Hong Kong could approve 4 Bitcoin ETFs before halving

The Securities Regulatory Commission of Hong Kong (SFC) could approve the first batch of spot Bitcoin ETFs by April 15, days before the Bitcoin halving is set to cut the supply issuance rate of BTC.

The Hong Kong regulator has reportedly accelerated the approval process for four spot Bitcoin ETFs, according to local news media reports. The potential approval could attract more buying demand for Bitcoin, by offering BTC exposure to both retail and institutional investors in Hong Kong.

Hong Kong regulators could approve both Bitcoin and Ether ETFs on April 15, according to crypto entrepreneur and investor Lark Davis, who wrote in an April 12 X post:
“Hong Kong likely to approve BOTH Bitcoin and Ethereum spot ETFs as soon as Monday! China is about to start bidding the same week the Bitcoin halving is happening!”
It will take approximately two weeks to finalize ETF listing procedures on the Hong Kong Stock Exchange, after the securities regulator greenlights the initial set of spot Bitcoin ETFs.



Can ETFs spark Bitcoin’s post-halving bull run?

The approval of the first spot Bitcoin ETFs in Hong Kong could catalyze Bitcoin’s post-halving rally, according to Herbert Sim, chief operating officer of crypto exchange Websea, who told Cointelegraph:
“Halving is not the only thing to look out for in the price action. But rather the upcoming Bitcoin ETF approval in Hong Kong, which also happens next week. The big banks of China will all have to start buying Bitcoin themselves too.”

Sim noted that Hong Kong-based ETFs will only add to the institutional demand and inflows created by large U.S. ETF issuers such as BlackRock, which he expects to continue. He added:
“And with this supply cut from the Bitcoin Halving, prices will definitely soar.”

Large investors, or so-called mega whales, that are holding at least 10,000 BTC are accumulating Bitcoin at the current price level, in anticipation of next week’s approval, according to popular crypto commentator Bitcoin Munger’s April 12 X post:
“The only cohort that is net-accumulating Bitcoin is the largest whales (>10k). Just ahead of Hong Kong ETF approvals and the halving. A positive contrarian signal if I had to guess.”

zerohedge.com

Kraken Institutional operates under the exchange’s state-chartered banking license in Wyoming, attained back in 2020

"Cryptocurrency exchange Kraken has unveiled a qualified custody service for institutional clients in crypto-friendly Wyoming through the firm’s long-standing state-chartered banking license in the region.

Kraken Institutional, announced on Wednesday, operates under the special purpose depository institution (SPDI) charter snagged by the exchange back in 2020. All deposits will be held in segregated accounts remote from the exchange itself and on a full-reserve basis.

Wyoming, which is populated with twice as many cattle as people** has been steadily striving for regulatory clarity around crypto and has passed some 35 laws on the topic since 2016 – with Kraken being the biggest name to throw its weight behind that campaign.

"Kraken made history as the first cryptocurrency exchange to receive a banking charter in the US in 2020," a spokesman for the exchange said in an email. "It’s taken us the best part of three years since this important milestone to work through all the various legal and compliance checks required to launch a bank and bring Kraken Financial to market."

coindesk.com


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Stablecoins can be classified in 6 groups based on what kind of assets they are backed by

6 Types of Stablecoins (based on what they are backed by)

1. Stablecoins backed by fiat currencies

2. Stablecoins backed by hard currencies

3. Stablecoins backed by cryptocurrencies

4. Stablecoins backed by financial products

5. Commodity-backed Stablecoins

6. Algorithmic Stablecoins

The 6 Types of Stablecoins

This thread is about #2, Stablecoins backed by hard currencies (in particular by gold)


What are gold-backed cryptocurrencies

"Gold-backed cryptocurrencies are tokens designed to represent a specific amount of physical gold holdings in a digitalized format, which also can be redeemed by the holders whenever needed.

These tokens offer a unique investment option by combining the stability of gold with the innovation of digital currencies.

The operation of gold-backed cryptos is straightforward: a designated amount of gold is securely stored, and an equivalent number of crypto tokens is issued. Transparency is crucial, with reputable issuers providing regular audits and proof of gold reserves.

Transactions with gold-backed cryptos are conducted on blockchain technology, ensuring secure, immutable records of ownership and transfers. This feature, along with lower operational costs compared to physical gold handling, makes them appealing for global investments.

Investors benefit from the ease of transferring these digital assets internationally, bypassing the complexities of physical gold logistics."

creditcoin.org

To be clear, this is not a ETH ETF, this is a "normal" fund containing "normal" financial assets which will be tokenized on the Ethereum blockchain with an ERC-20 token called BUIDL.
In other words - as far as I understand it - this has nothing to do with ETH the cryptocurrency, it's about the Ethereum blockchain.


