Hyperbitcoinization in the works, RFK seeks Bitcoin donations, and other news: Hodler’s Digest, May 14-20
has crossed a significant threshold this month There are over 1 million addresses containing at least 1 BTC. Data from Glassnode shows an upward pattern regarding the amount of so-called Bitcoin wholecoiners. If this trend continues, bitcoin’s escalating price could soon make buying it not just a luxury but something completely unattainable, according to Adam Back, co-founder and CEO of Blockstream Bitcoin. This type of hyper digital currency marks the moment when the benefits of Bitcoin for financial transactions will eventually replace existing financial institutions with a crowd-driven system, with Bitcoin becoming the world’s virtual value system.
Driving FTXs Looking to recover more than $240 million Insiders and executives who benefited from FTX’s massively ballooned acquisition of equity clearing platform Embed in September. According to court filings, Embeds’ chief technology officer, Lawrence Bell, was shocked that FTX paid so much for the company after a brief meeting with its then-CEO, Michael Giles. Bell described the due diligence process for FTXs with a cowboy emoji. Lawyers familiar with the matter accused FTX of making disproportionate payments to Embed shareholders, including $55 million paid to its CEO.
The most attractive reads in the blockchain. Delivered once a week.