Empowering Bitcoin: Nonprofits Shaping Policy and Education for the Future

Bitcoin, despite its existence for over a decade, still faces challenges in achieving widespread adoption. A significant hurdle to this adoption lies in the lack of comprehensive education about bitcoin. The intricate workings of bitcoin, its benefits, and its practical applications often remain a mystery to many individuals.

This educational gap breeds apprehension and skepticism towards bitcoin, hindering its broader acceptance. Addressing this concern, various nonprofit organizations are actively working to bridge the educational divide and drive greater adoption.

These nonprofits are committed to providing valuable educational resources, dispelling misconceptions, and enlightening the public about the merits of bitcoin. As this knowledge disseminates, the integration of bitcoin into various aspects of society is likely to increase. Here, we delve into two nonprofit initiatives leading this charge.

“The Bitcoin Network embodies principles of equity, freedom, and opportunity,” remarks Amada Cavaleri, a board member of the Bitcoin Today Coalition. This nonprofit focuses on enhancing bitcoin literacy within legislative and regulatory bodies in the United States. According to Cavaleri, these values are integral for global progress, and she envisions the U.S. playing a pivotal role in facilitating the worldwide embrace of bitcoin. She asserts that policymakers are increasingly receptive to bitcoin’s attributes as they recognize its decentralized rule system that remains beyond any single individual’s control.

Cavaleri observes a shift from apprehension based on sensational headlines to a genuine interest in researching and understanding bitcoin’s potential. She believes that bitcoin’s integration into daily life will empower innovation and bolster global competitiveness. Ultimately, Cavaleri foresees a future where most Americans not only own bitcoin but also transact with bitcoin-native businesses, thereby enabling the nation to retain its innovation edge amid the emergence of central bank digital currencies (CBDCs).

Amidst today’s uncertainties, GenZ seeks a solution and finds hope in bitcoin, states Ella Hough of Generation Bitcoin during our interview. Currently pursuing a degree in Cognitive Science at Cornell University, Hough is immersed in studying how bitcoin diffuses through society. Her commitment to bitcoin resonates through her roles as a blogger, Bitcoin Magazine contributor, and project lead at Generation Bitcoin.

Hough emphasizes that GenZ holds the key to bitcoin’s future, driving Generation Bitcoin’s mission to educate them about bitcoin’s potential. This initiative aims to equip GenZ with the knowledge to navigate and contribute to the bitcoin ecosystem, propelling the next wave of bitcoin innovation.

Commonly, GenZ is led to believe that bitcoin is solely relevant to Computer Scientists or Economists, if they encounter it at all. Generation Bitcoin actively challenges this misconception by facilitating access to understandable bitcoin education.

According to Hough, bitcoin represents a transformative force that will reshape the global landscape for the better, touching upon all facets of the future economy and society. Generation Bitcoin’s mission is not only about educating GenZ but also preparing them to spearhead the forthcoming paradigm shift.

Some prominent figures in the bitcoin space, such as Alexander Svetski, have postulated that complete bitcoin adoption may span multiple generations. Svetski’s thesis, presented earlier this year, posits a three-generation or 60-year timeline.

Nonetheless, organizations like Bitcoin Today Coalition and Generation Bitcoin are actively working to expedite this adoption timeline. Their mission is to make bitcoin more accessible and comprehensible to the public, thereby serving as pivotal players in advancing bitcoin’s integration in the years to come.

Sudden Bitcoin Plunge: Dips by Up to 9% to Slightly Above $26,000 on Late Thursday

Bitcoin Faces Steep Decline, Dropping 9% to $26,000 Amid SpaceX’s Bitcoin Holdings Revelation.

Bitcoin experienced a significant drop of up to 9%, plummeting to slightly over $26,000 during Thursday evening’s trading. According to data from Coin Metrics, the cryptocurrency was last seen at $26,593.68, marking an 8% decline.

The downward spiral in bitcoin’s value followed the revelation reported by The Wall Street Journal that SpaceX, led by Elon Musk, had written down its bitcoin holdings by a combined $373 million in 2022 and 2021. The aerospace manufacturer and space travel company had also reportedly sold a portion of its virtual currency holdings.

