Date range: August 12 - August 18, 2024
Weekly Snapshot 📸
Hot Discussions 🔥
1. 18% of Democrats Have Bought Bitcoin, More to Follow: New Poll
A poll revealed that 18% of Democratic voters have invested in Bitcoin, signaling growing interest in cryptocurrency within the party.
Discussions revolved around the political significance of this trend, especially ahead of the 2024 presidential election.
Many believe this could drive political candidates to adopt more pro-crypto policies to capture the interest of this voter base.
2. El Salvador Announces $1.6 Billion Investment That Will Kickstart ‘Bitcoin City’
El Salvador’s plan to invest $1.6 billion into developing “Bitcoin City” sparked widespread discussions.
The project aims to create a tax-free haven for Bitcoin activities, positioning El Salvador as a global leader in Bitcoin adoption.
Many social media users expressed enthusiasm about the potential success of Bitcoin City and its role in accelerating global adoption.
News 🗞️
1. Crypto Platform Diverted $13M from Customers, B.C. Regulator Says
The British Columbia Securities Commission reported that cryptocurrency trading platform ezBtc and its owner, David Smillie, misled customers and diverted approximately $13 million to personal accounts and gambling.
This case received significant negative sentiment media coverage, with Global News breaking the story.
2. RFK Jr. Blocked From Appearing on New York Presidential Ballot
Robert F. Kennedy Jr. was prevented from appearing on the New York presidential ballot due to residency issues in his petition documents, Newsweek reported.
Although this news is primarily political, some crypto outlets paid attention to it due to RFK Jr.’s previous support for Bitcoin.
3. TeraWulf Bitcoin Production Falls 21% in Q2, Looks to AI Expansion
TeraWulf, a Bitcoin miner, saw a 21% decline in Bitcoin production during Q2 but announced plans to expand into artificial intelligence as a new revenue stream, according to Cointelegraph.
This shift, identified by Bitcoin Perception months ago, continues to highlight the challenges facing the mining industry as Bitcoin production becomes less profitable and companies diversify their operations.
Pain & Anger 😡
1. Bitcoin Price Dips Under $59,000 After $100 Million Liquidation: Market Forecast
Bitcoin’s price dipped below $59,000 following a significant market liquidation event that saw $100 million wiped out.
Social media users, particularly traders, expressed frustration and fear over the sudden price drop, with many questioning whether to buy the dip or wait for further market declines.
2. Crypto Platform Diverted $13M from Customers, B.C. Regulator Says
Lots of anger and disappointment on social media after learning that ezBtc misappropriated customer funds.
Calls for stricter regulations and better protection for investors were prevalent in the media while users on Reddit and Twitter/X vented frustration over the platform’s fraudulent actions.
Money Talk 🤑
1. Halving Cycles Amplify Significance of Bitcoin Transaction Fees
A CryptoSlate report examined how Bitcoin’s halving cycles impact miner revenue, particularly highlighting the increased reliance on transaction fees as block rewards diminish.
This led to discussions about how Bitcoin miners are adapting their strategies to maintain profitability in a post-halving world.
Ideas 💡
1. Bitcoin City in El Salvador
El Salvador’s plan to develop Bitcoin City sparked many conversations about the future of national Bitcoin adoption and innovation.
Users on Reddit discussed the project’s potential to set a precedent for other countries to integrate Bitcoin into their economies.
