The Bitcoin Policy Institute Launches the Peer-to-Peer Rights Fund to Help Defend Samourai Wallet Founders

The Bitcoin Policy Institute, a non-profit organization supporting bitcoin initiatives, has launched the Peer-to-Peer Rights Fund, a project seeking to protect bitcoin’s decentralized nature from regulatory overreach. The fund’s first objective is to aid in the defense of the founders of Samourai Wallet given the relevance of the case for the industry.

Peer-to-Peer Rights Funds to Aid in Defending Samourai Wallet Founders

More initiatives are surging to defend the bitcoin blockchain from government action. The Bitcoin Policy Institute, a bitcoin think tank founded by David Zell and Grant McCarthy, has launched the Peer-to-Peer Rights Fund to defend the decentralization of bitcoin.

For Zell, peer-to-peer transactions using non-custodial and decentralized tools are under attack from regulators, which have changed the legal considerations affecting these. The fund states that the recent legal cases involving Tornado Cash, Samourai, Uniswap, and Metamask, show the shift in the regulator’s attitudes towards decentralization, dealing with developers as if they were financial institutions.

The fund stated:


To counter the effects of this broad law interpretation on the non-custodial crypto environment, the fund will focus on providing resources to help in cases that have a high impact on the crypto industry, aiming to secure “crucial” legal precedents.

The first one of these cases picked up by the fund will be the defense of Keonne Rodriguez and William Lonergan Hill, founders of Samourai Wallet, who were indicted for conspiring to commit money laundering and operating an unlicensed money services business.

By supporting the Samourai founders, the fund aims to explain the intricacies that surround the technology and the legal principles in this case. A victory in this instance might mean that in the future, non-custodial privacy tools would not be able to be held under BSA jurisdiction.

Nonetheless, other crypto institutions might be selected by the institution to receive support when involved in similar cases.

Source: https://news.bitcoin.com/the-bitcoin-policy-institute-launches-the-peer-to-peer-rights-fund-to-help-defend-samourai-wallet-founders/

Skybridge's Scaramucci: Institutional Adoption of Bitcoin Is Happening Now

Anthony Scaramucci, founder of Skybridge Capital, believes that the institutional adoption of bitcoin is happening now. Highlighting recent developments like the State of Wisconsin Investment Board investing in Blackrock’s spot bitcoin exchange-traded fund (ETF), he predicts that other pension funds will make similar announcements. “Bitcoin now has the regulatory approval and I think that was the rate-limiting step for a lot of these large-scale institutions,” he detailed.

‘I Think We’re Still Early in Bitcoin’

Skybridge Capital’s founder and managing partner, Anthony Scaramucci, discussed the institutional adoption of bitcoin in an interview with CNBC last week. Emphasizing the ongoing and accelerating integration of BTC by large institutions, he said:


He mentioned the recent disclosure by the State of Wisconsin Investment Board about its share ownership of Blackrock’s spot bitcoin exchange-traded fund (ETF), the Ishares Bitcoin Trust (IBIT). “The State of Wisconsin announced. We expect other pension funds to announce. And, of course, bitcoin now has the regulatory approval and I think that was the rate-limiting step for a lot of these large-scale institutions,” Scaramucci opined.

“Just remember if you’re not long bitcoin, you’re possibly short bitcoin in the sense that if you believe … that this will be part of a long-term tactical asset allocation strategy for institutional investors, then at some point, you’ve got to get long bitcoin,” the Skybrige Capital founder emphasized. “So, a lot of smart institutions are saying ‘let me get long this thing before it becomes part of a total tactical asset allocation index’ and I think that’s starting to happen now and that’s very good for bitcoin.”

Scaramucci further shared: “I think what’s important for people to do is to do the homework on bitcoin because when you do the homework on bitcoin you go towards bitcoin. I know very few people that have done the homework, you know, several hundred hours of understanding bitcoin, not just reading the white paper, but really understanding the history of money and all the different boxes that bitcoin checks off.”

He then mentioned when Skybridge first announced its bitcoin investment. “A lot of institutions, wirehouses they didn’t like it. They didn’t like the position. It’s four years later. Now, these very same wirehouses are adopting the position and are getting long the ETF or at least allowing their financial advisors to recommend the ETF. And so, you know, sometimes when you’re early, you get a lot of bumps and scrapes,” Scaramucci opined. Nonetheless, he stressed:


Source: https://news.bitcoin.com/skybridges-scaramucci-institutional-adoption-of-bitcoin-is-happening-now/

Blackrock Bitcoin ETF Attracts 414 Institutional Holders — Analyst Says IBIT 'Blows Away Record'

Blackrock’s spot bitcoin exchange-traded fund (ETF), the Ishares Bitcoin Trust (IBIT), has amassed 414 insitutional holders in less than three months, according to filings with the U.S. Securities and Exchange Commission (SEC). A senior Bloomberg analyst described this achievement as “mind-boggling” and “highly rare” for new ETFs. Other recently launched ETFs have significantly fewer institutional holders.

