Elon Musk Says "Fiat is a Scam"
Plus: 76% of Bitcoin Held By Holders
Today we’re covering:
Elon Musk says fiat currencies are a scam,
Gensler and SEC delay all spot ETFs AGAIN,
Kraken plans to offer stock trading by 2024,
And everything else you need to know.
First time reading? I’m Jordan, and this is the Bitcoin Minimalist. Every day, our team scours dozens of sources to bring you need-to-know Bitcoin news and insights—all in 5 minutes. Were you forwarded this email? Sign up here.
BITCOIN SPOT ETFs
Gensler On Thin Ice as He Continues ETF Delays, Bucking Courts
SEC Chair Gary Gensler
The Scoop: The SEC again delayed decisions on proposed spot Bitcoin ETFs from VanEck, WisdomTree, Fidelity and all other applicants amidst a flurry of new filings ahead of what could have been another government shutdown.
A Pause in Play: The SEC is initiating additional proceedings to evaluate the merits of the proposed ETFs, extending the approval timeline. Commentators have 21 days to submit their insights, followed by a 35-day rebuttal period, indicating that the approval process will extend for several more months.
No Comment: The SEC seeks public comments on the applications, with a particular focus on the regulated market status of the Chicago Mercantile Exchange for Bitcoin futures trading, and a proposed surveillance-sharing agreement with cryptocurrency exchange Coinbase.
Thin Ice for Gensler: After losing the lawsuit from Grayscale, the SEC's continuous ETF delays under Chair Gary Gensler may reflect negatively amidst mounting pressure for approvals given all of their reasons for not approving were struck down by the courts.
WHAT WE'RE WATCHING
Public Miners % global hash rate: (Source: Hashrate Index)
⛏️ Publicly traded miners represent only 28% of the global hashrate. The rest is comprised of private miners, companies, and nations.
🚀 For the first time since 2016, Bitcoin posted a positive price movement for the month of September. Even more bullish is that historically, October and November are the best performing months for Bitcoin.
🌎 A recent survey by Block, Inc. and Wakefield Research shows rising optimism towards Bitcoin in developing nations, where it's seen as a financial freedom tool rather than just a speculative asset.
🚨 Three Arrows Capital co-founder Zhu Su was arrested in Singapore for non-compliance with a court order. The other co-founder, Kyle Davies, remains at large.
🎫 Coinbase has secured the necessary licenses to operate as a crypto exchange in Singapore, advancing its international strategy amidst ongoing regulatory disputes in the U.S.
📈 The percentage of Bitcoin supply held by long-term holders just officially reached its highest level ever at 76.09%. This means that a vast majority of Bitcoin is being held for the long-term and hodlers are not selling.
🍃 Bitcoin mining is the only major industry on Earth that sources a majority of its energy from non-emitting sources. Hydro makes up 23.1%, nuclear 7.9%, solar 5%, wind 14%, and other renewables 2.4%.
Kraken Announces Plans to Offer Traditional Stock Trading on Platform
The Scoop: U.S. crypto exchange Kraken is eyeing the trading of stocks and ETFs in the U.S. and the U.K., aiming to launch this service by 2024.
Beyond Cryptos: This move, a first for crypto exchanges, follows in the footsteps of platforms like Robinhood and Wealthsimple, which already offer a mix of traditional and crypto asset trading.
Regulatory Green Light: Spearheaded by its new division, Kraken Securities, the exchange has secured necessary regulatory permissions in the U.K., while approval in the U.S. remains pending.
Global Footprint Amid Regulatory Hurdles: Expanding its services globally, Kraken recently acquired a license in Spain to offer crypto exchange and custodial services, a step taken amidst regulatory challenges in the U.S.
Will more crypto exchanges move into stock trading in the coming years?
Last Tuesday’s Poll Results
Do you think Bitcoin will see an influx of $300B or more following a spot ETF approval?
Yes - 73%
No - 27%
👍 Yes: “Genzler's revenge.” - Larry
👎 No: “This number is just pumping the market. Just like Blackrock announcing their ETF application, seeding three market while there has been no commensurate Bull Run in anticipation.” - John
IN THE LOOP
🌐 Former Paypal President David Marcus recently did an interesting interview with Anthony Pompliano about his transition out of traditional payments and into Bitcoin, and his thoughts on the future of BTC as an international settlements layer.
💹 Digital asset investment products saw inflows last week for the first time in 6 weeks totaling just $21m.
💬 Elon Musk labels "Fiat currency" a scam, stirring the Bitcoin community who see this as an endorsement for Bitcoin, spotlighting the ongoing debate between traditional and digital currencies.
Today’s newsletter was written by Colin and edited by Jordan.