1. Home
  2. Discover
  3. Crypto
  4. CoinSnacks

📌 El Salvador Adopts Bitcoin, FBI Hack Jobs, and Bitcoin Gains by Country

June 9, 2021 | Issue #172

 MUST READS 

El Salvador’s Legislature Votes to Adopt Bitcoin as Legal Tender


Just hours ago, El Salvador became the first country to make Bitcoin a legal tender.

The president intends to sign the bill into law later tonight or early in the morning. 62 members of the legislature voted in favor of the bill, with 19 opposed and three abstentions.

Since BTC is now legal money in El Salvador, capital gains on it will no longer be taxed. Additionally, El Salvador’s government said it will hold Bitcoin as a reserve asset and offer attractive incentives for individuals and companies to move to the country.

The new law also makes several proposals around how the country should adopt the cryptocurrency. This includes requiring any business — whether it be for acquiring a good or service — to accept payments in crypto, allowing people to pay their taxes in bitcoin.

And as this goes to press, lawmakers from Panama, Argentina, Paraguay, and Brazil are looking to follow El Salvador's lead.

On Tuesday, the President of El Salvador, Nayib Bukele, joined Nic Carter, Balaji Srinivasan, Caitlin Long, and others, on a Twitter Space to discuss the bill. You can find a summary of the conversation here.

This is a big deal. Stay tuned.

In other news... volcanoes?
 

Did The FBI Just Hack Bitcoin?


We've learned over the years that crypto trades a whole lot on momentum. Like most volatile assets, when there's good news – prices typically pump. Inversely, when spooky headlines hit the newswire, prices falter.

That was exactly the case this week, shortly after the announcement of the Justice Department's successful bitcoin recovery from the fuel pipeline hackers.

Rapid Reaction: "THE FBI JUST HACKED BITCOIN!!"

The Real Story: The FBI’s breach of a bitcoin wallet held by the cybercriminals who attacked Colonial Pipeline is all about sloppy storage, and not a reflection of a security vulnerability in the cryptocurrency.

Here's a simple explanation of what went down. And a more in-depth one here.
 

Saylor is Nutso


MicroStrategy CEO Michael Saylor announced that the cloud software company plans to buy more bitcoin, but this time more unconventionally. It also announced those bitcoins will be held under a new subsidiary called MacroStrategy.

The company is seeking to raise funds through the sale of $500 million aggregate principal amount of senior secured notes due 2028, which will bear interest at an annual rate of 6.125%, in order to fund its next purchase. Unlike the previous two offerings, however, these bonds are "vanilla", not convertible, and they are secured by the company's assets.

Bloomberg describes the corporate debt being issued for the latest Bitcoin buy as "junk bonds," meaning they're at a higher risk of default. In the SEC filing, MicroStrategy indicated that the company was taking an impairment loss of $284.5 million, due to fluctuations in bitcoin’s price in Q2.

Despite all the hot takes and an unfavored market reaction following the announcement, let's not forget MicroStrategy had soared to a two-decade high in February with unrealized gains of over $1 billion. Saylor also made it clear (again) on stage at the Bitcoin 2021 Conference in Miami that MicroStrategy does not plan to sell any bitcoin.
 

 SPONSORED 

Titan Crypto - The first actively managed crypto product available to all U.S. investors


Titan is excited to be launching Titan Crypto, the first actively managed crypto strategy available to all U.S. Investors (non accredited, accredited).

From Titan’s Chief Investment Officer -

“Despite the explosive returns to date, crypto is not an easy asset class to understand and invest in, which is why we believe Titan’s active management can add tremendous value. 

Our Investment Team conducts deep fundamental and quantitative research to identify what we believe to be the highest quality cryptoassets, and actively manages a portfolio that we believe is positioned for outstanding long-term returns. This includes rebalancing and tactical trading during periods of excess volatility, aiming to enhance risk-adjusted returns."

Join the waitlist to gain access to Titan Crypto for no Titan fees when they launch ($0 commissions, 0% advisory fees)  — only valid for those on the waitlist!

Join the waitlist
 

 DEEP DIVE 

Bitcoin Gains by Country: Who Benefited the Most from the 2020 Boom?


2020 was an important year for Bitcoin, as an influx of institutional dollars spurred the asset to new all-time highs. But who benefited most from its booming prices? In a new report, Chainalysis breaks down estimated bitcoin gains in 2020 by country.