Blackrock’s IBIT Attracts 414 Institutional Investors, Sets New Benchmark

According to 13F filings with the U.S. Securities and Exchange Commission (SEC) for the first quarter, 414 institutions have declared holdings in Blackrock’s spot bitcoin exchange-traded fund (ETF), the Ishares Bit oin Trust (IBIT). The SEC requires institutional investment managers overseeing over $100 million in assets to file Form 13F to disclose their securities holdings.

Bloomberg senior ETF analyst Eric Balchunas described this achievement as “mind-boggling,” noting that it “blows away record.” He emphasized that having even 20 holders for a newly launched ETF is “highly rare.” Other ETFs launched in January have not achieved nearly as many institutional holders as Blackrock’s IBIT and several other spot bitcoin ETFs, such as the Bitwise Bitcoin ETF (BITB), the Fidelity Wise Origin Bitcoin Fund (FBTC), and the ARK 21shares Bitcoin ETF (ARKB).

Blackrock Bitcoin ETF Attracts 414 Institutional Holders — Analyst Says IBIT 'Blows Away Record'

The largest institutional holder of IBIT shares is Millennium Management LLC, which owns 20,859,447 shares valued at approximately $844 million as of March 31. Schonfeld Strategic Advisors LLC is the second-largest institutional holder with 6,128,450 shares worth about $248 million. The U.S. State of Wisconsin Investment Board is the sixth largest institutional holder of IBIT, with 2,450,400 shares, valued at roughly $99 million.

In comparison, Fidelity Wise Origin Bitcoin Fund has 235 institutional holders, Bitwise Bitcoin ETF has 98 institutional holders, and the ARK 21shares Bitcoin ETF has 75 institutional holders. Notably, the Grayscale Bitcoin Trust (GBTC) has a lengthy list of 619 institutional holders. However, Grayscale converted GBTC from a bitcoin trust to a spot bitcoin ETF in January, and many institutions already held GBTC prior to this conversion.

As of May 16, IBIT’s bitcoin holdings stood at 276,190 BTC, valued at over $18 billion. Throughout the week, U.S. spot bitcoin ETFs experienced daily inflows totaling $948.3 million. Grayscale’s GBTC only saw a net daily outflow on May 14, amounting to $50.9 million. In contrast, IBIT recorded inflows of $131.8 million, Fidelity’s FBTC saw inflows of $344.5 million, and Ark’s spot bitcoin ETF received inflows of $243.7 million.

Blackrock CEO Larry Fink stated in March that he is “very bullish on the long-term viability of bitcoin.” The executive added that his firm’s spot bitcoin ETF “is the fastest growing ETF in the history of ETFs,” emphasizing: “Nothing has gained assets as fast as IBIT in the history of ETFs.”

Source: https://news.bitcoin.com/blackrock-bitcoin-etf-attracts-414-institutional-holders-analyst-says-ibit-blows-away-record/

Wenn man direkt dafür wirbt Gesetze umgehen zu können wird es den Gesetzgeben nicht gefallen können. 

El Salvador Reportedly Mined Nearly 474 BTC Using Geothermal Energy

El Salvador, the first country to adopt bitcoin as legal tender, has reportedly added 473.5 BTC to its treasury using geothermal energy. According to reports, official data released by The Bitcoin Office of El Salvador (ONBTC) disclosed that this number of bitcoin was mined since 2021 using 1.5 MW of power from the Tecapa volcanic complex.

El Salvador Produced 473.5 BTC Using Geothermal Electricity Sources

Companies and nations are leveraging green energy sources for mining bitcoin. According to Reuters, The Bitcoin Office of El Salvador (ONBTC), an organization dedicated to managing all things crypto, reported that 473.5 BTC had been added to the nation’s bitcoin treasury. The bitcoin was obtained in El Salvador’s mining centers, which have been powered using geothermal energy since 2021.

The bitcoin was harvested by 300 miners in the Berlin geothermal plant using the energy provided by the Tecapa volcanic complex. These cryptocurrencies are part of the over 5,750 BTC that El Salvador currently holds in its public treasury address, disclosed by President Nayib Bukele earlier this year.

Bukele had made several remarks about taking advantage of geothermal energy, a kind of power obtained from steam harvested from reservoirs located under the earth to run turbines. He even posted a video showing the start of the operations in Berlin geothermal plant, featuring the connection of some bitcoin miners. Nonetheless, this is one of the first opportunities in which Bukele’s administration offers some balance about the results of this green mining initiative.

The project might be expanded, given that only 1.5 MW of the 120 MW produced by the Berlin plant is currently used for this objective. In 2022, Bukele confirmed the country had been making investments to increase the capacity of its geothermal power grid, disclosing that it had found a well capable of producing 95 MW back in 2022. This could be all the electricity needed to power Bitcoin City, a metropolis announced by the president in 2021 that would be moved by green energy.

Source: https://news.bitcoin.com/el-salvador-reportedly-mined-nearly-474-btc-using-geothermal-energy/

Millennium Management and Morgan Stanley Report Significant Spot Bitcoin ETF Holdings

According to 13F filings with the U.S. Securities and Exchange Commission (SEC), Millennium Management, a highly successful hedge fund, holds nearly $2 billion in spot bitcoin exchange-traded fund (ETF) shares. This week, it was further revealed that Morgan Stanley, a giant multinational investment and financial services firm, also has exposure to spot bitcoin ETFs.

Top Hedge Fund and Financial Giant Invest in Spot Bitcoin ETFs

Millennium Management, founded in 1989 by Israel “Izzy” Englander, holds $1.94 billion in spot bitcoin ETF shares, as stated in its latest 13F filing. As of March 2024, the firm manages $64 billion in assets under management (AUM).

The spot bitcoin ETF shares held by Millennium come from crypto funds including FBTC, IBIT, ARKB, BITB, and GBTC. Nearly a billion of Millennium’s spot bitcoin ETF holdings are in Blackrock’s IBIT.

Millennium Management and Morgan Stanley Report Significant Spot Bitcoin ETF Holdings

Since its inception in 1989, Millennium has maintained an exceptional track record, delivering average annual returns of around 14% for investors over more than three decades. Millennium is one of the largest hedge funds in the world in terms of AUM.

Additionally, another 13F filing to the SEC indicates that Morgan Stanley also holds spot bitcoin ETFs. Morgan Stanley, a well-known financial services company from New York, was founded by Henry Sturgis Morgan in 1935. The SEC filing shows that Morgan Stanley holds about $270 million in spot bitcoin ETF shares, specifically from Grayscale’s Bitcoin Trust (GBTC).

Crypto community members welcomed the news of these significant financial giants entering the bitcoin space through ETFs. Morgan Stanley and Millennium are joining the likes of well known firms such as Susquehanna, Wells Fargo, JPMorgan, PNC Bank, and Truist Financial in holding spot bitcoin ETF shares.

Recently, it was disclosed that Edmond de Rothschild Holding S.A., linked to the French branch of the renowned Rothschild banking family, also owns spot bitcoin ETFs, according to its 13F statement with the SEC. Any institutional investment managers with over $100 million in qualifying assets under management must file with the U.S. securities regulator and disclose such holdings.

Source: https://news.bitcoin.com/millennium-management-and-morgan-stanley-report-significant-spot-bitcoin-etf-holdings/

US Bitcoin ETFs See $166.5M Inflows in Early Week Trading Sessions

U.S. spot bitcoin exchange-traded funds (ETFs) experienced two consecutive days of net inflows on Monday and Tuesday, totaling $166.5 million across both sessions.

U.S. Bitcoin ETFs Record 2 Days of Net Inflows

The week began positively for U.S. spot bitcoin ETFs, with notable inflows seen during the initial two trading days. On Monday, the collective trade volume for U.S. BTC ETFs hit $1.22 billion, accompanied by inflows of $66 million. The next day, Tuesday, saw a trade volume of $972 million and inflows amounting to $100.5 million. Notably, the Ark Invest and 21shares ETF, ARKB, saw an influx of $133 million on May 14.

US Bitcoin ETFs See $166.5M Inflows in Early Week Trading Sessions

As of the latest update, ARKB’s records indicate the fund currently manages 45,705 BTC, valued at approximately $2.9 billion based on the current bitcoin exchange rates. Conversely, Grayscale’s Bitcoin Trust (GBTC) reported approximately $51 million in outflows on Tuesday. Currently, GBTC holds about 289,336.91 BTC, valued at roughly $18.39 billion.

GBTC is nearing a pivotal point where it might no longer hold the title of “the largest bitcoin ETF in the world” based on BTC reserves. Blackrock’s IBIT, closely trailing GBTC, has recently experienced stagnant inflows. On Tuesday, IBIT had a neutral day with no net inflows or outflows, maintaining holdings of 274,755.14 BTC worth an estimated $17.47 billion.

The early-week inflows into U.S. spot bitcoin ETFs suggest a slight resurgence of investor confidence in these digital asset funds. As competition intensifies among leading funds like ARKB, GBTC, IBIT, FBTC, and BITB, it underscores the evolving dynamics within bitcoin markets and signals shifts in investor sentiment that could shape future market trends.

Source: https://news.bitcoin.com/us-bitcoin-etfs-see-166-5m-inflows-in-early-week-trading-sessions/

Industry Experts Foresee Massive Growth for Crypto Market, Predictions up to $100 Trillion

Raoul Pal, a well-known financial sector figure, predicts a significant expansion of the cryptocurrency market, forecasting its market capitalization could reach $100 trillion due to global liquidity trends and technology adoption. His analysis is underpinned by observations of the global liquidity cycle, which has been influencing asset growth since 2008, along with the rapid adoption rate of cryptocurrencies, potentially mirroring the exponential growth trajectory of the internet. This bullish outlook is shared by other industry experts, including Brad Garlinghouse, CEO of Ripple, who anticipates the crypto market reaching $5 trillion by the end of 2024, and Chris Burniske, who sees it attaining a $100 trillion market capitalization eventually, painting an overall promising future for digital currencies.

South Korea's Bitcoin Premium Narrows, Yet Remains Above Global Average

Recent figures show that despite bitcoin’s downturn in price, premiums in South Korea have diminished yet remain around $1,800 to $2,000 higher than BTC’s weighted global average price. Further metrics reveal that the South Korean won still ranks as the second most traded fiat currency against bitcoin, accounting for 2.07% of all spot bitcoin trades, only behind the U.S. dollar.

South Korea’s Bitcoin Premium Drops From $4K to $2K

Recent metrics reveal a decline in South Korea’s bitcoin (BTC) premium. According to data from cryptoquant.com, the premium approached 12% in March but has fallen to 2.79% as of May 11, 2024. Previously in March, Bitcoin.com News highlighted that BTC prices were approximately $4,000 higher than the global average reported by cryptocurrency price aggregation sites.

Currently, the premium has decreased from more than $4,000 to about $1,800 to $2,000 per unit, though prices remain elevated with a narrower spread. South Korea’s leading exchanges, Upbit and Bithumb, continue to show premiums not only on bitcoin but also on smaller cap coins and ethereum (ETH), the second-largest crypto asset by market cap.

Cryptoquant.com data indicates that ETH’s premium is currently around 2.83%, having also been close to 11% in March. Upbit ranks fifth among global exchanges as of this weekend. As of May 11, Bithumb ranks within the top 25 globally, positioned at 22nd. Upbit reported approximately $1 billion in trade volume over the past day, whereas Bithumb registered about $298.23 million.

The South Korean won remains the second most traded fiat currency against BTC, trailing the U.S. dollar, with around 2.07% of all BTC transactions conducted in won, followed by the euro, yen, and pound. As South Korea‘s bitcoin market stabilizes, the narrowed premium reflects a landscape where traders are possibly becoming more aligned with global pricing trends.

Despite a significant drop from its peak, the persistent, albeit reduced, premium indicates a strong demand for bitcoin within the country. With the South Korean won maintaining its strong position in the global bitcoin trade, it highlights the nation’s continued prominence in the crypto economy. The dynamics between local and global prices will likely continue to evolve, reflecting broader trends in the crypto market.

Source: https://news.bitcoin.com/south-koreas-bitcoin-premium-narrows-yet-remains-above-global-average/

Anti-Crypto Mixer Adoption Blockchain Integrity Act Introduced in U.S. Congress

The Blockchain Integrity Act, a piece of legislation that seeks to put a 2-year moratorium on using cryptocurrency mixers, was introduced by U.S. Congressman Sean Casten on March 7 in the U.S. House of Representatives. Co-sponsored by Reps. Bill Foster, Brad Sherman, and Emanuel Cleaver, the bill proposes to conduct a study on the issue to address its adoption by bad actors.

The U.S. Congress seeks to stop cryptocurrency mixers’ adoption while it assesses the best way of regulating them. The Blockchain Integrity Act, a bill that proposes establishing a 2-year moratorium on the use of cryptocurrency mixers, was introduced on May 7 into the U.S. House of Representatives by Congressman Sean Casten, and co-sponsored by Reps. Bill Foster, Brad Sherman, and Emanuel Cleaver.

To this end, the bill bans financial institutions, including cryptocurrency exchanges, virtual asset service providers (VASPs), and money service businesses, from accepting transactions that have passed by a service of this kind, or from allowing withdrawals to one of these mixing services directly.

The objective of this bill is to allow the country’s regulators, including the Treasury Department, the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the Department of Justice (DOJ), to conduct a detailed study on the inner workings of these mixers and issue guidelines for their regulation, addressing its illicit use by bad actors.

Casten remarked on the illicit use that actors like the Democratic People’s Republic of Korea (DPRK) have given these privacy-enhancing tools. He stated:


Sherman hinted at a full ban on cryptocurrency mixers in the U.S., stressing this regulation would be a “vital first step in banning the use of crypto mixers in the United States” enabling regulators to “better understand the dangers mixers pose to our national security and financial system.”

Last year, the Financial Crimes Enforcement Network (FinCEN) proposed implementing special reporting procedures for financial institutions dealing with transactions involved in mixing operations.

