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Genesis is seeking approval to vend holdings of Bitcoin and Ether Trust amounting to $1.6 billion.

On Friday, the insolvent cryptocurrency lender Genesis filed a motion in the U.S. seeking approval from a judge for the sale of Grayscale's trust products, encompassing over $1.6 billion in bitcoin ( BTC ), ether (ETH), and Ethereum Classic (ETC). If the motion receives approval, it could introduce a substantial amount of selling pressure on the bitcoin market, reminiscent of the January scenario where FTX, an insolvent exchange, liquidated over $1 billion in GBTC holdings, coinciding with a drop in price from $49,000 to $39,000.

Gemini, Genesis' primary creditor, estimates that the bankruptcy affects more than 100,000 of its users, collectively owed between $1 billion and $10 billion. Additionally, Genesis owes over $3.5 billion to its top 50 creditors, including entities such as trading giant Cumberland, Mirana, MoonAlpha Finance, and VanEck's New Finance Income Fund.

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2023 : art 🍌

eating Korean student Guy 🤘🏻😋

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Of course I’ll hurt you. Of course you’ll hurt me. Of course we will hurt each other. But this is the very condition of existence. To become spring, means accepting the risk of winter. To become presence, means accepting the risk of absence. ~Antoine de Saint-Exupéry

(Art: Painting by Malcolm Liepke)

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- The Basketball Diaries 🎬

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The Future of Bitcoin in El Salvador: Your Thoughts?

Hey everyone, 👋🏻

As many of you are aware, this Sunday marks a critical juncture for El Salvador and the #Bitcoin community worldwide. The presidential election on February 4th is not just a political event; it's a pivotal moment that could determine the future course of Bitcoin's integration into a nation's economy.

Under President Nayib Bukele's leadership, #ElSalvador became the first country to adopt Bitcoin as legal tender, a bold experiment that has captured the attention of the world. Now, with the upcoming election, Bukele's vision for El Salvador and Bitcoin faces a crucial test.

We've covered the stakes of this election and what it means for Bitcoin in El Salvador in our latest post: [Presidential Election Puts El Salvador's Bitcoin Future at a Crossroads](https://bmpro.substack.com/p/presidential-election-puts-el-salvadors). I encourage you all to read it if you haven't already.

But more importantly, I want to hear from you:

- What are your thoughts on El Salvador's Bitcoin experiment so far?

- How do you think the election's outcome will impact the future of Bitcoin in El Salvador and globally?

- If Bukele wins reelection, what developments do you hope to see in the coming years?

- Conversely, how do you foresee El Salvador's path if a new leadership takes a different stance on Bitcoin?

Your insights, predictions, and discussions enrich our community, and I'm looking forward to reading your thoughts on this significant moment.

Let's dive into the conversation below!

Warm regards,

Mark Mason

Publisher, International at BTC Inc.

Bitcoin Magazine Pro, Product Owner

#nostr #new

https://open.substack.com/pub/bmpro/p/presidential-election-puts-el-salvadors?r=oekj9&utm_medium=ios&utm_campaign=post

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Have a wonderful day ☕

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