Greetings Bitcoiner,

Welcome to issue #118 of the Bitcoin Breakdown, where we are thrilled to announce that our private Bitcoin-Only community, Bitcoin Sovereigns, has officially launched and is now open for anyone to sign up to. Check it out here.

Happy readings! 👽️

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QUOTE OF THE WEEK

⚡️ QUICK BITS

• IMF pleads with El Salvador to strengthen its bitcoin regulations and narrow the scope of its legal tender law, despite President Bukele highlighting its net positive impact.

• Standard Chartered advises buying Bitcoin below $60,000 despite geopolitical uncertainty.

• Data reveals that Bitcoin will thrive post-mining due to evolving miner strategies, increased transaction fees, and growing nation-state adoption.

• Proton Management claims Swan Bitcoin's lawsuit is baseless and seeks dismissal, arguing that its mining operations are separate and not reliant on Swan's business.

• The Miner Mag publishes unredacted version of the original lawsuit by Swan Bitcoin that hid details indicating that Tether controlled the board of directors of the joint venture.

• BlackRock predicts continued decline in Bitcoin volatility, positioning it as a stable long-term investment.

• Bipartisan support for a strategic bitcoin reserve grows as lawmakers recognize its potential to enhance the financial power and influence of the US.

• BlackRock analyst forecasts a ~$5.4T bitcoin market in the coming years at the Digital Assets Conference in Brazil.

• Russian hackers use deepfake porn sites to steal your bitcoin.

• ISAC new report finds that cash remains the preferred medium for illegal activities, while blockchain transparency reduces the criminal use of cryptocurrencies.

• SWIFT targets 2025 to test digital currency trades as central authorities look to keep pace with Bitcoin's efficiency.

• MicroStrategy to surpass Grayscale’s bitcoin holdings in its next purchase by investing over $1B in BTC, securing its position as the fifth largest bitcoin holder.

• JP Morgan suggests Bitcoin and gold would emerge as safe-haven assets in what they describe as the ‘debasement trade.'

• Saylor Academy launches new course, ‘What is Money?’, based on the talks between Michael Saylor and Robert Breedlove.

• Japan’s Metaplanet earns $1.4M in bitcoin by selling put options, boosts holdings to 530 BTC.

• Protos highlights how Trump’s new crypto venture is tied to former fraudsters, raising questions about its decentralization and insider benefits.

• Relm Insurance offers a BTC-denominated policy that protects bitcoin miners against financial losses from operational disruptions due to equipment or facility damage.

• Chainalysis reports Sub-Saharan Africa sees growth in crypto use, led by Nigeria's top adoption and South Africa's institutional involvement.

• Bank of America suffers major tech glitch, zeroing customer accounts and sparking outrage online.

• Chainalysis reports Sub-Saharan Africa sees growth in crypto use, led by Nigeria's top adoption and South Africa's institutional involvement.

• Ethereum's options volatility outpaces Bitcoin as US election concerns loom, threatening decentralized finance regulations.

• Satoshi likely launched 51% attack on Bitcoin during early days.

• Talen Energy acquires TeraWulf’s minority stake in a 200-megawatt (MW) nuclear-powered bitcoin mining facility in Pennsylvania.

• Japan’s Metaplanet earns $1.4M in bitcoin by selling put options, boosts holdings to 530 BTC.

• North Carolina bitcoiners set up Hurricane search and rescue operation.

• UK residents unknowingly possess up to $45B in unaccounted Bitcoin, as rising living costs highlight the challenge of recovering lost fortunes.

• Compass Mining expands its US infrastructure capacity by 7.5 megawatts, energizing 2,400 Bitcoin mining machines at a new facility in Nebraska.

• Pig Butchering: fake trading apps target crypto on Apple, Google Play stores.

• Trump doubles down on promise to free Silk Road founder Ross Ulbricht.

• Colombia's investigation into Pegasus spyware scandal implicates its own Financial Intelligence Unit.

• Musqet secures £750k in funding led by Axiom and angel investors to enhance Bitcoin payments through the Lightning Network across the UK.

• Niraj Antani, Ohio state senator, re-introduces bill that allows residents and businesses to pay taxes in bitcoin.

• Donald Trump announces plans to ‘Make America Great Again’ with a focus on crypto, promoting his World Liberty Financial sh!tcoin initiative.

• RoboSats shifts away from Telegram to enhance privacy, launching active groups on SimpleX, Matrix, and Nostr-based 0xchat for secure communication.

• Bitcoin retail participation remains low despite recent price rally, with low Coinbase app rankings and reduced short-term holder supply suggesting potential further growth.

