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Jun 14, 2024, 01:36 am

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21
Сryptocurrency exchanges / Spot Bitcoin ETFs Saw $1.8B in...
Last post by Bitcoin - Jun 12, 2024, 08:03 am
Spot Bitcoin ETFs Saw $1.8B in Inflows Last Week

Spot Bitcoin exchange-traded funds (ETFs) in the U.S. attracted $1.8 billion in inflows last week, their 18th consecutive record day of demand. The surge comes as the successful Bitcoin ETFs continue maturing.

Trading volumes across Bitcoin ETFs also rose 55% week-over-week to $12.8 billion. The past week's haul was Bitcoin funds' largest since mid-March when Bitcoin hit nearly $74,000.

Significantly, the ETFs acquired around 25,700 BTC last week, almost equal to the entire new Bitcoin supply mined during that period. This absorption of new supply is tightening the market.

The wave of inflows this month has already surpassed May's total inflows. It follows the regulatory embrace of Bitcoin ETFs in the U.K., Australia and Thailand, while political winds are also shifting positively.

With total assets under management across Bitcoin ETFs now exceeding $70 billion, the funds continue legitimising Bitcoin as an institutional asset class. Their uninterrupted demand streak further cements Bitcoin's reputation.




The past week's activity shows investors increasingly treating Bitcoin as a hedge against inflation and uncertainty as interest rate cuts begin in Canada and Europe. 

This institutional embrace is why Bitcoin ETFs have quickly ballooned despite launching just months ago. If current momentum sustains, more and more institutional money seem poised to flood the Bitcoin market.


Source: Spot Bitcoin ETFs Saw $1.8B in Inflows Last Week
22
Сryptocurrency exchanges / Trump Positions Himself as the...
Last post by Bitcoin - Jun 12, 2024, 08:03 am
Trump Positions Himself as the "Crypto President" at San Francisco Fundraiser

President Donald Trump showcased his support for the Bitcoin and cryptocurrency industry again at a high-profile fundraiser in San Francisco on Thursday. 

Hosted by tech venture capitalists David Sacks and Chamath Palihapitiya at Sacks' Pacific Heights home, the event raised $12 million for Trump's campaign, three sources present told Reuters. The event was attended by executives from Coinbase, the Winklevoss twins, and other industry leaders.




Trevor Traina, a San Francisco-based tech executive and former U.S. ambassador to Austria under Trump, told Reuters, "He said he would be the crypto president."

Trump's strong pro-crypto stance was further emphasized during the event, touting crypto as important and stressed that he was very supportive of the sector, Republican National Committeewoman Harmeet Dhillon told Reuters. However, Trump did not provide specifics on his proposed crypto policy.

Despite San Francisco's liberal reputation, Trump's fundraiser drew support from several high-profile local venture capitalists and crypto investors, who cited excessive regulation as a primary concern. Jacob Helberg, an adviser to Palantir, noted, "President Trump made clear that the Biden-Gensler crusade against crypto will grind to a halt within one hour of a second Trump administration."

Just last week, Donald Trump historically became the first U.S. President to accept Bitcoin Lightning Network donations, following comments he made recently saying that he wants the future of crypto to be in America, and not driven overseas due to harsh regulations.

As the 2024 presidential election approaches, Trump's stance on Bitcoin and cryptocurrency is playing a significant role in garnering support from over 50 million crypto owners and enthusiasts in the United States, while his opposition, Joe Biden, has taken a tough stance on the industry.


Source: Trump Positions Himself as the "Crypto President" at San Francisco Fundraiser
23
Сryptocurrency exchanges / What Does Hyperbitcoinization ...
Last post by Bitcoin - Jun 12, 2024, 08:03 am
What Does Hyperbitcoinization Look Like?

Hyperbitcoinization is the belief that eventually all goods and services will be priced in bitcoin instead of dollars. If you identify as a Bitcoin maximalist, you might have already accepted this as a given. But what does this process actually look like over time? What are key milestones that we can point to that would indicate hyperbitcoinization is taking place? In this post, I explore current Bitcoin financial products, geopolitical reasons governments will adopt bitcoin, why central banks will adopt bitcoin and more.