U.S. investors collectively made over $4 billion in realized bitcoin gains in 2020, more than 3x the next highest country, China at $1.1 billion.

Here are some other countries that punched above their weight:
  • Vietnam ranks 53rd in GDP at $262 billion but 13th in Bitcoin investment gains at $351 million
  • The Czech Republic ranks 54th in GDP at $251 billion but is 18th in Bitcoin investment gains at $281 million
  • Turkey ranks 25th in GDP at $761 billion but 16th in realized Bitcoin investment gains at $300 million
  • Spain ranks 19th in GDP at $1.4 trillion but 9th in realized Bitcoin gains at $554 million
On the other hand, some countries underperformed. India for example has the fifth largest economy with a GDP of $2.9 trillion, yet ranks a surprisingly low 18th in bitcoin investment gains at $241 million.

See the rest of the results here.
 

Square Puts Some Money Where Their Mouth is


The environmental impact of mining for bitcoin has come under intense scrutiny over the past few months – a development that reportedly has scared away some institutional investors and contributed to the recent decline in the price of bitcoin.

But to show the world that bitcoin can indeed be a net positive for the environment, Jack Dorsey’s payments company, Square, has teamed up with Blockstream, the Bitcoin technology firm behind the Liquid Network, to launch a renewable Bitcoin mining project.

Square plans to create a public dashboard for the new "solar-powered bitcoin mining facility" and it will serve as a “transparency case study” for Bitcoin mining and renewable energy.
 

CoinMetrics: Trading Volume Trends


The past month was an outlier in many ways as meme coins like DOGE dominated headlines and the entire market went through a crash.

Although it’s still too early to tell whether these trends will last or if they were just a flash in the pan, trading volume data provides some insights.
 

 SPONSORED 

Insiders Are Betting on These Stocks


A former Hedge Fund insider, just revealed what top Wall Street investors are buying.

Using a new system for legally intercepting their trades, he has identified exactly what the top 1% are buying. Now, he’s revealing those exact trades and how you can buy the same stocks for returns of 600% or more. 

Go here now to find out more.  
 

 REGULATORY FRONT 

The Crypto Crackdown in China Continues...


Bitcoin miners in one of the major economic and technological development zones in China's Xinjiang province have been ordered to shut down all crypto mining activities by today.

The Zhundong Economic Technological Development Park is a 15,500 square km area home to a variety of coal production industries and also houses some of the largest bitcoin mining facilities in the country due to the high capacity of fossil fuel energy.

The instruction was based on the high-level bitcoin trading and mining crackdown comment brought up during the China State Council meeting last month.

In other China v. Bitcoin news, a slew of crypto-related accounts in China’s Twitter-like Weibo platform were blocked over the weekend.
 

CFTC Commissioner Criticizes DeFi


In a June 8 keynote address, Commissioner Dan Berkovitz of the Commodity Futures Trading Commission spoke out against DeFi stating that there are no intermediaries that regulators can charge with protecting investors.

He described such a system as "a Hobbesian marketplace" and said of unregulated DeFi markets that he does "not see how they are legal under the CEA," while also repeatedly using Wikipedia as his "source." 😆
 

 TWEET OF THE WEEK 

Other Content You Might Enjoy
  • Vitalik on Lex Fridman Podcast
     
  • Who tf let this guy talk at a conference; here are 4 more weird moments from the Bitcoin 2021 Conference in Miami
     
  • Google employees admit in lawsuit that the company made it nearly impossible for users to keep their location private
     
  • Solana Labs raises $314 from A16z and Polychain Capital
     
  • Gemini acquires crypto custody startup Shard X
     
  • Crypto Frauds Target Investors Hoping to Cash In on Bitcoin Boom
     
  • Coinbase shakes up stablecoin offering to entice large FX traders
     
  • Interactive Brokers will offer crypto trading by the end of the summer
     
  • Grand Theft Auto 6 to Feature in-Game Fictional Cryptocurrency
     
  • DeFi Is Helping to Fuel the Crypto Market Boom—and Its Recent Volatility
     
  • FTX is spending $210 million to rename a professional e-sports team
The CoinSnacks weekly digest is a manually curated newsletter that delivers fresh content covering cryptoassets and the evolving blockchain community for investors around the world. The digest is curated by CoinSnacks employees and sent once a week.
CoinSnacks | 5500 Military Trail Suite 22-250 | Jupiter, Florida | 33458

