Vitalik Unloads MakerDAO Tokens, Boost in Bitcoin ETF Confidence, and Other Weekend Highlights

“Vitalik Buterin Completes Sale of Remaining MakerDAO Tokens as Confidence in Bitcoin ETFs Grows”

Ethereum co-founder, Vitalik Buterin, has recently sold his entire stack of 500 MakerDAO tokens (MKR). This move came shortly after MakerDAO hinted at the possibility of shifting its operations from Ethereum to Solana, a competing blockchain.

Buterin’s transaction on September 2nd was first identified by the on-chain analytics platform Lookonchain. It was revealed that Buterin had held these MKR tokens for over two years. Arkham, another blockchain analytics platform, confirmed that this sale likely marked the end of Buterin’s known MKR holdings, rendering his MKR portfolio at $0. Notably, the $520,000 in MKR accounted for a mere 0.12% of Buterin’s extensive $407 million cryptocurrency portfolio.

MakerDAO is in the final phase of its “Endgame” upgrade, introducing a native chain named “NewChain.” Interestingly, MakerDAO’s co-founder, Rune Christensen, is now exploring the possibility of launching it on Solana.

Bitcoin investor and podcast host, Anthony Pompliano, has expressed optimism about the imminent approval of spot Bitcoin ETFs. He believes that these approvals, coupled with the upcoming Bitcoin halving event in April 2024, will trigger a significant surge in BTC’s price. Pompliano anticipates that these spot Bitcoin ETFs will attract billions of dollars in institutional investments, creating a substantial demand shock.

In line with this sentiment, analysts at JPMorgan predict that following Grayscale’s legal victory on August 29th, the SEC will likely be compelled to approve multiple spot Bitcoin ETFs.

Elon Musk’s upcoming biography offers intriguing insights into his early interest in Dogecoin. Reportedly, Musk contemplated integrating Dogecoin for in-app payments on his platform “X,” formerly known as Twitter. He even allegedly provided funding for Dogecoin development. Musk envisioned X as an all-in-one platform for sending money, giving tips, and purchasing content. He also considered implementing a verification fee to generate additional revenue. Although he contemplated creating a blockchain-based app for this purpose, Musk ultimately opted to purchase Twitter due to its established user base.

United States Congressman Tom Emmer has criticized SEC chair Gary Gensler’s stance on cryptocurrencies. Emmer’s comments came after the SEC faced setbacks in court battles against Ripple Labs and Grayscale. Emmer argued that despite Gensler’s efforts to portray the crypto industry as rife with noncompliance, recent legal outcomes indicate otherwise. Emmer has been an advocate for pro-crypto legislation, introducing bills such as the Blockchain Regulatory Clarity Act and the CBDC Anti-Surveillance State Act.

Additional Developments:
– FTX debtors have disclosed financial statements showing a transaction of $2.51 million directed to the American Yacht Group in March 2022, benefiting former Alameda Research co-CEO Sam Trabucco.
– Cathie Wood, CEO of ARK Invest, highlighted the potential transformation of businesses through the convergence of Bitcoin and artificial intelligence, foreseeing reduced operational costs and increased productivity.