Uptober Blues: Bitcoin Dips, Q4 Disappoints

What’s so depressing about “Uptober?” Bitcoin price is hovering around $61K. Which is approximately a 6% loss in value from last week. Overall, an underwhelming start to Q4.

SWIFT Unveils 2025 Digital Asset Trials, Pioneering Global Payments

Beginning in 2025, financial institutions across North America, Europe, and Asia will initiate live trials of digital asset and currency transactions on the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network. These trials aim to facilitate seamless cross-border transactions between digital and traditional currencies, leveraging SWIFT’s global platform to enhance interoperability and meet the rising demand for digital assets and central bank digital currencies (CBDCs).

This marks a significant milestone in global financial adoption, hinting at the decline of outdated systems. The announcement follows China's move to terminate use of the U.S. dollar as the denominator for oil sales. Additionally, SWIFT noted that approximately 90% of central banks are exploring CBDCs, underscoring the urgency of embracing digital finance or facing obsolescence.

Bitcoin's Global Onboarding

The global adoption of Bitcoin continues to accelerate as political leaders and nations increasingly engage with the cryptocurrency. Argentina's Vice President recently met with El Salvador's President to discuss bitcoin. Serbia’s Prince has voiced strong support for the cryptocurrencies's potential. Bhutan also made headlines for its eco-friendly hydro-powered bitcoin mining operations, underscoring the nation's innovative approach to digital assets.

Across Africa, bitcoin communities are flourishing in countries such as Nigeria, Senegal, Ghana, South Africa, and more, reflecting a growing interest in decentralized finance. Economic instability, remittance needs, and a surge in blockchain innovation are driving this worldwide trend, with individuals, businesses, and governments all exploring Bitcoin’s potential as a transformative and disruptive currency.

Pro-Crypto Voters Could Sway 2024 Election

A new report by ConsenSys and HarrisX, released on October 1st, reveals that 92% of U.S. crypto owners plan to vote in the 2024 election. Meaning, pro-crypto voters could heavily influence results.

Nearly half of all voters consider a pro-crypto stance important, creating a rare bipartisan opportunity as voters remain split on which party they trust to regulate the industry. With only four states not offering early voting, candidates in key swing states like Michigan, Pennsylvania, and Wisconsin could leverage a pro-crypto platform to attract this growing voter demographic.

Congressman Shakes Up Dems with Bold Bitcoin Reserve Push

Representative Ro Khanna (D-CA) sparked major attention as the first democrat to openly endorse a strategic bitcoin reserve. He proposed the use of bitcoin seized by the U.S. government to fund the initiative. His stance earned him an "A" rating from the Stand with Crypto group, which praised his strong support for crypto innovation, a notable shift from the usual focus on bitcoin mining.

This development is significant as the 2024 election approaches, with regulatory clarity on bitcoin slowly becoming a non-partisan issue. While Republicans currently show stronger support for bitcoin in the U.S., Khanna's move signals a potential shift within the Democratic Party as crypto becomes a key topic in the political arena.