Key Updates: December 15th – December 16th Round-Up

In Brief:

FASB’s fair value accounting rules for Bitcoin are now in effect, boosting corporate adoption.

Satoshi Nakamoto becomes the 16th richest person globally as BTC hits $106K.

El Salvador reports a $360M profit from its Bitcoin holdings.

‍

1. FASB’s Fair Value Accounting Rules
‍
The Financial Accounting Standards Board's (FASB) Bitcoin fair value accounting rules officially took effect, allowing companies to account for Bitcoin at current market value instead of purchase price. This is expected to promote Bitcoin adoption among corporations.
‍

2. Satoshi Nakamoto’s Rising Wealth
‍
Bitcoin’s price surge to $106,000 elevated Satoshi Nakamoto to the 16th richest person globally, with an estimated net worth of $106 billion, surpassing Michael Bloomberg.
‍

3. El Salvador’s Bitcoin Profit
‍
El Salvador's Bitcoin holdings are now worth $632 million, yielding a $360 million profit and a 133.95% ROI, as confirmed by President Nayib Bukele.
‍

4. Legal Action Against Binance
‍
‍
The creator of "Pnut the Squirrel" issued a cease-and-desist letter to Binance for allegedly unauthorized use of intellectual property related to the character.
‍

5. Trump Family’s Crypto Project
‍
World Liberty, a crypto project linked to the Trump family, purchased 134,216 ONDO tokens worth $250,000 via Cow Protocol.
‍

6. Major Token Unlocks This Week
‍

• ARB: Unlocks tokens worth $91.4M on Dec 16th.
• APE: Unlocks tokens worth $24M on Dec 17th.
• Additional unlocks include tokens from QAI, ADA, PIXEL, and others totaling significant market activity.

These developments highlight increasing Bitcoin adoption, legal disputes in crypto, and the influence of major token unlocks on market dynamics.