
The International Monetary Fund (IMF) is looking to restrict Bitcoin purchases by El Salvador as part of an extended $1.4 billion funding arrangement with the country.
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JV
Welcome everyone to no. 1 Daily Bitcoin Pod. In today's show I'll be breaking down the latest bitcoin technical analysis as we're currently correcting all the way down to $83,500. Also be sharing breaking news. Bybit hacker launders 100 of the stolen 1.4 billion worth of crypto in just 10 days. We'll also be discussing breaking news. China based holographic tech firm Microcloud has purchased up to 200 million worth of Bitco. That's another Bitcoin treasury. Let's go. Also, Mexican billionaire Ricardo Selena says he has 70% Bitcoin related exposure and as you know he is notoriously known as the third richest man in Mexico. I hope he's now number one or soon to be. We'll also be discussing Coinbase Gemini CEO throws support behind the Bitcoin only US Crypto reserve. We'll also be discussing Eric Trump warns Wall street to embrace Crypto or die. We'll also be discussing breaking news IMF deal to ban the public sector Bitcoin accumulation in El Salvador. That's right. Samson Ma says now we know what confined means. No more Bitcoin buys for El Salvador. I would have preferred to hear it from the Bukele administration than the imf. I'll be sharing you whatever insider insight I have from people in El Salvador and what's really going on between the imf Buell and Bitcoin country. We'll also be taking a look at the overall crypto market. All this plus so much more in today's show. Yo, what's good Crypto fam This is first and foremost a video show. So if you want the full premium experience with video, visit my YouTube channel at cryptonewalerts.net Again, that's Crypto News Alerts. Net. Today is Pod Episode 1923. I'm your host, JV and that's the new chairman of the SEC, Nipinator. So give it up for the Nip. And today is March 4th, 2025. We had a God candle the other day. We rose 10,000 in a single day. And then the next day we dropped a God candle and here we are sitting just above 83,600. Let's kick it off with our market watch as we do each and every day. You should be able to see coin 360 pulled up on your screen. Bitcoin correcting down 7% on the day. XRP down 8%. Ether down 9%. This may be the lowest price action we have seen on Ethan three years. Correct me if I'm wrong, Broskis, but not looking so good for the ether. It is what it is. But anyways, checking out coinmarketcap.com the current crypto market cap sits at $2.75 trillion. The Bitcoin market cap is all the way down to 1.65 trillion. We got rough 182 billion worth of volume over the past 24 hours. Bitcoin dominance made a little jump today. We're back above 60% at 60.1 with the ether dominance the lowest I have seen it in years. 9%. I don't think we've ever been this low as far as eth dominance. But it just goes to show you people aren't really feeling eth no more this cycle. Bitcoin's been outpacing it tremendously since they switched their protocol a few years back. And checking out top 100 crypto gainers past 24 hours. We got Dexi up 2% and that's the top gainer because virtually everything is wrecked in in the red today. Not a good look in the market as you can see visually here on the daily for the crypto bubbles like 98, 97% of the market in the red, Rec City style and zoom it out on the monthly. It's just significant losses. Even Trump Coin and he's our POTUS, down 43%. Just goes to show you be careful with the coinery. I mean, even good projects like I consider stacks a solid, you know, project on the bitcoin network, it's even down 40%. MEM coins like Pepe down 40. Some of these coins down 40 50% REC City checking out the crypto green interior index. We're currently rated a 15 back in extreme fear. The lowest we've seen this recent was a 10 a few days ago and then we bounced and then we're bounced right back down 33 yesterday, last week at 25 and last month of the 60 and greet. Now yesterday you could get 1100 and 11 sats per dollar. Today it's even a greater discount. A great time to buy the dip. 1202 SATs per dollar. We're currently on block height number 886,289 and 163711 blocks until the next having of 2028. And there you have it. So go ahead, pick up some stats, put down the gats, pick up some bitcoin cats from my man Sergio over@bitcoin caps.net and if you don't know now you know nipsey. But yeah, let's dive into today's astrology for the broskis AKA our technical analysis of course after the infamous freeze frame as you can see headline reads Bitcoin no longer a Safe haven as 82,000 bitcoin price dive leaves gold on top.
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JV
Now I mean that's a hell of a headline but come on now. No longer a safe haven. Please, please, please calm down guys. Bitcoin faces ongoing bearish catalysts as traders run to safe havens such as gold. Who in the right mind would run to gold at a time like this? Besides Peter Schiffmeister. Bitcoin and alt suffered following stocks downhill as the US confirmed the start of the fresh trade tariffs against Canada and Mexico. Bitcoin fell a God candle which we define as $10,000 over a 24 hour period after experiencing the God candle off of the buzz of the U. S Strategic crypto reserve. And while details of the latter are said to be revealed at the White House crypto summit on March 7, which is this Friday, word on the street, the rumor in the crypto sphere is that Trump and his administration will be announcing 0% capital gains tax on all cryptos made in the USA. But it may just be speculation. You guys let me know if you think they'll make the announcement like that. If they did, it would obviously be very bullish, not just for crypto, but for the United States. Quoting the Kabisi letter, the real driver here is a global move towards the risk off trade. As trade war tensions rise and economic policy uncertainty broadens, all risky assets are fallen. This was seen in stocks, crypto and oil prices which all fell sharply today. Safe havens are thriving. Now. The Trump administration must know this. They understand how to control the markets and hence in my opinion, what's going on right now. So mass volatility to be expected. The S P and Nasdaq finished March 3 trading session down roughly 1.7 and 2.6%, including the Kabisi letter. Again, Bitcoin is now viewed as a risky asset. Take a look at the sharp divergence between gold and Bitcoin in their year to date performance. While gold prices are up 10%, Bitcoin is down 10% since January 1st. Crypto is no longer viewed as a safe haven. Play. Yikes. Now bitcoin is the safe haven. But they're right. Crypto maybe is not a safe haven because the altcoins are extremely more volatile than bitcoin. For example, when Bitcoin dips 8 or 9% the alts will dip 20, 30, 40%. So they got a point. Bitcoin thus joined the US dollar index and an unusual syncopated move downward. And that's a new word for jv. I've never read that word before. Let me know what it means. Fam. Which took the former towards the 200 day simple moving average. A classic bull market support line Quitting Dan Crypto trades important area to watch as you rarely get these tests during a big high time frame run. Also a key level to hold for the bulls. And of course further remarks noted. Bitcoin closed the biggest gap in history. There's the silver lining. When we pumped on a Sunday from 85 to 95, it created a massive 10000 gap in the CME futures chart. At least we closed it here this week so that's a good sign. But you guys let me know if you think 78 is the bottom which we touched three or four days ago or do you think we're likely to retest and hit a lower low? Holla at your boy and let me know. And again, welcome everyone joining the live stream. What it do next? Story of the day. It took 10 days for the Bybit hackers to launder the $1.4 billion. And they've laundered 100 of the stolen funds after staging the biggest hack in crypto history. But some of the loot. Give me the loot, give me the loot. May still be recoverable by blockchain security experts. That's right. Back on February 21, Bybit was hacked for 1.4 billion worth of liquid staked ether. Mantle staked ether and other ERC20 tokens resulted in the largest crypto theft in history. The hacker has since moved all 500,000 stolen eth. I wonder why he didn't want to save it. H now valid at 1 billion, primarily through the centralized crosschain protocol Thor chain blockchain security firm Look. Onchain reported the Bybit hacker has laundered all the stolen 499,395 ETH worth over a billion currently, mainly through Thor chain. So there you go. There's the evidence right there. North Korea's Lazarus Group has converted the stolen proceeds despite being identified as the main culprit behind the attack by multiple blockchain analytic firms, including Aram. The News comes over two months after South Korean authorities sanctioned 15 North Koreans for allegedly generating funds for North Korea's nuclear weapons development program through crypto heist and cyber theft. Still, blockchain security experts are hopeful that a small portion of those funds can be frozen and recovered by Bybit. What's alarming to me is if they weren't already frozen, what's taking so long? If they've already laundered it all, that means they already unloaded it. And what relevance does that have? Just thinking out loud here. But some of the laundered funds may still be traceable despite the asset swaps, according to Debbie Labed, co founder and CEO of blockchain security firm Cybers. Quoting him here, while laundering through mixers and crosschain swaps complicates recovery, cyber security firms leveraging on chain intelligence, AI driven models and collaboration with exchanges and regulators still have small opportunities to trace and potentially get the angel re special at McDonald's.
