Halving

Bitcoin Halving Estimated to Be Less Than 250 Days Away

The scoop: The Bitcoin halving is estimated to be less than 250 days away. While estimates can change based on block time, the halving is creeping up and is right around the corner.

Why it matters: The 2024 is Bitcoin’s 4th halving, but perhaps the biggest one yet for many reasons. The 2024 halving will put Bitcoin’s inflation rate below gold, making it the currency with the lowest inflation rate in the world. The 2024 halving is also happening among record inflation, BRICs attempting to launch, the 2024 presidential election and potential ETF approvals.

Crazy Times Ahead: Those who were around for the 2020 halving will remember how much media hype the event received. With all the above mentioned to go along with the 2024 halving, there will likely be a lot of eyes on Bitcoin over the next 8-9 months before the halving.

WHAT WE'RE WATCHING

🙌 Donald Trump is reported to own cryptocurrency. Last month, it was revealed that Donald Trump has between $250,000 to $500,000 worth of cryptocurrency in a wallet.

Trump has previously stated that he “is not a fan of Bitcoin” and these crypto holdings of his appear to be from his Trump NFT line that he sold earlier in the year.

💲 India has paid for its first batch of crude oil from the UAE using Indian rupees. In a noteworthy move, India and the United Arab Emirates have kicked off a practice of conducting their bilateral trade using their own domestic currencies. The spotlight falls on India's leading refiner, which has opted to pay in rupees for a substantial acquisition of one million barrels of oil from the Middle East. Countries are looking to move away from dollars in international trade, which could affect Bitcoin.

🇦🇷 Potential president of Argentina supports Bitcoin. Javier Milei, a pro-Bitcoin and libertarian economics advocate, surprisingly emerged as the leading candidate in Argentina's primary elections with over 30% of the votes. His coalition, La Libertad Avanza, narrowly surpassed the center-right coalition.

Despite being criticized for his far-right stance, Milei has gained support from protest voters and cryptocurrency enthusiasts who appreciate his unconventional approach. Milei champions Bitcoin on talk shows, highlighting their benefits and considering them a private sector-driven return to money's original nature.

BITCOIN ETF

SEC Delays Decision on ARK 21Shares Bitcoin ETF, Invites Public Input

In short: The SEC delays deciding on ARK's spot Bitcoin ETF proposal, opening a 21-day public comment period. The regulator has previously rejected ARK's crypto ETF proposals. Cathie Wood, ARK's CEO, claims to have anticipated the SEC delays and envisions potential approval for multiple spot BTC ETFs in the future.

Why it Matters: There was speculation in previous weeks that BlackRock’s Bitcoin ETF was close to approval. The delayed decision here slights cooled down the temperature regarding excitement about a US Bitcoin ETF.

The facts: 

• ARK CEO Cathie Wood claims that the SEC may no approve for now, but could approve many ETFs at one time in the future.

• The SEC has already allowed the launch of several bitcoin futures, but no spot ETFs.

• Grayscale is expecting a decision regarding its attempt to to convert GBTC into a Bitcoin ETF.

POLL

IN THE LOOP

👨‍💻 Coinbase has officially launched in Canada, aiming to enhance crypto accessibility for Canadians. The CEO, Brian Armstrong, highlighted Canada's potential as a leader in the crypto economy due to awareness and regulatory progress. Coinbase appears to be branching outside of the USA after struggling with regulatory battles.

🚫 Coinbase's Base network has officially launched for user onboarding, following its beta phase and limited release for builders. The network aims to facilitate Web3 adoption, supported by various Web3 development teams and upcoming launch events. Interestingly, despite most of its profits coming via Bitcoin & crypto trading, Coinbase continues to invest in non-Bitcoin related projects.

👨‍💻 Binance has filed for a protective court order against the U.S. SEC, asserting the regulator's information requests are too broad and burdensome. The filing in the US District Court of Columbia aims to limit the SEC's actions, including restricting depositions and dropping some executive depositions. The move comes after the SEC sued Binance and CEO Changpeng Zhao in June, alleging deceptive practices. Binance and the SEC have not yet commented on the matter. The SEC has not provided evidence of misuse or dissipation of customer assets, according to the filing.

Today’s newsletter was written by Jordan and edited by Colin.