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⚡️A Pro-Bitcoin President in Argentina?🤔

Croxroad

15 Aug 2023 — 7 min read

GM Dear Plebs!

Here is Crox Road, your daily dose of orange pill that will turn you into a Bitcoin Maxi.

The menu for today:

ARGENTINA PRO-BITCOIN CANDIDATE WINS THE PRIMARY ELECTION

Well, well, well! Looks like Bitcoin's got another fan in the political arena. In a surprising turn of events, Javier Milei, a presidential candidate in Argentina known for his pro-Bitcoin stance and libertarian views, clinched the top spot in the country's primary. Milei and his team from "La Libertad Avanza" managed to grab over 30% of the votes, narrowly edging out the second-place contender. Now, while some critics place him on the far-right politically, he's got a fair share of supporters, especially among the crypto crowd. One Bitcoin enthusiast, Adam Dubove, even said he voted for the first time in eight years because of Milei. And it's not just about Bitcoin, but Milei's fresh perspective that's shaking things up.

Milei's no stranger to the limelight. He's been on talk shows, passionately discussing the perks of Bitcoin and crypto. He believes Bitcoin is a return of money to its rightful owner: the private sector. Plus, he's all for Bitcoin's limited supply, seeing it as a safer bet than gold or silver. But, hang on a minute, it's not all sunshine and rainbows. Milei's been accused of promoting a Ponzi scheme named Coinx in Argentina. He's brushed off these allegations, comparing the company's actions to that of a bank.

But what really gets Milei fired up? The country's central bank. He's been pretty vocal about his disdain for it, even going as far as saying he'd "blow it up" for its inflationary tactics. With Argentina's inflation rate skyrocketing to 135% this year, it's no wonder he's miffed. And while the central bank's been giving crypto the cold shoulder, Argentina's crypto scene is thriving, ranking 13th in global adoption.

Now, some folks in the crypto world are crossing their fingers, hoping Milei might champion an El Salvador-style Bitcoin standard. But, plot twist! Last month, he hinted at wanting to "dollarize" the Argentine economy. So, who knows what's next on his agenda? Stay tuned!

SBF GOES TO JAIL (FINALLY)

Sam Bankman-Fried, once hailed as a titan in the cryptocurrency realm, is now facing some serious heat. Last Friday, the walls closed in on him as he was sent behind bars. The looming court date on October 2nd casts a shadow, and if things don't swing his way, he might be staring at the cold bars of a jail cell until then.

The whole saga began with a report from CryptoPotato. Last month, they dropped a bombshell, revealing allegations that Sam might have tried to play some dirty tricks. He was accused of trying to intimidate a pivotal witness in his ongoing legal skirmish with the US bigwigs. And this wasn't just any random witness; it was Caroline Ellison, who once sat at the helm of Alameda Research, calling the shots.

The prosecutors, sensing an opportunity, jumped into action. They believed that Sam, even if nestled in the comfort of his parents' abode, was a potential risk. Their argument was simple: he couldn't be trusted. But, as expected, Sam's legal eagles were ready to defend their client. They vehemently denied the allegations, asserting that Sam hadn't tried to influence or intimidate anyone, least of all his former flame.

However, the plot thickened when Judge Lewis Kaplan entered the scene. He seemed to have a different read on the situation than Sam's lawyers. In his view, there was substantial evidence suggesting that Sam might have tried to meddle with the witnesses on more than one occasion. Consequently, he dismissed the lawyers' plea to postpone the detention.

But here's an interesting tidbit: Sam's jail stint might come with a silver lining. He's likely being sent to a facility in Putnam, New York. While this might sound grim, there's a perk. He'll be granted access to a laptop and the internet, allowing him to strategize and prepare his defense. The alternative would have been a stint in Brooklyn's Metropolitan Detention Center, a place where internet access is as scarce as hen's teeth.

The D-Day, October 2nd, is set to be a pivotal moment. The court will dissect and delve into Sam's alleged misdeeds, which encompass accusations of misleading investors and the dramatic downfall of his once-mighty crypto empire. If his legal team can't pull a rabbit out of the hat with a successful appeal, Sam might be in for a long and dreary stay in jail.

