How much BTC does Coinbase have? 🫣
How much BTC does Coinbase have? 🫣
Coinbase holds 5% of all Bitcoin in existence. Google Cloud adds 11 blockchains to data warehouse. Amazon's self-publishing restrictions to counter AI books deluge. Armstrong against AI restrictions.
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1 million Bitcoin, valued at over $25 billion
*based on prevailing BTC market prices.
That's what Coinbase Bitcoin reserves look like, as per Blockchain intelligence platform Arkham
Significant Share of Bitcoin Holdings
The exchange holds a staggering 947,755 BTC, that is nearly 5% of the total existing Bitcoin supply. This is notable considering that Bitcoin's circulating supply, as reported by CoinGecko, stands at approximately 19,493,537.
Identified Addresses and Unlabelled Holdings
Arkham further identified and tagged 36 million Bitcoin deposit and holding addresses used by Coinbase.
The platform noted that Coinbase's largest cold wallet secures roughly 10,000 BTC.
Arkham speculates more Bitcoin in Coinbase's possession that have not been labeled or identified yet, based on the exchange's financial reports.
They are public entity, and disclosures are a must.
Ownership Ratio: A Surprising Revelation
While Coinbase appears to hold more than $25 billion worth of BTC in its wallets, it's crucial to note that the exchange's direct ownership of these assets is limited.
In fact, Coinbase only directly owns around 10,000 of the Bitcoin it holds, which translates to approximately $200 million, as per recent data.
MicroStrategy Still Leads in Corporate Bitcoin Ownership
In terms of Bitcoin ownership among companies, business intelligence firm MicroStrategy still holds the top position. In their earnings report released on August 1, the company's co-founder, Michael Saylor, proudly declared that MicroStrategy possesses a substantial 152,800 BTC, which was valued at over $4 billion at the time of the announcement.
TTD Blockquote🎙️
Coinbase CEO Brian Armstrong
‘Count me as someone who believes AI should not be regulated’
Armstrong opposes regulating artificial intelligence (AI), citing the need for rapid development, national security, and unintended consequences of regulation. He draws parallels with the unregulated early days of the internet and suggests decentralisation and open sourcing as alternatives.
Where’s ETF?🚨
In a recent video interview on the Paul Barron Network, Mark Yusko, CEO and Chief Investment Officer of Morgan Creek Capital Managementsuggested that the approval of a Bitcoin spot exchange-traded fund (ETF) by the SEC could pave the way for an influx of $300 billion into the market.👇🏻
TTD Google 🟢
Google Cloud's BigQuery service has expanded its capabilities by including data from 11 additional blockchain networks. This development was announced in a blog post on September 21.
These newly added networks encompass a diverse range of blockchain ecosystems, including Avalanche, Arbitrum, Cronos, Ethereum's Görli testnet, Fantom, Near, Optimism, Polkadot, Polygon's mainnet, Polygon's Mumbai testnet, and Tron.
BigQuery: A Data Warehousing Hub: Google's data warehousing service, now supports 19 blockchain networks. It also offers access to various public datasets for queries.
A History of Blockchain Integration: Google started integrating blockchain data into BigQuery in 2018 with Bitcoin and later Ethereum. In February 2019, it expanded to include Bitcoin Cash, Dash, Dogecoin, Ethereum Classic, Litecoin, and Zcash.
Improved Query Capabilities: It has introduced user-defined functions to simplify blockchain queries, enhancing precision and reducing computation errors.
Google Cloud's Growing Blockchain Interest: In 2023, Google Cloud has increased its involvement in blockchain, partnering with Voltage for Lightning Network infrastructure and collaborating with Web3 startup Orderly Network for decentralised finance off-chain components.
TTD Charged 🔴
Senator Bob Menendez of New Jersey, a prominent figure in the Democratic Party, is facing federal corruption charges linked to an expansive bribery scheme.
The 39-page indictment by prosecutors alleges that Menendez leveraged his substantial political influence to benefit three New Jersey businessmen in exchange for gifts and cash.
Details of the Charges
Bribery Accusations: Federal prosecutors claim Menendez accepted bribes in exchange for using his influence.
Benefiting Businessmen: He allegedly aided businessmen Wael Hana, Jose Uribe, and Fred Daibes in various ways.
Disclosure of Sensitive Information: Menendez is charged with sharing sensitive US government information benefiting Egypt.
Seized Assets and Cryptocurrency Contrast
Assets Seized: Authorities seized cash, a luxury vehicle, and gold bars believed to be linked to the alleged bribes.
Contrast with Cryptocurrency Views: Menendez's alleged use of traditional means to hide funds differs from his criticism of cryptocurrency's anonymity.
Response and Legal Consequences
Denial: Senator Menendez denies the allegations, emphasising his commitment to his work.
Federal Charges: Menendez faces three federal charges and a potential 20-year prison sentence if convicted.
Menendez has been a vocal critic of cryptocurrencies, accusing them of facilitating criminal activities and helping foreign actors evade US sanctions.
Involvement in Cryptocurrency Legislation
ACES Act: Menendez co-sponsored the ACES Act, assessing risks tied to El Salvador's adoption of Bitcoin as legal tender.
Concerns About Libra: He raised concerns about Facebook's Libra project, fearing it could facilitate money laundering and evade sanctions.
TTD Amazon 🟡
Amazon has added new restrictions to its self-publishing guidelines for publishers on its Kindle Direct Publishing (KDP) platform to counter the flood of AI-generated books being listed for sale on its marketplace.
Publishers are now
Required to disclose the use of AI in their content, including text, cover art, interior images, or translations.
Responsible for ensuring that all AI-generated or AI-assisted content adheres to Amazon's content guidelines and intellectual property rights.
The company has mandated that
Authors disclose AI-generated content, and not AI-assisted content.
Limited authors to self-publishing no more than three books per day.
Why has Amazon brought in this move
Rise of Generative AI and Its Impact: OpenAI's ChatGPT has enabled users to create text, images, music, and videos from prompts. Giving rise to concerns about copyright infringement, deepfakes, and privacy.
Commitment to Content Quality: The company will reject or remove AI-generated content if it doesn't meet quality standards. In order to provide a high-quality experience for authors and customers.
Controversy and Lawsuits This policy update follows a controversy involving AI-generated books falsely attributed to journalist and author Jane Friedman. Notably, several prominent authors, including John Grisham and George R.R. Martin, have joined a class-action lawsuit against OpenAI, alleging copyright violations by the AI developer.
TTD Surfer 🏄
Undeterred by US tough crypto regulation, European cryptocurrency asset manager CoinShares is launching a hedge fund in the country.
Crypto analytics firm Nansen suffered a third-party vendor security breach that affected nearly 7% of users in the system.
Despite the bear market, Billionaire investor Tim Draper launches Draper Goren Blockchain (DGB) accelerator for web3, crypto, and blockchain.
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