Two unsolved Bitcoin mysteries, Better Markets calls for BTC ETF rejection

Why did somebody just drop $1.1 Million Worth of bitcoin into Satoshi nakamoto's Wallet good morning you're listening to The ryzen crypto podcast by coin at Telegraph with me Robert bags stiring You through the crypto Cosmos with daily Dispatches from the digital Frontier if You want to stay ahead of the curbing Crypto and there's a lot to stay ahead Of at the moment make sure you click That follow button grab yourself a Coffee and let's get into It happy Monday everybody it is a big Week for crypto this week and you might Think that we're only going to be Talking about ETFs but you'd be wrong so Here's what we're going to cover today Better markets pens an open letter to The SEC to reject the spot Bitcoin ETF Applications the SEC republishes its noo To fomo campaign with curious timing Experts weigh in on whether funds could Buy all of the Bitcoin in circulation a Mysterious bitcoiner spend $64,000 to inscribe encrypted code and An enormous deposit is made to s Ki Nakamoto's Bitcoin Wallet let's start with a story that Caused the biggest stir this weekend so Appearing late on Friday a letter to the SEC from better markets urged the Rejection of spot Bitcoin ETF Applications in a move to stop the Proceedings at the buzzer Dennis ker CEO

Of the nonprofit organization better Markets wrote this open letter addressed To the SEC secretary Vanessa Countryman Where kellerer argued against spot Bitcoin ETFs with familiar arguments the Letter stated we submit this Supplemental comment letter which better Markets very rarely does because it Would be a grave if not historic mistake Almost certainly leading to a massive Investor harm if the SEC approves the Pending rule change kellerer went on to State that the sec's case against Grayscale investment over spot Bitcoin ETFs should not and I quote cause the SEC to deviate from its previous Well-grounded decisions disapproving Multiple spot Bitcoin based etps exchang Trended products from mult multiple Exchanges the SEC of course lost this Legal battle with grayscale much of Kell's concerns are centered around Better markets perceived risk for Investors but not primarily at the feat Of volatility kellerer wrote that the Approval of the spot Bitcoin ETFs would Expose investors to a market thoroughly Contaminated with fraud and manipulation So there were several interesting Responses to this letter one commenter Matt olberg a cryptocat scientist Claimed that better markets is a special Interest connected to senator Elizabeth Warren who has been loudly anti- crypto

The Fox Business journalist Elena terret Highlighted that kellera has also been Loudly anti crypto in an interview with The institute for New Economic thinking In May 2023 Keller her said of crypto It's worse than a fantasy it's a fraud On the public so the primary fear with This letter is if it carries any weight Can it have an impact on the outcome Especially at this incredibly late stage The honest answer is that no one knows Or the people that know aren't speaking Public public Ally about it however Bloomberg's ETF analyst James Safar Tweeted that it would be an absolutely Criminal move for this to happen Considering the time effort and energy From all these issuers and the SEC staff Over the last few Months so better markets wasn't the only Organization with some warnings to Investors but the other is fully open to Interpretation on Saturday the SEC Reissued its warning campaign that first Did the rounds in January 2021 say no go To fomo the SEC has an ex account called The office of investor education and That's where this pithy campaign has Been seen a few times before we first Saw it back when the bull market was Starting then again when it was raging As we saw all-time highs in November 2021 and then again as we slid down the Other side of the mountain in March 2022

So it emerged again on Saturday and the Timing is certainly raising some Eyebrows the document accompanying this Tweet is about all kinds of Investments Not just crypto but it does specifically Highlight cryptocurrencies meme coins Ico and nfts though In fairness it Doesn't do a terrible job of describing Them or attempt to misrepresent the Sector directly after the section on Crypto and nfts the document says you May see your favorite athlete Entertainer or social media influencer Promoting these kinds of investment Opportunities although it's tempting Never make a decision to invest based Solely on their recommendation I know Crypto has a knee-jerk reaction to the Secc but that still feels on the nose Today especially with Cristiano Ronaldo Being sued the Logan PA and crypto Zoo Dearle and so on in all honesty it's Hard to dislike the say no go to fomo Sentiment at all that's just good advice If the ball Market is around the corner As many think it is it's worth Reiterating the message I saw close Friends make pretty brutal mistakes in Crypto because they got caught up in the Hype and wouldn't listen to reason it Happens to the best of us so it's a Useful message to keep in mind as for The timing well I'll let you decide on That the spot Bitcoin ETFs have most

People in crypto feeling bullish Whenever that is the case I like to Attempt to escape my echo chamber and Look for the potential downside I have Voiced my own concerns about buying spot Bitcoin ETF shares from a major Bank Being the antithesis of what Satoshi Nakamoto had envisioned but I'm still Not sure how married I am to that point Of contention a point of contention that Has resonated with me however has been One voiced by many Bitcoin experts and Ogs including the co-founder of bitmex Arthur Hayes who I spoke about on Friday There is a fear that is expressed Differently by different experts but There is a notion that underpins it and That is that spot Bitcoin ETFs could Destroy Bitcoin whether it's destroying Bitcoin or you weaken the claim to just Damaging Bitcoin it's for the same Reason people are excited about the Price supply and demand the ETFs if Accepted will undoubtedly cause a Colossal spike in demand only for the Haring event in April to hit the other Half of the equation Helen Parts wrote a Brilliant piece on this as always Everything I discuss in these episodes Is linked in the description so make Sure you give it a read one tweet by the Crypto entrepreneur lar Davis summarized The situation well it read estimates are That a spot Bitcoin ETF could bring 20

