Welcome to the Bitcoin Street Journal, Bitcoin
market update podcast, your daily source for
live updates on the Bitcoin market. Join us as
we delve into current Bitcoin technical analysis,
track Bitcoin, BTC prices, explore market capitalization
trends, and analyze market supply. Stay ahead
of the curve with our comprehensive coverage
of the ever -evolving world of Bitcoin. In today's
episode, we'll cover the following topics. Long
-term holders of Bitcoin reaching an all -time
high supply Coinbase approved for Bitcoin futures
trading El Salvador's successful Bitcoin strategy
PayPal UK stopping Bitcoin purchases, tether
ending support for certain blockchains, El Salvador
adopting Bitcoin in Argentina's political win,
the potential for hyperinflation in a Latin American
country, and the SEC's skepticism on approving
Bitcoin ETFs and the impact of Republican presidency.
Hey there, Bitcoin enthusiasts. I've got some
exciting news for you today. It looks like the
supply of Bitcoin held by long -term holders
has reached an all -time high at 14 .6 million
Bitcoins. Wow, that's quite a significant number.
These hodlers have been holding on to their digital
coins for the long haul, and now they're reaping
the benefits. Meanwhile, it seems that the supply
of Bitcoin held by short -term holders has taken
a dip. It's currently sitting at 2 .56 million
Bitcoins, which is the lowest level we've seen
since the end of 2021. It's always interesting
to see how the balance between long -term and
short -term holders shifts over time. Right now
it seems like the long -term hodlers have the
upper hand. Now here's some breaking news for
our friends in the United States. Coinbase, one
of the leading cryptocurrency exchanges, has
been approved to offer Bitcoin futures trading.
This is a big deal, folks. It's another step
towards mainstream adoption of Bitcoin and cryptocurrencies
in general. The United States continues to make
exciting progress in embracing digital assets.
Speaking of embracing cryptocurrencies, let's
talk about El Salvador's Bitcoin strategy. It's
safe to say that they are winning. El Salvador
was the first country in the world to adopt Bitcoin
as legal tender, and they've certainly made a
splash in the crypto world. With their Bitcoin
law in effect, Salvadorans can now use Bitcoin
for everyday transactions. It's a bold move that
has garnered global attention and sparked discussions
about the future of money. In other news, we
have an interesting development in the world
of Bitcoin trading volume. It seems that we're
currently at the lowest point ever recorded in
terms of trading volume. This might surprise
some of you considering the overall popularity
and growth of Bitcoin. But hey, let's not panic
just yet. Remember, the cryptocurrency market
is known for its ups and downs, and fluctuations
in trading volume are all part of the game. And
now for some predictions. Tom Lee, the co -founder
of FunStrat, has made some bold claims about
Bitcoin's future price. According to him, if
a Bitcoin spot ETF gets approved in the United
States, we could see Bitcoin price skyrocketing
to six figures. Yep, that's right, folks. Tom
Lee believes that if this regulatory milestone
is crossed, we could be looking at Bitcoin reaching
prices between $150 ,000 to $180 ,000. Now that's
something to keep an eye on. So there you have
it, folks. The Bitcoin market is buzzing with
activity. Long -term holders are holding strong.
Short -term holders are decreasing. Coinbase
is paving the way for futures trading in the
US. El Salvador is leading the way in Bitcoin
adoption. Trading volume is at a record low and
a prominent figure like Tom Lee is making some
intriguing predictions about Bitcoin's future.
Exciting times ahead for the world of cryptocurrencies.
Hey there! I've got some interesting news for
you today in the world of cryptocurrencies. Let's
jump right in. First up, we have some news from
the UK. PayPal UK has decided to halt Bitcoin
purchases starting from October 1st. This move
has caught the attention of many Bitcoin enthusiasts.