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JV
I participate in restaurants for a limited time freeze the assets. Potentially keyword rapid reasons or response is key. Once funds are deeply obfuscated, recovery becomes significantly harder. The main stolen fund prevention is mainly before or during the hack. Also the Bybit CEO came out March 4th confirming 70 and that's today. 77% of the funds were traceable, but over 280 million of the stolen funds have gone dark while 3% of the funds have been frozen. That's a sad look. They're only able to freeze 3%. Bybit has continued to honor customer withdrawals and had fully replaced the stolen 1.4 billion in ether by February 24, three days after the attack, Cybers is working on preemptive measures to combat future attacks. An emerging solution known as offchain transaction validation can prevent 99% of all the crypto hacks and scams by preemptively simulating and validating blockchain transactions in an off chain environment, said the vice president, GTM Strategy at Cybers. But there you have it. I mean, hacks have existed for a very long time. I don't think they're going to seize anytime soon. Also breaking news, China based holographic tech firm Microcloud has purchased up to 200 million of the bitty. Another Bitcoin Treasury W and there you have it. But next story Family let's dive into the latest with Ricardo Salinas. Headline reads Mexican billionaire Ricardo Selena says he has 70 bitcoin exposure related to Bitcoin one way or the other. So safe to say he's a bitcoin billionaire I would assume. And as you can see featured here I put Smart Man. Hopefully he's the number one richest in Mexico by now as he's, you know, worth $5.8 billion. So let's freaking go. Here's the man, the myth, the legend himself, Ricardo Salinas, outspoken Mexican billionaire, revealed that his investment portfolio is mostly allocated to bitcoin gold and shares in his company. Again, Smart man. The Mexican billionaire, whose net worth is estimated to be 5.8 billion, is a known bitcoin proponent who on numerous occasions showed support for the bitty. Four years ago, Selena said he was working to make his bank the first in Mexico ago to accept the bitty. Quoting them here, I've got about 70% in Bitcoin related exposure and 30% in gold and gold miners, selena said during an interview with Bloomberg. I don't have a single bond and I don't have any other stocks except my own. Smart man. The 70 figure is notably far above the 10% the billionaire revealed he had allocated to crypto back in 2020. So obviously he has increased his exposure. His words come admits plans to delist his flagship firm, Grupo Electra, and ongoing legal and tax challenges with the Mexican government. Interesting. And but anyways, yeah, maybe he's number one richest by now. I don't know because I don't know who number one and two was. But we've been saying he's the third richest since 2020 and now that his bitcoin position is up significantly, maybe he is number two or number one in the country. Who knows. But you guys, let me know your thoughts and shout out Ricardo so Salinas into the Salinas family. Let's get it. But next story we discussed Ricardo Salinas. Now let's discuss the crypto reserve for the United States of America. Coinbase, Gemini CEOs throw support behind the bitcoin only U S Crypto reserve. That's right. The CEOs behind Coinbase and Gemini argue that bitcoin may be the only crypto that meets the criteria for being a U S Reserve asset. And I agree with them, quoting them here. Only one digital asset in the world right now meets the bar and that digital asset is the biddy. And that's according to Tyler Winklevoss. He said after Trump announced plans to establish the crypto strategic reserve. Trump said the crypto strategic reserve would include Solana, Cardano and XRP in addition to Bitcoin and Ethereum. Winklevoss said while he has nothing against many of these coins, he doesn't believe they're suitable to be a U S Reserve asset. Quoting them here. Many of these assets are listed for trading on Gemini and meet our rigorous listing policy criteria. But with respect to a strategic reserve it is another standard. An asset needs to be hard money that is proven store value like gold. And we also had Brian Armstrong CEO of Coinbase said just bitcoin would probably be the best option. So even those who run the shitcoin casinos and would stand to benefit from all these alts becoming crypto strategic reserves for the United States. They're telling Trump bad mistake, don't do it. Only bitcoin should be included and that speaks volumes according Brian Armstrong. Excited to learn more, still forming an opinion on asset