Greetings Bitcoiner,

Welcome to issue #120 of the Bitcoin Breakdown, where we’re reminding you that you only benefit from the entirety of Bitcoin’s promise as uncensorable, trustless, self-sovereign money if you self-custody your BTC.

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Happy readings! 👽️

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⚡️ QUICK BITS

• HBO fingers Peter Todd as Satoshi Nakamoto, with Todd denying it and many in the community calling it a reckless act.

• NYDIG research note reveals Bitcoin remains 2024's top-performing asset despite Q3 challenges, with a 49.2% year-to-date increase.

• Blockstream announces the launch of Simplicity on the Liquid testnet, a smart contracting language designed to surpass Bitcoin Script and Ethereum's EVM.

• PwC survey reveals 47% of traditional hedge funds maintain Bitcoin and crypto exposure, driven by increased regulatory clarity.

• El Salvador's Bitcoin strategy pays off as foreign investors’ interest in the country's bonds increases, despite alleged attempts of sabotage by international organizations.

• Samson Mow claims there are covert operations to subvert nation-state Bitcoin adoption by certain international organizations.

• Bitcoin Core fixes critical vulnerability that allowed attackers to crash Bitcoin Core nodes remotely by triggering an assertion in the blocktxn message handling logic.

• UAE Government exempts Bitcoin and crypto transfers from VAT, retroactive to 2018.

• National Bank of Bahrain launches Bitcoin investment fund with ARP Digital, offering institutional investors capped gains and full downside protection.

• Dubai, Switzerland, and South Korea rank as top Bitcoin and crypto business destinations in 2024, driven by legal clarity, tax benefits, and robust infrastructure.

• CryptoQuant analyst Axel Adler Jr shows Bitcoin's supply in loss shot up to 20%, raising speculation about a potential price surge amid increasing bearish sentiment.

• CryptoQuant contributor Amr Taha suggests Bitcoin short-term holders are taking on more risk as realized cap spikes by $6B amid long-term profit-taking.

• MatrixPort report indicates that global Bitcoin and crypto adoption is set to reach 8% by 2025, claiming that its driven by institutional interest and economic uncertainty.

• Peter Schiff quips that Michael Saylor should borrow $4.3B to buy government-seized bitcoin, sparking fresh Bitcoin versus gold debate.

• Marcos Galperin, the wealthiest man in Argentina and founder and CEO of Mercado Libre, says Bitcoin and crypto are resilient against government intervention and will play a crucial role in ensuring financial stability in the future.

• Snøkam, a Norwegian company, introduces a new salary model allowing employees to receive part of their wages daily in bitcoin, challenging traditional payment structures.

• Irish authorities struggle to access $378M worth of seized Bitcoin as drug dealer claims ‘boating accident’.

• Coinbase now supports withdrawing bitcoin to Taproot addresses.

• PlanB, a Bitcoin analyst, claims that Bitcoin and crypto whales are awaiting the US elections as a potential catalyst for the next Bitcoin price surge.

• Mt Gox trustee extends bitcoin repayment deadline to December 2025, prolonging the saga of the hacked exchange as creditors await compensation for lost digital assets.

• Former Russian detective sentenced to 16 years for accepting 1,032 BTC in bribes from the Infraud gang.

• TeraWulf sells 25% stake in mining center Nautilus for $92M, reinvesting in AI infrastructure, Bitcoin miners, and expanding zero-carbon energy operations.

• Anduro, a multichain layer-2 network incubated by bitcoin miner Marathon, launches a tokenization platform on Bitcoin, starting with a pilot project to tokenize whiskey barrels.

• Binance refuses 86% of Israel's Bitcoin and crypto block requests, citing its commitment to user rights and thorough investigation of alleged illicit activities.

• Kraken survey reveals 59% of Bitcoin and crypto investors use cost averaging to manage volatility, with higher-income earners favoring the strategy for consistent returns.

• Metaplanet purchases an additional $6.7M in Bitcoin, raising its total holdings to 639.5 BTC.

• US government seizes $2.67M in Bitcoin and Tether linked to the Lazarus Group’s $879M hacking operations targeting multiple countries.

• Ethiopia reaches 600 MW of installed bitcoin ining capacity within the country’s jurisdiction.

• Bitcoin fundraising platforms like Geyser Fund, BTCPay Server, and Kuno revolutionize global charity efforts by enabling secure, anonymous, and censorship-resistant donations.

• Kamala Harris’ unrealized gains tax could prompt massive selloffs, potentially crashing markets according to founder of onchain analytics firm Nansen, Alex Svanevik.

• Fold, a Bitcoin rewards company, files for IPO merger with FTAC Emerald, a Nasdaq-traded special purpose acquisition company, with plans to expand bitcoin purchases and boost BTC rewards for users.

• Residents of Granbury in Texas sue Marathon Digital over noise pollution, citing health issues and property devaluation from nearby Bitcoin mining facility.

