• Biggest Crypto Deal To Date

• Japan: No More 55% Tax Nightmare

• Bitcoin Sets Sights On $70K

• And more…

Market Data Prices as of 4:30am ET

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BIGGEST CRYPTO DEAL TO DATE 🏦

BREAKING: Sources indicate that Stripe has bought Bridge for a sum of $1.1 billion

Stripe has been sharpening its focus on crypto in recent months, with co-founder John Collison stating that "crypto is back."

This resurgence is marked by Stripe's latest move—a $1.1 billion acquisition of stablecoin platform Bridge, as reported by TechCrunch founder Micheal Arrington.

Although not their first move into Crypto, this deal stands as Stripe's largest acquisition to date and one of the biggest in the cryptocurrency industry, highlighting its increasing interest in offering cryptocurrency services.

On October 20, Arrington posted on X (formerly Twitter) sharing a TechCrunch article about the acquisition, saying, "This deal is done. $1.1bn."

The announcement comes just days after news broke that Stripe and Bridge were in negotiations.

Founded in 2022 by ex-Coinbase executives Zach Abrams and Sean Yu, Bridge offers an API that allows companies to accept stablecoins, a type of cryptocurrency typically backed by fiat currencies like the US dollar or the euro to maintain a stable value.

Crypto is attracting some serious cash…

A $1.1 billion deal is nothing short of monumental.

JAPAN: NO MORE 55% TAX NIGHTMARE

Top Political Figure Pushes For Drastic Revamp of Crypto Tax Rules

Yuichiro Tamaki, leader of the Democratic Party for the People (DPP), took to his X social media account yesterday to outline his bold plans for cryptocurrency reform.

As Japan’s election season heats up, Tamaki’s focus is on transforming the country’s strict crypto tax system.

His proposal introduces a flat 20% tax rate on cryptocurrency gains, replacing the current system where investors may face taxes of up to 55% due to the classification of earnings as miscellaneous income

In addition to tax reform, Tamaki's vision includes expanding digital asset usage in Japan.

His party’s platform advocates for integrating NFTs into governance, creating cryptocurrency ETFs, and easing restrictions on leverage trading.

One notable element is the potential abolition of taxes on crypto-to-crypto trades, which may have previously hindered the growth of digital asset trading.

The package also proposes significant monetary innovation at the local level. Tamaki has suggested the digitization of the yen and giving local governments the authority to issue their own digital currencies, a move aimed at stimulating regional economies and advancing financial modernization.

Despite the enthusiasm surrounding these reforms, critics are voicing concerns.

Some argue that even a 20% tax rate could undermine the essence of cryptocurrency as a hedge against traditional financial systems.

Others highlight the overall tax burden already placed on Japanese citizens.

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BITCOIN SETS SIGHTS ON $70K

Bitcoin has just reached a new higher high for the first time since March, and market analysts are buzzing with optimism.

Pentoshi, a respected macroeconomic analyst known for his sharp technical analysis, predicts that Bitcoin could be trading above $70,000 by next week.

Pentoshi is a regular on X, where he shares market insights, charts, and predictions.

Here is a post of his from yesterday:

Pentoshi is a top analyst for two reasons:

• His brilliant technical analysis 📈

• His spot-on accuracy in market predictions ✅

Operating under the alias Pentosh1 and using a cartoon penguin avatar 🐧, he explained today that Bitcoin’s new higher high indicates two major things:

1. Trend confirmation: Bitcoin’s upward trend is undeniable.

2. Increased momentum: The surge in demand shows renewed investor confidence.

After Bitcoin's bullish weekly close, Pentoshi is confident it’s on track for a big move:

“This is shaping up to be a great weekly close for Bitcoin. No reason we shouldn't be trading in the $70,000’s next week.”

If you're on the sidelines, it's time to pay attention. 🍾

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FOR THE FERTILE MIND…

You are what you read! Here is what we are reading right now…

The Conservative Case For Bitcoin - Mitchell Askew
Contributions to Philosophy (Of The Event) - Martin Heidegger
Liberty and Property - Ludwig Von Mises
Concept of the Political - Carl Schmitt

OTHER NEWS

• Craig ‘Faketoshi’ Wright files £911B lawsuit against Bitcoin Core and Square, claiming misrepresentation of Bitcoin’s original design principles, raising potential legal violations.

• Google's new nuclear power plan aims to integrate small modular reactors for eco-friendly bitcoin mining by 2030.

• JPMorgan projects a bullish Bitcoin and crypto market for 2025, influenced by factors like a likely Trump win and increased adoption.

• Mempool.space feature identifying inscriptions stirs ‘purity test’ debate within the Bitcoin community over its purported impact on foundational principles (see more comments here).

• Blockstream raises $210M through convertible note financing to enhance Bitcoin treasury, expand mining operations, and accelerate layer-2 adoption.

• Bitcoin is now the world’s 6th largest monetary asset, as shown by Porkopolis Economics.

• Adam Back asserts that Bitcoin's value derives from its founder's anonymity (Wink Wink - Ed).

• MicroStrategy’s equity outperforms Nvidia and other top S&P 500 stocks since adopting its Bitcoin strategy, growing in value by 1,620%.

• Samara Asset Group plans $32.8M bond to also increase its bitcoin reserves and diversify investments in alternative funds.

• Arthur Hayes says Bitcoin will 'rise stupendously' if Middle East conflict grows and the US subsequently starts printing money.

• Michael Saylor envisions MicroStrategy transforming into the world’s leading Bitcoin Bank, targeting a trillion-dollar valuation through innovative financial strategies.

• BlackRock purchases over $680M in BTC over two days to support its IBIT Bitcoin ETF.

• Italy to increase its Bitcoin capital gains tax from 26% to 42% while eliminating the minimum revenue requirement for the Digital Services Tax.

• Change.org petition urges the Italian government to maintain current tax rates on Bitcoin and crypto and not penalize investors.

• Trump-allied PAC raises $7.5M in bitcoin contributions from industry leaders to support his presidential campaign.

• Trump's World Liberty Financial token launch flops due to restrictive investment eligibility, non-transferability, website crashes, and perceptions of it being a scam.

• Donald Trump earns 75% of revenues without holding an official position according to the ‘Gold paper’ of his WLF sh!tcoin project.

• Kamala Harris unveils Bitcoin and crypto regulation plan focused on black investors but offers no specifics on policies during campaign speech.

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.