To 30 billion dollars of fresh cash into Bitcoin that would buy about half of all Coins on exchanges at current prices for Reference here is what happened to Gold When it got its first ETF approved on The US markets history repeating so the Tweet shows a graph and to see that you Need to check the episode description But essentially what the graph shows is The price of gold going up 364 from the first gold ETF offering in The US to the all-time high of gold now Bitcoin Supply is capped at 21 million Coins 1.4 million of which are yet to be Mined and Valkyrie investment CEO Leah Wal told cointelegraph theoretically a Company or government could attempt to Buy a significant amount of Bitcoin but Acquiring all Bitcoin in circulation is Highly impractical and we still have a Significant unreleased supply of Bitcoin She added that bitcoin's decentralized Nature and the fact that many holders Might refuse to sell at any price creat A natural barrier against Monopoly the Chief investment officer at bitwise Matt Hugan and the Jan 3 CEO Samson Mau both Expressed similar sentiments buying up All the Bitcoin is probably not possible However even if the vast majority of Bitcoin is stored in these ETF vaults Arthur Hayes worries it could break the Bitcoin ecosystem even if only until it Mends itself you may recall from before

Christmas I quoted hay on the topic of The ETFs causing the number of Transactions on the network to drop Substantially he said the end result is Miners turn off their machines as they Can no longer pay for the energy Requirement to run them without the Miners the network dies and Bitcoin Vanishes so it seems that most experts Agree that the big funds can't just Hoover up all of the Bitcoin but also They may not need to to damage Bitcoin right staying with Bitcoin we Have two new Bitcoin Mysteries that have Cropped up this weekend at 11:20 a.m. on Saturday the 6th of January an Unidentified bitcoiner spent over Bitcoin around $64,000 in fees to inscribe nearly 9 Megabytes of raw binary data onto the Bitcoin blockchain so using the ordinal Explorer .io the mystery address titled Just as unnamed made 332 inscriptions With data in English Greek and Mathematical symbols leonidis host of The ordinal show and creator of .io Warned that some people are saying it May be encrypted so potentially Impossible or very hard to decrypt What's more and I don't know what to Make of this two of the 332 inscriptions Are marked with a pepperoni pizza icon On .io what these icons mean is that Those two Satoshi which are the smallest

Denominations of Bitcoin are from the 10,000 Bitcoin used by the early Bitcoin Contributor llo hanex when he bought two Papa John's Pizzas back in May 2010 as Of recording this around 7:00 a.m. Eastern on the 8th of January 2024 Nobody has managed to decipher The $64,000 secret Message okay okay Bitcoin mystery number Two and brace yourself because this is a Weird one on Saturday Connor Grogan a Director at coinbase noticed something Unusual and tweeted about it there had Been a noteworthy transaction involving The wallet of Satoshi Nakamoto the Pseudonymous creator of Bitcoin now Before you get too excited the Transaction involved inbound crypto not Outbound but believe me it's still Interesting before I get into it I saw Several people comment on this story Over the weekend asking the same Question how do we know this is Nakamoto's wallet that's a simple one It's the first wallet created and it's The one that received the Genesis block Award the reward given for mining the First block of the blockchain the Genesis block it was mined back on the 3rd of January 2009 and before the three Harving events with the fourth coming in April the reward was a tidy 50 Bitcoin That 50 Bitcoin in that wallet has never Been moved or spent and Nakamoto

Disappeared in December 2010 in fact on The anniversary of that first block People often send Bitcoin to the address To Mark the occasion by late 2023 this Wallet had increased its Holdings from 50 to 72 Bitcoin just from donations Alone but now that wallet's balance has Had rather a large Spike at 700 p.m. on Friday the 5th of January an unknown Address deposited 26.9 Bitcoin worth around $1.17 million At the time into Satoshi nakamoto's Wallet on Saturday Connor Grogan at Coinbase spotted the transactions and Tweeted a screenshot with the caption Either Satoshi woke up bought 27 Bitcoin From binance and deposited it into their Wallet or someone just burned a million Dollars so I happened to see this tweet Within a few minutes of it going out ETF Fever had me glued to my phone this Weekend and like most people my gut Reaction was that satosi hasn't just Woken up and moved some of his bags but Rather it was some sort of marketing Stunt for one of the upcoming ETFs and Grogan tweeted the exact same thing the Pro xrp lawyer Jeremy Hogan had the only Other plausible Theory I've seen so far He suggested that it might be a way to Flush out the Bitcoin creat as if they Are in the US they would need to report The funds to the IRS or break the law I'm still going marketing stunt final

Answer but what's your theory tweet us On @ cointelegraph or RK Bags I do love a good crypto mystery and That should keep us amused until the Imminent ETF announcement that I will Bring you in full as soon as it happens But that's it for today so consider Yourself informed thank you for Listening to the rise and crypto podcast By coin Telegraph if you're enjoying These daily updates please make sure you Let us know by following subscribing or Leaving a review have a great day let's Do this again [Music] Tomorrow