Greetings Bitcoiner,

Welcome to issue #124 of the Bitcoin Breakdown, where we are overwhelmed by the incredible response to our Early Black Friday offer and are now actually considering ending our ridiculous discount sooner than planned…

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⚡️ QUICK BITS

• Pennsylvania House passes bipartisan ‘Bitcoin Rights’ bill providing regulatory clarity on self-custody, Bitcoin payments, and taxation.

• Microsoft shareholders to vote on Bitcoin investment after think thank shareholder proposal, but board urges rejection.

• BitRiver and RDIF (the Russian Direct Investment Fund) partner to expand BTC mining in BRICS countries, leveraging 21 Russian data centers for strategic growth and innovation.

• Lightspark launches Spark, a new Bitcoin Layer 2 protocol for cheaper, faster transactions, and upgrades Universal Money Address capabilities for global payments via Lightning.

• Japan to cut Bitcoin and crypto taxes from 55% to 20% if the Democratic Party of the People wins the election.

• Argentina's National Securities Commission shifts its approach towards Bitcoin, moving from a crackdown to a supportive stance.

• Tether denies federal investigation despite a Wall Street Journal report alleging a probe into potential sanctions and anti-money laundering violations, citing unnamed sources.

• Michael Saylor backpedals and endorses self-custody after getting roasted by the Bitcoin community for remarks in a recent interview.

• Michael Saylor troll tweets Microsoft CEO, urging him to call him if he ‘wants to make the next trillion dollars for Microsoft shareholders.’

• Bernstein research brokerage group publishes a ‘Black Book’ dedicated to Bitcoin explaining why BTC will hit $200k by the end of 2025.

• Foxbit integrates the Lightning Network through partnership with Lightspark, enhancing BTC transactions for Brazilian users.

• Bitcoin Policy Institute publishes a new report arguing why central banks should allocate a portion of their reserves to Bitcoin.

• Denmark proposes 42% tax on unrealized gains from Bitcoin and crypto, impacting owners annually regardless of sales, potentially starting January 1, 2026.

• Bitcoin’s hashrate hits all-time high exahashes per second, reflecting increased security for the network.

• Bitcoin balances on exchanges are dropping week by week, hitting a 5-year low.

• Wired reports that Peter Todd went into hiding after being fingered as Satoshi Nakamoto in a controversial HBO documentary.

• Peter Todd attends bitcoin conferences and says the recent Wired article that claimed that he was ‘in hiding’ is exaggerating.

• Donald Trump serves fries at McDonald’s five days after flop crypto launch.

• Transak reports data leak impacting 92,554 customers; attacker accesses credentials and third-party KYC vendor, compromising sensitive details like names and passports.

• 1A1z report reveals Bitcoin Core development received $8.4M in funding in 2023, with significant contributions from OpenSats and Spiral, highlighting the need for more diverse funding sources.

• Tim Draper donates $250,000 to Brink to boost Bitcoin development and support open source innovation.

• Japanese authorities arrest 18 scammers in a landmark case by analyzing Monero transactions and tracing =$670k in money laundering activities.

• ZeroSync announces BitVM Alliance which aims to build trust-minimized Bitcoin bridges.

• Indian regulators wish to ban Bitcoin and crypto, citing perceived advantages of a Central Bank Digital Currency for ‘financial inclusion and safety.’

• Minneapolis Federal Reserve President Neel Kashkari (the guy from the BRR meme) says Bitcoin and crypto are ‘almost never’ used outside of drugs and criminal activity.

• Solo miner mines a block worth 3.329 BTC worth $222,455.

• Satoshi-era bitcoin whale sells $10.5M in BTC after 10 years, still holds $72M.

• Michael Saylor announces his intention to give away his BTC when he dies, drawing inspiration from Satoshi Nakamoto's legacy of wealth for humanity.

• Michael Saylor defends strategy of issuing convertible note offerings to buy more BTC, saying ‘It's not a money glitch; it's a digital transformation of the capital markets’.

• MicroStrategy has a bigger market cap than Ford now.

• Metaplanet raises $66M through its 11th series of stock acquisition rights, with Evo Fund securing a significant ownership stake.

• TeraWulf BTC mining company to raise $350M through convertible notes to fund a $200M share buyback program, reflecting confidence in its business strategy and financial health.

