1/3/24: Bitcoin's Genesis Event 🎂📜📉

Top News

  • 🎂 Satoshi mined Bitcoin’s genesis block exactly 15 years ago

  • 📜 IRS requires reporting for crypto transfers over $10k

  • 📉 SEC will reject all spot BTC ETFs in Jan. says Matrixport analyst

Specs’ Insights

⌐◪-◪ → Today marks the 15th anniversary of Bitcoin's Genesis block, which was mined by Satoshi Nakamoto on January 3rd, 2009.

On this block, Satoshi inscribed the news headline, "The Times 03/Jan/2009 Chancellor on the brink of a second bailout for banks." A fitting headline for the breakthrough technology behind today's financial revolution. It's also the ordinal community's favorite fun fact.

Here's a fantastic video by Invesco & Galaxy—and a sly ad for their upcoming ETF—celebrating Bitcoin's 15th birthday.

Do your part in spreading blockchain awareness, adoption, and understanding by sharing the greatest explanation of Bitcoin with your friends and family.

⌐◪-◪ → A new crypto tax reporting rule took effect on January 1st, and it's not only unconstitutional but also virtually impossible to comply with due to inaction from the IRS.

The rule states that if you receive $10k or more in crypto, you now have an obligation to report the transaction (names, addresses, SSN, etc.) to the IRS within 15 days, under the threat of felony charges.

Note: the rule only applies to transactions related to trade or business, as qualified by these rules.

Check out this article from Coincenter for a full understanding of the rule and, more importantly, what we're doing to fight it. Coincenter has already filed a lawsuit challenging its constitutionality. Stay tuned.

⌐◪-◪ → Matrixport just said the SEC will reject all spot BTC ETF’s and Bitcoin subsequently crashed 9% in 1 hour.

Their justification, politics. More specifically, Matrixport said the 5 voting commissioners are Democrats, and Democrats don’t like crypto.

Funnily enough, on the same day, Matrixport published a contradictory headline saying, “Bitcoin Spot ETF approval imminent, BTC to jump to $50,000”.

As you can imagine, we’re all very confused, and thanks to a Matrixport intern, we just saw the largest market liquidation event since the uptrend from $25k began in August.

One thing’s for sure, the pen is mightier than the sword.

Everything Else

⛓️ Crypto & DeFi

🏦 Wallstreet & VC

  • Grayscale doesn’t name authorized participant in ETF application

  • Michael Saylor to sell $216M of MicroStrategy shares

🏛️ Legal & Regulatory

  • Poll says crypto voters would pick Dems in Congress, Trump as Pres.

  • SEC to approve BTC ETF as a 'political necessity,' says TD Cowen

🌎 Rest of the World

  • EBA to evaluate how strains in crypto firms could affect bank lenders

  • South Korean blockchain Klaytn onboards gold RWA DeFi platform

🖼️ NFTs & Metaverse

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