Source: https://news.bitcoin.com/anti-crypto-mixer-blockchain-integrity-act-introduced-in-us-house-of-representatives/

China Asset Management Exec Anticipates Hong Kong Spot Bitcoin ETFs to 'Exceed' US Debut

With the debut of spot bitcoin and ethereum exchange-traded funds (ETFs) in Hong Kong trading on Tuesday, market observers are speculating about the potential demand for these ETFs in the region, reminiscent of the enthusiasm seen in the U.S. following the approval of 11 spot bitcoin ETFs on Jan. 10. Zhu Haokang, head of digital asset management and family wealth at China Asset Management (China AMC), anticipates that the initial trading day could surpass the record-high volumes experienced in the United States.

Hong Kong Bitcoin ETF Launch Could Surpass U.S. Records, Says Zhu Haokang

Beijing’s Foresight News recently published an interview with China AMC executive Zhu Haokang and Wayne Huang, the Head of ETF and custody business at OSL. The China AMC executive believes that his firm’s fund will be the largest issuer among the three in terms of size and this will be revealed when trading begins. “There will be an announcement at HKEX tomorrow morning at 9:30,” OSL executive Huang confirmed.

Haokang was questioned about the distinctions between the executive’s fund and its competitors. “The first difference is that, unlike the U.S. Bitcoin spot ETF, we have spot and physical subscription and redemption,” the China AMC executive said. “Additionally, Huaxia’s products differ from the other two in two ways: Huaxia Fund’s Hong Kong spot ETF is the only one with counters in Hong Kong dollars, U.S. dollars, and renminbi. Secondly, besides the listed shares, we have unlisted shares. These are features the other two do not have.”

Huang explained to the reporter that offering a physical subscription represents an innovation for Hong Kong ETFs in comparison to U.S. ETFs. “It first requires the brokerage company to upgrade its license to handle virtual asset transactions. Investors send coins to OSL through this broker, and finally, transfer the equity back into the fund’s custody account to complete the entire physical subscription process,” the OSL executive noted.

Furthermore, correspondence sent to Bitcoin.com News from executives from Hashkey Capital and Bosera, explained that non-Hong Kong residents are eligible to invest in the Bosera Hashkey bitcoin and ether spot ETFs if they comply with Hong Kong’s regulatory standards, including customer due diligence requirements. This update arrives amid anticipations that Hong Kong’s ETFs might attract significant investment from mainland China.

“A likely approval of Hong Kong-listed bitcoin Spot ETFs could attract several billion dollars of capital as mainland investors take advantage of the Southbound Connect program,” Matrixport asserted three weeks ago. However, Bloomberg’s senior ETF analyst Eric Balchunas remarked two weeks ago that his team estimates they would be “lucky to get” total flows of about $500 million.

Source: https://news.bitcoin.com/china-asset-management-exec-anticipates-hong-kong-spot-bitcoin-etfs-to-exceed-us-debut/

Financial Squeeze Tightens for Bitcoin Miners as Earnings Continue to Fall

On Friday, Bitcoin’s hashprice was $56.95 per petahash per second (PH/s), but by Sunday, it had dropped to $51.66 per petahash. Over the last 100 blocks, bitcoin miners averaged about 3.55 BTC for each block they mined, indicating that bitcoin miners are receiving less than half a BTC per block in onchain fees.

Bitcoin Miners See Earnings Cut in Half

Bitcoin miners are currently earning significantly less BTC than before the halving event, and the high fees they previously enjoyed after block height 840,000 have been erased. These initial high fees may have provided some miners with enough financial buffer to withstand the current downturn in revenue. However, those who did not benefit from these fees might face tougher challenges ahead.

As of April 28 at 5 a.m. Eastern Time, Bitcoin’s hashprice, or the expected value of 1 PH/s of hashing power per day, was approximately $51.66 per petahash. Before the halving event, which reduced BTC’s block rewards from 6.25 BTC to 3.125 BTC, miners were earning over $100 per petahash per day. Regardless of perspective, miners have experienced a significant drop in revenue, akin to a drastic 50% off clearance sale.

The buffer gained post-halving has helped maintain a strong hashrate, although there has been a slight decrease, remaining above the 630 exahash per second (EH/s) mark. Data from blocks 840,849 to 840,949 showed an average reward of 3.83 BTC per block, but this figure fell in subsequent blocks. On April 27, between blocks 841,057 and 841,157, miners averaged 3.56 BTC, which includes the newly minted coins and fees. Between blocks 841,125 through 841,225, miners averaged 3.55 BTC.

In terms of financial runway, BTC miners hit a record in March, amassing over $2 billion in revenue, with approximately $85 million from onchain fees. April’s figures are also strong, with revenues at $1.67 billion and $269 million from onchain fees. With bitcoin’s price currently above $63,000 per unit and potentially declining further, miners may face increasing financial pressures. Prices falling below the $55,000 mark could further weaken revenue amid an already fragile market.