It's always intriguing to see how different companies
and countries approach cryptocurrencies, isn't
it? Moving on to the UAE, we have an exciting
development. Abu Dhabi -based crypto exchange,
M2 Exchange, has recently obtained a license
to offer Bitcoin custody and multilateral trading
services for UAE residents. This is great news
for crypto enthusiasts in the region, as it provides
them with more options and accessibility. Now
let's head over to the United States. Ledger,
a well -known cold wallet provider, has integrated
its software with PayPal. This integration allows
verified PayPal users in the US to buy Bitcoin
directly through Ledger Live without the need
for extra verification. This streamlined process
makes it easier for users to get their hands
on Bitcoin, and it's definitely a step in the
right direction. Shifting gears a bit, let's
talk about someone named Peter Schieff. It seems
that he had some involvement with Bitcoin around
a decade ago. It's always interesting to wonder
what happened to individuals who were early adopters
of cryptocurrencies. The crypto world is full
of surprises and unexpected journeys. Switching
our focus to Argentina, we have some concerning
news about the devaluation of the Argentinian
peso. The situation is prompting some people
to consider investing in Bitcoin as a potential
hedge against inflation. In fact, Michael Saylor,
the CEO of MicroStrategy, famously said, buy
Bitcoin before you need Bitcoin. It's a statement
that resonates with many who see Bitcoin as a
store of value in uncertain times. Speaking of
Argentina, that image you mentioned is actually
from two days ago. Currently, it would take 730
Argentine pesos to get one USD. The fluctuation
of currencies is something that often leads people
to explore cryptocurrencies as an alternative.
Now let's take a look at some interesting statistics.
Did you know that if you made $500 ,000 per day
every single day since the Great Pyramids were
built, you would still have less than half of
what the U .S. government has borrowed since
June? These statistics, shared by the Orange
Pill app on Twitter, highlight the immense scale
of national debt. It's no wonder that some people
believe Bitcoin could be a wise investment in
these uncertain times. Finally, let's go back
in time a bit. On November 18, 2004, the first
gold exchange traded fund ETF in the US was approved.
This marked a significant milestone in the financial
world. Looking at the graph, it's clear that
gold has seen a steady upward trend over the
years. This raises the question, will Bitcoin
follow a similar trajectory? It's a thought that
has crossed the minds of many crypto enthusiasts.
Well, there you have it. Some intriguing news
and insights into the world of cryptocurrencies.
The constantly evolving landscape of Bitcoin
and other digital assets is sure to keep us all
on our toes. So what do you think? Will Bitcoin
be different from what we've seen before? It's
always exciting to ponder the possibilities.
Today I have some news to share with you. Tether,
the popular stablecoin issuer, has recently announced
that they will be ending support for three blockchains.
OmniLayer, BCH SLP, and Kusama. Now, before you
start panicking, let me assure you that this
doesn't mean the end of Tether altogether. It
simply means that Tether will no longer issue
any new additional USDT tokens on these three
blockchains. I know this decision might be disappointing
for some of you, especially those who have been
using the OmniLayer. The OmniLayer has been Tether's
initial transport layer since 2014. However,
over the years, the Omni layer has faced challenges,
such as the lack of popular tokens and the availability
of USDT on other blockchains. As a result, many
exchanges have started favoring alternative transport
layers, which has led to a decline in USDT usage
on Bitcoin using the Omni layer. But let me assure
you that Tether is a principled organization
that values consistency and transparency. We
believe in leveraging the most secure, audited,
and decentralized blockchain ever built, Bitcoin.
In fact, we are actively contributing to the
development of RGB alongside Bitfinex and Fulgur
Ventures. RGB is a client -side validated state
and smart contract system that operates on layer
2 and 3 of the Bitcoin ecosystem. RGB is a game
changer. It functions both on -chain, Bitcoin
L1, and on the Lightning network, offering unparalleled
scalability. We firmly believe that RGB will
usher in a new era for digital assets, smart
contracts, and digital rights, and that it will
receive comprehensive support from major players
in our industry. Once USDT on RGB goes live,
the world will witness USDT on another super
powerful and scalable Bitcoin layer. If you haven't
already checked out RGB, I strongly recommend
that you do. It is a community -driven project,
fully open source, and developed and maintained
by super talented minds. The best part is, RGB
does not require any other token. It is simply
secured by Bitcoin, built by Bitcoiners with
love. So, while we are ending support for three
blockchains, we are also paving the way for a
more efficient and scalable future on the Bitcoin
network. We understand that change can be challenging,
but it is necessary for progress. We want to
thank you for your support and assure you that
Tether remains committed to providing a stablecoin
solution that is reliable, transparent, and secure.
