Bitcoin’s (BTC) price hit $100,000 at 02:38 am (GMT) and is currently the seventh largest asset in the world with a market cap of over $2 trillion.

This puts it ahead of the likes of silver, tech conglomerate Meta, and Elon Musk’s Tesla — a huge achievement for the currency that once upon a time, struggled to cross the $1,000 threshold.

Needless to say, many crypto proponents are celebrating the occasion. MicroStrategy chief Michael Saylor, who’s built a career selling shares of his company to buy ridiculous amounts of BTC, announced, “There is going to be a 100K Party. ”

Coinbase CEO Brian Armstrong also marked the milestone, claiming that if someone had bought $100 worth of BTC in June 2012 and held on, it would be worth $1.5 million today. On the flip side, he pointed out, $100 in USD would have dropped in price by $27.

Podcaster and Bitcoin supporter Peter McCormack was particularly happy after his $20,000 bet that BTC’s price would hit $100,000 this year proved to be correct. He was so happy, in fact, he’s proposed a new bet that BTC will reach $1 million by 2030. 

Following BTC’s landmark surge, people have been dunking on famed financial analyst Peter Schiff, who said in 2019 that it would never reach $100,000. 

Another huge prediction from that same year came from the late John McAfee, who said, “If bitcoin breaks $100K, you can bet it will break a million.”

McAfee also bet that BTC would hit $500,000 by 2020 and claimed that if it didn’t, he would “eat his own dick” on live TV.  

Elsewhere, Isaac Miller, who filmed himself 11 years ago watching BTC’s price break $100, recreated the video today.

Read more: Bitcoin bet made on ‘pussy terms’ is about to make both parties bank

BTC’s price has been steadily increasing since February, picking up speed in November. Previous bull runs took place in 2013, 2017, 2020, and 2021. BTC is now priced at $102,444, and the Bitcoin Fear and Greed Index stands at 84, indicating “Extreme Greed.”

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The post Bitcoin has hit $100,000 and is the world’s 7th largest asset appeared first on Protos.

Podcast host Peter McCormack looks set to pocket $20,000 thanks to a bitcoin bet made on “pussy terms” with Simplify Asset Management’s Michael Green.

The lower-league football club owner bet Green, who is Simplify’s chief strategist, that the world’s biggest crypto would reach $100,000 by the end of the year.

Bitcoin’s price currently stands at $97,170, meaning it needs to increase by under 3% in the next 40 days in order for McCormack to win.

The terms of the wager state that, if bitcoin reaches the magic number by December 31, Green will pay McCormack $20,000. Accordingly, if it misses the target, McCormack will pay Green.

However, while it looks increasingly likely that McCormack will be celebrating by New Year, Green says he has hedged the bet and as a result, will profit regardless. “Funny loss when it makes me money,” Green told a gloating McCormack.

Former Coinbase CTO and school founder Balaji Srinivasan was supposed to hold their funds in escrow but this never happened.

Read more: Another bad bitcoin bet has been made on ‘pussy terms’

Discussing the bet, McCormack said he did it for the “bants” while Green claims he did it for the “asymmetry.”

“A rare occasion where both win. But I’ll concede, you likely win the $20K AND I didn’t expect you to,” he told McCormack. 

Srinivasan himself made an outrageous bitcoin bet last year that its price would reach $1 million within 90 days. Bitcoin was worth roughly $25,000 at the time and Srinivasan conceded within 45 days. 

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Craig Wright has ditched his main X (formerly Twitter) account and redirected users to another profile with 32,600 fewer followers five months after he lost his UK Bitcoin court case.

The post was shared by someone named ‘LB’ on Wright’s behalf. They told followers of @Dr_CSWright that the account was no longer in use and to follow the @CsTominaga account for “blockchain and Bitcoin information.” 

This new account mostly posts vague content about the creation of Bitcoin and its technology. It also includes a pinned tweet that reads, “Legal notice: Dr Craig Steven Wright is not Satoshi Nakamoto.”

Wright is legally bound to disclose this statement after he lost his Bitcoin case last March and was subjected to a court injunction on July 16.

The account claimed, “Today, for the first time, I am truly free,” and noted that, “Going forward, I am establishing my own websites and other platforms to publish my papers and link the documents I am writing.”

Craig Wright is attempting to submit two appeals

Over the weekend, the UK appeals case tracker was also updated to include not one, but two appeal applications from Wright. 

It lists a request for appeal against Peter McCormack and a $1.9 million freezing order McCormack successfully applied for against Wright. Judge Justice Mellor approved this order on July 5. This request for appeal states it is, “Awaiting bundles and/or documents from applicant/applicant’s solicitors.”

Read more: COPA confirms Craig Wright is desperately trying to appeal

His request to appeal the decision in the Crypto Open Patent Alliance (COPA) case is now also visible and also states that it’s awaiting documents from relevant parties. 