Source: https://news.bitcoin.com/financial-squeeze-tightens-for-bitcoin-miners-as-earnings-continue-to-fall/

Swiss National Bank Chief Raises Concerns About Adding Bitcoin to Currency Reserves

The chairman of the Swiss National Bank has expressed reservations about incorporating bitcoin into the central bank’s currency reserves. He stated that no decision has been made yet to invest in bitcoin, underscoring the necessity for currency reserves to be liquid, sustainable, and easily tradable, given their use in international payments.

Swiss National Bank on Adding Bitcoin to Currency Reserves

The chairman of the Swiss National Bank (SNB), Thomas Jordan, expressed skepticism at the central bank’s annual general meeting of shareholders on Friday about the prospect of the SNB purchasing bitcoins. This statement comes amid ongoing pressure from advocates to amend Swiss legislation to permit the inclusion of cryptocurrencies in the nation’s currency reserves.

Jordan noted that adding bitcoin to the Swiss National Bank’s reserve assets, which include gold, foreign currencies, bonds, and shares, could have potential downsides such as increased carbon emissions. He then highlighted the energy consumption associated with bitcoin mining and transactions. He said at the meeting:


A campaigning group headed by cryptocurrency advocate Yves Bennaïm has initiated a proposal to make a subtle yet significant amendment to a constitutional article. Currently, the article states that part of the Swiss National Bank’s reserves is “held in gold.” The proposed change seeks to modify it to “in gold and bitcoin.” Luzius Meisser, a campaigner from cryptocurrency broker Bitcoin Suisse, criticized the Swiss central bank for incurring significant losses on its investments in foreign government bonds, suggesting that investments in bitcoin could have yielded substantial profits instead.

Both Bennaïm and Meisser have argued that by including BTC in the SNB’s currency reserves, Switzerland would mark its independence from the European Central Bank (ECB), emphasizing that such a step would strengthen the country’s neutrality while also diversifying the SNB’s investment portfolio.

Source: https://news.bitcoin.com/swiss-national-bank-chief-raises-concerns-about-adding-bitcoin-to-currency-reserves/

Tesla Maintains Bitcoin Holdings — Balance Sheet Shows $184 Million in Digital Assets

Elon Musk’s electric car company, Tesla, has maintained its bitcoin holdings. The company’s Q1 balance sheet shows net digital assets of $184 million. According to crypto analytics firm Arkham, Tesla continues to hold onto its 11,509 bitcoins, which have a market value of over $745 million.

Tesla Holding Onto Its Bitcoin

Elon Musk’s electric car company, Tesla, has upheld its bitcoin holdings. According to its Q1 balance sheet, disclosed on Monday, Tesla reported that its net digital assets of $184 million remained unchanged since the fourth quarter of 2022. The company previously clarified that its digital assets primarily consist of bitcoin (BTC).

Although Tesla accepts the meme cryptocurrency dogecoin (DOGE) for certain merchandise, the company previously revealed that the quantity of dogecoin it holds is minimal.

Tesla invested $1.5 billion in BTC in Q1 2021 but sold 75% of its holdings in Q2 2022. Musk explained at the time that the company is “certainly open” to increasing its bitcoin holdings in the future, noting that the sale was due to concerns about the company’s overall liquidity, “given Covid shutdowns in China.”

Musk also recently disclosed that another of his companies, Spacex, also holds “a bunch of bitcoin.” Moreover, the billionaire himself owns “a bunch of” dogecoin alongside bitcoin and ether (ETH). Despite holding cryptocurrencies, Musk mentioned that he doesn’t spend a lot of time thinking about crypto. Furthermore, he stated in November of last year that none of his companies will ever create a crypto token.

According to crypto analytics firm Arkham’s onchain analysis, Tesla owns 11,509 BTC across 68 addresses. As of writing, the price of bitcoin stands at $64,735, indicating that Tesla’s bitcoin holdings are presently valued at over $745 million.

Source: https://news.bitcoin.com/tesla-maintains-bitcoin-holdings-balance-sheet-shows-184-million-in-digital-assets/

Noones CEO Ray Youssef Blasts Bitcoin Fees: 'We Have Failed the Global South'

Ray Youssef, the former Paxful CEO, has commented on the negative impact of high transaction fees on bitcoin adoption in emerging markets. Youssef stated on social media that the recent developments in the bitcoin fee market have pushed users to alternatives such as USDT on the Tron blockchain over bitcoin in Global South countries.

Noones CEO Ray Youssef Criticizes Bitcoin’s High Transaction Fees: ‘We Have Failed the Global South’

The issue of high fees has opened a debate about the current adoption of bitcoin in emerging markets. Ray Youssef, the former CEO of peer-to-peer exchange Paxful and current CEO of Noones, a peer-to-peer crypto marketplace and messenger, has criticized the negative effect that the current state of the fee market has had on Bitcoin adoption, mostly in emerging markets.