Merging Bitcoin with Traditional Finance

As adoption continues, more companies will offer Bitcoin financial products and further merge Bitcoin into the traditional finance world. Unchained is a company at the frontier of this world whose financial products include USD loans collateralized with bitcoin, bitcoin inheritance and taxed advantaged retirement accounts. Unchained is also helping people use these products in a secure self-sovereign manner: incentivizing key ownership, collaborative multisig custody and building out the "network of keys."

Meanwhile is a life insurance company denominating premiums and payouts in bitcoin backed by Sam Altman that offers insight into the future of bitcoin denomination. While bitcoin's value is volatile in the short term, we can safely assume that it will beat inflation over long time frames. How much purchasing power do you think $300k will have in the future compared to 5 bitcoin? Which would you prefer your loved ones receive in the event of your untimely passing?

I expect financial products that denominate payouts in BTC will be long-dated at first. As Bitcoin adoption continues, liquidity will increase and price volatility will decrease. This will make financial institutions more comfortable creating products that payout in bitcoin over shorter time frames. This reminds me of how Austrian economists think of hard money versus soft money when it comes to saving and spending. Throughout history, the harder money, gold, was hoarded and used for larger payments, while silver and other softer money were used to settle everyday payments.

Unlocking Efficiencies in Existing Payment Rails

Bitcoin will increasingly be integrated into payment infrastructure. While there are untold amounts of amazing work in Bitcoin infrastructure I can mention, I specifically want to focus on infrastructure created by Synota. Synota is a company using the Lightning Network to reduce frictions of traditional payments between energy producers and consumers. Synota is currently focusing on energy payments between miners and energy producers.

In the current payment infrastructure between energy consumers and providers, payments happen every 30 days or more. Energy providers take on credit risk in this system. With Synota, settlement can happen every day or every week over the Lightning Network. While this system still ultimately pays energy providers USD by converting bitcoin to USD at the end of the process, it is evidence that bitcoin rails create efficiencies in traditional payment systems. While I have not yet heard of any instances of energy providers accepting payment directly in bitcoin, Synota provides them the option to do so.

While final settlement isn't yet happening in bitcoin, the infrastructure exists in the background and will continue to proliferate.

Geopolitical Incentives

After  invaded e, $300 billion in n assets held in Western banks were frozen, and recently the Biden administration discussed using those assets to continue funding the war in e. Morality of this conflict aside, this incentivizes countries to hold a greater portion of their assets in bitcoin because of its non-confiscatable properties.

Another geopolitical factor to consider is that many countries don't use US dollars and treasuries because they want to, they do it because they have to. Attempts to form financial networks without US dollars and treasuries suffer from lack of liquidity and price volatility: this makes it difficult to preserve value outside of USD. As bitcoin becomes more liquid, I anticipate that it will be used as collateral in repo markets, markets where financial institutions borrow USD, and eventually to settle payments between non-western countries.

Bitcoin will become so important that BRICS countries will form mining alliances to protect themselves in the event that Western countries force miners within their jurisdiction to censor transactions from certain addresses.

Strengthening Central Bank Balance Sheets

The US treasury bonds are seen as the safest asset internationally, but the recent hike in treasury bond interest rates due to monetary policy decisions in response to COVID led to instability in bank balance sheets. Silicon Valley Bank (SVB) went bust because they held Treasury bonds with low interest rates. When depositors realized SVB's assets no longer matched their liabilities, there was a run on the bank: US treasuries made SVB vulnerable.

Bitcoin will eventually be recognized as an asset that makes balance sheets more robust. Market volatility increased after 1971 when the US dollar completely broke its link to gold. Bitcoin will be used as an asset to strengthen balance sheets and the percentage of bitcoin held by companies, financial institutions and even central banks will continue to rise.

Bitcoin, the World Reserve Currency and the Sovereign Individual

At some point, a faction in the US will see Bitcoin as a threat to Western finance and the reserve currency status of the dollar. This faction will attempt to punish bitcoin holders via high taxes, limiting self-custody, and more. Ultimately, that faction will cave due to capital flight. Jurisdictions friendly to Bitcoin will benefit from an influx of wealthy individuals and their economies will thrive.

Texas is a great example of this. Texas became a Bitcoin mining powerhouse because they deregulated their energy grid in 2002 leading to some of the lowest energy prices in the US. Miners fled China and New York to operate in Texas and now Texas is one of the leading mining centers in the world. High state capital gains taxes in New York and California also punish wealthy individuals, further incentivizing them to move to places like Texas where the state capital gains tax is zero.

