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The crypto industry has just recorded its biggest acquisition deal, with Stripe snapping up stablecoin platform Bridge for $1.1 billion.

Here’s what we got for you today:

• 🤑 Stripe acquires Bridge for $1.1 billion!

• 😱 The dark side of the rise of Bitcoin!

• 🧱 Around The Block: Will Bitcoin repeat history? On-chain data suggests a Q4 breakout.

🤑 Stripe Acquires Bridge for $1.1 Billion!

Stripe just made its biggest acquisition yet!

According to a post on X by TechCrunch founder Michael Arrington, the Fintech company has acquired the stablecoin platform “Bridge” in a whopping $1.1 billion deal.

Here’s why this is a big deal:

Bridge, founded by Sean Yu and Zach Abrams, offers software tools for businesses to accept payments in stablecoins.

Forbes reported that the Bridge had previously raised $58 million from investors, including a hefty $40 million in a Series A round, valuing the company at $200 million.

So, this $1.1 billion price tag is a huge step up!

Not only does it mark a significant leap from Bridge's previous $200 million valuation, but it’s also Stripe's biggest acquisition and the crypto industry's biggest acquisition deal to date.

Plus, it perfectly aligns with Stripe's expanding crypto ambitions.

The company recently reinstated USDC payments for U.S. businesses via USDC on Ethereum, Solana, and Polygon.

And also partnered with Coinbase to integrate Coinbase's Base Layer 2 network into its crypto payment products.

To dive deeper into this, check out the full story here.

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😱 The Dark Side Of The Rise Of Bitcoin!

Economists at the European Central Bank (ECB) have just made a groundbreaking discovery about Bitcoin!

In their recent paper, "The Distributional Consequences of Bitcoin," they reveal some eye-opening insights into the real impact of the surge of Bitcoin on not just the economy but also on normal folks who are just trying to make some gains as well.

It turns out that while early Bitcoin adopters are raking in huge profits, those who join in later, or worse, don't get involved at all end up missing out.

The paper argues that instead of being the decentralized currency for day-to-day transactions it was intended to be, Bitcoin has turned into a speculative investment that concentrates wealth in the hands of a few early adopters.

And regardless of whether the so-called "Bitcoin bubble" bursts, the asset will continue to fuel economic inequalities.

The ECB economists also highlight that the benefits won't be evenly distributed even if Bitcoin's value keeps rising.

Instead, it’ll create a stark divide between the early birds and everyone else.

They predict that if Bitcoin's value reaches $1 million or even $10 million per coin, as some predict, its market cap could surpass $20 trillion, far exceeding that of gold and global equities combined.

While this sounds incredible, the reality is that most people won't see a dime of that wealth.

Moreover, the paper points out that as early Bitcoin holders amass wealth, they tend to spend more at the expense of latecomers who are in-turn left with the choice of either cutting back on spending or selling assets to join the Bitcoin rush.

At the end of the day, it becomes a frustrating cycle where those who enter the game later are essentially subsidizing the gains of the early adopters.

But hey, the impact doesn't stop there.

The paper also suggests that this concentration of wealth in Bitcoin affects other markets, particularly real estate.

How, you wonder?

Well, most Bitcoin holders tend to invest heavily in properties, which in turn drives up housing prices, making homeownership even more challenging for non-holders and adding another layer of inequality.

In essence, the paper argues that Bitcoin's wealth concentration has a significant impact on economic inequality, making life harder for those who didn't invest early.

And even if Bitcoin prices stabilize, early adopters will have already enjoyed years of higher consumption and wealth accumulation, leaving newcomers to play catch-up.

If you're intrigued, we recommend checking out the full report here for more fascinating insights.

🧱 Around The Block

• Will Bitcoin repeat history? On-chain data suggests a Q4 breakout.

• European Central Bank researchers’ paper called a ‘declaration of war’ on Bitcoin.

• SEC gives NYSE and Cboe the go-ahead to list options trading for multiple spot bitcoin ETFs.

• MicroStrategy CEO Michael Saylor challenges Bitcoin doubters to short company’s stock.

• The Fed’s rate cut trajectory remains intact, boosting the crypto outlook.

• Crypto fraudster slapped with five-year prison sentence over $20,000,000 in Coinbase spoofing scheme.

• Marc Andreessen-funded AI bot becomes a millionaire after 'Fartcoin' holdings rally.

That's all we've got for you today.

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions.