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Bitcoin

Bitcoin is a new electronic payment system that removes the need for third party financial institutions. It speeds up transactions while reducing costs and minimizing the potential for fraud. The name “cryptocurrency” points to how it uses “cryptographic proof” to work, AKA a blockchain.

Bitcoin’s concept was first introduced in 2008 when a person going by the pseudonym Satoshi Nakamoto shared a white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System.” In January 2009, the Bitcoin blockchain was launched. 

A new electronic payment system called Bitcoin removes the need for third-party financial institutions. It speeds up transactions while reducing costs and fraud-risk. The name “cryptocurrency” points to how it uses “cryptographic proof” to work, AKA a blockchain.   

Bitcoin has a finite supply of 21 million, which is expected to be reached by the year 2140. Currently, 18.8 million are circulating in the market. Note that Bitcoin represents the concept of the network, while bitcoin (lower-case ‘b’) represents the currency.

Bitcoin is one of the most well-known cryptos as it was the first decentralized currency. 

Currently, BTC’s dominance is above 40%. Bitcoin Dominance is a measure of how much of the total market cap of crypto is made up of Bitcoin. Bitcoin’s influence in the crypto ecosystem could be vulnerable to competition as alternative coins grow in popularity and utility.

Welcome to Latam Insights, a compendium of Latin America's most relevant crypto and economic news during the last week. In this issue: Paraguay shut down the largest illegal bitcoin mining operation to date, Argentine and Salvadoran officials met to discuss bitcoin issues, and Ocean launched a global hub in El Salvador.

Latam Insights: Paraguay Shuts Down Largest Illegal Bitcoin Mining Farm to Date, Argentina and El Salvador Discuss Bitcoin

Veteran trader Peter Brandt, with over four decades of experience, has highlighted bitcoin's consistent gains against gold since its inception, foreseeing that 100 ounces of gold will be needed to buy a bitcoin. Meanwhile, Peter Schiff has insisted that the cryptocurrency “has underperformed gold for the past 2.5 years.

Veteran Trader Peter Brandt Predicts 100 Oz of Gold per Bitcoin

The Bitcoin meme coin protocol cooled off quickly after its explosive debut. But institutional investors in Asia are uniquely optimistic about Runes' long-term potential.

Bitcoin Runes Resurgence? Why Asia's Institutional Investors Could Fuel Growth

A veteran trader with a history of several accurate macro crypto calls is revealing what he thinks could be the maximum upside price target for Bitcoin (BTC) this market cycle.

Trader That Called May 2021 Crypto Collapse Unveils Potential Max Target for Bitcoin Bull Market Top

At this moment, Tesla's Elon Musk holds the title of the wealthiest individual on the planet, as reported by the Forbes Real Time Billionaires list on June 1, 2024. However, there exists a potential future where Bitcoin's creator, Satoshi Nakamoto, could surpass Musk's fortune.

Musk vs. Nakamoto: A 210% Bitcoin Surge Could Change the World's Wealth Rankings

A closely followed crypto analyst says that one under-the-radar indicator is hinting at a sudden Bitcoin (BTC) rally to new all-time highs.

Overlooked Indicator Hinting at ‘Stealth' Bitcoin (BTC) Rallies to Fresh New All-Time Highs: Jason Pizzino

Cathie Wood's Ark Investment Management has withdrawn from the race to launch an ETF directly investing in Ether (CRYPTO: ETH). What Happened: The firm's name was removed from an application for a spot-Ether ETF filed in collaboration with 21Shares.

Cathie Wood's Ark Investment Drops Plans For Spot-Ether ETF, Says It Will Focus On Spot Bitcoin ETF Instead

Republican Senator Ted Cruz from Texas has announced that he purchased three application-specific integrated circuit (ASIC) bitcoin miners. “I just bought 3 Bitcoin miners that started hashing today in Iraan, TX,” the Senator stated on X this week. “I'm proud to join the ranks of Texas bitcoin miners,” he added.

Senator Ted Cruz Acquires 3 Bitcoin ASIC Miners, Begins ‘Hashing' in Texas

Billionaire venture capitalist Chamath Palihapitiya says it would be a smart move for some countries to use Bitcoin (BTC) alongside their local currency.

Billionaire Chamath Palihapitiya Says It Makes Sense for Countries To Hold Bitcoin in Dual-Currency Environment

A closely followed crypto strategist says Bitcoin (BTC) just flashed a signal last seen before the dramatic rallies of the 2017 bull market cycle.

Bitcoin Flashing Signal That Preceded Nine-Month Parabolic Rally, According to Crypto Strategist

In recent weeks, there has been a surge of misleading information regarding Javier Milei and his stance on bitcoin. Contrary to some reports, Milei's administration is not pushing for a bitcoin standard in Argentina.