If you have any questions or need more information,
please feel free to reach out to us. We value
your feedback and are here to help. Together,
let's embrace the advancements in blockchain
technology and build a stronger and more inclusive
financial system. Thank you, Paolo Arduino. We've
got a lot to cover this week, so let's jump right
into it. First up, we have some big news from
El Salvador. The country recently made headlines
by adopting Bitcoin as legal tender. This move
has sparked a lot of debate and discussion within
the crypto community. Many see it as a groundbreaking
step towards mainstream adoption, while others
have expressed concerns about the potential risks
and challenges involved. Next, let's talk about
Javier Millet's win in Argentina. Mille, a libertarian
economist, secured a surprising victory in the
recent legislative elections. His win has been
seen as a positive development for the cryptocurrency
industry, as he is known for his support of Bitcoin
and free market policies. It will be interesting
to see how his presence in the government will
impact the crypto landscape in Argentina. Now,
let's switch gears and talk about central bank
issues. Central banks around the world have been
closely monitoring the rise of cryptocurrencies.
Some are considering launching their own digital
currencies, while others are cautiously observing
from the sidelines. The involvement of central
banks in the crypto space could have significant
implications for the future of cryptocurrencies.
Moving on, let's address the hot topic of U .S.
inflation. In recent months, the United States
has been grappling with soaring inflation rates.
This has led to concerns among investors and
economists about the stability of traditional
fiat currencies. Many have turned to Bitcoin
as a potential hedge against inflation as its
decentralized nature and limited supply make
it an attractive store of value. Speaking of
store of value, let's take a trip down memory
lane and revisit Richard Nixon's decision to
abandon the gold standard. This pivotal moment
in history has had far -reaching consequences
and has played a significant role in shaping
the global financial system as we know it today.
Understanding this historical context can provide
valuable insights into the current state of cryptocurrencies
and their potential impact on the future of money.
And finally, let's end on a lighter note with
a song about the declining value of money. We
all know that inflation erodes the purchasing
power of our hard -earned cash, and this catchy
tune reminds us of the importance of seeking
alternative forms of wealth preservation. It's
a fun way to raise awareness about the benefits
of cryptocurrencies as a hedge against inflation.
Now let's move on to some exciting developments
in the world of Bitcoin businesses. Custody firm
Bitgo has been experiencing impressive growth
with a 60 % increase in clients and a 20 % boost
in assets under custody, AUC. To further fuel
their expansion, they recently secured $100 million
in Series C funding. These milestones highlight
the growing demand for reliable and secure cryptocurrency
custody services. In other news, Blockstream
CEO Adam Back has made a bold prediction. He
believes that we could see Bitcoin reach a new
all -time high of 100 ,000 or even more before
the next halving event. This optimistic outlook
reflects the continued optimism surrounding Bitcoin's
long -term potential and its ability to attract
new investors. But it's not just CEOs making
waves in the Bitcoin world. We recently witnessed
a fascinating event where 1 ,005 Bitcoin were
transferred after 13 years of address inactivity.
It turns out that someone finally found the keys
to their wallet, unlocking a substantial amount
of cryptocurrency. This serves as a reminder
of the importance of securely storing your private
keys and the potential value they can hold over
time. Lastly, we have Peter Dunworth, a prominent
Bitcoin advisor, predicting that Bitcoin could
reach a staggering valuation of $7 billion USD.
In a recent interview, he shared his insights
on the factors driving Bitcoin's growth and his
bullish outlook for its future. It's always interesting
to hear different perspectives on Bitcoin's potential
as it highlights the diverse range of opinions
within the crypto community. Well, that's a wrap
for this episode of the Bitcoin podcast. We hope
you enjoyed our discussion on the latest news
and developments in the world of Bitcoin. Stay
tuned for more exciting episodes coming your
way soon. Until then, keep hodling and stay crypto
savvy. Breaking news. Bitcoin is currently on
discount, so it's the perfect time to keep stacking
those SATs. This limited supply is definitely
something to take advantage of. But let's switch
gears for a moment and talk about a rather intriguing
question. Is Bitcoin alien technology? Well,
the short answer is no. Bitcoin is not of extraterrestrial
origin. It was actually created by an anonymous
individual or group of individuals using the
pseudonym Satoshi Nakamoto. Satoshi introduced
the world to Bitcoin in a white paper published
in 2008, and the first block of the Bitcoin blockchain,
also known as the Genesis block, was mined in
January 2009. Now why has this misconception
about Bitcoin being alien technology arisen?
Well, it might be because of its revolutionary
nature and the cryptographic principles behind
it. Bitcoin operates on a decentralized network
known as a blockchain, which ensures transparency,
security, and immutability. But these characteristics
are not exclusive to alien technology. They are
simply innovations within the realm of computer
science and cryptography. So, while Bitcoin may
be out of this world in terms of its disruptive
potential and the new possibilities it offers,
it is definitely not of extraterrestrial origin.
It's a product of human creativity, ingenuity,
and a desire for financial sovereignty. Speaking
of financial sovereignty, let's switch topics
again and talk about those who are threatening
even more rate hikes. Yes, we're talking about
the traditional financial institutions and central
banks. It seems like every few months they're
increasing interest rates, making it harder for
individuals to keep their hard -earned money
intact. But fear not. There is a way to escape
this constant dive into financial uncertainty.
It's called Bitcoin. With Bitcoin, you have the
power to take control of your finances and hedge
against inflation. You don't have to rely on
centralized authorities' decision -making processes
when it comes to your wealth anymore. So instead
of diving deeper into the financial chaos, consider
diving into the world of Bitcoin and reap the
benefits of a decentralized and limited supply
currency. Now let's shift our focus to a different
aspect of Bitcoin, one that goes beyond financial
benefits. We're talking about its potential to
revolutionize the music industry. Let's take
the example of UK singer -songwriter Joe Martin.
Joe Martin's story is a perfect illustration
of the concept of value for value. So what is
this concept all about? In simple terms, It's
a relationship between creators and consumers
where the value exchanged is not solely monetary.
Instead, it's a mutual understanding that consumers
value the content creators provide, and in return,
they support them directly. In Joe's case, he
decided to experiment with value -for -value
platforms, and it turned out to be a game changer
for him. In just a 30 -day period, by logging
his track, High Gravity, on these platforms,
he earned £80. Now, you might say that 80 pounds
doesn't sound like a massive amount, but here's
the catch. In the previous five years of streaming
his music on traditional platforms, Joe only
made 32 pounds in total revenue. This means that
in just four weeks, Joe managed to increase his
earnings by 2 .5 times compared to what he earned
in the previous five years. This is a significant
boost for any artist and it highlights the tremendous
potential of value -for -value platforms. Just
imagine the impact it could have on the music
industry as a whole when artists can earn two
and a half times more than they would on traditional
platforms. It's truly remarkable. And it's not
just about the money. Value for value platforms
allow listeners to directly support the creators
they enjoy, fostering a stronger sense of connection
and appreciation. It's a win -win situation that
benefits both artists and fans. So... Get ready
to hear more success stories like Joe's in the
coming months and years. As more artists discover
the power of value for value platforms, the music
industry will experience a transformation. The
traditional gatekeepers will no longer have complete
control over artists' destinies. It's only a
matter of time before we see a shift towards
a more equitable and artist -friendly ecosystem.
So in conclusion, Bitcoin is not alien technology.
It's a human creation that offers financial sovereignty.
It's the perfect time to stack those SATs while
it's on discount. And as we witness more success
stories like Joe Martin's, where artists earn
2 .5 times more on value for value platforms,
we can't help but be excited about the future.
The music industry is on the verge of a revolution,
and it's all thanks to the power of direct support
from fans. So keep an eye out for more incredible
stories and get ready to embrace a new era in
music. Hey there! Today, let's dive into a topic
that's been making headlines lately. Hyperinflation.
Brace yourself, because it might hit closer to
home than you think. Picture this. You're sitting
comfortably on your couch, sipping a cup of coffee.
