## El Salvador's Bitcoin Buying Spree: On Track to Outpace Germany? 

**El Salvador** continues to acquire **Bitcoin** at a steady pace, purchasing 1 BTC daily. This strategy has resulted in a substantial **Bitcoin** holding of 5,808 BTC, according to **Glassnode**.  

Meanwhile, **Germany** has been offloading its **Bitcoin** reserves. The government currently holds 6,894 BTC, valued at approximately $394.50 million. This figure represents 13.8% of the total **Bitcoin** initially seized by the government. On July 12, **Germany** sold an additional 2,700 BTC, directing these funds to major exchanges and institutional deposit/OTC services. 

If **Germany** continues its selling spree, **El Salvador** is poised to surpass them in **Bitcoin** holdings with just one more sell-off. This development raises questions about the long-term strategy of both nations and the future of **Bitcoin** in their respective economies. 

**Source:** Arkham Intelligence, Glassnode

Germany sells additional 2,700 BTC, narrowing gap with El Salvador's holdings.

El Salvador's Bitcoin Buying Spree: On Track to Outpace Germany?

Donald Trump described the **latest attempt on his life** during the launch of his new **cryptocurrency platform**. He humorously recounted the incident while resuming his attacks on **Kamala Harris**, labeling her a **'Marxist communist'**. This occurred after a man, **Ryan Wesley Routh**, was arrested for aiming an **AK-47-type rifle** at Trump's golf course in Florida. Routh had been hiding in the bushes for nearly **12 hours** before the incident. Fortunately, Trump was unharmed during this security breach.

At the unveiling of **World Liberty Financial** at **Mar-a-Lago**, Trump insisted that **God spared him** to help “save the country.” This incident follows another assassination attempt just **nine weeks earlier**, where he was shot at during a rally in **Butler, Pennsylvania**. Trump's remarks drew mixed reactions, with some Republican allies urging a reduction in **political rhetoric** while he continued to use inflammatory language against Harris.

![Trump at Mar-a-Lago](https://static.independent.co.uk/static-assets/support-us/eric-garcia.png)

In the aftermath, discussions about **political violence** and security have intensified, highlighting the **dangerous landscape** of political discourse leading up to the elections.

Republican presidential candidate swiftly returns to business-as-usual after golf course intruder Ryan Wesley Routh appears in court on Monday to be charged with two federal gun offences 

Trump's Close Call: Assassination Attempt and Bold Attacks on Kamala Harris

## DeFi Technologies Aims for Nasdaq Listing

A **high-performance Canadian crypto stock**, DeFi Technologies, is preparing for a **U.S. stock market listing**, potentially attracting a new wave of investors. Currently trading under the **DEFI** ticker on Cboe Canada and **DEFTF** over OTC markets, the company has recently filed a **Form 40-F registration statement** with the SEC to list on **Nasdaq**.

> *“The listing of the company's common shares on the Nasdaq remains subject to the approval of the Nasdaq and the satisfaction of all applicable listing and regulatory requirements.”*  

This process, known as **“uplisting,”** allows companies to move from lower liquidity markets to major stock exchanges, presenting significant growth opportunities. However, it comes with challenges, including meeting size, market share, and financial viability criteria.

## Stellar Performance in 2023

DeFi Technologies has seen a **275% increase in stock value** year-to-date, with profits soaring. As of July, the company generated **$105 million** in profit, while its market cap stood at **$429 million**. Analysts, including Will Clemente from Reflexivity Research, suggest that DeFi Technologies is largely **“misunderstood”** and **“undervalued”** compared to the average S&P 500 company.

After announcing its Q2 earnings, the stock rebounded above **USD $2 per share**, outperforming many blockchain stocks during a crypto market lull. The profits have been largely driven by its subsidiary, **Valour**, which offers crypto investment products in Europe, and **DeFi Alpha**, which focuses on low-risk arbitrage trades.

