"The Feds Need to Close Down Bitcoin" - JP Morgan CEO
Hey what’s up everyone 👋
It’s another crypto news roundup from Coinigy.
So, while BTC almost touched $45K last week, some people are busy telling the Feds to close it down.
Who exactly?
Well, its the SEO of JP Morgan, Jamie Dimon.
When you view it at first glance, it isn’t so scandalous—your gold bug of an uncle has been saying the same thing for years...
But your uncle Terry doesn't run a blockchain with its own cryptocurrency, Jamie Dimon does.
So what's up with that?
Well, we can't be certain without entering the mind of Jamie himself, but from where we're standing - it stinks of regulatory capture.
The regulatory capture playbook goes like this:
You have a competitor → you sic the regulators on them → the regulators minimize/destroy their business → your business starts capturing the value left behind.
For example:
Let's say you've just started a Search Engine.
You could market it the old-fashioned way...
OR, you could go to regulators, claim that Google has a monopoly on Search, get regulators to break Google's Search business up, then swoop in and fill the void.
Jamie's call for the feds to 'close down' Bitcoin is starting to feel veeeery convenient now, no?
Anyway, here are the highlights from last week
El Salvador Introduces Exclusive Citizenship Through $1 Million Crypto Investment
El Salvador has started a new program where investing $1 million in Bitcoin Inc. or Tether.to can lead to residency and citizenship. This cost is much higher than similar offers in Caribbean countries, starting at $100,000.
IMX token surges as VanEck says release of new blockchain-based video games like Illuvium next year could boost value
Immutable X Surges 130% in a Month, Reaching $1.90 - Its Highest Since May 2022. VanEck Sees Further Potential in 2024, Driven by Its Blockchain Gaming Influence.
Coinbase Adds Message-Based Crypto Payments to Its Decentralized Wallet
Coinbase Enhances Decentralized Wallet with New Instant, Low-Cost Crypto Payment Feature via Messaging Apps. Available in 170 Countries, Compatible with Major Platforms like iMessage, WhatsApp, Telegram Messenger, and Various Social Media.
Binance Founder Ordered to Remain in U.S. Before Sentencing
Federal Judge Orders Binance Founder Changpeng Zhao to Stay in US Until February Sentencing, Citing Flight Risk. CZ, who faces up to 18 months in prison for money laundering, is not allowed to return to the UAE before his Feb. 23, 2024 sentencing.
VanEck predicts $40B inflow into Bitcoin ETFs and $100k BTC in 2024
VanEck forecasts Q1 2024 approval for first spot Bitcoin ETF, highlighting it as top crypto prediction. Reports Indicate Significant Progress in U.S. Securities and Exchange Commission Review Process, with Regulators Showing Signs of Favorability.
Other Highlights Worth Mentioning
- Bitcoin Rises to 10th Largest Asset Worldwide, Exceeding $800 Billion Market Cap. - Bitdegree
- Binance Drops Bid for Abu Dhabi Investment Management License, Deeming it Unnecessary for Global Strategy. - CoinDesk
- Polygon Labs PoS Network Reached a New Milestone, Averaging Over 10 Million Daily Transactions in the Last Week. - Crypto News
- Block Launches 'Bitkey' Self-Custody Bitcoin Wallet, Available in 95 Countries. - Cointelegraph