Binance has a new CEO, the bitcoin-ETF is getting closer, and AI could destroy humanity. Let's summarize the results of the week:
đ Cryptocurrencies
1ïžâŁ Changpeng Zhao pleaded (https://www.wsj.com/finance/currencies/binance-ceo-changpeng-zhao-step-down-plead-guilty-01f72a40) guilty and resigned, Binance will pay a $4.3 billion fine and will give US authorities access to monitor all transactions for 5 years.
The US authorities have delivered a very direct message to the crypto industry - follow our rules or get out of the market đ
2ïžâŁ Grayscale and the SEC discussed (https://twitter.com/JSeyff/status/1727110861196849256) the process of converting a BTC trust into a spot ETF. BlackRock held a similar meeting with (https://twitter.com/JSeyff/status/1727341988436209903) BlackRock.
The story of the soon-to-be ETF continues to be spun, expect a continuation next week đ€
3ïžâŁ Bitcoin supporter Javier Milay won (https://www.bbc.com/news/world-latin-america-67470549) Argentina's presidential election. The crypto community is waiting for El Salvador 2.0.
We get a strange deja vu with the fall of 2021: first rising to $51k on BTC adoption in El Salvador, then flying to $69k on the approval of the first futures ETF in the US. They say history doesn't repeat itself, but it rhymes well đ€š
Finance
1ïžâŁ Sam Altman returns (https://twitter.com/sama/status/1727206691262099616) to the CEO chair of OpenAI, after a short but extremely interesting resignation. The company's investors and staff were not in favor of the CEO change that the board of directors decided to make.
The main intrigue of this story was the rumors (https://www.reuters.com/technology/sam-altmans-ouster-openai-was-precipitated-by-letter-board-about-ai-breakthrough-2023-11-22/) about the creation of a brand new AI inside OpenAI, capable of recognizing humanity as a threat. And if it's true, and if it's an AI, tried to get Altman fired.... đ€
2ïžâŁ Argentina's new President Javier Milay has confirmed (https://www.reuters.com/world/americas/argentinas-milei-says-shutting-central-bank-non-negotiable-2023-11-24/) his plans to close the Central Bank. The good news is that this will solve the problem of the Argentine peso depreciating. The bad news is that the government will lose a powerful tool for creating the appearance of its own prosperity.
There are countries that have abandoned their national currencies and Argentina will not be the first. They usually switch to USD đž
3ïžâŁ Since the beginning of 2023, the share of oil and gas revenues in the Russian budget has fallen (https://www.forbes.ru/finansy/500995-dola-neftegazovyh-dohodov-rossijskogo-budzeta-opustilas-do-minimal-noj-za-16-let) to its lowest level in 16 years. Keeping the price high by cutting production, and increasing oil revenues are not always the same thing.
This is also bad news for anyone expecting the ruble to appreciate in 2024. In the current conditions of the oil market, only devaluation can save the Russian budget đ
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