The Crypto Compass Issue #70

Hello readers,

In recent weeks, Bitcoin has been oscillating within a range between $57,000 and $67,000, indicating a period of consolidation amidst fluctuating market sentiments. This price behavior aligns closely with growing institutional interest, as evidenced by significant investments from major financial entities. For instance, JPMorgan Chase's recent acquisition of shares in several Bitcoin ETFs, along with Fidelity's revelation about pension funds exploring cryptocurrency, underscores a marked shift towards broader institutional acceptance.

Jack Dorsey Predicts Bitcoin to Hit $1 Million by 2030

In an interview with Pirate Wires, Twitter co-founder Jack Dorsey reiterated his strong support for Bitcoin, predicting it could reach $1 million by 2030. Dorsey highlighted the collective effort of those involved in Bitcoin as crucial to its growth and value increase. He remains actively involved in the Bitcoin ecosystem through his company Block, which is developing Bitcoin-focused products. Additionally, the interview touched on his views about decentralized social media, his departure from the board of Bluesky, and his support for the Nostr protocol, which he sees as a truly decentralized alternative to Twitter.

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JPMorgan Invests in Bitcoin ETFs Amid Growing Institutional Interest

JPMorgan Chase, the largest U.S. bank with assets totaling $2.6 trillion, has disclosed its investment in multiple Bitcoin ETFs, including those offered by Grayscale, ProShares, Bitwise, BlackRock, and Fidelity. According to a recent SEC filing, the bank has invested approximately $760,000 in shares, highlighting growing institutional interest in cryptocurrency. The filing, which coincided with similar disclosures from Wells Fargo and Susquehanna International Group, underscores a significant shift towards crypto assets among major financial institutions. This movement comes after the SEC's January approval of spot Bitcoin ETFs, marking a pivotal moment for mainstream crypto adoption.

FTX Proposes Full Repayment Plan to Creditors

FTX has unveiled a new reorganization plan that promises an impressive recovery for its creditors, proposing to repay 98% of them with 118% of their claims in cash within 60 days of court approval. This update significantly exceeds previous recovery estimates, reflecting the exchange's successful asset liquidation efforts over the past year and a half, despite the complexities following its collapse in November 2022. The plan, which awaits approval from a Delaware bankruptcy court, also includes a settlement of claims from the IRS and CFTC, ensuring full payment with interest to all users and investors. This ambitious proposal marks a pivotal step in addressing the aftermath of one of the most significant upheavals in cryptocurrency history.

Happenings of the week

• Bitcoin worth over $60 million moved for the first time in 10 years

• CFTC votes to propose rules banning bets on political events through event contracts

• Ethereum Co-Founder Joe Lubin: SEC Wants to Create 'FUD', Push Crypto Offshore

• Bitcoin Wallet Maker Exodus 'Deeply Disappointed' as SEC Blocks NYSE Listing

Donald Trump Champions Crypto, Promises Support at Mar-a-Lago NFT Event

During a special event at his Mar-a-Lago resort, U.S. Presidential candidate Donald Trump expressed support for cryptocurrencies, highlighting the industry's challenges in the U.S. due to regulatory hostility. Trump promised to encourage crypto businesses to stay in America, appealing directly to a crowd of crypto enthusiasts and NFT holders. His pro-crypto stance was underscored by his openness to accepting campaign donations in Bitcoin and other cryptocurrencies. This shift in Trump's views could significantly impact the crypto industry, especially given the contrasting regulatory approaches between his administration and the current government.

Stay tuned for more updates next week! If you haven't yet, hit that subscribe button to ensure you never miss an issue. Found value in this edition? Please consider sharing it with your friends, colleagues, and fellow crypto enthusiasts. Together, let's navigate the world of crypto with clarity and insight!