El Salvador's pro-Bitcoin president, Nayib Bukele, is proposing the establishment of private investment banks (BPIs) that would offer Bitcoin (BTC) investors access to financial services with fewer restrictions compared to traditional banks. These BPIs would be exempt from stringent laws imposed on traditional banks, allowing them to engage with overseas banks and finance companies without limitations. Loan restrictions would also be lifted, and BPIs would be able to grant credit exceeding 25% of their Asset Fund to a single entity.  The proposed BPIs would operate in any legal tender, including the US dollar and Bitcoin, and could even seek approval to become digital asset and Bitcoin service providers.  While the proposal has not yet been approved by El Salvador's legislature, it marks a significant step towards establishing a more inclusive and accessible financial system in the country.

<p style="float:right; margin:0 0 10px 15px; width:240px;"><img src="https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjQtMDYvOTg0YmYxMDMtYTVlYS00ZjJiLThjMmQtZmZiMmU0NzE1NjZhLmpwZw==.jpg"></p><p>The Bank for Private Investment will “diversify the financing options” available to investors in both Dollars and Bitcoin.</p>

Ciaran Lyons 15 minutes ago The Bank for Private Investment will “diversify the financing options” available to investors in both Dollars and Bitcoin. 87 Total views Listen to article 0:00 News Own this piece of crypto history Collect this article as NFT Join us on social networks El Salvador's pro-Bitcoin president Nayib Bukele is proposing the establishment of private investment banks within the nation, which if approved, will offer Bitcoin (BTC) investors access to financial services and fewer restrictions compared to traditional banks.“As part of our economic plan for El Salvador, we propose a BPI, Bank for Private Investment, where we can diversify the financing options offered to potential investors in Dollars and Bitcoin,” the Salvadoran Ambassador to the United States Milena Mayorga wrote in a June 14 post on X.“President Bukele hits the ground running in new term with new legislation establishing a Bitcoin Bank,” senior Bitcoin advisor to Bukele, Max Keiser, added on the same day, noting Ark Invest CEO Cathie Wood’s forecast that El Salvador’s real GDP “could scale 10-fold during the next five years” has only become “more likely.”Nayib Bukele was recently sworn in for a second five-year presidential term. Source: Casa PresidencialIt comes only two weeks after Bukele was sworn in for another five-year presidential term after a landslide electvictory in February.Bank for Private Investment will not have all the same 'prohibitions' in banking lawsAccording to El Mundo, the BPI will not face the same stringent laws as traditional banks, such as restrictions on engaging with overseas banks or finance companies "linked to their shareholders or in a business group." Loan restrictions will also be eliminated.“Investment banks will also not be subject to the prohibition of "granting credit or assuming risks for more than 25% of their Asset Fund in relation to the same person,” the June 14 report stated.If approved, the new private investments "must be created" with a minimum share capital of $50 million and require at least two shareholders, who may be foreigners.Related: El Salvador launches $360M Bitcoin treasury monitoring websiteIt was reiterated that a BPI would be able to operate in any legal tender, including the United States Dollar and Bitcoin, and even seek approval to become digital asset and Bitcoin service providers.El Salvador’s Minister of Economy, María Luisa Hayem, proposed the reform to the Technology, Tourism, and Investment Commission under Bukele's direction. However, it has not yet been approved.“The reform has not been approved; The legislators have not yet agreed to call officials to consult the objectives of the project nor have they put it to a vote in the Commission,” it added.Magazine: ‘Bitcoin Layer 2s’ aren’t really L2s at all: Here’s why that matters#Bitcoin #Cryptocurrencies #Banking #Adoption #El Salvador #Regulation #Nayib Bukele Add reaction

El Salvador Proposes Bitcoin Bank: A New Era of Financial Inclusion?

A **Bitcoin company**, CleanSpark, has made significant strides in its mining operations by purchasing two properties in and around **Clinton, Mississippi**. This strategic move involves a combined purchase price of **$5.775 million** and is expected to support **16.5 MW** of energy.

