The ascent of Bitcoin and digital assets has sparked a classic battle, with governments acting as vigilant hawks, trying to control a technology that is as nimble and elusive as a gazelle darting across the savanna of decentralization. In Nigeria, this conflict is as tangled as dense jungle foliage, where regulators strive to enforce their rules on a system meant to evade conventional constraints, while individuals continue to pursue the elusive prize of financial freedom just out of grasp. The Central Bank of Nigeria (CBN) has oscillated between hardline approaches and cautious acceptance, exemplified by its 2021 directive banning banks from facilitating Bitcoin transactions. Yet, just…

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Polymarket’s popularity continues to swell as the U.S. elections draw closer, with betting volumes on the decentralized prediction market approaching a staggering $1 billion. The platform has become a focal point for election-related forecasts, with about 70% of its weekly users placing bets on political outcomes. This robust engagement underscores the vital role of political events in driving user interaction on Polymarket.

Further emphasizing its success, Polymarket’s total value locked has soared by 277% since June, reaching nearly $120 million, and monthly active users have surged 50%, now totaling 66,400. The integration of Polymarket into Bloomberg’s Terminal illustrates the platform’s significant impact on mainstream industries, leveraging blockchain technology’s efficiency to transform market forecasting and public discourse as the November elections approach.

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Singapore’s DBS Bank is set to revolutionize cryptocurrency investment by offering over-the-counter cryptocurrency options trading and structured notes to institutional and accredited investors beginning Q4 2024. This initiative marks DBS as Asia’s first financial institution to link traditional financial products with Bitcoin and Ethereum values. “Professional investors are increasingly including digital assets in their portfolios,” noted Jacky Tai, DBS group head of trading and structuring.

The bank’s current crypto services include trading through its DBS Digital Exchange. The upcoming expansion allows for sophisticated investment tactics such as options trading, where clients can hedge against Bitcoin’s volatility by purchasing put options, securing a sell price regardless of market dips.

Adding to its innovative strides, DBS introduced a blockchain-based smart contract system in August to enhance the transparency and efficiency of government grant distributions. This underlines DBS’s commitment to integrating advanced technology with traditional banking, catering exclusively to its elite clientele.

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Maelstrom, the family office of Arthur Hayes, has awarded the first grant from its Bitcoin developer program to contributor Rkrux. The funding will support Rkrux working full-time on Bitcoin Core.

Bitcoin relies on voluntary developers to maintain its codebase as an open-source project. Maelstrom recently launched a grant program to encourage more full-time work on improving and contributing to Bitcoin’s core infrastructure.

The first recipient is Rkrux, an emerging Bitcoin Core reviewer who completed Chaincode Labs’ FOSS program this year. The grant will enable Rkrux to quit his job and focus entirely on Bitcoin development.

“One of the goals of the grant program is to recognize and reward…

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MicroStrategy Incorporated has unveiled plans to offer $700 million in convertible senior notes due 2028, aiming to further its aggressive Bitcoin acquisition strategy. The notes, not registered under US securities laws, are targeted at qualified institutional buyers and will mature on September 15, 2028, featuring semi-annual interest payments starting March 2025. This move is part of a larger scheme to redeem $500 million in senior secured notes and potentially increase its Bitcoin holdings.

In addition to the main issuance, the company will provide an option for the initial buyers to acquire an extra $105 million in notes within 13 days post-issuance. The strategy includes a notice to redeem outstanding senior secured notes by September 26, 2024, which will free up the 69,080 Bitcoin currently held as collateral.

Since 2020, MicroStrategy has emerged as a major corporate player in the cryptocurrency realm, amassing over 244,800 BTC valued at roughly $14.2 billion. With multiple note offerings totaling billions since its initial foray into Bitcoin, the company continuously leverages its financial maneuvers to maintain its status as the largest corporate Bitcoin holder.

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In a major announcement, Trump’s DeFi project has announced the launch of its crypto token. During the X Spaces discussion, they also shared how the WLFI tokens will be distributed. 63% of the tokens will be sold to the public, 17% will go to user rewards, and 20% will be kept for the project team.

*THIS IS DEVELOPING STORY*

Bhutan, the serene Buddhist kingdom nestled in the Himalayas, has become a significant player in the cryptocurrency space, boasting ownership of 13,011 BTC, valued at approximately $780.49 million. This revelation, according to Arkham Intelligence, marks the first time Bhutan’s Bitcoin holdings have been made public, positioning it as the fourth largest government holder of the cryptocurrency on Arkham’s platform.

The source of Bhutan’s Bitcoin wealth is uniquely attributed to its robust Bitcoin mining operations, rather than law enforcement seizures—a common source for other nations. Arkham’s report highlights that these operations, managed by the kingdom’s investment arm, Druk Holdings, began escalating early in 2023. The country has set up mining facilities in various locations, including a major site at the former Education City project, verified by time-lapse satellite imagery.

Further emphasizing Bhutan’s commitment to sustainable practices, earlier this year, Druk Holdings expanded its partnership with Bitdeer, enhancing their mining capacity from 100 to 600 megawatts. Utilizing its abundant hydropower resources, Bhutan is pioneering a 100% carbon-free Bitcoin mining operation, showcasing its potential as a leader in environmentally friendly cryptocurrency mining.

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This article is featured in Bitcoin Magazine’s “The Privacy Issue”. Subscribe to receive your copy.

“Anarchy is order; government is civil war.” – Bellegarrigue

The advent of decentralized money gave rise to an intriguing cognitive bias among early adopters. Bitcoin’s success is convincing many that we can do away with trusted institutions altogether—that trust itself can be engineered away. This hubris is reflected in how we deploy our collective resources and capital.

In the absence of appropriate social structures, we have become risk averse and generally mistrusting of each other. As a result, Bitcoin commerce has become marginalized and many revolutionaries have retreated into…

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