## Bitcoin and Crypto Holdings

In June, DeFi Technologies confirmed it holds **Bitcoin** on its balance sheet and subsequently **doubled its BTC holdings** in July. The company has also added **Solana** and **CORE** to its treasury, showcasing its commitment to diversifying its crypto assets.

*Edited by Andrew Hayward*

The Canadian crypto firm's stock has almost tripled in value this year. Now it could reach a much larger investor base.

DeFi Technologies Sets Sights on Nasdaq: A Game-Changer for Crypto Investors

### Bitcoin's Resurgence in DeFi
Bitcoin is making a comeback, driven by rising prices, **Bitcoin ordinals**, and the emergence of several **Layer 2 initiatives**. In episode 128 of the **Public Key podcast**, host **Ian Andrews** speaks with **David Tse**, Co-founder of **BabylonChain**, about utilizing Bitcoin to enhance the security of **proof of stake networks** without relying on bridges.

### BabylonChain: Bridging Bitcoin and Proof of Stake
BabylonChain is a protocol that leverages Bitcoin’s native **time lock feature** to secure proof of stake networks. David explains how this innovative approach allows Bitcoin holders to stake their assets, providing collateralization and incentivizing honest behavior among stakers.

### Key Discussion Points
- **Early Collaborations**: David shares insights from his early work with **Vitalik Buterin**, identifying vulnerabilities in Ethereum’s transition to proof of stake.
- **Quote of the Episode**: “Babylon Project is kind of like a combination of our first love, which is bitcoin, and our understanding of the limitations and advantages of proof of stake protocols.” – **David Tse**.
- **Episode Breakdown**:
  - 2: Why Bitcoin is ideal for securing Proof of Stake blockchains.
  - 4: David's transition from wireless infrastructure to Bitcoin scaling.
  - 6: Collaborating with Vitalik on Ethereum's proof of stake.
  - 8: Integrating Bitcoin with Proof of Stake without bridging.
  - 13: Overview of Babylon Chain's operational mechanics.
  - 18: Renewed interest in Bitcoin due to recent **ETF approvals** and L2 projects.
  - 22: Collaboration with **Nubit**, a Bitcoin-native data availability layer.
  - 24: Transitioning Babylon Chain from testnet to mainnet.
  - 26: Discussion on staking rewards.
  - 28: Bitcoin's resurgence and the innovations emerging from it.

### Related Resources
Explore additional resources from Chainalysis that complement this episode, including articles on Bitcoin staking and the impact of Bitcoin on the decentralized economy.

### Conclusion
With renewed interest in Bitcoin and innovative solutions like BabylonChain, the future of **DeFi** looks promising, paving the way for a more secure and efficient blockchain ecosystem.

In episode 128, we talk with Davide Tse Co-Founder of Babylon Chain about how to secure blockchain and DeFi using Bitcoin, networks, and more.

How Bitcoin is Revolutionizing DeFi: Insights from Chainalysis Podcast Ep. 128

Coinbase's recent innovation could transform **Bitcoin** from digital gold into a powerful **DeFi** asset, unlocking billions in untapped potential.

Although **Bitcoin (BTC)** remains the most valuable cryptocurrency in the world, it lacks much of the functionality other cryptocurrencies possess today, particularly **smart contract** capabilities. Without smart contracts, Bitcoin holders are unable to directly participate in the rapidly growing **decentralized finance (DeFi)** economy, where users engage in lending, borrowing, yield farming, and even buying **non-fungible tokens (NFTs)**.

But **Coinbase**'s recent innovation could change this dynamic, unlocking Bitcoin's dormant potential to reach new heights. Here's why the launch of its **cbBTC** is a game changer for Bitcoin and its holders.

![Person looking at charts on screen with reflection in glasses.](https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F790807%2Fgettyimages-1386577991-1.jpg&amp;op=resize&amp;w=700)

### What is cbBTC?
Bitcoin can be compared to an old-fashioned telephone -- highly reliable, but limited in functionality. In contrast, newer cryptocurrencies function more like smartphones, letting users engage with a wide range of innovative applications across the DeFi economy.