## Construction Plans
CleanSpark announced the construction of two buildings on these properties, with an expected completion date of **December 1**. The facilities will feature **20 custom-crafted, air-cooled mining pods**, enhancing the company's mining capabilities.

## Understanding Hash Rate
The site will utilize **S21 pro miners**, aiming for a combined operating **hash rate** of approximately **1 exahash per second**. Hash rate is a crucial metric that measures the computational power of a cryptocurrency network, indicating how many calculations can be performed per second.

## Expanding Capacity
With this acquisition, CleanSpark will elevate its data center portfolio in Mississippi to a total of **60.5 MW**. CEO **Zach Bradford** highlighted that the company’s operational capacity has surged to **211.5 MW**, marking a **38% increase** over the last week. This growth supports their ambitious targets of **37 EH/s by the end of 2024** and **50 EH/s by 2025**.

## Energy Considerations
Bitcoin mining is notoriously energy-intensive. CleanSpark connects directly to the grid, utilizing power lines and transformers like all customers, but on a much larger scale. They collaborate with utility companies to strategically mine at scale, ensuring efficiency and sustainability.

## Attractive Business Environment
The Clinton area was chosen for its favorable conditions, including acquisition costs, electricity prices, and proximity to other facilities. CleanSpark's expansion aligns with their ongoing strategy of acquiring sites that meet their operational criteria, similar to their experiences in **Georgia**, **Tennessee**, and **Wyoming**.

The acquisitions have a combined purchase price of $5.775 million and will support a total of 16.5 MW of energy.

CleanSpark Expands Bitcoin Mining Operations with $5.775 Million Land Acquisition in Mississippi

On Monday, **Cathie Wood**-led **Ark Invest** made some significant trades. Notably, the firm bought shares of **PayPal Holdings Inc** and **Pinterest Inc**, while selling its stake in **ARK 21Shares Bitcoin ETF**.

## The PayPal Trade
**Ark Invest’s Fintech Innovation ETF** added 57,824 shares of PayPal, valued at approximately **$4.5 million** based on the closing price of **$77.67**. This move comes in the wake of analysts expressing diverse opinions about the company, with an average 12-month price target of **$78.62**. PayPal has recently made a **strategic shift** to penetrate the U.S. point-of-sale (POS) payments market, integrating its debit card with Apple Inc.’s mobile wallet and offering different cashback rewards.

## The Pinterest Trade
**Ark Invest’s Next Generation Internet ETF** purchased 115,211 shares of Pinterest, amounting to approximately **$3.51 million** based on the closing price of **$30.46**. Pinterest reported solid second-quarter results at the end of July, with revenue slightly surpassing expectations. However, third-quarter guidance came in below analyst projections, raising concerns about sustained growth for the rest of 2024.

## The Bitcoin ETF Trade
**ARKW** sold 44,609 shares of **ARK 21Shares Bitcoin ETF**, valued at approximately **$2.82 million** based on the closing price of **$63.25**. This sale occurred on the same day that Bitcoin hit a new high of **$63,500**, causing a significant surge in pre-market activity for several Bitcoin ETFs. On Monday, Bitcoin steadily declined below **$63,000** after a spike to **$64,600**, following positive comments about cryptocurrency from Democratic presidential candidate **Kamala Harris**. Total cryptocurrency liquidations surpassed **$124 million** in the past 24 hours, with bearish bets at **$67 million**, while Bitcoin’s funding rate remained positive, reflecting bullish trader dominance.

## Other Key Trades:
- **ARK Innovation ETF** sold 7,747 shares of **Palantir Technologies Inc.** in a transaction valued at **$293,998**.
- ARKF sold shares of Adyen NV. ARKG also sold shares of Vertex Pharmaceuticals Inc and bought shares of Pacific Biosciences of California Inc.
- ARKK sold shares of Roku Inc and ARKQ bought shares of 3D Systems Corp.

Cathie Wood's Ark Invest purchased PayPal and Pinterest shares and sold Palantir and ARKB On Monday, Sept. 23, 2024.

