Craig Wright, the controversial figure who claims to be Bitcoin’s creator, Satoshi Nakamoto, is cracking following the defeat of his landmark case as been handed a suspended prison sentence by a UK court.

Wright’s one-year sentence for contempt of court won’t see him behind bars unless he breaches court orders in the next two years. While the average person would make sure to comply, Wright's recent behavior has us wondering if he's capable of controlling himself long enough to stay free man. 

Over-Emotional, Irrational, and Digging his Hole Deeper...

Wright has seemingly become driven by emotion rather than calculated legal strategy, his recent  irrationality and impulsiveness seem to be a clear indication that the mounting legal defeats are taking their toll. 

First, immediately after the court dismissed his lawsuit, he filed another - a move seen as Wright blatantly disregarding the court’s previous orders.

But that was just the beginning as Wright then did something anyone in their right mind knows is always a bad idea, and will never help someone make their case - he skipped attending the hearing addressing his first violation. 

At first it seemed like Wright may have immediately realized his mistake and agreed to attending the rescheduled hearing. But hopes Wright was returning to reality soon faded as he joined the hearing via video link, demanding an insane £240,000 to attend, to cover his "costs and lost earnings". 

These actions painted a picture of someone incapable of maintaining composure in the face of legal setbacks.

The Claim That Won’t Die...

These most recent troubles were ignited when Wright attempted to sue a group of Bitcoin developers for £900 billion (around $1 TRILLION in USD), the most recent, but far from the first lawsuit Wright has attempted.

For years, Wright has insisted he is the mysterious creator of Bitcoin, Satoshi Nakamoto, despite a mountain of evidence to the contrary. This self-proclaimed identity has been central to his legal battles and public persona, yet it has consistently crumbled under scrutiny. 

The High Court in London dismissed his lawsuit, calling it baseless. In the wake of this ruling, an advocacy group made up of individuals and companies who want to protect Bitcoin's open source status, called the Crypto Open Patent Alliance (COPA) called for Wright to be held in contempt of court.  The grounds for this claim come from his ruling from the court explicitly barring him from filing new lawsuits that were based on his claim to be Nakamoto.

The UK Legal System Has Had ENOUGH...

Judge Mellor ripped into Wright, calling his tactics "malicious and manipulative". 

The court highlighted years of distress caused by Wright’s relentless legal threats against developers and bloggers, noting that his claims were founded on lies and forgeries. The judgment emphasized Wright’s attempts to mislead both the legal system and the public.

Wright’s unhinged behavior has earned him a one-year suspended sentence for contempt of court, along with orders to pay £145,000 (about $180,000 USD) within 2 weeks.

While he narrowly avoided prison thus far, he must follow court orders exactly as instructed for the next 2 years if he wants to stay out.

A Tarnished Legacy...

The crazy part is, Wright truly did contribute to the creation of Bitcoin.  He was among the small group of original developers who volunteered their time and skills to help whoever the real Satoshi is - Wright does deserve credit for helping to launch the first cryptocurrency.

Wright could have been a respected figure in the crypto and tech world with the true story of his role in Bitcoin's creation. Ironically, people who launch the most vicious attacks at Wright for being a fraud would probably be among his biggest fans.

This seems to be an example of a poor choice made years ago, perhaps made impulsively - mix this with a prideful person who struggles to admit when they're wrong, and you get this ridiculous never-ending spectacle.

Wright had to be aware of several obvious methods the real Satoshi could use to prove his identity, Wright knew he couldn't perform any of them, and that people would demand this of anyone making this claim. The most important being the ability to open the wallet belonging to Satoshi.

Surely the real Satoshi would carefully back up the private key needed to access his wallet, of which over $90 Billion USD worth of Bitcoin sits untouched for 14 years.

But during a case he filed in Norway, where Wright attempted to sue someone from the crypto community on Twitter for calling him a scammer, Wright claimed he could no longer access the Satoshi wallets since he 'stomped out' the hard drives they were saved on.  The man he was suing was a public school teacher with 8000 followers, Wright lost. 

Where Do We Go From Here?

It seems Wright has taken things so far, he's reached the point where having him face real, life changing consequences is the only response left.  Wright has proven his willingness to create a never ending cycle of baseless lawsuits that waste both government and private citizens funds addressing - failing to win a judgement in his favor has proven not to be a deterrent. 