Suddenly, a breaking news alert pops up on your
TV screen, announcing that hyperinflation is
on its way to your country. Yikes! That's when
you know things are about to get real. So, what
exactly is hyperinflation? Well, simply put,
it's an economic phenomenon where prices skyrocket
at an extremely rapid pace. We're not talking
about a slight increase in prices here. No, no,
this is the kind of inflation that can make your
head spin. Recently, the central bank of your
country decided to take action and raise interest
rates by a whopping 21 points. Yes, you heard
that right. They hiked the rates all the way
up to a staggering 118%. That's enough to make
anyone gasp in disbelief. But that's not all.
Hold onto your hats because here comes the next
shocker. The value of your country's currency,
the peso, has weakened by a mind -boggling 97
.6 % against the dollar in just this year alone.
Imagine your currency losing almost all its value
in such a short span of time. It's certainly
not something you'd want to experience firsthand.
Now, let's zoom out a bit and take a wider look
at the situation. Your country is referred to
as a Latin American giant, so you'd expect it
to have a strong and stable economy. Unfortunately,
that's not the case at the moment. It's going
through a period of deep economic malaise. Ouch.
To give you a better idea, the annual inflation
rate is sitting at a whopping 115%. Yes, you
read that right. Just think about how hard it
would be to keep up with such astronomical increases
in prices. Your monthly budget would go haywire,
to say the least. And if that wasn't alarming
enough, let's talk about poverty. It's a harsh
reality that affects far too many people. In
your country, it has reached a staggering 40%.
That means almost half of the population is struggling
to make ends meet. It's heart -wrenching to think
about the hardships they must be enduring. So
what does all of this actually mean for you?
Well, hyperinflation could have a significant
impact on your daily life. Suddenly, basic necessities
like food, clothing, and even housing become
harder to afford. Your hard -earned savings lose
their value and you might find yourself in a
constant state of financial worry. But don't
lose hope just yet. There have been cases in
the past where countries managed to overcome
hyperinflation and restore stability. It won't
be easy, but with the right strategies and policies,
there is a glimmer of hope for a brighter future.
It's important to stay informed and be proactive
during times like these. Educate yourself on
the current economic situation and how it might
affect you personally. Make the necessary adjustments
to your finances and explore ways to protect
the value of your money. Don't hesitate to seek
advice from financial experts who can guide you
through these challenging times. Remember, you're
not alone in this. The entire nation is affected
and it takes collective efforts to bring about
change. Keep an eye on both local and international
developments as they can provide valuable insights
into potential solutions. As we navigate through
these uncertain times, let's hope for the best
and work towards a more stable economic future.
Together, we can overcome the challenges posed
by hyperinflation and build a stronger and more
resilient society. And that's a wrap for today.
Thanks for joining me on this whirlwind tour
of hyperinflation. Stay informed, stay vigilant,
and remember, you have the power to make a difference.
Until next time. The approval of Bitcoin ETFs
is a topic of much debate and skepticism. Many
are questioning whether the SEC will give the
green light to a spot Bitcoin Exchange Traded
Fund, ETF, amidst concerns about market manipulation.
Former SEC official John Reed Stark recently
shared his insights on the chances of such an
approval. Stark believes that the potential impact
of a Republican presidency in 2024 could play
a significant role in the approval process. He
points to an SEC comments letter submitted by
Better Markets, an advocacy group, which raises
important concerns about the current state of
spot Bitcoin markets. It's worth noting that
buying Bitcoin does not necessarily require a
Bitcoin spot ETF. This reminds us that there
are alternative ways to invest in Bitcoin without
waiting for regulatory approval. In the current
landscape, a quote from Charles Dickens seems
fitting. It was the best of times. It was the
worst of times. We find ourselves at a crossroads
between central bank digital currencies and Bitcoin.
The question is, which path will we choose? Will
we embrace the potential of decentralized digital
currency or surrender to a system tied to traditional
banks? These are crucial questions and the SEC's
decision on the Bitcoin ETF will play a part
in shaping the future of cryptocurrencies. Thanks
for tuning into today's episode where we covered
a wide range of topics, including a surge in
long -term holders of Bitcoin, the success of
El Salvador's Bitcoin strategy, Tether's decision
to end support for certain blockchains, and the
potential impact of a Republican presidency on
the approval of a Bitcoin ETF. Don't forget to
subscribe and I'll see you at the next one.