In the present day in crypto, Do Kwon could 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 “could 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 look in courtroom on Tuesday, which might counsel that Kwon was making 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 together with his removing to america.
“[T]he defendant needs to be ready to provide a story allocution that includes 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 throughout 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 position at Terraform. He was allegedly chargeable for contributing to the crash of the Terra ecosystem, which worn out $40 billion in investor belongings.
Bitcoin’s company growth raises “Fort Knox” nationalization considerations
Company crypto treasuries have surged previous $100 billion, elevating considerations amongst analysts that america could someday nationalize a few of these holdings in a transfer harking back 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 could 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 line 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 may very well 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 possibly can 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 fee, 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 might point out in any other case.
“Most ETH holders have lots 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 after Ether (ETH) is excessive sufficient, “they’ll dump their ETH, creating new generational bagholders, after which rotate the features again into BTC.”
“Nobody needs ETH in the long term,” the Bitcoin (BTC) maximalist stated.
Mow, who has repeatedly ridiculed altcoins, added that it is going to be “difficult” for ETH to interrupt all-time highs “as a result of the nearer you attain that psychological stage, the stronger the drive to promote,” describing it as a “Bagholder’s Dilemma.”