Since Wright begun his crusade, only his worst traits have evolved.  What started with him at least portraying an image of someone making calculated legal moves, has been replaced with someone unable to control themselves long enough to consider the results of their increasingly impulsive actions.

I guess what I'm trying to say is - my money is on Craig going to jail! He needs to obey every demand of the court for 2 full years, and I just don't see his personality changing enough to pull it off. 

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Author: Mark Pippen
London Newsroom
GlobalCryptoPress | Breaking Crypto News

In a bold move toward integrating cryptocurrency into national policy, Japanese Senator Satoshi Hamada has submitted a formal proposal urging the government to establish a strategic bitcoin (BTC) reserve. The request, officially registered in Japan's Upper House of Parliament, advocates for converting part of the nation's foreign exchange reserves into bitcoin and other virtual currencies.

Hamada's proposal, titled “Letter of Intent on the State of Understanding of the Bitcoin Reserve Movement Promoted by the United States and Other Countries,” underscores the growing global interest in bitcoin as a treasury asset. He highlighted bitcoin’s decentralized and neutral qualities, describing it as less influenced by specific nations or institutions, making it a resilient and reliable economic tool.

This call to action aligns with a broader trend, as nations and corporations worldwide explore bitcoin treasuries to diversify their reserves. The United States, for instance, has drawn attention for its discussions around adopting bitcoin as part of its economic strategy, spurred by promises from President-elect Donald Trump.

In Japan, the interest in bitcoin is also evident in the private sector. A prime example is Metaplanet Inc., a Japanese company that saw its stock value surge by 1,700% in a single year due to its investment in bitcoin. Hamada cited such cases to illustrate the potential benefits of incorporating bitcoin into national reserves.

The Japanese government is expected to issue a formal response to the proposal in the coming weeks, with the reply likely to be published on its official website. How Japan addresses Hamada's initiative could influence other nations, given Japan's reputation for technological innovation and its leadership in adopting financial technologies.

The Move Could Influence Other Nation's to Follow...

As the world watches, Japan's decision could set the tone for how advanced economies approach bitcoin in their fiscal policies, potentially ushering in a new era of cryptocurrency-backed reserves.

Japan has long been a pioneer in cryptocurrency adoption. Bitcoin and other cryptocurrencies have been legal in the country since 2017, though their use has largely been limited to speculative trading since 2019. Hamada’s proposal could signal a shift toward viewing bitcoin not just as an investment or trading tool but as a strategic national asset.

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Author: Adam Lee 
Asia News Desk / Breaking Crypto News

In a sweeping operation across Germany, authorities have confiscated nearly €25 million ($28 million) in cash from cryptocurrency ATMs that were operating without proper permits, according to a statement issued by the country’s financial regulator, BaFin, on Tuesday.

The operation targeted cryptocurrency ATMs located in 35 different sites across the country. These machines were facilitating the trade of Bitcoin and other cryptocurrencies but lacked the necessary licensing, which raised concerns about their potential use in money laundering activities.

BaFin collaborated closely with law enforcement agencies and the German Bundesbank to carry out this extensive operation. The seizure of these ATMs marks a significant step in Germany’s ongoing efforts to regulate the fast-growing cryptocurrency market, particularly in the wake of a global surge in Bitcoin ATM installations in 2024.

The crackdown also underscores Germany's commitment to stringent regulatory enforcement within the crypto space. ATM operators found to be in violation of licensing requirements face severe legal consequences, including penalties of up to five years in prison, according to AML Intelligence.

This recent action is part of a broader regulatory push by German authorities to manage the risks associated with cryptocurrencies. The German government has been under scrutiny for its approach to handling seized digital assets, particularly after it liquidated the last of its seized Bitcoins in July 2024. That sale included 3,846 Bitcoins, each valued at approximately $62,604, most of which had been confiscated in previous operations.

As Germany continues to tighten its grip on the cryptocurrency sector, this operation serves as a stark reminder to operators that compliance with regulatory requirements is not optional.

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Author: Mark Pippen
London Newsroom
GlobalCryptoPress | Breaking Crypto News

Crypto liquidations are expected to decrease this month, and the market is predicted to bounce back from August onwards, according to a report from JPMorgan (JPMJPM) released yesterday.

