Bitcoin vs Global Currency Crisis

Bitcoin stands strong while global currencies crumble.

NEW YORK TIMES: Currencies around the world are tumbling. Except Bitcoin.

• USD rising against other fiat currencies. The establishment mouthpiece noted Bitcoin's 6.5% increase in the past week as a "surprisingly strong run" in this environment.

MICHAEL SAYLOR: The next logical stop for ₿itcoin is to replace gold as a non-sovereign store of value asset.

• Saylor also said that Bitcoin is 100x better than gold and will likely get to the market cap of gold within the next 10 years Bitcoin, which value one Bitcoin at $500k.

"Bitcoin is about to become the safe haven asset," says Billionaire Barry Silbert

• The founder and CEO of Grayscale Investments and Digital Currency Group, Billionaire Barry Silbert, said that "Nowhere else to hide" except Bitcoin, as the currency crisis unfolds.

GLOBAL ADOPTION CONTINUES

BRAZIL: +1.8 million users have signed up to Nubank's Bitcoin and crypto platform in just 3 months.

•Nubank launched its crypto platform to all Brazilians at the end of June They hit 1 million users within 2 months and now surpass 1.8 million users. Nubank has ~70 million customers for its banking services in Latin America.

Singapore's largest bank, DBS, has launched Bitcoin and crypto trading for 100,000 accredited wealth clients

• Eligible clients can trade starting with a minimum investment amount of $500.

AUSTRALIA: Another 1 million Aussies will buy Bitcoin or crypto in 2023 - Survey

• Australian cryptocurrency ownership has increased 4% year-over-year, reaching 21% in 2022, despite the bear market.

RUSSIA: The largest stock exchange, Moscow Exchange, is preparing to become a cryptocurrency exchange

• The bill to make the Moscow Exchange a cryptocurrency exchange has been filed with the Central Bank of Russia. The bill will also permit depositories to issue receipts for digital financial assets

BAHRAIN: +5000 EazyPay merchants now accept Bitcoin.

• EazyPay teamed up with Binance Pay to introduce the first regulated and authorized cryptocurrency payments service in Bahrain. Businesses including Lulu Hypermarket, Sharaf DG, Al Zain Jewellery, and Jasmi's will soon have the capacity to accept Bitcoin for payment.

LEGAL & REGULATION

USA: Both Houses of Congress now have bills presented supporting the CFTC as the primary regulator of ₿itcoin and crypto.

• The major advantage of this is that if both chambers pass identical bills, the procedure might be streamlined and they could reach the President's desk sooner. A hearing on the Senate bill was held in their committee last week.

CALIFORNIA: Cryptocurrency licensing and regulation bill was vetoed by the governor.

•Just like how money transmissions are already regulated by the Money Transmission Act, the bill would have established a licensing framework for anyone wishing to enable cryptocurrency transactions. The cryptocurrency bill was one of eight bills the governor vetoed recently.

Custodia Bank is suing the FED for discriminating against cryptocurrency banks. Seven U.S. lawmakers have come out in support of the law suit!

• Custodia Bank had already waited 19 months before filing a suit against the Fed in June, which was seven months longer than the statutory one-year deadline to hear back about its application.

Celsius CEO Alex Mashinsky has resigned, effective immediately.

•Alex Mashinsky started Celsius in 2017 and resigned in the middle of the current Celsius crisis. Chris Ferraro, Chief Financial Officer of Celsius, will take over as the temporary replacement of the former CEO.

Grayscale Bitcoin Trust is trading at a record -35% discount.

•Grayscale Bitcoin Trust (GBTC) holds over 640,000 BTC and has been a way to gain exposure to Bitcoin despite having a 2% annual management fee. However, GBTC has been on a steady decline ever since the first North American Bitcoin ETF in Canada was launched.

EUROPE

Bank of England has restarted the money printer and will purchase long-dated UK government bonds.

• The Bank of England said it would "restore market functioning and reduce any risks from contagion to credit conditions for UK households and businesses." The Bank also made it clear that they will do so "on whatever scale necessary" to restore order in the market. QE Infinity is here...

U.K. should reduce taxes on cryptocurrencies to promote growth - MP Matt Hancock

• The tax rules of the United Kingdom treat cryptocurrencies the same as other assets, therefore every trade in cryptocurrencies is subject to a 20% capital gains tax. MP Matt Hancock has earlier stated that cryptocurrency is a “force for good in the world” which is why he calls for a rule change to help its growth

Revolut has registered with regulator to offer ₿itcoin and crypto services in the U.K

• Revolut previously provided cryptocurrency buying, selling, and trading in the U.K. through the FCA's temporary registration system. Revolut gives exposure to roughly 80 different crypto assets and has about 20 million customers worldwide

UK: Retail investors have put $35B into Bitcoin and crypto so far - Finbold

•The report also stated that 34% of UK citizens are cryptocurrency holders and Bitcoin is the digital asset that they hold the most followed by Ethereum and Dogecoin.

Bitcoin trading volume in British Pound soars +1,150% as currency crisis takes hold.- Cointelegraph

•The British pound is fast losing its value and the volume of the GBP/BTC trading pair keeps spiking which suggests that people are fleeing GBP for Bitcoin. Data shared by Cointelegraph showed that daily trading volume in GBP/BTC which was often around $70M daily recently hit $881M.

EU sanctions on Russia may include ban on crypto-payments to “European wallets” - CoinDesk

•Back in April, the EU in an effort to stop cryptocurrency from being used to evade sanctions place a €10,000 cap on Russian payments to EU wallets. Coindesk reported that the €10K limit will be replaced with a total ban.

CHRISTINE LAGARDE: Cryptocurrency adoption could lead to "free banking" which may cause many financial crises.

•Christine Lagarde, president of the European Central Bank (ECB) referred to "free banking" that happened in the 19th century; she said that central banks didn't exist then so they had many economic crises. Lagarde believes cryptocurrency could bring about another time like the 19th century.