This week in crypto, BeInCrypto unpacks everything from a historic Bitcoin sale authorized by the US Supreme Court to a controversial new theory about Satoshi Nakamoto’s identity.
Plus, see how Vitalik Buterin is turning meme coins into a force for good. It’s a fast-paced, headline-grabbing week that highlights the nature of the crypto ecosystem.
Supreme Court Greenlights Sale of Silk Road Bitcoin
On Monday, the US Supreme Court denied an appeal from Battle Born Investments. This decision will allow the US Marshal Service (USMS) to sell 69,370 Bitcoin (BTC) previously seized from the Silk Road marketplace. The US District Court for the Northern District of California had ruled that these assets, valued at approximately $4.4 billion, could be sold under existing legislation.
With the sale potentially timed ahead of the upcoming US elections, the market is on high alert for possible impacts on Bitcoin prices. However, this depends on whether the sale is direct or staggered over time. Nonetheless, the price of Bitcoin has mostly remained stable throughout the week, currently trading at $63,270.
Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030
HBO Documentary Reveals Satoshi Nakamoto’s Identity
The HBO documentary “Money Electric: The Bitcoin Mystery” has sparked controversy with its claim that Bitcoin developer Peter Todd might be Satoshi Nakamoto, the enigmatic founder of Bitcoin. Despite filmmaker Cullen Hoback’s claims, the community remains skeptical.
Todd has vehemently denied these allegations, insisting on his non-involvement. However, the documentary has not swayed the prevailing opinion that Nakamoto’s identity should remain a mystery.
“It doesn’t matter who Satoshi is, that’s the point. Satoshi was wise to stay anonymous, not just to avoid being a target, but also because the press would have made the entirety of Bitcoin about them and their persona, thereby devastatingly lowering the quality of the discourse,” Arthur Breitman, co-founder of Tezos told BeInCrypto.
Read more: Satoshi Nakamoto – Who is the Founder of Bitcoin?
Vitalik Buterin’s Meme Coin Moves
Ethereum (ETH) co-founder Vitalik Buterin made headlines this weekend by first offloading $300,000 worth of meme coins. Additionally, blockchain data indicated that these tokens were converted into Ethereum, accumulating to roughly 140.67 ETH.
Notably, these ETH tokens supported charitable causes, including a legal defense fund for the developers of Tornado Cash. Buterin’s actions reflect his commitment to using his platform for positive social impact, bolstering the credibility of the crypto industry.
Later on Tuesday, Buterin sold 10 billion MOODENG meme coins, donating proceeds to anti-airborne disease technology.
“I appreciate all the meme coins that donate portions of their supply directly to charity. I’ve said before that I think the best thing for meme coins is if they can be maximally positive-sum for the world, so it’s great to see moments when that actually happens,” Buterin said.
Read More: Who Is Vitalik Buterin? An In-Depth Look at Ethereum’s Co-Founder
TON Launches Memelandia
The Open Network (TON) introduced Memelandia this week, aiming to bolster its meme coin ecosystem through its integration with Telegram. This decentralized hub aims to serve as a breeding ground for meme coin development, offering platforms like Launchpad Lair for new launches and Meme Mountain for community competitions.
TON’s initiative is set to harness the creative and competitive spirit of meme coin enthusiasts, potentially increasing engagement and innovation within the meme coin market.
“TON’s strategic position allows it to onboard Telegram’s massive audience into crypto in general and meme coins in particular. Memelandia, therefore, offers a unique space for meme coins to grow, fuelled by the creative energy of degens,” TON added.
Despite the development, the price of Toncoin (TON) has remained stable throughout the week. TON is currently trading at $5.29, up by 0.87% in the past 24 hours.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
UAE Champions Crypto Growth
Starting November 15, 2024, the UAE will exempt all crypto transactions and conversions from Value Added Tax (VAT).
This bold move aims to eliminate the hurdles previously imposed by the 5% VAT, enhancing the UAE’s appeal as a thriving global hub for blockchain and crypto technologies. The exemption is expected to stimulate growth in the sector, drawing both businesses and investors to the region and further cementing its status as a leading crypto economy globally.
Read more: Complete Guide to Filing Cryptocurrency Taxes in 2024
In an interview with BeInCrypto, crypto legal expert Irina Heaver highlighted that challenges persist for crypto businesses operating in the UAE.
“It’s important to note that there is absolutely no connection between the recent VAT exemptions on crypto exchange transactions and the ease of establishing banking relationships for crypto businesses. These are completely unrelated topics. The exemption of VAT on exchange transactions does not influence the banking landscape at all. In reality, banking remains challenging for crypto-related businesses in the UAE, as it does globally,” Irina Heaver, told BeInCrypto.
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