The bank has lowered its estimate of how much money has flowed into the crypto market this year from $12 billion to $8 billion. JPMorgan doubts that the earlier estimate of $12 billion would continue for the rest of the year because the price of Bitcoin (BTC) is quite high compared to its production cost or the price of gold.

“The reduction in the estimated net flow is largely driven by the decline in bitcoin reserves across exchanges over the past month,” said analysts led by Nikolaos Panigirtzoglou.

Combination of 3 Large Sell-offs are Holding Prices Down...

The sell off's by creditors of Gemini, the now-closed crypto exchange Mt. Gox, and the German government, which has been selling crypto it seized from criminal activities, increased supply, and held prices down.  

But all these sell off's are a one time thing, and have either recently finished selling or will be completed soon. 

JPMorgan’s reduced estimate of $8 billion accounts for $14 billion in new investments into crypto funds by July 9, $5 billion from Chicago Mercantile Exchange (CME) futures, and $5.7 billion raised by crypto venture capital funds this year. These amounts are then adjusted by subtracting $17 billion, which accounts for the shift from wallets on exchanges to new spot bitcoin exchange-traded funds (ETFs).

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Author: Mark Pippen
London Newsroom
GlobalCryptoPress | Breaking Crypto News

The price of Bitcoin has plummeted more than 7.5% in the last 24 hours, plunging to around $62,000 on several major exchanges.

At the time of this publication, Bitcoin is trading at approximately $64,300 per unit.

Bitcoin's downfall was not an isolated event. The S&P 500 index, which comprises the largest American companies, also experienced a significant decline in the past week, accentuated on the last business day. The same occurred with markets in other countries, indicating a global market reaction.

The primary apparent reason for these market movements is the escalating tensions in the Middle East, specifically the conflict in Israel and the potential for a larger-scale conflict brewing, as Iran has launched attacks.

What Could Reverse the Trend?

The imminent approval of Bitcoin ETFs in Hong Kong, one of the world's five largest financial markets, could be a turning point. The impact of such a measure would be substantial, as it could potentially influence the Chinese government to relax restrictions on the use of digital assets.

Additionally, the next Bitcoin halving event, which reduces the issuance of BTC per mined block by half, is just days away. This event typically generates significant media attention and visibility for Bitcoin, serving as a remarkable marketing opportunity.

Furthermore, each halving reminds the market that Bitcoin is a scarce asset and that the available quantity for acquisition will become increasingly limited, which has historically acted as an upward catalyst for its price in the medium and long term.

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Author: Mark Pippen
London Newsroom
GlobalCryptoPress | Breaking Crypto News

Over the last week there has been a growing chorus of voices, particularly among certain US senators and congressmen, claiming cryptocurrency is being used to fund terrorism, supporting the likes of the Hamas organization and other terrorist groups. They are now calling for investigations into USDT issuer Tether and exchanges like Binance US. 

While we support investigating such allegations, it's equally important to for the industry to immediately shut down any attempts by established anti politicians to fabricate, or exaggerate the claims.

The allegations against Tether and Binance US stem from a Wall Street Journal report that claims these crypto entities facilitated transactions involving individuals and entities subject to U.S. sanctions. The report further suggests that Tether used U.S. bank accounts for potentially suspicious transactions.

If There's Proof,  It's Been Hard To Find...

Blockchain analysis company Elliptic says it has found no evidence to support the claims of The  Wall Street Journal. They argue that the data has been misinterpreted.

Binance and Tether are so sure the story is wrong that they are urging the U.S. government to verify the facts, saying the Wall Street Journal's report contained misleading statements. Both have unequivocally stated they operate under a strict zero tolerance policy when it comes to providing services to anyone linked to terrorism. 

If Shady Journalists and Politicians are Successful in Linking Crypto to Terrorism, We Could See A New Level Of Government Aggression.

The allegations that organizations like Hamas used crypto assets to raise funds before attacks in October have far-reaching implications. They not only affect the cryptocurrency sector but also muddy the waters when it comes to regulatory clarity for the crypto ecosystem in the United States.

No surprise, it's the usual crew of tech-illiterate politicians, the ones we've seen having over-emotional meltdowns during various capitol hill hearings on crypto, who are pushing this narrative now.