• Taiwan's Financial Supervisory Commission now allows professional investors to access foreign Bitcoin ETFs, expanding investment opportunities and Bitcoin education.

• Presidents Milei and Bukele discuss energy, trade, and security in Buenos Aires.

• Former Chinese finance minister urges China to study cryptocurrency developments after US policy shift on Bitcoin ETFs, warning of risks to financial stability and security.

• CME Group launches Bitcoin Friday Futures, achieving a record first-day trading volume of over 31,000 contracts to enhance Bitcoin market access and liquidity.

• Remixpoint, a stock market-listed Japanese firm, invests $5.3M from its balance sheet to purchase bitcoin and other cryptocurrencies as part of a new cash management strategy.

• Christian Angermayer criticizes the UK's tax proposal for non-domiciles as a detrimental move and relocates to Switzerland's Bitcoin-friendly city of Lugano.

• Bitcoin prices maintain a positive correlation with the People's Bank of China's balance sheet, potentially benefiting from proposed economic stimulus measures.

• Charles Bethea of The New Yorker explores how cryptocurrency enthusiasts are influencing political campaigns, with candidates vying for their support by promoting pro-crypto policies in the 2024 election.

• Bitcoin Well now allows Canadians to easily swap their bitcoin between the Lightning Network and the bitcoin blockchain, without having to manage UTXOs.

• OCEAN experiences a brief outage due to hurricane impacts on servers and commits to improvements to prevent future disruptions.

• Dutch parliament passes law to ban cash payments above €3,000.

• Michael Gronager, CEO of Chainalysis, predicts that AI agents will monitor all cryptocurrency transactions for governments within the next five years.

• Gemini, a crypto exchange founded by the Winklevoss twins, announces it will close all Canadian customer accounts by December 31, giving users 90 days to withdraw their assets.

• Check Point Research uncovers a malicious app on Google Play that evades detection, stealing $70,000 in cryptocurrency through drainer tactics before its removal.

• Massena, a town in upstate New York, passes mining regulations that ban seabed containers for bitcoin mining, enforce noise standards, and require operations to occur exclusively in industrial zones.

• Checkmarx researchers discovered PyPI malware that pose as crypto wallet tools and stole private keys and recovery phrases, targeting wallets like Metamask, Trust Wallet, and Exodus.

• CryptoQuant indicates that the recent growth in the stablecoin market cap is providing crucial liquidity, potentially driving a rally in bitcoin prices.

• Russia's central bank mandates major banks to report cross-border crypto transfers, sparking debate on regulatory efficacy.

• Uruguay enacts comprehensive cryptocurrency law that designates the Central Bank as the regulatory authority for digital assets.

POLL

OTHER NEWSLETTERS TO CHECK OUT*

*You can find more here.

🎥 QUICK MEDIA

• Edward Snowden slams Solana as a centralized system for scams at TOKEN2049 conference, emphasizing contrasts with Bitcoin's design and raising concerns about project safety and vulnerabilities (Sept 26 | 23:10).

• Fred Krueger, Bitcoin maximalist and academic, lists 10 reasons why you should be Bitcoin-only (Sept 28 | 8:13 min watch).

• Madex, a Bitcoin artist, release his Manifesto as a stunning video, asserting that true artistry embodies integrity and depth, resists mediocrity and the commodification of creativity and strives for a legacy of beauty and truth in every creation (Sept 16 | 4:41 min watch).

• OCEAN mining publishes gripping video announcement for the launch of their DATUM Protocol, which aims to improve the decentralization of bitcoin mining (Sept 29 | 1:33 min watch).

• Ioni Appelberg, author of the book ‘Abundance Through Scarcity’, explains that a good, healthy money is needed to sustain the immense complexity of a modern society and explores what would happen when the money breaks (Sept 30 | 11:09 min watch). 

• Danica Patrick, a former pro racing driver and model, gets orange pilled by Robert Breedlove (Oct 2 | 0:59 min watch).

• Renato Moicano, Brazilian MMA fighter, says ‘F#uck Macron’ and urges crowd to read Austrian economist Hans-Hermann Hoppe in another lively post-fight speech (Sept 29 | 0:34 min watch).

• Tuttle Twins TV in a new snippet explains what makes Bitcoin better money (Sept 30 | 1 min watch).

• Christine Lagarde, President of the European Central Bank, avoids answering direct question about Bitcoin and crypo when asked in the European Parliament (Oct 1 | 2 min watch).

💥 MEME BREAK

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Thank you for reading!

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Until our next transmission,

Naiw

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