Milei Is Not Moving Argentina Towards Bitcoin

Bitcoin, the pioneer of blockchain technology, has faced challenges as its adoption has grown. With its original design allowing only seven transactions per second, the network often struggles with scalability, leading to high fees and slower transaction times. To address these issues, Bitcoin layer two (L2) solutions have emerged.

An Introduction to Bitcoin Layer Two Solutions

In a historic first, Donald Trump is now the first U.S. President to ever accept Bitcoin Lightning Network payments.

Trump Becomes First President To Accept Bitcoin Lightning Payments For Campaign Donations

Ethereum

JPMorgan has predicted an initial negative market reaction for spot ethereum exchange-traded funds (ETFs), expecting lower demand compared to bitcoin ETFs. The global investment bank also cautions that approximately $1 billion may exit the Grayscale Ethereum Trust, putting downward pressure on ether prices shortly after the launch of spot ethereum ETFs.

JPMorgan Predicts ‘Negative' Initial Reaction for Ethereum ETFs — Expects Lower Demand Than Bitcoin ETFs

The price of Bitcoin (BTC) is trending downwards and sideways. Latest price analysis by Coinidol.com.

Bitcoin Is Trading Above $67,300 And Is Ready For A Rise Or A Fall

After two consecutive months of record-breaking revenue, bitcoin miners experienced a significant downturn in earnings in May, a level not seen since October 2023. In April, miners generated $1.79 billion, whereas May's figures show a considerably lower revenue of approximately $964.24 million. Sharp Decline in Bitcoin Miner Revenue in May Bitcoin miners generated 46.

Bitcoin Miners See 46.15% Revenue Drop in May, Lowest Since October 2023

The financial services firm Unchained and the University of Texas have partnered to launch a long-term endowment fund in bitcoin (BTC). Joseph Kelly, CEO and co-founder of Unchained, set the ball rolling with a personal donation of two bitcoins.

Bitcoin Firm Unchained Partners With University of Texas to Launch $5 Million Bitcoin Endowment Fund

The Japanese crypto exchange DMM Bitcoin announced on Friday that it had been hacked for more than $300 million worth of BTC. The exchange said it lost 4502.9 BTC ($305 million) in what the crypto investigative firm Chainalysis called “the seventh-largest crypto hack ever.

Japanese Crypto Exchange DMM Bitcoin Hacked for More Than $300,000,000 Worth of BTC

While the top tokens held steady, meme coin movements tracked some crazy headlines.

This Week in Coins: Caitlyn Jenner Dives Into the World of Memes As Bitcoin and Ethereum Lay Flat

On Friday, U.S. spot bitcoin exchange-traded funds experienced their 14th consecutive day of inflows, totaling around $50 million. Leading the inflows once more was Blackrock's IBIT, while Grayscale's GBTC saw outflows. $1.

Grayscale's GBTC and Vaneck's HODL Report Outflows as US Bitcoin ETFs Gain $50M

Bitcoin is a mirror that forces you to confront yourself. From "The Inscription Issue."

Bitcoin Is A Mirror That Reveals All

In recent weeks, Binance and Robinhood observed a modest influx of approximately 1,302 BTC or $88 million in bitcoin, with Robinhood acquiring the majority of these assets. Conversely, Coinbase experienced a noticeable decrease in its bitcoin reserves, witnessing an outflow of 40,406 BTC valued at $2.7 billion in the past two months.

$2.7 Billion Reduction — Coinbase Records 40,406 BTC Outflow in 60-Day Period

Bitcoin has exploded into 2024, powered by the arrival of a fleet of spot bitcoin exchange-traded funds (ETFs) on Wall Street (with a top BlackRock executive recently revealing what's next).

Sudden U.S. Dollar Collapse ‘Fear' Predicted To Trigger A $15.7 Trillion ETF Bitcoin Price Gold Flip As Countries Go ‘Dual Currency'

The Brazilian State Attorney General has dismissed allegations that Johann Steynberg, the late mastermind of a South African bitcoin ponzi scheme, was granted irregular access to a computer and the internet while in prison. Acting public prosecutor Lauro Machado Nogueira recently released a report stating that evidence from prison authorities contradicted these claims.

Report Shows No Evidence of Special Treatment for BTC Ponzi Scheme Mastermind in Brazilian Jail

Bitcoin is becoming integral to modern finance, and accounting bodies now see it as both an opportunity and a risk. Recognizing this shift, AICPA & CIMA are starting to take the lead in educating accountants about this new asset class.

News for Bitcoin Crypto (BTC)