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This Week's ⚡ Quick Bits & 🎥 Quick Media Digest (#134)

This Week's ⚡ Quick Bits & 🎥 Quick Media Digest (#134)

Read issue 134 of the Bitcoin-only newsletter with the highest signal-to-noise ratio in the space.

Naiw
November 29, 2024 • Estimated Reading Time: 25 minutes

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Greetings Bitcoiner,

Welcome to Issue #134 of the Bitcoin Breakdown, where you only have a few days left to take advantage of our outrageous Black Friday offer: get 80% off all our Supporter Subscription tiers! 🚨 This is your final reminder—the deal ends after this weekend. Don’t miss out!

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⚡️ QUICK BITS

Bitcoin ETFs are poised to overtake Satoshi Nakamoto as the foremost holder of BTC at 5% of the global supply.
Russia recognizes Bitcoin as property, imposing a maximum of 15% personal income tax and exempting miners from VAT after the bill passed parliament's upper house.
Elon Musk shines a light on Operation Chokepoint by retweeting a Joe Rogan clip discussing the stealth debanking of Bitcoin and crypto companies.
Bitcoin’s Mayer Multiple (an oscillator calculated as the ratio between price and the 200-day moving average) signals ‘buy’.
Short-term BTC flows hint at a market bottom, according to a Coindesk analyst.
Hong Kong eliminates capital gains tax on Bitcoin and crypto for hedge funds and family offices in a bid to become a global crypto hub.
Bitcoin price decouples from gold as Bitcoin gains bullish momentum while gold's price declines, signaling potential liquidity shifts.
Trump administration seeks to move oversight of the Bitcoin and crypto market from the Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC) to enhance regulatory clarity.
Vancouver’s mayor proposes adopting Bitcoin as a reserve asset to diversify the city’s financial resources.
Marathon bitcoin mining company urges the US government to act swiftly to strategically increase hashrate located within the US, citing national security risks and the rise of global de-dollarization.
Marathon boosts its BTC reserves with a $572M purchase of 5,771 BTC.
Trump's proposed tariffs on goods from Canada, Mexico, and China to boost interest in Bitcoin as a safe haven.
Newmarket Capital, a financial services firm, launches Battery Finance, allowing borrowers to use BTC as collateral for long-term loans without mark-to-market risks.
Pantera Capital, an American hedge fund and venture capital firm, achieves a 1,000x return on its Bitcoin fund.
Pantera Capital CEO predicts Bitcoin to reach $740K as regulatory headwinds turn into tailwinds, fueling optimism for its future.
The Irish People, a political party in Ireland for independent candidates, becomes Ireland’s first political party to introduce a formal Bitcoin policy.
VanEck report recommends US to form a regional alliance with El Salvador, highlighting the country’s Bitcoin reforms.
Craig Wright, a Satoshi impersonator, faces contempt of court charges and a mandatory in-person hearing after his claims about autism and Christmas plans fail to convince the UK court.
Bitcoin reaches a new all-time high against gold, surpassing the value of 1 kilogram for the first time in history.
Bernstein analysts project MicroStrategy will control 4% of all Bitcoin by 2033, raising their stock price target to $600 by 2025.
Eros Biondini, a Brazillian legislator, proposes a $18B BTC reserve initiative for the country.
US Appeals Court rules in favor of Tornado Cash, stating OFAC overstepped its authority by sanctioning the crypto mixer’s immutable smart contracts.
OCEAN Pool allows miners to support Samourai Wallet's legal defense by donating rewards directly to the P2PRights fund.
El Salvador to rent out volcanoes to Bitcoin miners, leveraging geothermal energy to enhance mining efficiency and attract global investment.
Rumble, a video streaming platform, adopts a $20M Bitcoin treasury plan, embracing it as a hedge against inflation and a tool for strategic growth.
Jiva Technologies, a Canadian wellness firm, adopts a Bitcoin treasury strategy, allocating up to $1M to buy BTC.
UK's Financial Conduct Authority reports that 12% of adults now own Bitcoin or crypto, highlighting growth and the need for clear regulation.
US Treasury report shows low-income households increasingly use Bitcoin or crypto gains to secure larger mortgages, contrary to the Treasury’s expectations.
Bitcoin miners approach $40B market market cap, doubling in 7 months as mining difficulty set for 5th straight increase.
China discovers deposits of gold worth $83B in Hunan province, adding ~0.5% to the estimated 201,000 tonnes of gold mined globally to date.
Swan Bitcoin, a Bitcoin-only exchange, sues its law firm Gibson, Dunn & Crutcher for malpractice after the firm hired a lawyer representing rival Tether.
Swan Bitcoin covers up to $250 of user purchase fees for those affected by the up to $125 Fortress 'Admin Fee' charged to customers.
The Wolfsberg Group, a global banking association, releases problematic FAQ, raising concerns over their comprehension of privacy-enhancing technologies like CoinJoin and Whirlpool.