Protos reported that the law firm representing COPA, Bird & Bird, said it’s “confident that there is no proper basis for the appeal.” The podcast Dr Bitcoin reported that his appeal request is over 500 pages long and equivalent to a four-inch stack of paper.  

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On July 4, the UK High Court of Justice issued a worldwide freezing order worth $1.9 million against Craig Wright in favor of podcaster Peter McCormack. McCormack won his defamation lawsuit with Wright on January 25 and has been trying to recover his substantial legal fees from the Australian businessman.

The lawsuit began in April 2019 when McCormack tweeted about Wright, the falsely self-proclaimed inventor of Bitcoin. “Craig Wright is not Satoshi,” McCormack wrote. He continued, “Craig Wright is a fraud… he is a liar and a fraud… and he’s a moron; he is not Satoshi.”

Wright sued him, but McCormack ultimately prevailed. According to the world’s most powerful copyright court, Wright did lie about writing Bitcoin’s whitepaper and fraudulently submitted doctored evidence to support his false claim.

Read more: Court to sentence Craig Wright for lying about being Satoshi

An extraordinary remedy for extraordinary misbehavior

Usually, courts simply issue a judgment to order the losing party to make a payment. A freezing order is reserved for extraordinary situations, instructing banks and financial institutions to prohibit Wright from transferring assets before making his payments.

One of the reasons cited by the judge for the extraordinary order is that Wright’s physical whereabouts are currently unknown. He apparently left one of his residences in Wimbledon several weeks ago, and the judge has “not been given any further information as to his whereabouts or whether he has left the UK for good.”

Another reason for the freeze is that Wright has repeatedly avoided disclosing his assets to the court. According to Justice Mellor, “The evidence of assets available to meet various cost orders remains extremely shadowy.” As a consequence of his obstinate opacity, Wright’s financial institutions must shut off his access to funds until he makes his court-ordered payment of £1.548 million.

Legal fees for McCormack are just one of Wright’s many problems

Wright also has various other legal troubles since losing his lawsuit against the Crypto Open Patent Alliance (COPA) which is funded by Coinbase, MicroStrategy, and Block. This resulted in a ruling that Wright is not Satoshi Nakamoto. Worst of all, COPA is trying to escalate the civil ruling to a criminal proceeding.

Since losing, Wright has dodged the media and various court requests, which resulted in this week’s $1.9 million freezing order.

Protos reached out to McCormack for comment but by press time had not received a response.

Edit 17:52 UTC, Aug 20: Deleted a descriptor indicating that the ruling was unappealable.

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The post Craig Wright’s assets frozen because judge doesn’t know where he is appeared first on Protos.

Real Bedford FC investors the Winklevoss twins say they’re confident the football club can “defy the odds,” “upset the establishment” and reach the Premier League — despite needing club owner Peter McCormack to explain what it is.

The twins invested $4.5 million worth of bitcoin into the non-league team, becoming co-owners alongside bitcoin podcaster and suer of Craig Wright, Peter McCormack. 

However, in an interview with the BBC, McCormack revealed that he needed to explain how football works to the Winklevoss twins back in 2021 when he first acquired the UK club. 

Read more: Winklevii band Mars Junction on hiatus as Gemini bank loss rumors swirl

He said, “Tyler and Cameron didn’t know the difference between the Football League and the Premier League,” and one of their first questions was, “’How do you get a team into the Premier League?”

McCormack compared Real Bedford FC to Wrexham, a similar underdog club that has received substantial investment and support from celebrity owners Ryan Reynolds and Rob McElhenney.

He explained to the BBC how he wants the team to move up from the Spartan South Midlands League (the ninth tier of English football) into the National League, a move that he says would require a new ground to be built along with additional investment.

“If I require more investment for ground and infrastructure, they’ll be willing to listen to the proposal,” he said of the Winklevii.

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The post Winklevoss twins aiming for Premier League — now they know what it is appeared first on Protos.

Those who spend any amount of time following crypto will likely be familiar with one of the most atrocious bets in recent memory. One year ago, Balaji Srinivasan bet a couple of individuals on Twitter that bitcoin would reach $1 million in 90 days. He conceded in just 45.

Now, despite Srinivasan’s humiliating climbdown, a new bad bet has been placed, this time by Bitcoin maximalist and What Bitcoin Did podcast creator, Peter McCormack. The bet, which hasn’t yet been finalized due to the inability to find someone to escrow the money, is with Michael Green, the chief strategist for a company called Simplify.

Specifically, McCormack (who called the terms of the wager “pussy terms”) bet Green at 5-1 odds that bitcoin would hit at least $100,000 before the end of year. This means that if bitcoin doesn’t increase by 47% by midnight on December 31, McCormack will owe Green $100,000. Conversely, if bitcoin does hit the target, Green will have to fork over $20,000.