• UN Agency urges Southeast Asian nations to criminalize unlicensed VASPs to combat cyber fraud and criminal transactions linked to drug trafficking and scams.

• Crypto.com, a Bitcoin and crypto exchange, sues SEC to stop its expansion into regulating secondary-market token sales, arguing against the agency’s unauthorized overreach.

• Bitlayer, a project touted as a Layer 2 solution for Bitcoin, raises $9M in Series A extension, maintaining a $300M valuation as it prepares for V2 mainnet launch.

• Marathon Digital, a Bitcoin mining company, launches 25-megawatt micro data center powered by excess natural gas, enhancing methane mitigation and reducing costs for oilfield operators.

• World Economic Forum report finds US digital asset regulation approach benefits the industry, recommends AI and digital identity for improved AML/KYC compliance.

• Ovex of South Africa becomes the first Bitcoin and crypto exchange to receive a notice of forfeiture from the country’s central bank citing exchange control regulations.

• Bank of America study reveals generational shift as young investors favor Bitcoin and crypto over traditional stocks, signaling a major change in investment preferences.

• Taiwan’s Financial Supervisory Commission reportedly plans to start collecting applications from institutions interested in trialing Bitcoin custody services in the first quarter of 2025.

• Compass Mining, a Bitcoin mining company, partners with Mindshift to launch bitcoin mining services in South Korea, addressing local challenges with expert solutions and competitive electricity rates.

• UN report claims that Telegram serves as a hub for Bitcoin and crypto launderers and fraudsters in Southeast Asia, facilitating billions in criminal activities.

• Russia’s Ministry of Energy proposes new rules to regulate Bitcoin and crypto miners by allowing the government to disconnect them from the power supply as needed.

• Arkham Intelligence reports that an old Bitcoin wallet address has moved $3.58M in BTC, originally mined just after Bitcoin's launch in 2009.

• Ether ETFs experiences zero net flows for an entire day this week and $548M in outflows since launch, highlighting disappointing institutional interest.

• Bitmain launches the Antminer S21+ Hyd and Antminer S21+ models, both with enhanced energy efficiency and processing capacity.

• Bitcoin ETF options expected by Q1 2025 could accelerate adoption among advisers, suggests Bloomberg Intelligence analyst.

• MicroStrategy creates Bitcoin advocacy manager role to drive corporate adoption through education and establish a community hub in Washington, DC.

• US Supreme Court decision paves the way for government to sell $4.4B worth of Bitcoin seized from Silk Road, rejecting Battle Born Investments' ownership claim.

• Mayor of Rockdale, a small town in Texas, reveals how bitcoin mining investments of over $1B saved Rockdale's economy, creating jobs and revitalizing public services in the once-struggling town.

• Sani of TimechainIndex.com asserts that only 0.15% of the global population holds significant bitcoin and says that this indicates that we are in the early stage of broader adoption.

POLL

OTHER NEWSLETTERS TO CHECK OUT*

*You can find more here.

🎥 QUICK MEDIA

• Jack Mallers, Strike CEO, calls for a stop to the Satoshi speculation, saying it's dangerous, disrespectful, and ‘fiat’ (Oct 8 | 3:58 min watch).

• Renato Moicano, UFC fighter, says in pre-match interview whoever doesn't have Bitcoin is going to be in trouble, because they're going to depend on government (Oct 5 | 2:23 min watch).

• Jack Mallers, speaking at Amsterdam 2024, says the US, as the world's reserve currency holder, is primed to print money to buy bitcoin and could be the next nation to acknowledge and own Bitcoin (Oct 9 | 1:59 min watch).

• Tim Draper, a venture capital investor, speculates that Bitcoin’s price will blow through $250,000 so fast once the US government finally sees ‘the light’ (Oct 8 | 1:27 min watch).

• Michael Saylor says gold invites violence and gives various historical examples of governments seizures of gold (Oct 5 | 0:59 min watch).

• Nik Bhatia, author of ‘Layered Money’, comprehensively analyzes HBO's latest Bitcoin documentary, ‘Money Electric: The Bitcoin Mystery’, exploring its take on Bitcoin’s evolution and influence (Oct 10 | 27:25 min watch).

• Bitcoin Illustrated, a Bitcoin educator, announces with a video post the launch of the Decoding Bitcoin project, a platform with tons of interactive demos and exercises to learn Bitcoin (Oct 3 | 1:10 min watch).

• Blockbuster is a video sharing platform that allows users to upload, share, and monetize their videos using Lightning Network payments (Oct 8 | 5:08 min watch).

• Ioni Appelberg explains why he thinks bitcoinization of the world economy is inevitable (Oct 6 | 11:33 min watch).

• Tuttle Twins releases a sneak peek into their Bitcoin sequel episode, featuring cameos from Max Keiser, Stacy Herbert, Natalie Brunell, Cory Klippsten, Peter McCormack, BTC Sessions, Saifedean Ammous and more, with the full episode debuting on Oct 16th (Oct 6 | 2:38 min watch).

💥 MEME BREAK

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