The Bitcoin Briefing, 17 May 2024

Welcome to the second edition of the Bitcoin Briefing from LondonLink. Last week’s inaugural offering is now just a faded memory. Let’s dive in to find what’s been buzzing in Bitcoin this week.

The image is of the LondonLinks Bitcoin Briefing newsletter from May 16, 2024

Bitcoin Market News

Jack Dorsey Says Bitcoin Price Will Go Beyond $1 Million in 2030

Former Twitter leader Dorsey believes the price of bitcoin could reach over $1 million by the end of 2030. His outlook aligns with that of other industry leaders, such as Ark Invest CEO Cathie Wood, who predicted that bitcoin could go as high as $1.5 million by that time.

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House votes to nullify SEC’s anti-crypto banking guidance SAB 121

The United States House of Representatives voted to pass a bill overturning controversial Securities and Exchange Commission (SEC) guidance preventing banks from owning crypto. Despite the bill passing in the House of Representatives, President Biden stated he would veto the new bill, as the White House “strongly opposes” overturning SAB 121, claiming it would disrupt the SEC’s efforts “to protect investors in crypto-asset markets and to safeguard the broader financial system.”

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Hong Kong's crypto ETF approvals had Bitcoin Asia attendees eyeing the mainland

Of the 5,500 attendees to this month’s Bitcoin Asia conference in Hong Kong, where spot Bitcoin ETFs were recently approved, half predicted China is warming to crypto. 

Despite crypto being banned in China since 2021, some crypto investors see Hong Kong's ETF approvals as a tacit message of support of crypto from the mainland, according to a report from the conference by the South China Morning Post.

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Bitcoin Trends

'You Are Still Early:' Bitcoin's Global Adoption Rate Hits 4.7%

Bitcoin's global adoption hit 4.7%, according to popular cryptocurrency analyst Willy Woo, marking it reminiscent of the Internet's growth curve in January 1999. Bitcoin's fast pursuit of the Internet adoption curve raised optimism among proponents that the digital currency would eventually mimic the parabolic rise of the world wide web.

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Historical cycle data suggests Bitcoin has left the ‘danger zone’

Bitcoin may have escaped the post-halving “danger zone” and is now headed for reaccumulation, according to a crypto analyst citing historical data. On May 13, crypto market analyst “Rekt Capital” posted an update to his Bitcoin market cycle chart, declaring that the “danger zone” when the asset corrects after the halving event is now over. Bitcoin is celebrating with a “good bounce from the re-accumulation range low support,” he added.

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Bitcoin miners poised to offload BTC as mining revenue plunges

A bitcoin selloff likely looms large as the token’s miners face pressure to offload their holdings amid a steep revenue drop-off, crypto research and analytics firm Kaiko’s data shows. Bitcoin miners' reliance on mining rewards and transaction fees are bringing in more modest returns in recent weeks. April’s halving event posed a unique headwind for miners trying to cover their overhead.

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Bitcoin People Moves

Vanguard names Bitcoin-friendly former BlackRock exec as new CEO

Asset management giant Vanguard has named Bitcoin-friendly former Blackrock executive Salim Ramji as its new CEO. With Ramji overseeing the approval and launch of BlackRock’s spot Bitcoin exchange-traded fund earlier this year, his appointment to Vanguard has industry pundits wondering whether he will try to change the firm’s long-held opposition to Bitcoin, or even spark a late filing for a spot Bitcoin ETF.

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Goldman Sachs alumni launch crypto VC Neoclassic Capital

A duo of Goldman Sachs Group alumni has launched Neoclassic Capital, a crypto-focused investment firm. The fund aims to inject capital into up-and-coming SoFi and GameFi projects, as well as digital asset lending and borrowing, derivatives and real-world asset tokenization services, among other sectors of the cryptocurrency industry.

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LondonLink Seeks Chief Operating Officer

The executive team at LondonLink is growing, and if you (or someone you know) are Lithuania-based, with a particular set of talents for strategy operations, executing on company-wide initiatives and bringing cutting-edge services to market, then you NEED to apply! 

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Bit of bitcoin fun

Does Trump care about crypto? Bitcoin is latest battleground in US election

Former President Donald Trump seems to have pivoted on crypto, adopting a more conciliatory stance and promising a “good and solid” future for the cryptocurrency industry in the United States. However, is Trump really “orange-pilled,” or is he just turning crypto into another partisan political football to secure votes as election day draws closer?

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