Institutions are coming...

Fidelity, Charles Schwab, and Citadel have launched a Bitcoin and crypto exchange called EDX.

• Paradigm, Sequoia Capital, and Virtu Financial are also partners in the exchange, with more market players anticipated to join.

MicroStrategy is raising to $500m to buy more Bitcoin

• The biggest institutional buyer of Bitcoin will sell class A common stock for $500,000,000. MicroStrategy holds 129,699 BTC worth $3.977 billion, and is likely to buy more in line with its corporate strategy.

See previous post for more.

Fidelity is launching Bitcoin trading for 34m retail customers in November!

• This follows Fidelity's decision to allow Bitcoin allocations to 401(k) retirement savings accounts. Good to see them branching out into the retail space.

To meet the expanding institutional client demand for Bitcoin, Fidelity established its subsidiary company Fidelity Digital Assets (FDA) in October 2018. Cold storage custody, trade execution, and settlement services are just a few of the comprehensive offerings the company provides to its institutional clients.

Politics and Regulation

WHITE HOUSE: Bitcoin mining powered by vented methane is more likely to help achieve U.S. climate objectives.

• The White House has published a report titled "Climate and Energy Implications of Crypto-assets in the United States.” It was the first time the WH has acknowledged the environmental benefits of Bitcoin mining.

SEC forms a new office focused on cryptocurrency companies.

• The SEC will add the "Office of Crypto Assets" and the "Office of Industrial Applications and Services" to its list of offices.

SEC: The securities laws are compatible with everything about the cryptocurrency markets.

• Chairman Gary Gensler of the U.S. Securities and Exchange Commission (SEC), also said that the rules and regulations that cryptocurrency issuers and service providers must follow have been well-established for years. Gensler's statements are a clear indication that the SEC intends to continue applying current rules and regulations to the crypto industry.

Bear market will soon end, and Bitcoin will pump once more. - Pantera Capital CEO

• Pantera Capital CEO Dan Moreheaad pointed out Bitcoin has had numersous cycles and will continue to rise by an average of ~2.5 times per year.

JUST IN: Jay-Z and Jack Dorsey's Bitcoin Academy airdropped each student a grant of $1,000 in Bitcoin at the completion of a 12 week course!

• It was disclosed during the first week of June that Jack Dorsey and Jay-Z were collaborating to open a Bitcoin Academy for Marcy House residents, in Brooklyn. "Wealth Building and Assets," "Why Decentralization Matters," "Staying Safe from Scammers," "Bitcoin & Taxes," and "Careers in Crypto" were among the topics covered in the courses. The airdrop was generous.

International

NEW: UK hopes to become the country of choice for the cryptocurrency industry, says UK Economic Secretary

• The Economic Secretary of the Treasury Department, Richard Fuller, said this will attract new investment, create jobs & increase tax revenue.

BAHRAIN: OpenNode will test Bitcoin payment system under Central Bank supervision.

• The Central Bank of Bahrain established its Regulatory Sandbox in 2017. The country will likely adopt bitcoin-based transactions more widely if OpenNode's trial is a success.

BINANCE adds Mexico’s former banking and securities boss to global advisory board.

• Adalberto Palma Góme served as the president of the Mexican Banking and Securities Commission (CNBV) from December 2018 to March 2020.

FACT: Germany has ZERO capital gains tax on Bitcoin if you HODL for more than 1 year.

• Encouraging for HODLers, Germany is one of a number of countries with attractive tax regimes, including Portugal, which also has a zero capital tax rate on Bitcoin.

Russia's largest tech and industrial company, Rostec, is preparing to use cryptocurrencies for international trade.

• Rostec’s Managing Director for National Projects Anna Sharipova said the market is currently very interested in integrating cryptocurrencies into cross-border commerce relationships.

Inflation

US Inflation at 8.3%

• Higher than expected, in part due to high food and housing costs.

UK Inflation at 9.9%

• Inflation eased vs prior month's 10.1% due to lower gasoline and diesel prices.

ELON MUSK: Fed should drop rates by 0.25%

• Elon declares himself in the "deflation is coming" camp, along with Cathie Wood and other notable investors. Let's see...

"The Future is Uncertain"

Bitcoin and crypto company, Abra, is launching a bank!

• Abra Bank would give Americans the ability to save and deposit digital assets while also providing useful access to fiat on- and off-ramps. In addition, Abra intends to start Abra International, a fully licensed digital asset company that will offer its clients similar banking services outside of the US. Both Abra Bank and Abra International are anticipated to debut in 2023 and 2022, respectively.

Bitcoin's role in the world is to transform the system of money - ARK Invest's Brett Winton

• Winton also stated that Bitcoin's worth will depend on how widely it is embraced as a viable alternative to fiat-controlled currencies and how much demand there is for it. Well, yes...

USA: Capital leaving due to spot Bitcoin ETF rejection - The Chamber of Digital Commerce

• The SEC continues to drag its feet on this, but thankfully the Bitcoin and financial services industries continue to prepare to take Bitcoin into the mainstream.

Thank you for reading :)

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Cheers,

Archie