Immediately in crypto, Do Kwon might enter a change of plea at a Tuesday listening to. Willy Woo compares Bitcoin’s company adoption to gold’s path earlier than 1971, and Samson Mow expects ETH buyers to rotate again to Bitcoin as ETH climbs.
Do Kwon to alter plea in felony case at Tuesday convention
A federal decide overseeing the case towards Do Kwon has scheduled a Tuesday convention at which the Terraform Labs co-founder “might enter a change of plea.”
In a Monday submitting within the US District Courtroom for the Southern District of New York (SDNY), Decide Paul Engelmayer ordered the events to seem in courtroom on Tuesday, which may recommend that Kwon was getting ready to alter his plea for some or all of his fees.
The Terraform co-founder initially pleaded not responsible to 9 felony counts in January after a monthslong extradition courtroom battle in Montenegro ended along with his removing to the USA.
“[T]he defendant must be ready to present a story allocution that comes with all components of the offense(s) to which the defendant is pleading responsible,” stated Engelmayer. “Within the curiosity of readability and effectivity, the Courtroom encourages counsel to help the defendant in writing an allocution that may be learn in open courtroom through the plea continuing.”
Kwon was indicted in March 2023 for fees together with securities fraud, market manipulation, cash laundering and wire fraud associated to his function at Terraform. He was allegedly liable for contributing to the crash of the Terra ecosystem, which worn out $40 billion in investor belongings.
Bitcoin’s company increase raises “Fort Knox” nationalization issues
Company crypto treasuries have surged previous $100 billion, elevating issues amongst analysts that the USA might in the future nationalize a few of these holdings in a transfer paying homage to the gold commonplace period.
Company crypto treasuries have surpassed $100 billion of digital asset holdings, with Bitcoin (BTC) treasury corporations amassing 791,662 BTC price roughly $95 billion by the tip of July, representing round 3.98% of the circulating provide.
The rising company holdings might current a brand new centralized level of vulnerability for Bitcoin, which can see the world’s first cryptocurrency comply with the identical “nationalization path” as gold in 1971, in accordance with crypto analyst Willy Woo.
“If the US greenback is structurally getting weak and China is coming in, it’s a good level that the US would possibly do a proposal to all of the treasury firms and centralize the place it might be then put right into a digital kind, not create a brand new gold commonplace,” Woo stated throughout a panel dialogue at Baltic Honeybadger 2025, including:
“You might then rug it like occurred in 1971. And it’s all centralized across the digital Bitcoin. The entire historical past repeats once more again to the start.”
In 1971, US President Richard Nixon ended the Bretton Woods system, suspending the greenback’s convertibility into gold and abandoning the mounted $35-per-ounce price, successfully ending the gold commonplace.
Ethereum bag holders will rotate again to Bitcoin: Samson Mow
Bitcoin pioneer Samson Mow predicts Ethereum buyers will change again to Bitcoin as soon as ETH costs get excessive sufficient, doubtlessly reversing a five-week surge in Ether.
Nonetheless, historic market cycle patterns may point out in any other case.
“Most ETH holders have a number of BTC (ICO/insiders) and they’re rotating that BTC into ETH to pump it on new narratives (Ethereum Treasury co’s),” stated the CEO of Bitcoin adoption agency JAN3 on Sunday.
He added that when Ether (ETH) is excessive sufficient, “they’ll dump their ETH, creating new generational bagholders, after which rotate the features again into BTC.”
“Nobody desires ETH in the long term,” the Bitcoin (BTC) maximalist stated.
Mow, who has repeatedly ridiculed altcoins, added that will probably be “difficult” for ETH to interrupt all-time highs “as a result of the nearer you attain that psychological degree, the stronger the drive to promote,” describing it as a “Bagholder’s Dilemma.”