Coin Center, a Bitcoin and crypto advocacy group, warns that draconian surveillance policies could stifle the industry and further drive developers out of the US.
US bitcoin miners face significant delays as customs hold Bitmain shipments, impacting mining operations.
Bitcoin OG’s 10,000 BTC pizza purchase nears a valuation of $1B as Bitcoin approaches $100K.
CBOE, a financial securities company, launches cash-settled BTC options, offering new opportunities for traders to engage with BTC price movements without owning it.
Cantor Fitzgerald, a financial services firm, launches a $2B BTC-backed lending program with Tether, deepening Wall Street’s Bitcoin and crypto ties under Trump’s administration.
ZA Bank, a Hong Kong-based bank, becomes the first bank in Asia to offer retail Bitcoin and crypto trading services.
Charles Schwab, a financial services company, enters the spot Bitcoin and crypto ETF market, anticipating regulatory changes under the upcoming Trump administration.
Wallet of Satoshi, a custodial lightning wallet, approaches 20M Lightning payments made by their users.
James Howells’ ex-partner reveals she discarded his $716M BTC wallet at his request, as legal battles by James to recover his lost fortune from a landfill continue.
Texas introduces new regulations for Bitcoin miners, requiring registration and energy monitoring to manage grid impact and ensure reliability.
Maya Parbhoe, Suriname’s presidential candidate, aims to transform the nation into a Bitcoin hub.
VanEck extends its fee waiver on its Bitcoin ETF until January 2026 for investors with up to $2.5B in assets.
ProShares UltraShort Bitcoin ETF sees record inflows of $18.8M on Monday, the largest since its April launch.
Fidelity Investments shares updated Bitcoin adoption and valuation models, highlighting the impact of macroeconomic factors and network growth.
TD Bank, an American commercial bank, pleads guilty to historic $3B money laundering case, sparking criticism over lenient treatment of executives amid widespread criminal activity.
Nature's Miracle Holding Inc, an agriculture technology firm, forms NM Data Inc. and invests $3M in Future Tech to develop a 50MW bitcoin mining and data center facility in Stryker, Ohio.
Bitdeer, a Bitcoin mining company, raises up to $400M through convertible notes to expand data center operations and develop ASIC miners amid Bitcoin's market rally.
Metaplanet, a Japanese firm, to launch Bitcoin Magazine Japan, targeting a key market for Bitcoin adoption in Asia.
Metaplanet aims to raise $62M to acquire 652 additional Bitcoin, building on its current reserve of 1,142 BTC.
Remixpoint, another Japanese public company, purchases ¥500M worth of BTC.
SOS Ltd, a Chinese company, boosts its stock by 40% after announcing a $50M BTC purchase.
Cipher Mining acquires the Stingray bitcoin mining site in Texas, expanding its capacity with a 100 MW facility set to operate in 2026.
Dutch Central Bank warns web shops about selling fiat-to-Bitcoin and crypto gift cards, citing potential money laundering risks despite lack of evidence.
Former UK Minister Steve Baker joins Bitcoin investment firm Axiom Venture Capital.
BitBox partners with BTC Direct to promote self-custody for high-net-worth individuals.
MetaMask adds Venmo for fiat-to-Bitcoin and crypto ramps.
MicroStrategy buys more BTC in the past 12 months than the Bitcoin network will produce in the next 12 months (212k v. 164k).
Coinbase faces criticism for locking users out of accounts.
ARK Invest predicts Bitcoin could hit $124K by year-end.
Canton of Bern explores Bitcoin mining for grid stability.
Indonesian Bitcoin and crypto transactions soars 352% to $30B, fueled by a younger demographic and altcoin popularity.

POLL

Should Bitcoin market oversight be moved from the SEC to the CFTC?

OTHER NEWSLETTERS TO CHECK OUT*

Tim Ferriss's 5-Bullet Friday shares the five coolest books, gadgets, hacks, and more he's exploring in an exclusive weekly email. (link)
TLDR, read by 1.25 million tech professionals, gives you the top tech, science, and coding news in 5 minutes. (link)
Crypto Pragmatist provides industry insights and research to 60,000+ subscribers—don’t miss out. (link)
Refind curates the best articles from thousands daily, tailored to your interests. (link)
FryAI filters signals from 100+ AI news sources daily for over 20,000 subscribers at NVIDIA, Tesla, Google, and more. (link)
Stacked Marketer delivers curated digital marketing news, tech trends, and actionable advice daily to 60,000+ marketers. (link)

*You can find more here.

🎥 QUICK MEDIA

Adopting Bitcoin posts short after-movie capturing the energy, innovation, and magic of Bitcoin’s growing global community at the recent conference in El Salvador (Nov 28 | 5:06 min watch).
Pantera Capital founder argues that Bitcoin surpasses gold, paper money, and credit systems like Visa and Mastercard, projecting a $50 trillion market cap in an interview with Joe Kernen of CNBC (Nov 26 | 3:26 min watch).
Robert Breedlove and Peter Schiff argue over whether someone can make a better version of Bitcoin in a debate on Gold vs Bitcoin (Nov 27 | 13:16 min watch).
Matthew Kratter of Bitcoin University dives into MicroStrategy's Bitcoin treasury strategy, exploring cash-raising methods, mNAV premium use, convertible bonds, and innovative financial engineering, elaborating more in Part 2 & Part 3 (Nov 25 | 41:51 min watch).
Rusty Russell, lead developer at the Core Lightning implementation, explains how Bolt12 offers better anonymity and recurring invoices, giving users more options and control (Nov 25 | 5 min watch).
Andrew Poelstra, head of Blockstream Research, explains OP_CAT and how the proposed opcode could lay the groundwork for advanced covenant mechanisms, bringing greater security and flexibility to Bitcoin self-custody (Nov 25 | 3:43 min watch).
Jack Mallers, founder and CEO of Strike, explains Michael Saylor and Microstrategy as if speaking to a 4th grader (Nov 27 | 0:47 min watch).
Michael Saylor explains the difference between buying Microstrategy and Bitcoin ETF in order to get exposure to Bitcoin in an interview with the team of Digitra, a Bitcoin and crypto exchange (Nov 24 | 16:30 min watch).