Kalam Crypto 110: USD loses 24% of its purchasing power, SBF sentenced to 25 yrs
This week, Tether became the 7th largest holder of bitcoin, Larry Fink declared the Bitcoin ETF to be the most successful ETF launch ever, Silk Road bitcoin is on the move, and SBF was sentenced to 25 years in prison.
"Making a good decision is about the process, not the outcome."
Ahlan wa sahlan, and welcome to the 110th edition of CoinMENA's weekly newsletter, Kalam Crypto. This week, Tether became the 7th largest holder of bitcoin, Larry Fink declared the Bitcoin ETF to be the most successful ETF launch ever, Silk Road bitcoin is on the move, and SBF was sentenced to 25 years in prison. All that and more on this week’s Kalam Crypto.
Prefer to listen to Kalam Crypto instead? Check out our podcast:
Global News 🌍
Tether’s Bitcoin Holdings Surpass $5 Billion: Tether's bitcoin holdings have surpassed $5 billion for the first time, with the stablecoin issuer purchasing an additional $627 million worth of bitcoins in the first quarter of 2024. This brings Tether's total holdings to approximately 75,354 BTC, valued at over $5.2 billion. Tether's accumulation of bitcoins has propelled it to become the seventh-largest holder of bitcoin, up from its previous rank of 11 earlier this year.
SBF Sentenced to 25 Years In Prison: Sam Bankman-Fried has been sentenced to 25 years in federal prison for his involvement in fraud charges related to the collapse of the FTX exchange and Alameda Research trading firm. Despite the lengthy sentence, it is shorter than what was recommended by the Department of Probation and prosecutors, who pushed for 40-50 years.
Bitcoin ETF is the most successful ETF in the history of financial markets: BlackRock CEO Larry Fink expressed bullish sentiments about Bitcoin during an interview on Fox Business Today. He highlighted the unprecedented growth of their spot Bitcoin ETF, $IBIT, labeling it as the fastest-growing ETF ever. Fink's positive outlook on Bitcoin's long-term prospects mirrors the broader trend of institutional adoption and recognition of Bitcoin as a legitimate investment opportunity. As the head of the world's largest asset management firm, Fink's endorsement carries significant weight, potentially influencing investor sentiment towards BTC. BlackRock has accumulated 254,381 bitcoin so far.
The U.S. Government plans to sell 30,000 BTC seized from the Silk Road: A wallet linked to the U.S. government transferred 30,175 bitcoins to a reported Coinbase wallet on Tuesday, representing approximately $2 billion at bitcoin's current price. In March 2023, the U.S. government sold 9,861 of the approximately 50,000 bitcoins seized from the Silk Road website in late 2022, fetching around $216 million. If they sell the 30,000 BTC, they will cover only two-thirds of the U.S. government’s daily interest on payments that service the national debt.
Signal beyond the noise 🔊
The U.S. dollar, the world's reserve currency, has lost 24% of its purchasing power in the past 4 years. Read that again, 24%! The reality is that the dollar and all other fiat currencies are continuously degrading in purchasing power due to excessive money printing. This is the main reason Bitcoin was created, to protect people’s savings from debasement.
Tweet Of The Week 🐥
CoinMENA News 🗞️
🤑Invite & Earn: Double Referral Bonus: There has never been a better time to invite your friends and family to CoinMENA. Invite your friends using your referral link and you will both earn $10 when they sign up & verify their account. The best part? Unlimited Rewards: Earn $100 with just 10 successful referrals. There's no limit to the invites you send!
Quiz Corner ✅
Last week’s question: What percent of on-chain transaction volumes do stablecoins represent? The correct answer is more than 50%
This week’s question: True or False, The Grayscale Bitcoin Trust holds more Bitcoin than BlackRock’s ETF:
True
False
See the answer in next week’s newsletter. Or check out our new learning platform https://university.coinmena.com/