Youssef took it to social media to criticize how the fee market is causing bitcoiners in emerging markets to flee to other platforms to transact value, abandoning the original ethos of Bitcoin. He declared:


He remarked that the promise of Bitcoin was being substituted by Tether’s USDT, the largest stablecoin in the cryptocurrency market, on the Tron blockchain. Youssef said that USDT was replacing the store of value and medium of exchange properties of Bitcoin in the global south.

“70% of the world’s population growth shall come from there and they already have 80% of the world’s population. So who exactly is bitcoin serving as a store of value,” he criticized.

Youssef specifically referred to a user who tried to send $1 onchain, only to find out the fee for sending it was $55. “Listen to a King of the Global South. Bitcoin is supposed to be freedom money for the 100%,” he stated. Youssef also showed a conversation with another bitcoiner who complained he had to spend $33 in fees to send $33.

While fees have decreased, the issuance of Runes just after the Bitcoin halving took transaction fees to historic highs of over $200, affecting the feasibility of making small payments.

Source: https://news.bitcoin.com/noones-ceo-ray-youssef-blasts-bitcoin-fees-we-have-failed-the-global-south/

Bitcoiners Seek Constitutional Reform to Allow Swiss National Bank to Purchase Bitcoin

Yves Bennaïm, founder and chair of 2B4CH, a Swiss pro-Bitcoin think tank, is launching a popular initiative to amend the country’s constitution to allow its central bank to purchase and hold bitcoin. The initiative is also supported by Bitcoin Suisse President Luzius Meisser, who believes the bank should add bitcoin to its reserves.

A Reform for Bitcoin: Swiss Bitcoiners Seek to Empower National Bank to Purchase Bitcoin

The idea of Bitcoin as a reserve asset and hedge against geopolitical conflicts is taking shape. Yves Bennaïm, founder and chair of 2B4CH, a Swiss pro-Bitcoin think tank, is proposing to launch a popular consultation to change the constitution and include bitcoin as part of the assets that the Swiss National Bank (SNB) can hold.

The idea behind this proposal is to protect Switzerland’s sovereignty and neutrality and to shield the country from uncertainties in the economic arena. Bennaïm stated that the preparations for this initiative were already taking shape. In an interview with NZZ, he declared they were “preparing the documents that must be submitted to the State Chancellery to start the process.”

The proposed amendment would modify an article that states that the central bank “creates sufficient currency reserves from its earnings; part of these reserves is held in gold,” to read as “part of these reserves held in gold and bitcoin.”

Bennaïm is not alone in this crusade, as he has rallied the support of other bitcoiners in the country. Luzius Meisser, President of asset manager Bitcoin Suisse, will also push for this initiative during the next bank’s general assembly.

He stated:


A similar proposal was disregarded by the SNB in 2022 when Meisser and others suggested that the bank could buy Bitcoin at the expense of German bonds. At the time, Thomas Jordan, Chairman of the governing board of the SNB, stated that bitcoin didn’t fulfill the requirements to be a currency reserve. Nonetheless, proponents of this consultation bet that the recent approval of bitcoin ETF instruments in the U.S. and Hong Kong can change the bank’s stance.

Source: https://news.bitcoin.com/bitcoiners-seek-constitutional-reform-to-allow-swiss-national-bank-to-purchase-bitcoin/

NFT Sales Dip by Over 25% as Bitcoin Dominates a Cooling Market

Recent data over a seven-day period ending April 21, 2024, shows that non-fungible token (NFT) sales have declined by 25.48%, totaling approximately $236.96 million. Bitcoin dominated the NFT market this week, contributing $111.8 million to the overall sales since April 14.

NFT Sales Tumble

This week, NFT revenues fell 25.48% compared to the previous week. Losses affected four of the top five blockchain platforms in NFT transactions. Bitcoin maintained the lead with $111.8 million, though its sales fell by 35.63%, as reported by cryptoslam.io. Ethereum also experienced a decrease, with sales falling 20.38% to $49.58 million. Solana’s sales dropped by 17.13% to $34.82 million, whereas Polygon bucked the trend with a 33.21% increase, bringing in $15.4 million in sales.

NFT Sales Dip by Over 25% as Bitcoin Dominates a Cooling Market

Mythos ranked fifth in this week’s sales, bringing in $6.56 million, a decline of 8.07% from the previous week. Bitcoin’s Uncategorized Ordinals was the leading collection with $32.89 million in sales, although it saw a 42.26% decrease from the prior week. The WZRD BRC20 collection came in second, logging $21.05 million in sales, a more than 160% increase from last week.

The third-highest grossing collection was PUPS BRC20, which garnered $14.96 million in sales, marking a 64.91% decrease from last week. Four of the top five collections originated from the Bitcoin blockchain. The most expensive NFT sold this week was a BTC-based NFT from the PUPS BRC20 collection, fetching $317,718. The second priciest was an Ethereum-based Cryptopunk # 4,473, which sold for $231,801.