BlackRock Seeds Ethereum-Backed Digital Liquidity Fund With $100 Million

"BlackRock’s spot Bitcoin exchange-traded fund was among the first to receive SEC approval in January. Its CEO Larry Fink, who has been generally bullish about BTC, with reservations, told Bloomberg just after the ETF approval:
"We believe the next step going forward will be the tokenization of financial assets, and that means every stock, every bond […] will be on one general ledger.”
“Every investor, you and I, will have our own number, our own identification. We could rid ourselves of all issues around illicit activities about bonds and stocks and digital by having a tokenization,” Fink added.

...the bottom line is that while Bitcoin was the pioneer in Wall Street's institutionalization race, having seen the startling success of bitcoin ETF adoption, the financial titans including Goldman, Blackrock - and now - JPM, have set their sights on what comes next, which is something near and dear to the people who manage trillions: the fastest, cheapest and most effective way to tokenize everything, from information, to data, to money itself. And they have picked the token to do it with."

zerohedge.com

Okay... the musician probably is a professional... but she's not! 

Vitalik's Podcast in Taiwan: The Application of Blockchain in Democracy, Consensus, and Government Governance

Chinese podcast featuring Ge Rujun and Vitalik


Personal Introduction of Vitalik Buterin

Vitalik Buterin was born in 1994 and is a Canadian programmer, writer, and co-founder of Ethereum, the world’s second-largest blockchain platform. He had his first computer at the age of four, created an encyclopedia about rabbits at seven, was recognized for his talents in mathematics and urban design at ten, and was capable of complex mental arithmetic. By the age of twelve, he was already able to write games in C++. Between the ages of thirteen and sixteen, he was deeply engrossed in the video game World of Warcraft, until the game publisher Blizzard removed a key ability, “Life Siphon,” of his favorite Warlock character. This event profoundly affected him, leading him to reflect on centralized control and eventually sparking his interest in blockchain technology.

By the age of twenty-four, Vitalik’s net worth was already considerable, and he was ranked 22nd on Fortune magazine’s list of the most influential people under 40. Despite his significant achievements in technology and business, Vitalik emphasizes that every moment in life is precious, just like every block in a blockchain, and nothing should be erased, as everything is worth cherishing.

For Vitalik, his life experiences from birth to the age of eighteen were incredibly rich, making it difficult to pinpoint what was most important. Every event, every experience, had a significant impact on him, helping to shape who he is today. For listeners, his story is not just about the growth of a tech genius but also about a perspective on life and the pursuit of innovation.

wublock.substack.com

English subtitles

Banned Chinese Bitcoin Miners Have Moved On To Africa's Largest Dam In Ethiopia


Chinese bitcoin miners have officially arrived in Ethiopia.
With China banning bitcoin mining about two years ago, many miners look to be heading to Africa’s largest dam, the recently built Grand Ethiopian Renaissance Dam, according to a new article from Bloomberg.
Nuo Xu, founder of China Digital Mining Association, told Bloomberg: “Ethiopia will become one of the most popular destinations for Chinese miners.”





There they are being lured by some of the cheapest energy costs in the world - and the dam is providing power to run miners at electricity substations.

Ethiopia's closer ties with China and the construction of a $4.8 billion dam by Chinese companies for electricity supply underscore the move, the report says. The change of location comes as climate concerns and energy shortages elsewhere in the world have prompted some backlash against the lucrative Bitcoin mining industry.

This makes Ethiopia a uniquely appealing prospect, though it now faces competition in places like Texas, Bloomberg writes. Kazakhstan and Iran initially welcomed Bitcoin mining, but eventually turned on the sector due to its massive energy use.





Meanwhile the national power monopoly in Ethiopia has secured agreements with 21 Bitcoin miners, predominantly Chinese, making clear the country's emerging role in the sector.

In a recent article called "Why I Bitcoin", Zero Hedge contributor Quoth the Raven wrote:
 
"If the people want the Bitcoin network, and they have power and an Internet connection, they’re going to get it. The network is like a slippery fish someone tries to hold onto — the harder you hold it and the more you try to control it, the quicker it slips from your grasp. If Canada bans it, it will drift to Mexico. If Mexico bans it, nodes will drift to Mauritius. If Mauritius bans it, nodes will drift to Russia. There’s always going to be somewhere on the globe – at least for the short to mid-term right now – that is going to embrace Bitcoin."

In this case, that place is - at least for now - Ethiopia.

zerohedge.com