The key difference lies in **smart contract functionality**, which Bitcoin lacks. Smart contracts let other cryptocurrencies interact with **decentralized applications (dApps)**, enabling a range of use cases beyond simply holding value. As a result, Bitcoin remains isolated from the broader DeFi economy and its potential innovations.

However, new technologies are bridging this gap. **Wrapped Bitcoin**, **Stacks** (a Bitcoin Layer 2 solution), and various other projects have tried to introduce smart contract functionality to Bitcoin but have done so with limited success. However, that might be changing as Coinbase has introduced a new Bitcoin-equivalent token: **cbBTC**.

This is a wrapped version of Bitcoin that exists on the **Ethereum** and **Base** networks, two blockchains with burgeoning DeFi economies. By creating cbBTC, Coinbase lets users leverage their Bitcoin in DeFi while keeping the original Bitcoin fully backed.

### How does cbBTC work and what makes it different?
cbBTC is essentially a token that represents Bitcoin at a 1:1 ratio. The process is straightforward: Bitcoin holders send their BTC to a Coinbase-controlled Bitcoin address. Once the transaction is confirmed on the Bitcoin blockchain, an equivalent amount of cbBTC is minted on Ethereum or Base and sent to the user's wallet. When redeeming, users send cbBTC back to Coinbase, which burns the tokens and transfers the equivalent amount of BTC to the user's Bitcoin address, completing the process in reverse.

What sets cbBTC apart from other attempts at a DeFi-capable Bitcoin like WBTC or **Stacks** is its ease of use. Coinbase offers a simple, seamless process in which Bitcoin holders can convert their BTC into cbBTC without leaving the Coinbase platform. Unlike more complex alternatives that require multistep processes and a deep understanding of blockchain technology, Coinbase's solution is frictionless, making it accessible to mainstream users. This ease of access could be crucial in unlocking billions in dormant Bitcoin capital and could result in a significant inflow of Bitcoin into DeFi markets, potentially driving Bitcoin's value higher.

### Unlocking Bitcoin's economic utility
Bitcoin is currently valued at about **$1.1 trillion**, but its primary use is as a store of value. Although this strategy has been effective, it leaves much of Bitcoin's broader economic utility untapped.

Imagine walking into a bank to obtain a loan with a bag of gold bars -- it's cumbersome and inefficient. The same can be said for Bitcoin in its current form. However, with the introduction of cbBTC, Bitcoin holders can now leverage their assets within DeFi easily. This enables new use cases like lending Bitcoin to earn interest, borrowing against Bitcoin holdings, and even participating in yield farming, or lending crypto to earn a return.

By enabling Bitcoin to be used as collateral or for other DeFi purposes, its value can be further unlocked, potentially leading to big gains in the crypto's price. In fact, **Ethereum**, widely considered the backbone of the DeFi economy, has a market cap of about **$300 billion**, and at one point soared to nearly **$550 billion** during the last bull market. A large part of this valuation is due to its smart contract functionality and utility within DeFi. 

If Bitcoin can replicate some of Ethereum's success in this area, it's not hard to imagine Bitcoin's market cap increasing by hundreds of billions of dollars over time. The more Bitcoin is used in DeFi, the higher the demand for it becomes, driving up its price as the available supply plateaus.

We are only at the beginning of this revolution, but the trajectory is clear: Bitcoin's integration into the DeFi ecosystem is inevitable, and innovations like Coinbase's cbBTC are the key to unlocking Bitcoin's full potential. As Bitcoin expands its role beyond just a digital gold-like asset, its long-term value proposition is set to grow, adding billions to its market cap in the process.

Coinbase's recent innovation could transform Bitcoin from digital gold into a powerful DeFi asset, unlocking billions in untapped potential.

Coinbase's cbBTC: The Game-Changer That Could Skyrocket Bitcoin's Value!

