Kanye, Guinness, Walmart, Grayscale
Bitcoin News of the Week
Kanye West Turning to Bitcoin After Bank Dumped Him?
Ye, the artist formerly known as Kanye West, was spotted recently outside a Beverly Hills bank sporting a Satoshi Nakamoto hat. Does this mean Kanye has turned into a full-fledged Bitcoin maxi? Better question, do Bitcoiners want him as an ambassador?
The rapper and producer, formerly married to Kim Kardashian, is reportedly worth somewhere between $2 and $6 billion. But at least one bank has told West his money is no longer good there. J.P. Morgan Chase Bank has reportedly given West until November 21st to transfer his bank balances to another bank.
According to Kanye, he had $140 million at J.P. Morgan Chase. When spotted at J.P. Morgan, was he there to pull his money out? Possibly.
How did this all start? The bank’s move came just days after West went on a bit of a Twitter rampage. Much of his rant was directed at Jews. Included in a series of anti-Semitic comments was a threat to “go Death Con 3 on Jewish people.”
The backlash was swift and widespread. West was quickly banned from Twitter and Instagram, and numerous national companies have already cut ties with him.
Storing wealth in crypto assets tends to appeal to those who have no access to banks or who have been banned for some reason. The decentralized nature of the platforms and the privacy can be very appealing.
After West’s Twitter rant, however, it doesn’t seem that any crypto or Bitcoin companies are going to be chasing him down to endorse their products. That’s probably a good thing. Kanye West may need quite a while to repair his image.
Bitcoin Recognized for Several World Records
What do you think of when you hear about the Guinness Book of World Records? I tend to think of sports, running, swimming and things like that. Of course there are also the “records” in the weirdest possible categories. For instance, someone named Eric from New York chugged two liters of soda in 18.45 seconds. Neville Sharpe from Australia recorded the loudest burp, at 112.4 decibels.
Now Bitcoin has been recognized as the world record holder, in several categories.
Here are the accolades that Bitcoin received:
Oldest cryptocurrency
First decentralized cryptocurrency
Most valuable cryptocurrency
Oldest blockchain
It’s the first time that blockchain and cryptocurrencies have been recognized by the folks at Guinness. The list has been documenting record achievements and natural events for 67 years, with the first edition released in 1955.
With somewhere between 10,000 and 20,000 cryptocurrencies in existence (for now) it makes sense that the greatest should be honored. Just one more little step in worldwide adoption of Bitcoin.
Walmart Moves Towards Mass Crypto Adoption
Walmart, the world’s largest retailer with over $500 billion in annual sales, has taken several steps to incorporate cryptocurrencies in their business model. That sounds pretty bullish for crypto, including of course, Bitcoin.
The latest announcement from the Arkansas-based retailing behemoth is that “crypto transactions will be right in the middle of its digital strategy” moving forward. Global Chief Technology Office Suresh Kumar added, “Crypto will become an important part of how customers transact. We want to make sure that we make it friction-free for customers.”
Walmart has already integrated a blockchain technology system to allow tracking of the origins of products they sell. And in 2021, Walmart applied for several trademarks that would enable them to sell NFTs and virtual goods in the metaverse. They also expressed an intent to offer customers a virtual currency, but have not yet disclosed details on any specific coin.
What’s probably more exciting to Bitcoin and crypto users is that Walmart has installed over 200 ATMs in their stores that would allow customers to buy and sell Bitcoin and other cryptocurrencies. That figure was as of about a year ago, so chances are the number of terminals is even higher now.
Walmart intends to install these ATMs at over 8,000 locations in the United States over the coming months, according to Bloomberg.
Grayscale Files Appeal With SEC; Seeks ETF Approval
An appeal to overturn the rejection of a spot Bitcoin ETF is gaining a lot of support, from some pretty big names.
The SEC rejected the application of Grayscale to convert its existing Bitcoin trust to an exchange-traded-fund back in June. The SEC and its Chair Gary Gensler shot down the proposal, despite having already approved a Bitcoin futures ETF. Futures investments are considered much riskier than the underlying assets, so it’s not clear how Gensler is concerned with protecting investors, as he has stated.
In its SEC lawsuit, filed last week, Grayscale called the spot ETF rejection ‘Arbitrary, Capricious and Discriminatory.’
NYSE Arca, a merger of the New York Stock Exchange and the Archipelago Exchange, which was to list the Grayscale Bitcoin ETF, disputed the SEC’s assertion that such an investment was subject to “market manipulation.” It said its index used to determine Bitcoin’s value has been used for six years now and was “expressly designed to mitigate potential fraud or market manipulation.”
Big Names Weigh In
Former SEC commissioner Harvey Pitt, former Commodities Futures Trading commissioners and former Acting Comptroller Brian Brooks submitted an amicus brief in support of Grayscale’s appeal.
Coinbase filed a separate amicus brief in the case, also supporting Grayscale. Coinbase is currently the largest cryptocurrency exchange in the US.
The Blockchain Association and the Chamber of Digital Commerce also submitted filings, stating that the spot Bitcoin ETF is “ideally suited for investors that want exposure to Bitcoin.”
The filings were submitted this week to the US Court of Appeals for the District of Columbia Circuit.
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Podcasts - To hear the top names in Bitcoin, and learn more than you could imagine, check out The Pomp Podcast with Anthony Pompliano, What Bitcoin Did with Peter McCormack, and The Wolf of All Streets Podcast with Scott Melker.
Issue No. 79, October 21, 2022
Rick Mulvey is a CPA, crypto consultant, and frequent contributor to Bitcoin Magazine. He writes about all things Bitcoin, and yells at the Yankees and Giants. He also runs marathons and makes wine, neither professionally.