Capital, talent and power will accumulate in these types of regions. These incentives will play out on the world stage as well. Expect Bitcoin friendly nations like El Salvador to thrive. Adopt Bitcoin and experience affluence and growth; fight it, and experience capital flight.

Will everything be priced in BTC?

At bare minimum, I expect currency at central banks to be backed by bitcoin, which I suspect will lead to positive effects for the everyday person merely by limiting wild credit swings common in the fiat economy. A key factor that plays into a future where "everything is priced in bitcoin" will be how likely people are able to have direct access to their bitcoin without a third party. If we really believe that bitcoin will gain mass adoption, transaction fees will skyrocket and it will not make sense to transact on layer 1 Bitcoin if the value of the transaction is under tens of thousands of dollars.

Will people hold bitcoin or will they hold bitcoin IOUs? I cannot reliably say, but I cannot rule out the hard work being done in the bitcoin development scene. I arrived at the conclusions of this post by playing out how I think groups will react to Bitcoin when pursuing their self-interest, but there is an altruistic aspect to adoption. The ultimate X factor in hyperbitcoinization are the developers who turned down jobs at high paying tech companies because their passion is building freedom technology.

Organizations, companies and individuals like Fedi, Lightning and Nostr developers, Start9 and others are acting in the spirit of Satoshi to create finite, censorship-resistant peer-to-peer money for all. If we eventually live in a world where everything is priced in bitcoin, it will be because the altruists developed the technology to cheaply transact in bitcoin in a self-sovereign manner. 

This is a guest post by Julian Martinez. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.


Source: What Does Hyperbitcoinization Look Like?
24
Breez Brings Bitcoin's Lightning Network To Every Crypto Wallet

Traditionally considered an odd couple, Bitcoin has made intriguing forays into the crypto ecosystem over the past year. Cake Wallet's decision to integrate Lightning is an unexpected yet exciting development that continues this trend of Bitcoin integration. In doing so, Cake aims to make Bitcoin more practical for everyday use for its users.

In a post published yesterday, Breez CEO Roy Sheinfield emphasizes the "massive opportunity" this creates:

"Introducing Lightning to the broader world of crypto will help more users interface with Bitcoin, and Lightning is the tech that can put the currency into "cryptocurrency." Bringing crypto and Lightning together is an inevitable step on the way to mainstreaming Bitcoin".

This collaboration will see Breez's open-source SDK, which includes Blockstream's Greenlight node service, embedded into Cake Wallet, significantly enhancing its functionality. Breez's SDK is designed to make integrating Lightning into any app straightforward, allowing for faster, cheaper Bitcoin transactions.

Vik Sharma, CEO of Cake Wallet, shared his thoughts on this integration: "We're thrilled to partner with Breez to bring Lightning payments to our users. This upgrade means faster, cheaper Bitcoin transactions without compromising on privacy and security."

Roy Sheinfeld, Breez's co-founder and CEO, added, "Bitcoin is the internet's native currency, and our goal at Breez is to make it as accessible and easy to use as possible. Partnering with Cake Wallet is a big step in that direction, opening up Lightning payments to hundreds of thousands of users."

The integration of Lightning via the Breez SDK aligns with Breez's mission to make Bitcoin more accessible and practical for everyday transactions. Breez's technology not only provides seamless integration but also ensures users maintain control over their funds, offering a non-custodial solution that emphasizes privacy and security.

Breez's SDK supports various features such as sending and receiving payments, swaps, BOLT 11 payments, and the open-LSP model, which allows apps to choose and change their Lightning Service Providers (LSPs) as needed. This flexibility ensures that integrating the SDK doesn't lock users into a single service provider, promoting an open and adaptable ecosystem.

Cake Wallet has been on a roll lately as they recently introduced silent payments, another new and impressive privacy feature for Bitcoin users.

For those eager to try it out, the public release of the Lightning-enabled Cake Wallet is expected in July 2024. This new feature promises to make Bitcoin transactions smoother and more efficient for everyday users.


