ETF issuers that applications that are fully updated and filed by this Friday will be considered in the first wave of its spot bitcoin ETF decision. SEC’s Spot Bitcoin ETF Deadline The U.S. Securities and Exchange Commission (SEC) reportedly instructed spot bitcoin exchange-traded fund (ETF) applicants during their meetings last week to finalize the amendments to their registration statements (S-1s) by Dec. 29 to be considered in the first wave of spot bitcoin ETF decision. Fox Business journalist Eleanor Terrett shared on social media platform X on Dec. 24: Confirming the date for final amendments to all S-1s by Friday the 29th. The SEC has told issuers that applications that are fully finished and filed by Friday will be considered in the first wave. Anyone who is not...

The famous author of Rich Dad Poor Dad, Robert Kiyosaki, has shared how he made most of his money. He stressed that the future of stock and bond markets will depend on startups in resources, not Silicon Valley technology startups, predicting that resources will be “the coming boom in the investment world.” How Robert Kiyosaki Made Most of His Money Rich Dad Poor Dad author Robert Kiyosaki has revealed on social media platform X how he made most of his money. 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. The renowned author shared on Dec. 24 that the Vancouver Resource Investment Conference (VRIC) is coming up on Jan. 20-21, where he will be one of the keynote speakers, as per the event’s website. Explaining why he believes this event is the “most important investor conference...

Three days ago, on Dec. 23, 2023, Bitcoin marked its 27th and final difficulty adjustment for the year. This year witnessed 27 shifts in epochs, with the most substantial one on Jan. 15 at block 772,128, seeing a surge in network difficulty by 10.26%. Bitcoin’s Year: 20 Ups, 7 Downs Total 74% Difficulty Surge By Jan. 4, 2024, it’s anticipated that Bitcoin will undergo another uptick in mining difficulty . This metric, changing every 2,016 blocks or roughly two weeks, maintains the average interval between blocks at approximately 10 minutes. It does so regardless of the fluctuating mining power within the network. This mechanism stabilizes the issuance rate of new bitcoins, enhancing network security by making block discoveries more challenging as the hashrate either increases or decreases. Throughout 2023, the network experienced a total of 27 difficulty changes , comprising 20 increases and seven decreases. The most notable hike was on Jan. 15, rocketing by 10.26%. Conversely, th...

The Chinese State Administration of Foreign Exchange (SAFE) has cracked down on an underground bank that used crypto to offer illegal exchange services. The operation, which had over 1,000 bank accounts and a presence in 17 provinces, moved over 15.8 billion yuan ($2.2 billion) to purchase crypto on exchanges overseas and provide yuan exchanging services. Chinese State Administration of Foreign Exchange Discovers Ring Using Crypto to Circumvent Exchange Controls The Chinese government has cracked down on an underground bank that used crypto to provide yuan exchange services to Chinese nationals. According to a post published in Wechat by the State Administration of Foreign Exchange (SAFE), the Qingdao police managed to identify more than 1,000 accounts belonging to a Chinese national identified as Jin, that served as funneling accounts for the exchange business of 15.8 billion yuan ($2.2 billion). The exchange business had a presence in 17 provinces of the country, with more than ...

U.S. Congressman Tom Emmer has highlighted various crypto bills that passed out of the House Committee on Financial Services this year. Among them is his appropriations amendment barring the U.S. Securities and Exchange Commission (SEC) “from using taxpayer dollars on its abusive crypto enforcement tirade until Congress passes legislation giving the SEC jurisdiction over this industry.” Crypto Bills Greenlighted by House Financial Services Committee in 2023 U.S. Congressman Tom Emmer (R-MN) summarized the House Financial Services Committee’s achievements in 2023 on social media platform X last week. He emphasized that the committee “has moved more legislation in 2023 to boost our capital markets, welcome innovation, and hold unchecked regulators accountable than in previous years.” The lawmaker proceeded to highlight various bills related to crypto legislation that were greenlighted by the committee during the year. “In July, we passed the Blockchain Regulatory Certainty Act out o...

Venture capitalist Tim Draper has doubled down on his $250,000 bitcoin price forecast. “I would say that my number $250,000 will probably come pretty soon,” he emphasized, predicting that if the price of bitcoin hits $250,000, “it’ll go way past it.” Tim Draper’s $250K Bitcoin Prediction Venture capitalist Tim Draper shared his bitcoin price prediction for 2024 in an interview with Coin Bureau last week. He explained that when the price of BTC was $4,000, he predicted that it would climb to $250,000 in four years. “When I predicted that, what I didn’t expect was how fearful and just old thinking the U.S. would be. I think with a receptive U.S., we would be having conversations like the ones I have with the people from El Salvador,” he shared. El Salvador was the first country to adopt BTC as legal tender alongside the U.S. dollar. Emphasizing that he still believes BTC will reach $250K in the near future, he opined: “I think all that is is a delay. I would call it the fear del...

Nasdaq-listed crypto exchange Coinbase has responded to U.S. Senator Elizabeth Warren’s accusations that it hires national security veterans to oppose her legislation . “Your claim that Coinbase is attempting to undermine bipartisan legislation related to cryptocurrency is simply wrong. Your accusations are not only unfounded but a willful misrepresentation of our intentions and efforts,” the crypto firm told Warren. Coinbase’s Letter to Elizabeth Warren Coinbase (Nasdaq: COIN) fired back at U.S. Senator Elizabeth Warren on Friday, refuting her claim that the cryptocurrency exchange hired national security veterans to combat bipartisan legislation. In its letter dated Dec. 22 to Senator Warren, Coinbase wrote: “We received your letter dated December 18, 2023, concerning our approach to recruiting top national security experts in our fight against terrorist financing.” Besides Coinbase, Senator Warren also sent a similar letter to Coin Center Executive Director Jerry Brito and Bloc...

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: El Salvador passes a Bitcoin donation citizenship law, Argentina will allow the settlement of crypto-denominated contracts, and President Milei moves to deregulate Argentina. El Salvador Passes Bitcoin Citizenship Law The government of El Salvador has passed a law that allows foreign investors to become Salvadoran citizens. The project, approved with Bukele’s Nuevas Ideas party majority in the Congress, offers foreigners the possibility of sidestepping the ordinary requirements to receive Salvadoran citizenship by making Bitcoin donations to social and economic programs in the country, without mentioning a determined number. Before, the only way of becoming a Salvadoran citizen involved having five years of residence for immigrants from a non-Spanish-speaking country. On December 8, the country announced a program called “Adopting El Salvador,” wh...

Arthur Hayes, former CEO of Bitmex and cryptocurrency market analyst, pondered about the success of an upcoming spot bitcoin ETF and its effect on the future of bitcoin. Hayes states that the popularity of these ETF derivatives might concentrate the custody of all the bitcoin in a few hands that won’t move it, forcing miners to capitulate due to a lack of activity in the blockchain. Arthur Hayes Believes ETFs Might Cause the Demise of Bitcoin Former Bitmex CEO Arthur Hayes believes that the success of an upcoming spot bitcoin ETF might endanger the existence of the Bitcoin network. In his most recent blog post, “Expression,” Hayes presents a hypothetical situation in which bitcoin is all in the hands of a few financial firms, like Blackrock. If this happens, Hayes anticipates this will destroy bitcoin as a store of value, given that it is different from all of the assets traded in financial markets until now. Hayes argued : Bitcoin is the first monetary asset in human history t...