Led by Senators Elizabeth Warren and Sherrod Brown, the senators recently told the press they've written to the White House demanded answers about the role of cryptocurrencies in recent events, specifically attacks against Israel. They've also questioned the White House about its plans to prevent the use of cryptocurrencies for terrorist financing. 

What they're doing is obvious - making sure they can still say 'We never claimed crypto was being used to fund terrorism' - and instead they just 'asked what we can do to prevent that from happening' - fully aware that this advances a misconception that crypto is key to shutting down terrorism financing, all while lacking any supporting evidence.

What's ironic in all of this, is that traditional banks have had a long history of being caught, knowingly or unknowingly, moving funds for everything from terrorists to cartels. 

Where are those bankers today? Still fully operational and controlling billions.

ING helped Iran move billions while under sanctions, they paid $619 million in fines. Standard & Charterer's also paid fines of $340 million after hiding being caught hiding records of Iranian clients transactions.  Or HSBC who basically became the official bank of Mexican drug cartels - leading to a fine of 1.9 BILLION.

In Closing...

Instead of rushing to judgment, it's crucial to conduct thorough investigations and present concrete evidence The truth is, if there is any crypto being used to fund terrorists, there's no  signs any company has helped them, and the amount must be so small that it isn't enough for researchers to spot on the blockchain.

Therefore, we must openly refuse to accept more blame than banks whos violations involved MUCH larger amounts. 

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Author: Jules Laurent
Euro Newsroom | Breaking Crypto News 

In a significant stride towards sustainability, Bitcoin mining has witnessed a remarkable transformation. A recent study from the University of Cambridge reveals that the energy efficiency of Bitcoin mining has soared to be "20 times greater" than figures from 2015.

But what does "energy efficiency" mean in this context? Simply put, it's the ability to achieve the same output using less electricity. When applied to the realm of mining, there have been notable advancements in devices operating on the Proof of Work (PoW) algorithm. These devices can now mine more Bitcoins while consuming equal or even lesser energy.

In his presentation at the World Digital Mining Summit 2023, Alexander Neumüller, an esteemed researcher at the Center for Alternative Finance (CCAF), attributes this efficiency leap to technological innovations in the mining sector. These advancements have not only reduced electricity consumption but also bolstered the processing power of the Bitcoin network.

Highlighting the magnitude of this progress, Neumüller emphasized an astounding "20-fold increase" in Bitcoin mining's energy efficiency over the past eight years.

Historically, Bitcoin mining has been criticized for its hefty energy consumption, which many environmentalists claim leads to increased pollution. However, with the dual approach of enhancing energy efficiency and integrating renewable energy sources, the cryptocurrency industry is making strides towards a greener future.

In a remarkable turn of events, Bitcoin suddenly went on the move, and smashed through the $30,000 barrier. This comes as traditional banking institutions that have dabbled or shown curiosity in crypto realm begin to make actual moves in to the space. 

This breakthrough is being hailed as a positive omen by investors and pundits alike, who are speculating that this could be the starting gun for a new Bitcoin rally.

BlackRock's Bitcoin ETF Proposal: A Potential Game Changer on the Horizon?

In related news, BlackRock, the world's most substantial asset manager, has been making waves with its proposal for a Bitcoin Exchange-Traded Fund (ETF). If given the green light, this could be a watershed moment for the cryptocurrency industry, potentially paving the way for more institutional investors to join the party. The proposal has ignited a flurry of speculation and debate within the financial community, with all eyes now on the regulatory authorities and their impending decision.

Bitcoin's Price Rally Levels Off - Just A Breather, Not a Full Stop..

Bitcoin is holding above the $30k mark so far, and that's about all it has done in the last 24hours.  But analysts overwhelmingly believe this is a pause rather than the end of the upward trend. While the digital currency has seen some turbulence in recent days, many are viewing these dips as attractive opportunities to buy. 

The overall sentiment remains bullish, with experts suggesting that the current market conditions could be the precursor to further gains in the near future.

Next Rally in Sight? Major Bank Forecasts a MASSIVE Multi-Trillion Market Shift Towards Crypto...

Adding fuel to the crypto fire, a major bank has dropped the bombshell that a market shift to the tune of $15 trillion could be on its way to Bitcoin and other leading cryptocurrencies such as Ethereum, BNB, XRP, Cardano, Dogecoin, Tron, Solana, and Polygon. This forecast underscores the growing acceptance of digital currencies as a bona fide asset class and their potential to revolutionise the global financial landscape.

