18th September 2024 > > Binance & Bhutan.

tl;dr

A warning to users of Binance wallet. Hats off to Bhutan, whose government is clearly packed with a bunch of smart people.

Market Snap

Market Wrap

It’s always nicer to wake up to a 60-handle rather than a 50. It has been a bit of a right royal battle at these current levels, but in the longer-term, there is only going to be one resolution for the price action of BTC.

And perhaps this gives us some insight:

The clearing price on centralised exchanges guides larger OTC trades though it is not a true reflection of the value of BTC. Retail FOMO can be a key driver of price discovery/over-exuberance on those exchanges. We are at $60k with low retail interest. This is a bullish signal.

Curious Cryptos’ Commentary – Binance wallet scam warning

Binance the exchange has its own (separate) self-custodial wallet which is currently under attack by scammers using Clipper malware. Destination addresses are changed by the malware, diverting any outgoing cryptos into the arms of the feral scumbags who report directly to the murderous dictators known as Putin and Jong-Un.

If you use Binance wallet then run your virus scan now, and be doubly careful about any transfers from your wallet. Better still, set up a new wallet (preferably a Ledger Nano X) and custody your crypto assets there instead.

Curious Cryptos’ Commentary – Go Bhutan!

Bhutan is a small country with fewer than 1mm people and GDP of just $3bn, significantly less than the fabled Reeves’ black hole of £22bn which is the very definition of a rounding error when viewed in the context of UK GDP of £2.5 TRILLION or more.

Bhutan has officially adopted BTC for its sovereign reserves held in the state-owned sovereign wealth fund Druk Holdings, following in the enlightened footsteps of El Salvador. Mining facilities have been built in Bhutan by both the government and by Bitdeer working with the government. As a result, Druk now owns over 13,000 BTC valued at $780mm, nearly one third of annual GDP:

Government sources suggest that Bhutan started accumulating its stash of BTC in 2019 when BTC was trading at a mere $5k, though many at the time thought that was overvalued. I think the Bhutanese are pretty comfortable with the decision to get involved back then.

Sovereign adoption of BTC as part of the central bank’s reserves is only just starting to happen, but the firepower behind it is vast.