Cathie Wood's Bold Moves: Ark Invest's $4.5M in PayPal and $3.5M in Pinterest Amid Crypto Surge

### Bitcoin Options Market Signals a Potential Price Surge

Traders seeking to anticipate Bitcoin’s next major price movement should focus on the **derivatives market**, particularly **options contracts**. According to **Nick Forster**, founder of the DeFi derivatives protocol **Derive**, the options market is entering a phase he describes as **“reflexivity season.”**  

**Reflexivity** suggests that the actions and expectations of market participants influence asset prices, which in turn affects their behavior, creating a **feedback loop**. Forster highlights that the **30-day call/put skew** for Bitcoin options is trending **higher**, indicating that traders are heavily betting on **upside volatility** and are anticipating more significant market swings.  

### What Are Traders Expecting?

As prices rise, traders expect this momentum to continue, fueling a **self-reinforcing cycle of higher prices**. Specifically, they are targeting a price range between **$80,000 and $90,000** by the end of November.  

Forster notes that the current market sentiment is gearing up for **potential volatility**, especially with significant political and economic events on the horizon, including the upcoming **U.S. presidential election**.  

This scenario is promising for those who are familiar with the **wild volatility** that often accompanies Bitcoin, which has fluctuated between **$53,000 and $64,000** in recent months. Currently, Bitcoin is down **1.5%** to **$63,000**, according to **CoinGecko** data.  

While the options market remains relatively small compared to the billions traded daily in the **spot market**, it could see growth as larger traditional players incorporate these contracts into their trading strategies, particularly with the speculation surrounding **U.S.-based Bitcoin exchange-traded funds (ETFs)**.  

Options are financial derivatives that grant buyers the right, but not the obligation, to buy or sell an asset at a specified price before or on a certain date. They enable traders to **hedge risk** or speculate on price movements with limited downside by paying a premium, while also offering significant potential for gains.  

On Friday, the **Securities and Exchange Commission (SEC)** approved a rule change requested by **Nasdaq’s International Securities Exchange** to list and trade options on the **iShares Bitcoin Trust (IBIT)**, part of **BlackRock’s** popular ETF.  

Although BlackRock's Bitcoin ETF options approval may lead to **long-term skew compression** or muted volatility as traditional financial traders eventually sell covered calls, the immediate impact remains to be seen. Forster asserts, **“For now, we’re still seeing a strong bid for upside as traders capitalize on the current volatility yields.”**

The Bitcoin options market is beginning to see "reflexivity season" kick in as traders focus on prices between $80,000 and $90,000.

Is Bitcoin About to Soar? Traders Bet on $80K to $90K as Options Market Heats Up!

### China's Central Bank Takes Action

China's **central bank**, the **People's Bank of China (PBOC)**, has introduced a **major stimulus package** designed to revive the nation's struggling economy. Governor **Pan Gongsheng** announced initiatives aimed at **lowering borrowing costs** and enabling banks to boost their lending capabilities.

### Economic Context

This announcement follows **disappointing economic data** that has heightened concerns about China's ability to meet its **5% growth target** for the year. In response, stock markets across **Asia** surged after the news broke.

### Key Measures Introduced

1. **Reserve Requirement Ratio (RRR) Cut**: The PBOC plans to reduce the amount of cash banks must hold in reserve by **half a percentage point**, freeing up approximately **1 trillion yuan** (around **$142 billion**). Another cut may be on the horizon later this year.
2. **Support for the Property Market**: To address the crisis in the **real estate sector**, the measures include lowering **interest rates** on existing mortgages and reducing the minimum down payment for homes to **15%**.

The **real estate industry** has been in turmoil since 2021, with numerous developers failing, resulting in many unsold homes and unfinished projects.

### Global Influences

This stimulus package was unveiled shortly after the **US Federal Reserve** cut interest rates for the first time in over four years, creating a ripple effect in Asia's financial markets. During afternoon trading, major **stock indexes** in **Shanghai** and **Hong Kong** saw gains of over **3%**.  