Japanese banking giant Nomura's digital asset subsidary Laser Digital says a survey of professional investors managing almost $5 trillion show 96% want to invest in crypto.

In closing

As major financial institutions showing increasing interest in the crypto space is brining immediate demand, and adding overall legitimacy to Bitcoin's public image. On both fronts there's still a lot of room to grow - the rally has just begun.

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Tether International Limited, the company behind the widely popular stablecoin USDT, dropped a (good) bombshell today by revealing its new bitcoin (BTC) investment game plan.

In a bold move, the company declared that it would allocate 15% of its profits to accumulate more bitcoin. They're not messing around when it comes to their reserve portfolio, which contains precious metals, fiat currencies, treasury bills, money market funds and crypto.

Their most recent independent audit report showed the company with a little over $79 Billion in liabilities, but owning almost $82 billion in assets.

These Bitcoin buys won't be used to back USDT, on that front they're overcollateralized...

This is Tether flexing its financial muscles and going beyond what anyone had demanded of them by beefing up their reserves.

By the end of Q1 2023, Tether already had a cool $1.5 billion worth of bitcoin stashed away. That's a modest 2% of their reserves, though. Gold clocked in at 4%, while a hefty 85% was chilling in cold hard cash and other assets. But Tether's not satisfied with those numbers, they're thirsty for more.

Tether also announced that unlike most institutional investors who let other companies store and safeguard their bitcoins, Tether takes the "not your keys, not your bitcoin" mantra to heart. They'll be be handling their own custody. 

Initially the discovery was credited to a blog post called earlier this week on Andy Baio’s Waxy.org Blog. The blogger says he accidently spotted the hidden file while fixing his printer. Then to make sure it was something inserted into every Mac OS copy, he confirmed his findings by having “over a dozen Mac-using friends.” also see if it was on their computer... it was!

This was the first time it was mentioned somewhere that good number of people would read it.

Turns out, this wasn't the first time it was discovered...

It turns out - he wasn't the first to find it. 

Another Mac user did back in April 2021, and posted it on the Apple support forums  however, his post focuses on a hidden image he found burried in the Mac OS code, but at the end mentions "Weirdly there is also a PDF with the original Bitcoin white paper from Satoshi Nakamoto in the VirtualScanner.app Package Content."

But wait... an even earlier post was discovered on Twitter!

A Tweet mentioning it dates back to November 2020, so unless an even earlier dated post is discovered, we're considering Josh D on Twitter the official 'discoverer' of the hidden Mac OS Satoshi Whitepaper. 

The earliest mention of it we've been able to find.

It's a new month, and the end of 2023's first quarter is in sight.

As someone who watches Bitcoin on an hourly/minute-by-minute basis, it's also important to occasionally take a look at the big picture as well. Taking a step back will often reveal things you didn't notice before. Remember, you can also miss things by looking too closely.

On that note, as I zoomed out from the hourly charts to look at the market from the beginning of the year, I could see just how strong of a start Bitcoin is having in 2023 — things look even better than I was expecting.

3 Positive Months...

This will be Bitcoin's best quarter in 2 years if it maintains its growth through April!

Bitcoin has grown every month of 2023 so far.  Exactly 3 months ago, BTC was trading at $16,585 - so we're up approximately $12,000... in just 90 days!

Have We Been Here Before?

Some analysts are saying they've seen these charts before - in the run-up to 2020's bull run that brought Bitcoin's price to over $60,000+.

Take a look at this tweet from analytics platform Barcharts: 

Why The Next Bull Run Will Be BIGGER Than the Last...

I'm not someone who makes predictions, I'll share interesting ones made by others if there's data to explain how they arrived at their opinion - but don't ask me when Bitcoin's next big bull run will be. 

But when does happen - it's going to break price records.

That's not a prediction - first off, it's tradition - as every crypto-crash has been followed by setting a new high.

However, this time something is very different than before, and there's really only one way this plays out - buyers will be in a bidding war over an INSANELY low supply of Bitcoin being sold.

The supply of Bitcoin being held off-market is at an all-time high...

This has been the case since early February, and we covered this then. Basically, to qualify as a coin that's being held 'off market' it must have have remained in a single wallet, untouched, for 2+ years or more.