• US government wallet tied to Bitfinex hack loses $20M in suspicious transfers, flagged as likely theft by analysts.

• US government wallet receives $19.3M back following reported hack, less than 24 hours after the breach.

• Data suggests Bitcoin's use of renewable sources and mitigation of emissions make it a net-negative emissions network.

• SEC approves NYSE options trading on Spot bitcoin ETFs, enhancing investment opportunities.

• Samson Mow, CEO of JAN3, urges German lawmakers to adopt Bitcoin, outlining a three-step strategy for national adoption and pushing for global hyperbitcoinization.

• Joe Nakamoto joins Mow in German parliament and discusses Bitcoin’s growing acceptance, highlighting insights from MP Joana Cotar and the country's vibrant Bitcoin community.

• Lukas Duczko joins Blink as CEO and Executive Chairman.

• BitFuFu acquires 80-MW Bitcoin mining facility in Ethiopia, expanding its global footprint and reducing costs with lower energy prices.

• The Bitcoin Conference debuts in the Middle East with a MENA edition in Abu Dhabi coming up December 9-10.

• Bitcoin ETFs acquire almost double the amount of bitcoin that has been mined since their launch on January 10.

• Session, an encrypted chat app, relocates its office to Switzerland after Australian police visit an employee.

• Adam Back says that tokenization on Bitcoin, powered by the Liquid Network, can transform traditional finance.

• The Bitcoin Voter PAC launches a $2M ad campaign in swing states to support Bitcoin-friendly candidates in the upcoming election.

• Alchemy Pay partners with Yellow Card to enhance Bitcoin and crypto access across Africa, leveraging local payment methods to simplify transactions and boost adoption.

• Morgan Stanley invests $272M in bitcoin ETFs, strategically diversifying its holdings across major funds like BlackRock, Grayscale, and Ark21.

• Bitcoin's 200-week moving average surpasses $40,000, setting a critical price floor.

• BL3P, a Dutch Bitcoin exchange, announces its shutdown by December, urging users to transition to Bitonic.

• JPMorgan structures a $1B deal for El Salvador, equivalent to roughly 14% of its debt, in an arrangement that allows the country to refinance a portion of its debt and help fund the conservation of its wetlands.

• Vitalik Buterin criticizes Michael Saylor’s comments on regulated bitcoin custody, labeling them as ‘batshit insane’ and opposing regulatory capture in the crypto space.

• ETH/BTC exchange rate drops to 0.0374, lowest since 2021, amid 2.8% 24-hour decline.

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🎥 QUICK MEDIA

• City of Lugano, Switzerland unveils statue honoring Satoshi Nakamoto (Oct 25 | 0:05 min watch).

• Michael Saylor thinks you are a ‘paranoid crypto anarchist’ if you hold your own keys and don't trust the government (Oct 21 | 2:17 min watch).

• Samson Mow in an older clip warns against over-elevating personalities like Michael Saylor and draws parallels to how Roger Ver used to be viewed before the blocksize war (Oct 21 | 2:20 min watch).

• Matthew Kratter of the Bitcoin University discusses the recent dubious European Central Bank working paper and how they believe that bitcoin will rise to $10M (Oct 22 | 14:20 min watch).

• Billionaire Paul Tudor Jones says on CNBC that he’s long gold and bitcoin and thinks commodities are so ridiculously underowned, so he’s long commodities as well (Oct 23 | 14:15 min watch).

• Van Eck CEO sees bitcoin heading to $1M and lays out the reasons why he thinks so in interview on Fox Business (Oct 21 | 1:30 min watch).

• BTCSessions argues that Aqua Wallet is changing the game for Bitcoin users as it simplifies on-chain, Lightning, and Liquid transactions - all in one place (Oct 21 | 2:55 min watch).

• Eric Yakes, in a discussion with Swan Bitcoin, explains why bitcoin will never be hacked, even by quantum computers, and how its cryptography ensures your funds are safe (Oct 21 | 16:21 min watch).

• Samson Mow cautions bitcoiners while speaking with Joe Nakamoto that they should always assume that governments will look to seize your bitcoin in various ways at some point in the future (Oct 22 | 2:10 min watch).

💥 MEME BREAK

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