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Signal Boost: Bukele’s Bitcoin bond-funded “Bitcoin city”

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Happy Saturday (and Thanksgiving if you celebrate it)! New week, new noise: El Salvador’s planned city by a volcano, the metaverse madness persists and Hillary Clinton calls for crypto market regulation. Signal below. Mike Orcutt here.
Behind the Headlines
The Bitcoin president strikes again. Whatever you think of El Salvador president Nayib Bukele, he is all in on the orange coin. With much fanfare, the controversial leader announced last weekend that he plans to use a bond that is “backed by Bitcoin” to fund a “Bitcoin city” that will be next to a volcano and even have a Bitcoin symbol in the middle of it that would be visible from the air. Kristin Majcher explains how Bukele’s dream is supposed to become a reality. 
Tell me all your thoughts on Gox. Here’s one: there are a number of investment firms who “spied an opportunity” years ago to cash in on the Mt. Gox debacle, writes Ryan Weeks. Now they are about to make bank
The story behind a massive bitcoin mining heist in China. To outsiders, the arrest of a former Chinese government and Communist Party official Xiao Yi for his alleged involvement in a criminal crypto mining scheme may seem like an outcome of China’s ongoing crackdown against crypto mining. But some have speculated that it was the billion-dollar crypto mining scheme that led to the crackdown to begin with. Wolfie Zhao explains
How open banking could bridge centralized finance with decentralized finance. London-based open banking TrueLayer recently achieved unicorn status with a $130 million raise led by Tiger Global Management. In an interview with Tom Matsuda, the firm’s CEO and co-founder Francesco Simoneschi said that now he sees a big opportunity to use open banking to onboard people to DeFi
Unpacking the Biden administration’s (crypto-friendly) handling of the ransomware issue. Unlike previous brushes with the crypto industry, in its approach to ransomware the Department of Treasury has gone out of its way to get the industry onboard. And the maneuver seems to have worked, reports Kollen Post — at least for now.
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Under the Microscope
Play-to-earn gaming guilds. Axie Infinity and other games through which players can earn real money seem to have suddenly reshaped the future of gaming. Now organizations (they call them “guilds”) are forming that are centered around specific games. Play-to-earn (P2E) guilds often they take the form of “GameFi” DAOs, and these organizations are “increasingly serving as entry points for players to the metaverse,” writes Erina Azmi. In her latest piece. Erina took the deepest of dives into P2E guilds. (The Block Research subscription required) 
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Off the Block
What is the metaverse, exactly? No buzzword has reached the stratosphere faster than “metaverse.” But ask 10 people what is and you are likely to get 10 different answers. Wired’s product writer Eric Ravenscraft took a crack at the definitive answer
The Money Quote
 We are looking at non-state actors — either in concert with states or on their own — destabilizing countries, destabilizing the dollar as a reserve currency. ”
—Hillary Clinton to Rachel Maddow on why she thinks regulating crypto markets is an urgent issue.
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