The Breakdown First Five - Tuesday October 31, 2023

Welcome back to The Breakdown First Five — the 5 most interesting and/or important stories in bitcoin, crypto, and markets to start your day.

5. Bitcoin Searches Surge

The recent Bitcoin rally has sparked a surge in online interest. Google searches for “buy bitcoin” have massively increased and the Wikipedia page for Bitcoin saw its highest viewcount since June 2022. Between ETF hype and geopolitical instability, the normies appear to be taking a second look at Bitcoin.

4. Druckenmiller Should Own Bitcoin

Legendary investor Stan Druckenmiller has praised Bitcoin for establishing its own “brand” in an interview with equally legendary and far more Bitcoin-friendly investor Paul Tudor Jones. The 70 year old Stan said he owns gold but likes Bitcoin as well. He added “I don’t own any Bitcoin, to be frank, but I should.”

3. Bittrex Shutdown Approved

The bankruptcy court has approved the shutdown of Bittrex in the US. The once pivotal crypto exchange became unviable after regulatory action, leading to its bankruptcy in May. The company settled with the SEC for $24M in fines in August. Most US customers have been refunded and the CEO of Bittrex Global said that they will no longer be dealing with US customers. For everyone else, “Bittrex Global is here for you." 

2. SBF Cut Up On Cross

Sam Bankman-Fried’s narrative was torn apart on cross-examination. The prosecutor repeatedly trapped Sam in lies about all manner of subjects, both large and small. Throughout the testimony Sam said he didn’t recall his own statements over a hundred times. This was often followed by an audio clip or a tweet being entered into evidence to show exactly what Sam said. This brutal cross-examination is why defendants are told not to take the witness stand.   

1. Bitcoin Whitepaper Turns 15

Was it just 15 years ago when Satoshi Nakamoto published a whitepaper that changed the world? Aside from Halloween, today is the anniversary of the seminal Bitcoin whitepaper which introduced permissionless internet money to the world. So much has changed, but so much stays the same. Central banks are still on the brink of another bailout and the money remains broken. Happy anniversary to Bitcoin and thank you Satoshi, wherever you are. 

Thanks for reading -NLW