Sponsor | Unsubscribe | View in Browser

Older messages

Get out of stock options NOW

Tuesday, June 8, 2021

Editor's Note: Please take a moment to read this special message from our sponsor, Casey Research Dear friend, Stock options are DEAD. Because there's a NEW way to trade. It can pay far more

📌 The NFT Bubble, Market Dislocations, and The State of Crypto M&A

Wednesday, June 2, 2021

June 2, 2021 | Issue #171 MUST READS PayPal Will Let Customers Withdraw Crypto Last week at CoinDesk's Consensus 2021 conference, Vice President of Global Business Development at PayPal, Jose

📌 Bitcoin Mining Council Hot Take, Coinbase Looks to Buy OBTC, and Breaking Down the Crypto Crash

Wednesday, May 26, 2021

May 26, 2021 | Issue #170 MUST READS A Bitcoin Mining Council? After last week's hissy fit around environmental concerns, Elon Musk seems to have changed his tune (a bit). Over the weekend, Elon

The Truth Behind This Week’s Tumble

Tuesday, May 25, 2021

Editor's Note: Please take a moment to read this special message from our sponsor, Thunderclap Research. The month of May has been a rough one. Crypto assets across the board have been bleeding...

📌 The ETH Bull Case, China Bans Crypto, and Let’s Talk About this Crash…

Wednesday, May 19, 2021

May 19, 2021 | Issue #169 MUST READS It was Inevitable. Well, as we're sure all our readers out there are quite aware, we have a bit of a market crash going on. To put it simply, pretty much every

You Might Also Like

A Distinctive Black Flag Brand | Black Flag DAO Weekly Rollup

Saturday, November 23, 2024

Catch Up With What Happened This Week in Black Flag DAO ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Blockchain Association urges Trump to tackle crypto reform in first 100 days

Saturday, November 23, 2024

The association sent a letter with five priorities to the President-elect, including regulatory clarity and ending crypto firms' "debanking." ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Weekly Project Updates: SOL Reaches New All-Time High, Magic Eden to Hold TGE on December 10, 10 Trillion BONK Tok…

Saturday, November 23, 2024

Bloomberg ETF analyst James Seyffart shared that Cboe has filed applications with the SEC for four Solana spot ETFs, with issuers being VanEck, 21Shares, Canary Capital, and Bitwise. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Galaxy Digital CEO Mike Novogratz says Bitcoin reaching $100,000 is ‘just the start’

Friday, November 22, 2024

Galaxy's CEO also warned that the market is currently heavy with leverage, with a correction until $80000 being possible after the $100000 is surpassed. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

👂 Your Voice Matters! Help Us Improve Our Newsletters

Friday, November 22, 2024

Your feedback helps make our reporting more insightful. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Reminder: Bitcoin Becomes 8th Largest Asset Globally After Surpassing Silver

Friday, November 22, 2024

We bring you the top stories in crypto every week! Stories like... Tuesday Nov 19, 2024 Sign Up Your Weekly Update On All Things Crypto TL;DR Welcome to this week's edition of CryptoWeekly Recap,

WuBlockchain Weekly: Bitcoin Surges Past $99,000, MEME Mania Sweeps the Crypto Market, SEC Chairman to Resign, Yao…

Friday, November 22, 2024

Bitcoin briefly surged past $99000, setting a new all-time high. As of the latest report, the price stands at $98696, reflecting a 24-hour increase of 1.44%. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

⚡ Just starting your newsletter?

Friday, November 22, 2024

This might help. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Your biweekly source of crypto insights📈

Thursday, November 21, 2024

DeFi on NEAR is busy right now. Since 11/10, trading volume on Ref Finance, one of the ecosystem's largest protocols, has surged as much as 400% in a A DeFi on NEAR is busy right now. Swap volumes

Cardano’s Charles Hoskinson nominates Coinbase’s Brian Armstrong for Donald Trump’s crypto czar

Thursday, November 21, 2024

Hoskinson cites Armstrong's leadership at Coinbase as key to overcoming regulatory hurdles and promoting industry unity. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