Kalam Crypto #91: Big Bitcoin Week & 15 year anniversary of the whitepaper
This week, a big week for bitcoin, the price increased to the highest level in 18 months, the anniversary of the bitcoin whitepaper, and SBF took the stand in his trial.
“If you're not careful, the newspapers will have you hating the people who are being oppressed, and loving the people who are doing the oppressing.” Malcolm X
Ahlan wa sahlan, and welcome to the 91st edition of CoinMENA's weekly newsletter, Kalam Crypto. This week, a big week for bitcoin, the price increased to the highest level in 18 months, the anniversary of the bitcoin whitepaper, and SBF took the stand in his trial. All that and more, so let's dive into this week's letter, and talk crypto:
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Global News 🌍
Big Bitcoin Week: Usually we do not cover short-term price movements, but in a time where good news is scarce, today we want to celebrate the rise of the world’s scarcest asset! BTC is up ~15% this week, going above $34 thousand for the first time since May 2022. Year to date, Bitcoin is up over 100% from its January lows and is now the best-performing asset class in the world in 2023. The rally seems to be fueled by the imminent approval of bitcoin ETF. Do you have enough bitcoin?
Bitcoin Whitepaper Anniversary: Today marks the 15-year anniversary of the Bitcoin whitepaper. The ramifications and impact of this revolutionary invention on our financial systems are just beginning to be understood by economists and technologists today. Thank you, Satoshi.
SBF denies any wrongdoing: In a highly anticipated moment, Sam Bankman-Fried, facing seven counts of fraud and conspiracy, addressed the jury, adopting a deliberate speaking pace and asserting he was unaware of many activities within the FTX empire. SBF presented a more cautious demeanor, reiterating that, while he made mistakes, he was a young startup founder who misplaced trust in certain individuals. When questioned about a risk department, he admitted it was lacking proper controls. In short, his defense strategy is to claim he simply didn’t know what was going on, and that running a start-up is hard.
Thailand’s 4th-largest bank buys $103M stake in crypto exchange: Kasikornbank, Thailand's fourth-largest bank, has acquired a majority stake of $103 million in the parent company of the local crypto exchange Satang. This move reflects a growing trend where traditional financial institutions are acknowledging the significance of the crypto industry, emphasizing the need to adapt and adopt to avoid being left behind.
Class of the Week 🎓
Why is Bitcoin important? Bitcoin is an invention that, for the first time in history, enabled people to create and manage a digital money supply outside the control of any government or bank. Check out this write-up from CoinMENA University that goes deeper into why bitcoin is such an important technological innovation.
Tweet Of The Week 🐥
CoinMENA News 🗞️
Double Referral Rewards💰
We've doubled the referral bonus to $10! Invite your friends using your referral link and you will both earn $10 when they sign up & verify their account. This limited-time campaign expires tonight, October 31, 2023 at 10 PM!
Get 20 USDC 🤑
Deposit or Withdraw USDC via the Stellar network and you can earn your $20 USDC too! This offer is limited to the first 1,000 CoinMENA users to complete such deposit or withdrawal. Terms and conditions apply, see full campaign details in this blog post.
Quiz Corner ✅
Last week’s question: How can users participate in the USDC offer?
D) By depositing or withdrawing USDC via Stellar
This week’s question: According to the Bitcoin whitepaper, who has the authority to make changes to the Bitcoin protocol?
A) The Bitcoin Foundation
B) A group of prominent miners
C) A central governing body
D) Consensus among network participants
See the answer in next week’s newsletter. Or check out our new learning platform https://university.coinmena.com/