The amount of bitcoin ETF on the market are exploding and we are not surprised. It’s been our opinion for some time that Bitcoin is awesome and old money is just holding it back until they have a chance to control it and make some money. As of about a week ago The nerd wallet reports 19 Bitcoin ETF, last month decrypt reported that there was 11 bitcoin ETFs. We don’t see a sign of bitcoin going back below $50,000.
Nayib Bukele has apparently won his second term as president in a landslide victory.
Nayib Bukele Wins El Salvador’s 2024 Election – Twitter.com
Keeping it simple apparently El Salvador love their Crypto President. Bukele has been in the for front of the news for cracking down and violence in El Salvador and using Bitcoin as a legal tender. The eyes of the world are on El Salvador for standing behind the drastic measures taken to ensure safety and security both physically and financially. Many are ht
SBLOCK continues to see the SEC regulating the cryptocurrency and exchange industry as a good thing. It adds validity to cryptocurrencies and tokens as a form of exchange. The industry could use more investor protection and market integrity in the wake of the FTC scandal. The price of Bitcoin, the leading cryptocurrency continue to rise and fall and seems to be on it’s way up for the halving.
There are still CDBC (Central Bank Digital Currencies) expected to be released but no one except the Bahamas has actually created one. The politics of money continues while El Salvadore benefit from using Bitcoin as it’s means of exchange. The utiltiy of the BlockChain proves itself.
At SBLOCK we know that the BlockChain and cryptocurrencies are the future of Financial Technology.
El Salvador, the country that decided to make Bitcoin a legal tender has seen it’s bonds increase by 70% for 2023. We like to call “The little country that could”.- So they did. Now investors from over the globe are paying attention. Such as one of my favorites JP Morgan Chase, where one of there strategist wrote,
“Although we missed a significant share of the rally, we still think there’s value across El Salvador’s curve. There’s room for this credit to keep outperforming.”
It’s another win for Bitcoin. Coin Telegraph has the full story.
SBLOCK is looking forward to data coming out of the fed now system. A month ago (June 29, 2023), 57 institutions were said to have been certified to utilize the “FedNow” instant payment system. we look toward analyzing the data from the usage of that system. According to the Federal Governments website, they look forward to onboarding 10,000 U.S. financial Institutions. We do hope that FedNow welcomes financial institutions from all over the world.
Sblock has officially cease to recommend Trust wallet to their customers. We have noticed discrepancies with transactions on Trust Wallet. Some Transactions simply don’t show up. While the balance in the wallets seem to be accurate, we have notice that both incoming and outgoing transactions simply don’t show up in the history. At this moment we no longer recommend Trust Wallet is a good means of monitoring your cryptocurrency transactions.
Chase will benefit from the acquisition of smaller banks and failing banks like First Repbulic and they have the cash on hand to buy a lot more. They will gain access to new markets and customers and all those customers will be able to use FedNow, the federal government’s real-time payment system. This all part of operation chokepoint 2.0. There is an inherent danger with having too few banks to choose from. This is how cartels are formed. SBLOCK is keeping up with the events as they unfold and will provide guidance to our clients and customers.
There is a resolution ‘Expressing support for the Bitcoin economy in Texas‘. This comes at a time when it seems like a lot more banks are going fail. This declaration from Ron Desantis that there will be no CBDC in Florida seems all so well timed, as if they all know something we don’t know.
At sblock we were excited when Silvergate bank started taking customers. We were one of the first to fill out the online application to join. Then they informed us that we needed to deposit $1 million USD to open an account. That for us was a red flag, and we changed our minds. Why would a company force you to deposit a million dollars when the FDIC will only cover $250,000, we thought.
The latest bitcoin rally and the rash of banks going out of business are related. It may be as simple as people are just looking for a place to put their money but either way it says a lot. We’ve never thought bitcoin, the blockchain or cryptocurrency needed banks to be successful. In fact banks in there traditional form banks are in direct competition with cryptocurrencies. The banks that try to control cryptocurrencies and the blockchain industry will fail. The ones that understand that the ideas behind the blockchain and cryptocurrencies is simply one of those ideas ‘who’s time has come’ and embrace it will be successful. The blockchain is a great technological achievement it can continue to gain acceptance with or without the help of banks. We all know that largest economies in the world are still adverse to cryptocurrencies all while most have already implemented a digital currency. They are using the same technological ideas created by the blockchain developers to create their digital currency except it’s not decentralized and they control it. Who ever controls it will have a lot of power and that’s what they want. Absolute power does lead to absolute corruption. More power leads to more corruption.