Bitcoin monthly digest: October 2023

Hello and welcome to abitnewworld.com!

We're excited to share with you the fifth edition of our monthly Bitcoin newsletter, committed as ever to providing you with all the Bitcoin-related essential news you might have missed last month. If you're wondering what went down in October, you've come to the right place. Let's jump right in and find out together!

• Thoughts from Lugano Plan B 2023

ABitNewWorld attended Lugano Plan B 2023 on October 20-21. Plan B is "a joint initiative between the City of Lugano and Tether to accelerate the use of and leverage bitcoin technology as the foundation to transform the city’s financial infrastructure". The plan will scale blockchain and Bitcoin throughout the city to positively impact all facets of daily life for the residents of Lugano. From small transactions with local merchants to larger efforts – such as paying annual taxes – blockchain will serve as the foundation for the city’s financial exchanges.

The conference, featuring world-class Bitcoin experts and personalities such as Robert Breedlove, Adam Back and Giacomo Zucco, gave further proof of the vibrant intellectual and entrepreneurial ecosystem growing on the solid foundations offered by the bitcoin network. One potential source of concern for Lugano is the apparent inability (or unwillingness?) to draw a clear line between bitcoin and other blockchain projects, which more closely resemble software-as-a-service companies than an independent monetary system. We anticipate that continuing to conflate these two very distinct domains might generate complex regulatory challenges in the future, as more and more for-profit enterprises try to emulate bitcoin's features to achieve its commodity status rather than a technology company

• El Salvador's pioneering move

Volcano Energy and Luxor Technology Corporation have introduced El Salvador's first Bitcoin mining pool, called Lava Pool. This initiative, powered by renewable geothermal energy, is a part of El Salvador's ongoing efforts to integrate Bitcoin into its energy infrastructure. Volcano Energy, a public-private partnership, will exclusively mine blocks through Lava Pool, contributing 23% of its net income to the Salvadoran government. Luxor's Hashrate Forward Marketplace will provide hedging strategies to protect Lava Pool against market volatility. The partnership aims to utilize the country's renewable energy resources to enhance energy infrastructure and support economic growth, marking El Salvador as a leader in Bitcoin mining and renewable energy integration.

• Grayscale's court triumph

Grayscale Investments has won a significant court victory against the US Securities and Exchange Commission (SEC), with a three-judge panel ruling the SEC's denial of Grayscale's proposal as "arbitrary and capricious." The ruling highlights the SEC's failure to explain the discrepancy in treating spot bitcoin ETFs and futures bitcoin ETFs differently. This victory could pave the way for future decisions favoring Bitcoin ETFs, impacting retail investors, institutions, bitcoin prices, and the broader crypto sphere. The ruling increases the likelihood of a spot Bitcoin ETF approval, potentially transforming market dynamics, providing a gateway for retail investors, influencing Bitcoin prices, and opening the floodgates for institutional capital.

That's all for this month, folks! Make sure to get in touch with us by using the "Contact us!" button at the top of this page, or leave a comment down below with any questions or comments.