As China navigates through these economic challenges, the effectiveness of these measures remains to be seen.

It comes just days after the US central bank cut interest rates for the first time in over four years.

China's Bold Economic Stimulus: Will It Revive the Flagging Economy?

### **China's Economic Strategy**  
**BEIJING** — The People's Bank of China (PBOC) has announced a significant **cut in the reserve requirement ratio (RRR)** by **50 basis points** as part of its efforts to stimulate the economy. Governor **Pan Gongsheng** made this announcement during a press conference, emphasizing that the cut will take place in the **near term**.  
  
![Pan Gongsheng, Governor of the People’s Bank of China](https://image.cnbcfm.com/api/v1/image/108038066-1727130309476-gettyimages-2158212258-vcg111502850975.jpeg?v=1727130365&w=1858&h=1045&vtcrop=y)  
  
Pan indicated that there could be an additional cut of **0.25 to 0.5 basis points** by the end of the year, depending on market conditions. He also announced a reduction in the **7-day repo rate** by **0.2 percentage points**.  
  
**Economic Impact**  
Lynn Song, chief economist for greater China at ING, described the repo rate cut as “the most important” aspect of the conference, suggesting that markets had anticipated smaller cuts. He noted that the **RRR cut** aims to boost market sentiment, as the real issue lies more with **limited borrowing demand** rather than banks lacking funds.  
  
Pan also hinted at a possible **cut in the loan prime rate**, which influences corporate and household loans, including **mortgages**.  
  
**Support for the Property Market**  
During the conference, plans to support the **struggling property market** were also outlined, including extending measures for an additional two years and reducing interest rates on existing mortgages. The **10-year government bond yield** recently hit a record low of **2%**, reflecting the current economic climate.  
  
The press conference was notably scheduled following the U.S. Federal Reserve's recent interest rate cut, providing China’s central bank with more flexibility to implement its own rate cuts amidst ongoing **deflationary pressures**.  
  
**Limited Fiscal Support**  
Despite these measures, economists have expressed concerns about the **lack of fiscal stimulus** from the Chinese government, which is crucial for driving growth. Analysts from Goldman Sachs highlighted that recent local government bond issuances are primarily addressing budget deficits rather than fostering new growth.  
  
Pan's leadership at the PBOC, which began in July 2023, has been marked by calls for more aggressive fiscal measures to tackle the economic slowdown exacerbated by the **real estate slump** and **low consumer confidence**.  
  
**Conclusion**  
While the PBOC is taking steps to stimulate the economy, the consensus among economists suggests that a more coordinated fiscal approach is necessary to achieve sustainable growth moving forward.

Beijing will cut the amount of cash banks need to have on hand, known as the reserve requirement ratio, or RRR, by 50 basis points in the near term, People's Bank of China Gov. Pan Gongsheng said. 

China's Central Bank Unveils Bold Measures to Combat Economic Slump

## Analyst Insights on AI-Focused Altcoins

A **closely followed crypto analyst** has identified a **clear bull trend** forming for an **AI-focused altcoin**, while also providing updates on three other tokens.

Pseudonymous trader **Altcoin Sherpa** recently shared with his **223,300 followers** on X that a **bullish pattern** is emerging for the **machine learning protocol Bittensor (TAO)**. He indicates that TAO has successfully broken out of its **multi-month accumulation range**.  

> _"TAO never dropped to the range low. Expansion and clear bull trend now IMO (in my opinion), dips are for buying."_

![TAO Chart](https://pbs.twimg.com/media/GYCpOkzbQAA94Fk?format=jpg&name=large)

As of now, TAO is trading at **$488.88**, marking a **5.20% increase** in the last 24 hours.

### Outlook on FET and Other Tokens

Next, the focus shifts to the **native asset of the Artificial Superintelligence Alliance (FET)**. Altcoin Sherpa mentions he's waiting for a **minor pullback** before considering a long position.

> _"FET – I think $1.50 could be an ok first entry, but pretty aggressive. If patient, you can hope for $1.37ish levels. Would probably do some entries at $1.50 though personally."_

Currently, FET is trading at **$1.62**.

