In the wake of the military coup in 2021, Myanmar has been engulfed in an ongoing struggle for democracy. Thousands of lives have been lost, and millions are in dire need of humanitarian aid. Despite the severity of the situation, the international community’s support for Myanmar has been insufficient in comparison to other nations facing similar challenges.
In a recent opinion editorial by Win Ko Ko Aung, the efforts of the National Unity Government (NUG) to access frozen funds in the United States were highlighted. Additionally, alternative funding avenues such as virtual land sales and the establishment of a digital bank were explored. However, one intriguing suggestion put forth by the author was the issuance of a Bitcoin bond by the NUG.
A Bitcoin bond could tap into a global pool of investors who align with the cause of democracy in Myanmar. By providing incentives and offering a unique investment opportunity, the NUG could potentially mobilize significant financial support. This highlights a pivotal moment for Bitcoin adoption in Myanmar, as notable figures have shown support for the concept of a Bitcoin standard.
Meanwhile, in the world of cryptocurrencies, Coinbase, a leading cryptocurrency exchange, has filed a motion to dismiss a lawsuit brought against it by the US Securities and Exchange Commission (SEC). Coinbase argues that crypto assets should not be classified as securities and, therefore, fall outside the SEC’s regulatory authority. The exchange asserts that it does not operate as a broker, and transactions on its platform do not constitute investment contracts.
While the legal battle between Coinbase and the SEC unfolds, Bitcoin’s price has been stagnating around the $29,000 level. However, recent on-chain data provides hope for a potential rebound. The surge in daily active addresses on the Bitcoin blockchain indicates heightened user activity and interest in the coin. Additionally, the current negative ratio of on-chain transaction volume in profit to loss suggests significant selling is occurring at a loss. Historically, such capitulation levels have signaled the bottom of the price cycle and the potential for a rebound.
Furthermore, the accumulation of Bitcoin by millionaire and billionaire addresses since May adds to the likelihood of a price recovery. This accumulation indicates that influential investors believe in the long-term value of Bitcoin. However, while a rebound may be on the horizon, whether it will be a short-term or long-term move remains uncertain.
In summary, Myanmar’s struggle for democracy continues to grip the nation, and the international support received has been lacking. The suggestion of issuing a Bitcoin bond by the NUG underscores the potential of cryptocurrencies to rally financial backing for noble causes. Meanwhile, in the crypto space, Coinbase’s legal battle adds to the regulatory complexities surrounding digital assets. Despite Bitcoin’s price currently being locked in consolidation, on-chain indicators suggest a rebound may be imminent. As the situation unfolds, the blockchain world stands witness to the intersection of finance, geopolitics, and the prospects of a digital future.