As the NFT market cools, its fluctuations reflect broader trends in non-fungible token engagement and NFT technology adoption. This week’s downturn underscores a volatile but intriguing landscape, where even dominant platforms like Bitcoin led but still faced sharp declines. Amid these shifts, innovative collections and standout sales continue to captivate enthusiasts, suggesting a persistent allure despite the overall market’s ebb and flow.

Source: https://news.bitcoin.com/nft-sales-dip-by-over-25-as-bitcoin-dominates-a-cooling-market/

Bitcoin Miner Rewards Shrink Below Pre-Halving Levels as Network Fees Fall Sharply

After experiencing a period of high fees, onchain transfer costs on the Bitcoin network have decreased significantly. On Friday, the fees peaked at $240 per transaction, but by now they have fallen to just $11.06 each. Since reaching block height 840,179, miners are now earning less bitcoin in rewards compared to before the halving event at block 840,000.

Miners Now Earn Less Bitcoin Than Before Recent Halving

Initially, following the halving, the average onchain fee soared to over $240 per transaction around 9 p.m. EDT on Friday. As of 8 a.m. EDT on Sunday, the cost for a high-priority transaction has settled at 121 satoshis per virtual byte (sat/vB) or $11 per transfer. Concurrently, bitcoin’s trading price stands at $65,300 per unit at 8 a.m. EDT as well.

In the early stages after block 840,000, bitcoin miners secured nine of the ten highest fees ever recorded on BTC blocks. They accumulated an impressive 1,087.99 bitcoins in fees alone during the first 93 blocks post-halving. However, by 8 a.m. on Sunday, this high-earning trend appeared to have halted. Post block 840,179, the reward in BTC for miners has diminished.
Bitcoin Miner Rewards Shrink Below Pre-Halving Levels as Network Fees Fall Sharply

Bitcoin’s hashprice, the value of 1 petahash per second (PH/s) of daily hashrate, has dropped sharply from $183 per PH/s on April 20 to $114 per PH/s as of 7 a.m. EDT on Sunday, April 21. Before the halving, block rewards included 6.25 BTC plus transaction fees, averaging about 6.776 BTC between block heights 839,848 to 839,900. Now, the average has dropped to approximately 5.105 BTC per block after the decrease in fees or since block height 840,179.

Bitcoin miners enjoyed a short-lived advantage where, for nearly two days, block rewards yielded much higher returns than before the halving. Miners fortunate enough to operate between blocks 840,000 and 840,179 reaped an average of 12.867 BTC per block. It appears the Runes protocol‘s impact has lessened by Sunday, with onchain transactions now predominantly involving more financial exchanges, as people take advantage of the lower fees compared to the previous overflow of transfers using the OP_RETURN function.

Source: https://news.bitcoin.com/bitcoin-miner-rewards-shrink-below-pre-halving-levels-as-network-fees-fall-sharply/

Coinbase Challenges SEC’s Definition of 'Investment Contracts' in Crypto Transactions

In a recent legal challenge, Coinbase has filed a brief with the Southern District of New York, seeking permission for an interlocutory appeal against the U.S. Securities and Exchange Commission’s expansive interpretation of what constitutes an “investment contract” in digital asset transactions. This pivotal case could set significant precedents for the cryptocurrency industry in the United States.

Coinbase Argues Against SEC’s Broad Interpretation of Investment Contracts

In its latest brief, Coinbase argues that the U.S. Securities and Exchange Commission’s (SEC) application of the term “investment contract” to various cryptocurrency transactions exceeds the legal bounds set by Congress. According to the company’s court filing, this overreach could stifle innovation and place a heavy burden on the digital asset sector, which is a vital part of the modern financial ecosystem. The core of Coinbase‘s argument hinges on the necessity for an “investment contract” to involve explicit contractual obligations post-transaction, which the SEC’s current stance does not seem to require.

“The not-at-all funny thing is, we’re not alone in thinking the question of when a crypto transaction might be an ‘investment contract’ warrants interlocutory appeal,” Coinbase’s chief legal officer Paul Grewal wrote on X. The Coinbase legal chief added:


The outcome of this appeal could have profound implications across the cryptocurrency landscape. The lack of clarity on regulatory requirements poses challenges to other digital asset companies, potentially leading to inconsistent compliance practices and uneven regulatory enforcement. A decision in favor of Coinbase could lead to a more defined regulatory framework that might encourage innovation while ensuring consumer protection.

The SEC maintains that its approach is justified, based on existing securities laws. However, this interpretation has been met with opposition not only from Coinbase but also from other market participants and legal experts who argue that this broad interpretation could miscategorize many digital assets as securities. This has sparked a broader discussion about the need for updated regulations that specifically address the unique characteristics of digital assets.

Source: https://news.bitcoin.com/coinbase-challenges-secs-definition-of-investment-contracts-in-crypto-transactions/

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