We're seeing that Bitcoin believers took advantage of the low prices and spent the bear market accumulating. Now the owners of these Bitcoins are HODLing, and won't be selling anytime soon.

I know countless people in this group, it includes most of the people reading this, and the person writing it as well. I know that each person has a number in mind as their target selling price, and while it varies for everyone, I'm not hearing anyone say they've been holding for years just to sell for $30k, or $40k.  I occasionally hear $50k, I occasionally even hear $1 Million, but the majority of people seem to be eyeing somewhere around $60k-$100k.

So as the next bull run brings waves of amateur investors wanting a piece of the action, (it always does) they're going to discover very few people selling to them for anything under $50k, as this record number of people continue holding back a significant portion of the supply.

Once it begins, expect prices to rise at a speed we've never seen before...

The battle for the future of money is heating up in the United States, with some states proposing to ban the "digital dollar" before it even exists, while others quietly pass laws to make it a reality. It's a conflict that has raised concerns about privacy, surveillance, and control.

Florida Governor Ron DeSantis is leading the charge against the digital dollar, announcing a proposed bill to ban it in his state. According to a statement from the governor's office, the legislation is intended to "protect Floridians from the Biden administration's use of financial sector weapons through a central bank digital currency (CBDC)."

DeSantis's bill seeks to prohibit the use of the digital dollar or CBDC as money in Florida and to create "protections" against digital currencies issued by central banks belonging to nations sanctioned by the United States. He hopes that other states will follow suit and establish similar prohibitions to "fight this concept throughout the country."

In the view of the Republican governor, a digital currency "has to do with surveillance and control" of citizens, and it "will stifle innovation." adding that "Florida will not side with the economic central planners. "We will not adopt policies that threaten economic freedom and personal security."

Senator Ted Cruz of Texas is also pushing for a ban on the digital dollar, citing concerns about privacy implications. He argues that a digital dollar "could be used as a financial surveillance tool by the federal government."

As Other States Quietly Take Steps to Move the Digital Dollar Forward...

President Biden issued an executive order last year that instructs several government offices to research creating a central bank digital currency, since then things have appeared to be moving forward with no official updates from the federal government.

The silence seems to be deliberate when it comes to the most recent steps targeting the Uniform Commercial Code (UCC), which are laws that every state has, and every state controls. 

Intended to make sure states can easily conduct business with each other, the digital dollar may be the first time there's been major disagreements between some states and could result in the 'Uniform' codes ending up far from uniform nation-wide. 

Just this week South Dakota Governor Kristi Noem vetoed House Bill 1193 which would have opened the doors for the digital dollar in her state by amending their UCC to allow for fully electronic payments backed only by electronic records "this is extremely troubling. If Congress were to someday create an official electronic currency that is programmable, it would pose significant threats to Americans’ liberty and privacy rights. Why, then, would so many lawmakers want to make it easier for such a currency to be used in their states?"

Both republicans and democrats have made more public statements implying they are against the digital dollar, yet both parties have been found slipping the verbiage needed to make it happen into bills in their states, now there are similar bills headed to vote soon in 20 more states including in Arkansas, Montana, New Hampshire, North Dakota, Tennessee, Texas, and California.

One Major Roadblock Could Still Stop the Digital Dollar from Happening...

Not because they share any of the same concerns citizens have voiced - but nonetheless, they hate the idea and they may have enough power over politicians to get their way - the banks.

Banks see the Digital Dollar as a way for the government to become their biggest competitor.  Imagine - your job pays you in digital dollars, they're stored in an app on your phone, and virtually every place you would spend money accepts it, what do you need a bank for? 

While banks would still have a role when it comes to investing, lending, and securing larger business and personal accounts, the average person could go months, or even years without needing to interact with a bank, and have no need for a personal account. 

A battle with significant consequences...

Both for the future of our economy and the role of the government in our financial lives. Will we become a cashless society dominated by a digital dollar, or will we maintain the status quo? 

Until recently, this all felt like something so far in the future it was hard to really concern yourself with - but as we begin seeing real laws designed to move plans for the digital dollar forward proposed in multiple states, the potential implications are beginning to feel very real.

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Author: Ross Davis
Silicon Valley Newsroom
GCP | Breaking Crypto News