StealthEX & CryptoDaily: El Salvador’s Bitcoin Initiatives, ETF Discussions, and More

December 15, 2023

Crypto World

Maciej Zerelik

Welcome to StealthEX‘s weekly cryptocurrency roundup, brought to you in partnership with CryptoDaily! We aim to offer a concise and thorough look at the week’s key events and trends in the crypto sector. Our goal is to keep you informed about the latest industry shifts. Let’s dive into the most important news from the last week and get started!

El Salvador’s Bitcoin “Freedom Visa” Program Nears Capacity

El Salvador’s innovative Bitcoin “Freedom Visa” program is close to reaching its maximum capacity. This groundbreaking initiative, a collaboration between the Salvadoran government and Tether, a leading stablecoin issuer, aims to attract cryptocurrency investors to the country. 

The program offers a unique citizenship-by-investment opportunity, allowing individuals to gain residency in El Salvador by investing $1 million in Bitcoin (BTC) or Tether (USDT).

The program has stirred significant interest in the crypto community, evidenced by the high volume of applications. Applicants are required to make a non-refundable deposit of $999 in BTC or USDT and undergo comprehensive know-your-customer (KYC) procedures. 

The surge in applications indicates a strong interest in cryptocurrency-based investment opportunities and reflects the growing trend of nations leveraging digital currencies to attract foreign investment and talent.

This development is a part of El Salvador’s broader strategy to position itself as a hub for cryptocurrency innovation. The nation previously made headlines by adopting Bitcoin as legal tender, a move that garnered both praise and criticism. 

The Bitcoin “Freedom Visa” program represents another step in the country’s journey towards embracing digital currency and its potential to drive economic growth and financial inclusion.

BlackRock and SEC Meet to Discuss Spot Bitcoin ETF

BlackRock, the world’s largest asset manager, recently held a series of meetings with the U.S. Securities and Exchange Commission (SEC) to discuss the potential approval of a spot Bitcoin ETF. 

These meetings, part of BlackRock’s ongoing dialogue with regulators, indicate a growing interest in cryptocurrency investments among major financial institutions. 

The approval of a spot Bitcoin ETF is highly anticipated in the cryptocurrency community, as it could significantly impact the market by providing a regulated, mainstream investment vehicle for Bitcoin. 

The outcome of these discussions could set a precedent for future cryptocurrency-based investment products in the United States.

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El Salvador’s Milestone: Approving First-Ever Bitcoin Bond

El Salvador recently made also history by approving the first-ever Bitcoin Bond, also known as “Volcano Bonds.” This groundbreaking decision aims to raise $1 billion, primarily to finance the “Bitcoin City” project, a development focused on cryptocurrency and renewable energy. 

Additionally, part of the funds will be used to bolster Bitcoin mining operations powered by the nation’s geothermal energy from volcanoes. This initiative is part of El Salvador’s broader strategy to become a global leader in cryptocurrency innovation and sustainable energy utilization. 

The bond issuance is scheduled to begin in early 2024, marking a significant step in El Salvador’s commitment to integrating Bitcoin into its economic framework.

SEC Delays Decision on Grayscale’s Spot Ether ETF

The U.S. Securities and Exchange Commission (SEC) has postponed its decision on approving Grayscale’s application for a spot Ether ETF, extending the deadline to January 25, 2024. 

This delay follows an appellate court’s order for the SEC to review Grayscale’s Bitcoin ETF offering. The decision signifies continued regulatory caution in the U.S. regarding cryptocurrency investment products.

Grayscale’s Ethereum Trust, launched in 2019, is the world’s largest Ethereum (ETH) investment vehicle, holding a significant portion of the circulating ETH.

VanEck’s 2024 Crypto Market Predictions

Investment firm VanEck has made some bold predictions for the crypto market in 2024. They foresee Bitcoin potentially surpassing its previous record highs and reaching new peaks, possibly due to a U.S. recession and the launch of the first spot Bitcoin ETF. 

VanEck’s analysis also suggests that Bitcoin could remain more resilient than during past economic downturns. Additionally, they expect significant developments in Ethereum’s market dominance, the NFT market, and changes in the DeFi ecosystem.

UK’s Crypto Growth Surpasses Major Nations

The United Kingdom has shown exceptional growth in the cryptocurrency sector, outpacing other major nations. In 2023, the UK’s crypto sector experienced a 137% year-over-year increase, grossing $1.9 billion, with expectations of reaching $3.77 billion by 2027. This growth is partly due to the government’s ambition to become a global cryptocurrency hub. 

Over a quarter of the UK’s population now engages with cryptocurrencies, and more than 200 businesses accept crypto payments. Despite this growth, the country faces challenges from traditional financial institutions and stringent regulations from the Financial Conduct Authority.

Donald Trump’s “Mugshot Edition” NFT Collection

Donald Trump has released a new NFT collection titled “Mugshot Edition,” inspired by his legal challenges. This collection includes 100,000 digital cards priced at $99 each, with special rewards for buyers of 47 cards or more, including dinner with Trump and a piece of his suit. 

The first 200 who buy 100 cards using crypto receive additional bonuses. This collection follows Trump’s previous successful NFT ventures, despite his initial skepticism towards cryptocurrencies.

Bitcoin Inscriptions Flagged as Cybersecurity Risk by NVD

The U.S. National Vulnerability Database (NVD) has identified Bitcoin’s inscriptions as a cybersecurity risk. This vulnerability, arising from certain versions of Bitcoin Core and Bitcoin Knots, allows data to be masked as code, potentially leading to blockchain spam with non-transactional data. 

This could increase network size, affecting performance and fees. The issue is under analysis, and its resolution could impact Bitcoin Ordinals and BRC-20 tokens, potentially reducing network congestion.

This article is not supposed to provide financial advice. Digital assets are risky. Be sure to do your own research and consult your financial advisor before investing.