WHICH IS GOING TO BE THE PRICE OF BITCOIN ON SEPT 1st?

As the anticipation of September grows, Finbold has taken a deep dive into Bitcoin's historical price performance, specifically focusing on the first day of this month. Their analysis has unveiled some captivating patterns. Historically speaking, September has often been a month of turbulence for Bitcoin's price trajectory. This trend isn't unique to Bitcoin; the stock market has also experienced its fair share of September blues, with equities often facing challenges during this month.

Diving into the specifics of Bitcoin's performance:

Between September 1, 2017, and September 1, 2018, Bitcoin experienced a significant surge. Its price catapulted from a modest $4,700 to a more robust $7,190. This jump represented a noteworthy year-over-year increase of 52%.

The momentum didn't stop there. The subsequent year witnessed Bitcoin rallying by an impressive 47%, with its value climbing to $10,621 by September 1, 2019.

2020 brought a change in pace. The growth rate decelerated, with Bitcoin's price inching up by just 10%, settling at $11,713 by September 1 of that year.

2021 was nothing short of spectacular for Bitcoin enthusiasts. The cryptocurrency skyrocketed by a whopping 320%, touching nearly $69,000 in November. However, it's worth noting that by September 1, 2021, the price had adjusted to around $49,000.

In a twist of events, 2022 proved to be a challenging year. Bitcoin's value took a nosedive, plummeting by a significant 60% to land at $19,800 by September 1.

Peering into the future, if Bitcoin's current trajectory is anything to go by, we could witness a price appreciation of approximately 51% from its value on September 1, 2022. Drawing from historical data, since 2017, Bitcoin's average year-over-year growth rate on September 1 stands at an impressive 74%. If this trend persists, we could be looking at a Bitcoin valuation exceeding $34,400 come September 1, 2023.

In a broader perspective, there's an intriguing correlation between the back-to-school season and September's potential bullish phase for Bitcoin. Over the last half-decade, Bitcoin has consistently showcased a trend of year-over-year growth. Positive outcomes were recorded in four out of these five years. As we navigate the upcoming weeks, all eyes are on Bitcoin, with many hoping for the cryptocurrency to sustain its favorable streak. However, it's crucial to approach this with caution. Investing is inherently speculative, and one's capital is always at risk.

MORE GIANTS FILLING FOR BITCOIN ETF

The SEC (Securities and Exchange Commission) is taking its sweet time deciding on the approval of a spot Bitcoin ETF in the U.S. This delay has folks thinking that when the decision does come down, it'll include big Wall Street names like BlackRock and Fidelity. Dave Weisberger, a market pro and co-founder of CoinRoutes, mentioned there's a lot of heat on the SEC to give the green light to several of these ETFs. Why? Because the ones backed by futures aren't doing as hot as the spot ones, and that's not great for investors.

Currently, the SEC's got eight Bitcoin ETF applications on its plate. These applications come from some heavy hitters like ARK Invest, 21Shares, Bitwise, and others. Combined, these companies handle a whopping $15 trillion in global assets. Recently, the SEC started a 21-day comment period for the ARK 21Shares Bitcoin ETF. They're trying to figure out if this proposal can keep shady dealings at bay and if the Bitcoin market can be easily manipulated.

There's also some chatter about Coinbase's role in all this. The SEC's a bit worried about potential market manipulation by big players. But, as Ruslan Lienkha from YouHodler points out, if the SEC approves all eight ETFs, the chances of any funny business go way down. Why? Because these firms would be trading with each other a lot, balancing things out.

Interestingly, Bitcoin's price hasn't been too shaken up by this delay, hovering around $30,000. Many believe the SEC will take its sweet time, and the market's not too surprised by the current state of affairs. There are still a couple of deadlines to watch out for, with the ARK 21Shares application's third deadline set for January 2024.

If the SEC gives the nod, it could be a game-changer for the crypto world. Lienkha believes this could pour over $70 billion into the Bitcoin market. Regular investors might feel more at ease diving into Bitcoin with these ETFs, especially with pros guiding them through the nitty-gritty.