allocation. But my current thinking is number one, just bitcoin would probably be the best option. Simplest and clear story as successor to gold. And number two, if folks wanted more variety you can do a market cap weighted index of crypto assets to keep it unbiased. But probably option number one is easiest. Couldn't agree more. It's the only option if you're ask me. Gemini's other co founder Tyler said that only bitcoin and potentially ether currently satisfy the criteria as a store value asset. I disagree. I don't think ether should even be considered because it has an infinite max supply, no different than the US Dollar. I I view ether as a liability and I don't think it should be in there personally. But here's what he says. Maybe Ethereum, digital gold and digital oil, which mirrors America's physical reserves of gold at Fort Knox. If the gold is even in Fort Knox, we need an audit. Winklevoss added it would be better to stockpile xrp, Cardano and Soul as opposed to actively purchasing them in an open market. Meanwhile, Samson Mao, CEO of Bitcoin tech firm Jan3, said only proof of work crypto assets should make the crypto strategic reserve. In addition to Bitcoin, Litecoin could be used. Quoting Samson here, Reserve assets must be based on proof of work to ensure fundamental integrity and assurance of immutability. Proof of stake assets cannot be included because foreign actors can gain control simply by owning the asset. That's a fact, Jack. Executives at Cardano and Ripple defended Trump's decision. Well, naturally. And they'll probably be at that crypto meeting at the White House this Friday. When crypto critic Shift criticized the XRP inclusion, Cardano founder Hoskinson rebutted, stating xrp is great. So now the coiners are sticking up for each other. I mean, what do you expect? I think the president made the right decision. Well, of course they're going to say that. Ripple CEO Garlinghouse has also long advocated for a multi token US Crypto reserve similar to the one pitched by Trump on March 2nd. What can go wrong there guys? The Crypto Strategic Reserve follows weeks of evaluation from the President's newly formed Working Group on Digital assets. Trump is set to host the first White House Crypto Summit March 7, and the big rumor circulating right now is that they're going to make the announcement this Friday. Zero capital gains tax on all cryptos made in the usa. Let me know if you think that will likely turn into fruition. That would be extremely bullish for all of crypto in America. But let me know. Yay or nay? Holl at your boy and let's dive a little deeper into the latest from Eric Trump. Now we broke down the Strategic Crypto Reserve for the United States. Next headline Eric Trump Warns Wall Street Embrace Crypto or UN Alive. And I got to say un alive because we are on YouTube and they're crazy when it comes to some of the lingo. But anyways, US Presidential son Eric Trump urged the traditional financial sector and Wall street to evolve and embrace cryptos before they get left behind. Can I get an amen? Trump made the remark after his father Mr. Donald Trump announced that the US government is moving towards the creation of a strategic crypto reserve. Cryptos are imperative. Trump believed that it is imperative for traditional financial institutions to adopt to crypto, arguing that the evolution of the finance revolves around digital assets. The executive vice president of the Trump Organization told Wall street it should adopt cryptos or become extinct like the dinosaur, adding that cryptos like bitcoin are inevitable. For the first time, retail investors for the w traditional financial better catch up or get quickly becoming extinct. The world no longer runs on a Monday to Friday 9 to 5. Trump said in a post. He's praising the timing of the crypto reserve announcement. I disagree. I think the announcement would have been much better suited on a Monday because I think if we would have did that on Monday we wouldn't have created the ten thousand dollar CME futures gap which caused us to crack ten thousand the following day. But what do I know quoting them here. I love the genius of announcing a strategic reserve on a Sunday. When traditional markets are closed and Wall street sleeps, you know who wins here? Insiders, market makers. That's it. Definitely not the retail in my opinion. But I digress. He shared here. I love the genius announcing this. So be it. And this was off the back of his father making the announcement. A U S crypto reserve will elevate the critical industry after years of corrupt attacks by the Biden administration. Which is why my executive order on digital assets directed the presidential