Source: Breez Brings Bitcoin's Lightning Network To Every Crypto Wallet
25
Сryptocurrency exchanges / Squads Labs Raises $10 Million...
Last post by Bitcoin - Jun 12, 2024, 08:03 am
Squads Labs Raises $10 Million in Series A Round, Launches Fuse Smart Wallet

Squads Labs Raises $10 Million in Series a Round, Launches Fuse Smart WalletSquads Labs, the team behind the Squads Solana-based smart accounts protocol, the Squads app, and the smart account-enabled wallet Fuse, announced it raised $10 million in its Series A funding round. Led by Electric Capital, the funds will be used to improve the functionality of already existing products and take Fuse to the market. Squads […]

Source: Squads Labs Raises $10 Million in Series A Round, Launches Fuse Smart Wallet
26
Сryptocurrency exchanges / UBS Recommends Buying Gold Dip...
Last post by Bitcoin - Jun 12, 2024, 08:03 am
UBS Recommends Buying Gold Dips Amid Economic Uncertainty

Byte-sized news on the latest topics relating to crypto and technology.The UBS editorial team, comprising financial analysts and economists at UBS, a prominent global financial services firm, recommends purchasing gold during price dips rather than selling. Recently, gold prices fell by over $80 per ounce due to strong U.S. payroll and earnings data, coupled with a rise in the 10-year U.S. Treasury yield and the […]

Source: UBS Recommends Buying Gold Dips Amid Economic Uncertainty
27
Сryptocurrency exchanges / Japanese Corporation Metaplane...
Last post by Bitcoin - Jun 12, 2024, 08:03 am
Japanese Corporation Metaplanet Acquires More Bitcoin, Stock Price Soars

Byte-sized news on the latest topics relating to crypto and technology.Metaplanet, a publicly traded corporation on the Tokyo Stock Exchange, has announced an investment of 23.351 bitcoins, with an average purchase price of 10,706,180 yen per BTC, totaling 250 million yen ($1.6 million). The company now holds 141.0727 bitcoins, with an average purchase price of 10,278,391 yen per BTC, amounting to a total aggregated purchase […]

Source: Japanese Corporation Metaplanet Acquires More Bitcoin, Stock Price Soars
28
Сryptocurrency exchanges / Putin Says US Dollar Dominance...
Last post by Bitcoin - Jun 12, 2024, 08:03 am
Putin Says US Dollar Dominance Diminishing as Use of 'Toxic Currencies' Declines

Putin Says US Dollar Dominance Diminishing as Use of 'Toxic Currencies' Declinesn President Vladimir Putin claims U.S. economic policies are diminishing the dollar’s global dominance. “Last year the share of payments for n exports in the unfriendly states' so-called toxic currencies was halved,” he revealed, labeling the U.S.’s $1 trillion trade deficit as modern neocolonialism and emphasizing ’s shift towards using the ruble and local currencies […]

Source: Putin Says US Dollar Dominance Diminishing as Use of 'Toxic Currencies' Declines
29
Сryptocurrency exchanges / Rich Dad Poor Dad Author Rober...
Last post by Bitcoin - Jun 12, 2024, 08:03 am
Rich Dad Poor Dad Author Robert Kiyosaki Sees Bitcoin as the Easiest Way to Become a Millionaire

Rich Dad Poor Dad Author Robert Kiyosaki Sees Bitcoin as Easiest Way to Become a MillionaireRich Dad Poor Dad author Robert Kiyosaki has stated that bitcoin is the easiest way to become a millionaire because the cryptocurrency “does the hard work.” He contrasted this with entrepreneurship, which requires significant intelligence, dedication, and luck. “That is why I love bitcoin,” he emphasized. Bitcoin Is the Easiest Route to Millionaire Status, Robert […]

Source: Rich Dad Poor Dad Author Robert Kiyosaki Sees Bitcoin as the Easiest Way to Become a Millionaire
30
Сryptocurrency exchanges / Experts Say Dollar Dominance D...
Last post by Bitcoin - Jun 12, 2024, 08:03 am
Experts Say Dollar Dominance Debate Misses the Point, US Needs Economic Focus

Experts Say Dollar Dominance Debate Misses the Point, US Needs Economic FocusTwo experts have explained that the global debate on the future of dollar dominance misses the point because it doesn't focus on how the dollar's future will evolve. They warned: “If the U.S. doesn't keep its house in better order, dollar dominance will be the least of our worries.” Experts Discuss US Dollar’s Dominance Steven […]

Source: Experts Say Dollar Dominance Debate Misses the Point, US Needs Economic Focus
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