🤯 X (formerly Twitter) is doing what?

Good morning, here is your weekly In A Nutshell from the Bitcoin Collective⚡️

This Week’s Big Stories
  • Grayscale sucker punch the SEC

  • Bloomberg are changing their tune

  • X (formerly Twitter) is doing whaaaaat

Ohhhhh No, Gary 😬

In 2013, the year “twerk" and "selfie" were added to the dictionary was also the year the Winklevoss twins filed the first application for a bitcoin exchange-traded fund (ETF). Over a decade and countless rejections later, is an American ETF approval on the horizon?

On Tuesday, the court sided with Grayscale in a lawsuit against the Securities and Exchange Commission (SEC) which had denied the company’s application to convert the Grayscale Bitcoin Trust to an ETF. The decision was a blow for Gary Gensler (chair of the SEC) and could pave the way for other companies that want to create bitcoin ETFs, like the twin, BlackRock and Fidelity.

BUT don't go drinking that hopium too soon, these things always take longer than you think. The SEC has delayed their decision on applications, meaning it won't be until the end of the year or into 2024 that we could see an approval.

Mining In The Land of Fire and Ice 🇮🇸

We certainly are seeing quite a lot of Bitcoin positivity being pumped out of the monster that is Bloomberg. Are they now Bitcoin maxis?

Bloomberg has just produced a great 8-minute video on Bitcoin mining in Iceland. More and more mainstream media outlets are reporting on this topic but the bit that has previously been missing is actually doing the research and this production feels like they have. Kudos👏

“Mining for Bitcoin is very energy-intensive, so miners have been going around the world looking for the cheapest and lowest-cost power and the cleanest energy sources to reduce their carbon footprint and to reduce their energy costs. Iceland is a natural draw” - Naureen S. Malik

Image: Look into Bitcoin

Elon's 24 year masterplan 💸

X (formely Twitter) has just been granted a currency transmitter license by Rhode Island regulators, which is a legal requirement for companies wishing to conduct any activities related to cryptocurrencies on behalf of their users.

The license permits X to store, transfer, and exchange fiat and digital currencies. It also allows it to offer a comprehensive range of services related to crypto assets.

Rewind to 1999, Musk co-founded an online bank named, you guessed it, X.com which later became PayPal. Is this Musk going back for a 2nd stab at building an online bank?

All we know is that turbulence may be ahead and remember 'not your keys, not your coins'.

🔥 What else have you missed?

1. Google opens up shop in El Salvador as they sign a 7-year partnership with the country to establish an office and deliver Google Distributed Cloud services.

2. The 3rd Largest Bitcoin Wallet mystery from last week is solved. Robinhood is said to be the owner of the wallet.

3. The University of Cambridge revised their Bitcoin energy estimates. Daniel Batten breaks it down and the full report can be found on his tweet.

4. Fitba fan? Read about Peter McCormack's Real Bedford journey so far, It's a belter and we're backing them to make it!

🍿 Friday fun

It's Friday and we're in a good mood! To thank you for reading, you've been entered into a giveaway to win a copy of "Broken Money" by Lyn Alden. We'll email the winner on Sunday, so keep your eyes peeled.

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