Read more: New Balaji fund doesn’t mention hyperinflation or the ‘dying’ dollar

Unfortunately for McCormack, wagering on financial assets and their directionality isn’t the same as gambling at the horse track or sports betting online. Thanks to futures markets, options, and even newly crafted ETFs, the directionality of financial assets like bitcoin can be hedged, and with some pretty simple hedging Green can structure the bet so that he wins US dollars regardless of whether or not the currency ultimately hits $100,000 this year.

Ben Hunt, co-founder of Epsilon Theory, pointed out that it’s likely that Green actually hopes to lose the bet in order to gain more US dollars through a successful hedging strategy. While Green didn’t disclose his exact strategy, he did tell Protos, “this is simply an opportunity to highlight the bad math skills of the ‘it’s just math’ crowd,” adding that “getting to use Peter [McCormack]’s speculative gains to underwrite a much larger possible trade is icing on the cake.”

Meanwhile, McCormack has, through a series of tweets, stated that the bet is “for shits and giggles,” and that Green “doesn’t understand the point of the bet.”

It’s quite conceivable that bitcoin hits $100,000 before the end of the year, but when making personal bets regarding the price of financial assets, it might be best to not be drinking when so confidently agreeing to the terms.

The bet is not confirmed until an individual steps forward to provide escrow (the two gentlemen asked Balaji Srinivasan to do it for them and were apparently denied).

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What Bitcoin Did Podcast host Peter McCormack has prevailed against dubiously self-proclaimed Bitcoin inventor Craig Wright in the UK’s supreme court. The High Court of Justice denied Wright’s bid for an appeal of his loss against McCormack after a three-judge panel ruled that Wright’s appeal did not sufficiently specify an “arguable question of law.”

McCormack had been fighting the lawsuit against the BSV promoter for half a decade. He previously alleged that Wright committed libel while also highlighting the Australian businessman’s various failures to provide convincing evidence of his claim to be Satoshi Nakamoto.

In an earlier chapter of their legal saga, Wright had won damages of a paltry £1 ($1.27). Far more importantly, however, the presiding judge in that case wrote that Wright presented false evidence.

COPA alleges forgeries by Craig Wright

During the McCormack lawsuit, Wright disputed that he forged evidence — principally to defend the credibility of that evidence for his use in other lawsuits. For years, Wright has sued Bitcoin developers, most of whom are backed by the Crypto Open Patent Alliance (COPA). Members, including Coinbase and Kraken, argue that Wright forged critical documents that he has presented as evidence while suing them.

The Jack Dorsey-funded group is countersuing Wright. Its allegations of Wright’s forgeries are outlined in a 38-page court filing. These allegations include the claim that Wright produced a file as evidence in court that compiles into a lookalike Bitcoin whitepaper with carefully edited yet misplaced pixels.

COPA members are not alone in their complaints about Wright forging documents. US Judge Bruce Reinhart said unambiguously, “Craig Wright has produced forged documents in this litigation. I have previously found that Dr. Wright gave perjured testimony in my presence.”

Wright also claimed to have created a time capsule of Bitcoin-related documents in 2007. However, COPA computer experts claim that some of those documents had been edited in 2023. They say Wright also failed to completely edit the files’ timestamps — even though he knew how to reset his computer’s internal clock back to 2007 while making those edits.

He was also allegedly caught using ChatGPT to forge some documents.

Craig Wright offers settlement to COPA, immediately declined

Under the weight of more and more evidence from COPA members, Wright’s posturing has become slightly less confident. Indeed, he offered an oddly-worded settlement with a one-week expiration, however, COPA declined the offer, telling Law360 reporters that it “comes with loopholes that would allow him [Wright] to sue people all over again.”

Read more: Craig Wright bounces check in embarrassing lawsuit

Wright frequently faces uphill battles in his libel cases against well-known figures in the crypto industry. He lost his case against his one-time ally Roger Ver. Wright also gave up on his case against Vitalik Buterin. In recent years, he has focused most of his litigation in the UK which, compared to the US, has lower standards for proving libel and favorable treatment of attorneys fees for non-winning plaintiffs.

Even when Wright wins, he rarely gets what he wants. For example, bitcoin.org still hosts the Bitcoin whitepaper. Wright filed a copyright for the original Bitcoin whitepaper published on October 31, 2008. He then used that copyright claim as the subject of a legal claim against the current owner of the Bitcoin.org domain, known only as Cobra. 

Because the pseudonymous owner did not reveal their identity to defend against Wright’s case, Wright won a default judgment. A judge ordered Cobra to remove the Bitcoin whitepaper from Bitcoin.org. 

Cobra never took it down. The developer also made a cranky tweet about a DDoS attack against Bitcoin.org that occurred shortly after the ruling.

In the wake of McCormack’s win, COPA is up next with hearings in three cases due to open in February. The Jack Dorsey-led group will do its best to banish the patent troll for good.

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