working group to move forward on a crypto strategic reserve including XRP Salon on Cardano. I will make sure the US is the crypto capital of the world. We are making America great again. And then that created a lot of controversy and the bitcoiners are like but what about us? And then Trump reminded us obviously bitcoin and ether as other valuable cryptos will be at the heart of the reserve. I also love bitcoin and Ethereum. So he's apparently saying he loves all these coins including bitcoin. Ironic, right? President Trump announced the presidential Working Group on Digital Asset Markets is taking the crucial steps to make the crypto reserve a reality. However, it does gotta first get approved. My understanding is it by like Congress and the Senate. So it's not up to Trump. At the end of the day it first has to get approved for him to put the John Hancock on the executive order. The group was created through the executive order after Trump reclaimed the White House office with A primary task looking into how to create the crypto reserve. A US crypto reserve will elevate the critical industry after years of attacks. As I just read to you from the Expos report said that the plan strategic crypto reserve will be composed Bitcoin, Ethereum, xrp, Salana and Cardano, adding bitcoin and Eth as other valuable currencies will be at the heart. And when he says other valuable cryptocurrencies, what could he be insinuating? Trump coin, Melania coin, Libra coin, Hawk to a coin? You tell me. The US President floated the idea of the crypto reserve last year in Nashville. No, he did not say crypto reserve. He clearly said bitcoin reserve. And then he got the vote of 100 million Bitcoiners supporting him, got all the donations and then he changed up shop. It's called the bait and switch. I'm just calling a spade a spade. Now it's considered the crypto reserve. But trust me, when he made the announcement, he did not say that language. He said bitcoin reserve. And all the bitcoiners are like, yeah, Trump is the man. Trump, he's our savior. And now we're like, wasn't expecting that, but at the same time I was expecting that, but I'm just yummy is what it is. The market reacted positively to the Trump announcement. With all five cryptos included in the strategic crypto reserve surging. Bitcoin went up 10%, which is virtually a God candle, and then dropped 10% just like that. I just don't like the idea of the US government or any government owning the most decentralized asset ever. That's not what it was created for. And puts too much power in the hands of the federal government, which is always in a four year, even two year cycle. Now for our feature story of the day, breaking news. IMF deal to ban public sector bitcoin accumulation in El Salvador. That's right, as the headline reads here. And we're going to dive deep into this, but first I want to read you some insights from some influencers and we'll dive back into the article Samson Mount tweeted. Now we know what confined means. No more Bitcoin buys for El Salvador. I would have preferred to hear it from the Bukele administration rather than the imf. And yesterday I covered a very long thread from Samson Mao regarding El Salvador and bitcoin and it was our Featured story. Maybe 8 minutes of content if you missed it. I encourage you to check that out. I'm not going to rehash everything I shared yesterday, but just the updates of what he shared here. So yeah, this is coming from the government of El Salvador. Bitcoins by the public sector, Bitcoin by the public sector are bitcoins and all hot and cold wallets owned by or under the control of the public sector, including Shivo, which is their, you know, wallet, and all other public sector entities and legal persons controlled by the state. And then voluntary accumulation of bitcoins include purchase and mining of bitcoins excludes the accumulation of bitcoins resulting from forfeiture, seizure, apprehension, custody, other forms of property or possession by the government arising from law enforcement measures adopted in accordance with the Salvadoran law. And for those that don't know, more recently, Bukele took a 1.4 billion dollar loan from the IMF and there were some factors which were not disclosed and we didn't know about until now in which we're discussing another person here, Joe Nakamoto tweeted, begs the question, has El Salvador been buying bitcoin or simply moving wallets from hot wallets to the publicly doxed cold wallets as they have been making announcements of purchasing more and more Bitcoin? In fact, there were two purchases this week which I'm aware of and because I share, you know, a lot of Bukele's posts, Nico from