### Police Issue Warning on Bitcoin Scam

Authorities are alerting the public about a **new Bitcoin scam** that is targeting individuals by threatening to expose their **private information**. This alarming trend has raised concerns about the safety of personal data in the cryptocurrency space.

#### How the Scam Works
Scammers are employing various tactics, including phishing emails and fake websites, to trick users into providing sensitive information. Once they obtain this data, they threaten to leak it unless a ransom in Bitcoin is paid.

#### Protect Yourself
To safeguard against these threats, users are advised to:
- Always verify the authenticity of emails and websites before providing any personal information.
- Use **strong passwords** and enable **two-factor authentication** on cryptocurrency accounts.
- Stay informed about the latest scams and tactics used by cybercriminals.

#### Conclusion
As the popularity of Bitcoin continues to grow, so does the risk of scams. It's crucial for individuals to remain vigilant and take proactive measures to protect their private information from potential threats.

Beware: New Bitcoin Scam Threatens Your Private Information!

![Bhutan's Bitcoin Holdings](https://cryptoslate.com/wp-content/uploads/2024/09/bhutan-bitcoin-768x403.jpg)

The **Royal Government of Bhutan** holds **13,029 Bitcoin (BTC)**, valued at approximately **$755 million**. This substantial stash is linked to the country's **Bitcoin mining operations**, managed by the state-owned **Druk Holding & Investments**. 

### Bhutan's Position in the Crypto Landscape
According to data from **CoinGecko**, governments collectively held **2.2%** of Bitcoin’s supply as of August, with the **US** leading at **213,246 BTC**, followed by **China** with **190,000 BTC**. Bhutan ranks **fourth**, surpassing **El Salvador's** **5,800 BTC** but trailing behind the **UK's** **61,000 BTC**. Notably, Bhutan's holdings are attributed to its mining efforts rather than government seizures.

### A Brief History of Bhutan's Bitcoin Mining
Bhutan has been engaged in Bitcoin mining for several years, initially maintaining a **low profile**. In **2023**, the country expanded its mining operations across **four hydroelectric-powered sites**. On-chain data reveals that government wallets began accumulating BTC as early as **February 2021**.

In recent developments, **Bitdeer Technologies Group** partnered with Druk Holding to significantly increase Bhutan's mining capacity, aiming for a boost to **500 megawatts** by mid-2025. This expansion is expected to enhance Bhutan's role in the global Bitcoin mining ecosystem, especially as demand for Bitcoin rises.

### The Future of Bhutan's Bitcoin Mining
The collaboration with **Bitdeer** signifies a strategic move to leverage Bhutan's renewable energy resources for cryptocurrency mining. As the landscape of Bitcoin mining evolves, Bhutan's proactive approach could position it as a key player in the sector, attracting further investments and innovations in the field.

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

The 13,029 BTC stash tied to different wallets is believed to be related to the Himalayan kingdom's Bitcoin mining operations.

Bhutan Emerges as the Fourth Largest Bitcoin Holder with 13,029 BTC: Here's Why It Matters

# **Scotts Valley Police Issue Warning on Bitcoin Extortion Scam**

Scotts Valley police are alerting the public about a **new online scam** that has been circulating recently. Victims have reported receiving **emails from an unknown sender** claiming to possess compromising images or videos of them. The perpetrator then attempts to **extort Bitcoin** from the victims, threatening to share these materials with their friends or family if they do not comply.  

The police have confirmed that this is a **national scam** affecting individuals across the country. In light of this, they advise anyone receiving such messages to **not respond** or send any form of payment, including **cash, Bitcoin, or gift cards**. If you find yourself in this situation, you can report it by calling their **non-emergency Dispatch** number at **831-566-2110**.  

For additional safety tips, visit the official website for more information.

Scotts Valley police are warning the public of a new online scam. 

El Salvador's Bitcoin Buying Spree: On Track to Outpace Germany?

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