Another token under his radar is **Celestia (TIA)**, a layer-1 modular blockchain. He notes that TIA experienced its **first major retracement** near its **100-day exponential moving average (EMA)**.

> _"Would target $5.11ish for first entries if you like this one."_

At present, TIA is priced at **$5.42**, reflecting a **7.34% decrease** over the past day.

### Popcat's Potential

Finally, Altcoin Sherpa discusses the memecoin **Popcat (POPCAT)**, suggesting that it may be just a **small correction away from a breakout**.

> _"POPCAT breaks soon after a bit of a pullback. Bullish on all the beta that comes with it (aura/ hehe/ etc)."_

POPCAT is currently trading at **$0.923**, with a **4.42% increase** today.

![Popcat Chart](https://pbs.twimg.com/media/GX-kMVGW4AAkpmg?format=jpg&name=large)

A closely followed crypto analyst says that a clear bull pattern is forming for one artificial intelligence (AI)-focused altcoin while updating his outlook on three other tokens.

Bullish Trend Alert: Analyst Highlights Promising AI Altcoins and Price Predictions!

### **Introduction**  
**HOUSTON** – Every year, it seems like scammers find new ways to defraud people. With the rise of **cryptocurrency**, criminals are increasingly using it as a means to scam individuals out of their hard-earned cash.  
  
### **Daily Reports of Scams**  
According to Lt. Abraham Alanis with the Harris County Sheriff’s Office, **“We’re getting these every day. Every day we’re getting calls from people getting these calls. A lot of them catch it before they’re scammed, but a lot of them are getting scammed out.”**  
  
### **How the Scams Work**  
One prevalent scam involves someone impersonating a law enforcement officer, claiming that the victim has a warrant for their arrest due to missed jury duty. These scammers often use **spoofed phone numbers** that can be traced back to legitimate agencies and may even use the names of actual officers to lend credibility to their claims.  
  
### **Payment in Cryptocurrency**  
The scammers typically demand that victims **transfer money** to avoid arrest, with **bitcoin** being a common payment method due to its **difficulty to trace**. Lt. Alanis notes, **“Bitcoin can be very difficult, because once it goes into bitcoin it could be transferred very quickly. And then it’s pretty much gone.”**  
  
### **National Statistics**  
This issue isn’t limited to Houston. The **FBI** reported 69,468 complaints of cryptocurrency scams nationwide in 2023, leading to combined losses of **$5.6 billion**. Texas ranked third in complaints, with **4,770 cases** and estimated losses of **$411,914,142**. The most common type of fraud was investment fraud.  
  
### **Reporting Scams**  
Anyone who falls victim to a cryptocurrency scam is encouraged to report it. The **FBI** has a dedicated link for such reports.  
  
### **Protecting Yourself**  
To avoid falling for scams, Lt. Alanis advises: **“When you get these calls, take a step back. Don’t rush to do anything. Wait. Get the information. I know once they tell you that you have to do it immediately, it’s a scam.”** If you feel uneasy about the call, he suggests hanging up and verifying the caller's identity through official channels.

Every year, it seems like scammers find new ways to defraud people.

El Salvador Proposes Bitcoin Bank: A New Era of Financial Inclusion?

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CleanSpark Expands Bitcoin Mining Operations with $5.775 Million Land Acquisition in Mississippi

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China's Bold Economic Stimulus: Will It Revive the Flagging Economy?

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CleanSpark Expands Bitcoin Mining Operations with $5.775 Million Land Acquisition in Mississippi

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Is Bitcoin About to Soar? Traders Bet on $80K to $90K as Options Market Heats Up!

China's Bold Economic Stimulus: Will It Revive the Flagging Economy?

China's Central Bank Unveils Bold Measures to Combat Economic Slump

Bullish Trend Alert: Analyst Highlights Promising AI Altcoins and Price Predictions!

Rising Cryptocurrency Scams in Houston: What You Need to Know to Protect Yourself