Simply Bitcoin tweeted, 94 countries have loans with the IMF. All of those countries were just sent a message that they can't buy bitcoin. So I guess that's the downside of taking the money. This is why after 2021, no other countries followed El Salvador. Something stopped the momentum. We now have a pretty good idea who was behind that. And so there you have it, yo. But diving deeper into the story produced by Cointelegraph and then when I'm done, I'm going to read you some insights I got from reaching out to some people in El Salvador, trying to get this inside scoop of what's really going on. But let me read this to you first. The IMF is looking to restrict Bitcoin purchases by El Salvador as part of an extended 1.4 billion funding agreement with the country. March 3, the IMF issued new requests for an extended arrangement under its fund facility to El Salvador, filing several new documents, including a staff statement update and a statement by its executive director for El Salvador. The technical memorandum of understanding indicated a condition of no voluntary accumulation of bitcoin by the public sector in El Salvador. I repeat, no voluntary accumulation of Bitcoin by the public sector in El Salvador. Additionally, the memorandum requested the restriction of public sector issuance of any type of debt or tokenized instrument that is intended to be denominated in Bitcoin and implies a liability to the public sector. Meanwhile, IMF's Mendes Bertolo says Bitcoin related risks are being mitigated in an accompanying statement February 26, Mendez, the fund's executive director for El Salvador, emphasized the IMF's Extended Fund Facility for El Salvador aims to provide improvements in governance, transparency and resilience to boost confidence and the country's growth potential. Meanwhile, bitcoin related risks are being mitigated, adding the following the authorities enacted amendments to the Bitcoin law to clarify the legal nature of Bitcoin and remove from the law the essential features of legal tender acceptance Bitcoin will be voluntary. It's always been voluntary from my understanding. Tax payments will be made in US dollars. Everyone has been paying in US dollars anyways. No one in their right mind is using Bitcoin to pay their taxes and the role of the public sector and the Bitcoin project will be confined. He also mentioned the IMF program is expected to attract substantial additional financial support from the World bank, the Inter American Development bank and other regional development banks. The IMF's latest loan conditions reinforce prior commitments from the Salvadoran government to limit its engagement in bitcoin related economic activity. The statement said that the deal aims to address the potential risks of El Salvador's bitcoin project in line with the FUN policies and with FUN advice to the authorities. It added, going forward, program commitments will confine government engagement and bitcoin related economic activities as well as government transactions and the purchases of bitcoin. The IMF said that El Salvador will enhance regulation and supervision of digital assets in line with evolving international best practices. This marks another step in the IMF's ongoing effort to curb El Salvador's bitcoin adoption. The country initially secured the 1.4 billion funding deal back in December of 2024 in exchange for scaling back its bitcoin related initiatives. And in Mid February, Samson Maan 3, CEO and advocate for Nation State Bitcoin adoption highlighted the IMF's vague language on whether it would allow El Salvador conditions continue to accumulate the biddy and as you can see the Bitcoin office they posted this the other day in which I know I reposted. They now have 6100 Bitcoin as their reserve. But despite the IMF's stance, Bukele has continued Acquiring Bitcoin. So I got to give bukele credit there. March 3, Bukele announced a new purchase bringing the country's total holdings to 6100 BTC. And of course I'm going to give you some insights that I gathered as well when I reached out to some folk and amen FDIMF. El Salvador should take their 1 billion loan and invest 2 billion into Bitcoin. Fine. Exactly brother. IMF is effing criminals. Couldn't agree more. Here's some insights I got. So when I brought this up to some insiders over there in El Salvador, here's what they told me. Mining may not be the government's responsibility anymore, but you can give it to a third party to do it for you. Which hints there is a loophole to continue to accumulate Bitcoin and still be, I guess following whatever conditions from the IMF. So that's what I was told, just FYI. Now who owns the IMF? According to Groke, the AI the International Monetary Fund is owned by its 190 member countries. It's a cooperative organization not owned by any single entity tier individual. Each country contributes financial resources known as quotas based on its economic size and influence which also determines its voting power. The US holds the largest share with about 16 and a half percent of the voting rights followed by other major economies such as Japan, China and European nations. The IMF's governance is overseen by a board of governors where each member country appoints a representative, typically a finance minister or central bank governor. Day to day operations are managed by the executive board with 24 directors representing either individual countries or group of countries. So in short, it's a collective ownership structure, not a private or corporate one. That's according to the AI. I mean whether I believe that or not, I mean I don't know but interesting. Let me know your guys thoughts. How do you think this is being played out? Do you think Bukele will continue what he has been doing, doubling down on his bitcoin purchases? Or do you think this changes things and that he'll stop? Do you think this will reverse what has been created in Bitcoin country? Or do you just think it's, I mean just the IMF being the imf trying to put their hands in the pot here and have some form of control over El Salvador? I mean I'm sure many of you guys have read Confessions of an Economic Hitman and this is what the IMF is notorious for. They give big loans to countries. The countries are kind of forced to accept them in some way, shape or form, and then the country can't pay back the imf. And then the IMF has control over policy in your country. This is why, ideally, I prefer to see the IMF out of their business. But I mean, obviously I'm not a president. I don't know what kind of political pressure this man's dealing with, and I don't know. So you guys let me know your thoughts behind this and I'll read your comments out loud. Welcome everyone, to the Q A segment of the live stream. And don't forget to check out cryptonewsalerts.net for the full premium experience with video and to participate in our live Q A. And I look forward to seeing you on tomorrow's episode. Hoddle.
Podcast Summary: Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
Episode: 1923
Title: IMF Deal to Ban Public Sector “Bitcoin Accumulation” in El Salvador
Host: Justin Verrengia
Release Date: March 4, 2025
[00:59]
Host JV opens the episode with a comprehensive market watch, highlighting a significant correction in Bitcoin's price down to $83,500, marking a 7% decrease for the day. Other major cryptocurrencies are also experiencing declines:
The total cryptocurrency market capitalization stands at $2.75 trillion, with Bitcoin's market cap at $1.65 trillion. Trading volume over the past 24 hours is reported at $182 billion. Notably, Bitcoin's dominance has risen to 60.1%, surpassing Ethereum's dominance, which has plummeted to 9%, the lowest in years.
Quote:
"Bitcoin is correcting down 7% on the day, with XRP down 8% and Ether down 9%, marking the lowest Ether price action we've seen in three years." — [00:59] JV
[06:33]
JV discusses a controversial headline stating, "Bitcoin no longer a Safe Haven as $82,000 BTC Price Dive Leaves Gold on Top."
He argues against Bitcoin losing its safe haven status, suggesting that Bitcoin should still be considered a refuge compared to other assets. The alignment of Bitcoin's performance with traditional markets is scrutinized, noting that Bitcoin is now moving in tandem with the US Dollar Index downward.
Quote:
"Bitcoin maybe is not a safe haven because the altcoins are extremely more volatile than bitcoin. So, when Bitcoin dips 8 or 9%, the alts will dip 20, 30, 40%." — [06:33] JV
JV also highlights a significant technical indicator where Bitcoin approaches the 200-day simple moving average, a crucial support level for a bullish trend. He emphasizes the importance of this level as a key area for bulls to watch.
Quote:
"Bitcoin has joined the US dollar index in an unusual syncopated move downward, taking it towards the 200-day simple moving average—a classic bull market support line." — [06:33] JV
[07:45]
JV reports on one of the largest crypto heists in history, where hackers from Bybit have successfully laundered $1.4 billion worth of stolen cryptocurrency within 10 days. The stolen assets, primarily 500,000 ETH, were moved through the centralized cross-chain protocol Thor Chain.
Despite efforts by blockchain security firms to trace and potentially recover the funds, only 3% of the stolen assets have been frozen, with the majority already laundered.