The sudden and intense selloff has garnered attention as one of the most rapid declines in bitcoin’s history, prompting speculation that it could be linked to Elon Musk’s influence, particularly through SpaceX. Ryan Rasmussen from Bitwise Asset Management described the event as a “brutal minute-by-minute selloff” and attributed it largely to retail investors.

In 2022, Tesla, which Musk also heads as CEO, disclosed that it had sold around 75% of its bitcoin holdings after previously investing $1.5 billion in the cryptocurrency. Despite the recent events, Musk has been an outspoken advocate for crypto and has previously mentioned how his comments can impact the prices of certain altcoins.

This incident adds to the ongoing discussion about Musk’s involvement in the crypto sphere. Musk’s engagement with cryptocurrencies, especially bitcoin, has been both influential and controversial.

The recent decline in bitcoin’s value was compounded by the release of the Federal Reserve’s minutes from its July policy meeting. Thursday’s trading session saw bitcoin dropping to its lowest level in nearly two months.

Bitcoin Awakens from Slumber as Concerns Arise Over SpaceX Sale

Bitcoin’s Volatility Surfaces Amid SpaceX’s Reported Write-Down of Cryptocurrency Holdings

Bitcoin has experienced a sudden disruption in its summer tranquility as concerns arise over Elon Musk’s SpaceX allegedly writing down a portion of the value of its cryptocurrency assets.

The flagship cryptocurrency faced a 5.1% decline on Friday, following an almost 8% drop in a frenetic hour of trading late on Thursday. These events coincided with a Wall Street Journal report claiming that SpaceX had marked down its bitcoin holdings by $373 million over the past two years and had also sold off some of its coins.

This unexpected downturn in bitcoin’s trajectory reflects the broader market’s movements, where global stock and bond prices have faced declines this week. The primary driver behind these shifts has been investors’ need to recalibrate their expectations concerning persistently high US interest rates, despite the economy’s robust performance.

The Federal Reserve recently raised its benchmark rate to a level not seen in 22 years and has left the possibility open for additional hikes within the year. However, despite various fluctuations across other asset classes, bitcoin’s price has largely remained within a narrow trading range over the past couple of months.

Elon Musk, a prominent figure in the cryptocurrency realm, has often influenced market sentiment through his support. His mentions of alternative coins on his social media platform, X, have directly impacted their prices. In 2021, his electric car company, Tesla, briefly explored accepting payments in bitcoin and even invested $1.5 billion of its own capital into the tokens.

Nonetheless, bitcoin faced a sharp reversal when Musk abandoned these plans just three months later. This volatility also extended to the valuation of Tesla’s own cryptocurrency holdings, which fluctuated over time. In the previous year, Tesla incurred $204 million in impairment losses linked to its bitcoin assets.

James Butterfill, Head of Research at Coinshares, an investment group, noted, “History shows that the market often reacts sharply to Elon Musk’s actions, implying that this latest revelation could further dampen investor sentiment.” He pointed out that low trading volumes and reduced volatility have added to the susceptibility of the market to significant trades.

This year, the cryptocurrency market has encountered decreased liquidity and activity due to intensified regulatory efforts by US authorities. Major players in the market, such as Binance and Coinbase, have been charged with violating federal market laws through illicit activities. These regulatory actions have cast a shadow on the market’s reputation.

The article also underscores the liquidity challenges faced by the market. It cites data suggesting that the sale of 463 bitcoins, equivalent to around $12 million, would have been needed to cause a 1% decline in bitcoin’s prevailing market value. Similarly, during the tumultuous period following Silicon Valley Bank’s collapse in March, it would have taken the sale of 856 bitcoins, approximately worth $17 million, to trigger a more than 1% movement in the token’s price.

In June, the SEC filed lawsuits against Binance and Coinbase, alleging that they unlawfully sold digital tokens to the public without complying with required registrations. Both companies have denied these allegations and are prepared to defend themselves in court.