South Korea to Meet SEC on Bitcoin ETF Plan

Welcome back, Bitcoiner

It’s been a huge week in Bitcoin as ETF fund flows start to balance GBTC outflows and the Wall Street marketing machine kicks into gear.

Bitcoin is hope! 🙌

🚨Today’s Issue

• Bitcoin ETF Trading Update

• South Korea to discuss Bitcoin ETFs with SEC’s Gensler

• Fake Satoshi trial with COPA vs Craig Wright

• Bitcoin President Bukele wins El Salvador election in landslide

• Argentina to eliminate taxes of Bitcoin and crypto asssets

NEWS

Bitcoin Snippets

• Bitcoin Mining: US Energy Information Administration is demanding Bitcoin miners submit energy consumption data.

• ValKyrie: Spot Bitcoin ETF issuer adds BitGo as custodian in addition to Coinbase to diversify risk.

• FTX: Bankrupt exchange to sell $1.4b stake in booming ai start-up Anthropic as customer seek to recoup 'lost’ funds.

• Genesis: Bankrupt crypto lender seeks to sell $1.6B in Bitcoin

• Jerome Powell: US debt is growing faster than the economy. The US is on an unsustainable fiscal path.

• Rates: Fed expects 3 rate cuts this year.

BITCOIN ETF

📈 Trading Update - Day 15

• TOTAL NET inflows = $1.26b.

• $6B outflows from Grayscale’s $GBTC

• $3B inflows from BlackRock’s $IBIT

• $2.7B inflows from Fidelity’s $FBTC

• $1.9B inflows from the other 7 ETFs

SOUTH KOREA

🇰🇷 South Korean Regulator to meet SEC Chair Gary Gensler to Discuss Bitcoin Spot ETFs

• Discussions will focus on Bitcoin spot ETFs and virtual assets.

• The U.S. approved spot Bitcoin ETFs in January for the first time , following a decade of attempts from the industry.

• Global regulators are considering whether to follow suit.

The meeting of global regulators to discuss Bitcoin is indicative of Bitcoin’s growing status as a legitimate financial asset.

The approval of such ETFs in the U.S. may influence other countries, including South Korea, to adopt similar regulatory measures.

UNITED KINGDOM

🇬🇧 Craig Wright's Dubious Claim to be Satoshi Face Day of Judgement in Landmark Court Case

• Evidence Questioned: Wright's claim, based on his alleged authorship of Bitcoin's 2008 white paper, lacks clear proof, and has drawn deservedly harsh criticism.

• COPA's Opposition: Backed by Jack Dorsey's Block, the Crypto Open Patent Alliance (COPA) challenges Wright in court, accusing him of fabricating his claim with forged documents.

• Forgery Allegations: COPA's lawyer, Jonathan Hough, labels Wright's claim a "brazen lie," alleging large-scale document forgery, casting doubts on Wright's evidence.

• Litigation History: Wright, claiming to be Satoshi since 2016, has engaged in multiple lawsuits against Bitcoiners with a view to making them submit to his demand of an acknowledgement that he is Satoshi, under the threat of bankruptcy. None have submitted to his threats.

Should the court rule in favour of COPA today, it would end a significant controversy. The prevailing doubts and forgery accusations over Wright's claim add to the case's significance for Bitcoin's history.

EL SALVADOR

🇸🇻 Pro-Bitcoin President Bukele wins El Salvador election in landslide!

• Nayib Bukele won El Salvador's 2024 presidential election, claiming over 85% of the votes.

• Bukele's party is projected to win at least 58 out of 60 seats in the legislative assembly.

• His administration has taken steps to promote Bitcoin, including the introduction of the Chivo digital wallet and Bitcoin purchases for national reserves.

• El Salvador's Bitcoin holdings are valued at around $120 million, with 2,825 BTC in its treasury.

• Bukele is the first Salvadoran president since the 1930s to win consecutive terms

ARGENTINA

🇦🇷 Argentina will eliminate taxes on Bitcoin

Argentina's President Javier Milei drops the proposed plan to tax cryptocurrencies.

The initial tax bill included clauses for declaring undisclosed assets, including cryptocurrencies.

Owning or paying with cryptocurrencies won't be taxed, but profits from “substantial sales” will be.

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