Quote:
"The Bybit hacker has laundered all the stolen 499,395 ETH worth over a billion, primarily through Thor Chain." — [10:00] JV
[10:45]
A China-based holographic technology firm, Microcloud, has purchased up to $200 million worth of Bitcoin, adding to the nation’s growing Bitcoin treasury. This move signifies increasing institutional adoption of Bitcoin within corporate sectors in China.
[11:00]
Mexican billionaire Ricardo Salinas reveals an impressive 70% exposure to Bitcoin-related assets, a substantial increase from his previous 10% allocation in 2020. Salinas, known as the third richest man in Mexico with a net worth of $5.8 billion, cites strategic moves to delist his flagship firm, Grupo Electra, amidst ongoing legal and tax challenges.
Quote:
"I've got about 70% in Bitcoin related exposure and 30% in gold and gold miners." — [11:00] Ricardo Salinas
[09:30]
The CEOs of major crypto exchanges, Coinbase and Gemini, publicly support the establishment of a Bitcoin-only US crypto strategic reserve. They argue that Bitcoin uniquely meets the criteria for a reserve asset due to its proven store of value and decentralized nature.
Quotes:
"Only one digital asset in the world right now meets the bar and that digital asset is the Bitcoin." — Tyler Winklevoss, Gemini CEO [09:45]
"Just Bitcoin would probably be the best option." — Brian Armstrong, Coinbase CEO [10:15]
Additionally, Samson Ma, CEO of Jan3, advocates for including Proof of Work (PoW) assets like Litecoin in the reserve, emphasizing their fundamental integrity and immutability.
[10:30]
Eric Trump, son of President Donald Trump, voices strong support for the adoption of cryptocurrency within Wall Street and traditional financial institutions. He warns that failure to embrace crypto could render these institutions obsolete.
Quote:
"Traditional financial institutions need to adopt crypto or become extinct like the dinosaurs." — [10:30] Eric Trump
[11:00]
The episode's highlight focuses on a groundbreaking deal between the International Monetary Fund (IMF) and El Salvador, which stipulates a ban on public sector accumulation of Bitcoin. This condition is part of an extended $1.4 billion funding agreement aimed at improving governance, transparency, and economic resilience in El Salvador.
JV delves into the implications of this deal, noting that President Nayib Bukele has already amassed 6,100 BTC in the national reserve, despite IMF conditions. This move raises questions about the enforcement and potential loopholes within the agreement.
Quote:
"The IMF is looking to restrict Bitcoin purchases by El Salvador as part of its extended $1.4 billion funding arrangement, specifically prohibiting voluntary accumulation of Bitcoin by the public sector." — [11:00] JV
JV also shares insights gathered from insiders in El Salvador, suggesting that while direct government accumulation is banned, there may be indirect methods, such as outsourcing mining operations to third parties, allowing the government to continue increasing its Bitcoin reserves without direct accumulation.
Quote:
"Mining may not be the government's responsibility anymore, but you can give it to a third party to do it for you. Which hints there is a loophole to continue to accumulate Bitcoin while complying with IMF conditions." — [11:00] JV
The episode further explains the IMF's governance structure, emphasizing its collective ownership by 190 member countries, with the United States holding the largest voting share at 16.5%. This structure influences the IMF's policy decisions and enforcement capabilities.
Quote:
"The IMF is owned by its 190 member countries, with the US holding the largest share of about 16.5% of the voting rights." — [11:00] JV
Throughout the episode, JV provides critical analysis of the current crypto landscape, highlighting significant market movements, regulatory developments, and high-profile investments. The discussion underscores the growing pains of the cryptocurrency market as it grapples with increased institutional adoption and regulatory scrutiny.
Final Thoughts:
JV encourages listeners to stay informed and engaged, inviting them to share their thoughts and participate in live discussions via the podcast's YouTube channel, cryptonewsalerts.net.
Quote:
"Let me know your thoughts on whether Bukele will continue his Bitcoin purchases despite the IMF's restrictions, and join our live Q&A on cryptonewsalerts.net for a deeper dive." — [11:48] JV
Note: This summary captures the key points, discussions, and insights from Episode 1923, providing a comprehensive overview for those who haven't listened to the podcast.