Cryptocurrency has become mainstream, with 425 million global users. Gen Z is investing in it, but 75% of Americans remain skeptical. Some have made fortunes in crypto, particularly Bitcoin.

A report by Henley & Partners shows 88,200 users hold over $1 million in crypto, with 40,500 in Bitcoin. A small elite group of 22 individuals have over $1 billion in crypto, but their identities are hard to confirm. Notable figures in crypto include Chris Larsen, Cameron and Tyler Winklevoss, Michael Novogratz, Brian Armstrong, and Barry Silbert.

Around 30,000 BTC recently moved to cold storage from exchanges, indicating bullish sentiment as investors expect the price to rise. This reduces selling pressure on exchanges, potentially leading to higher prices due to decreased supply. The move coincides with anticipation around SEC's Bitcoin ETF decision. Despite this, Bitcoin's price has faced challenges, currently at $26,000, down 11.83% in the last month, with a slight 0.42% increase in the past 7 days.

The US Treasury and IRS have introduced proposed rules for brokers handling digital assets to report sales and exchanges, aligning tax reporting with traditional financial instruments. Crypto exchanges like Coinbase would need to provide more detailed transaction information, preventing inaccurate tax calculations. These changes stem from the 2021 Infrastructure Investment and Jobs Act, which aims to curb tax evasion related to digital assets. The public can give feedback until October 30, with hearings in November. A recent report by Divly highlighted low global crypto tax compliance (0.53%), with the US ranking tenth out of 24 countries, but showing improvement since 2018.

In Canada, rising cryptocurrency adoption has coincided with an increase in crypto-related crimes. Investment scams hit a record high in 2022, with $308.6 million lost, almost double the previous year. Home invasions targeting crypto holdings have also occurred. A Calgary man experienced a violent home invasion where armed men forced him to reveal his crypto wallet keys. Stolen funds were traced, leading to recovery. Another case involved a senior losing $7.5 million to a sophisticated scam. Authorities have issued warnings about such crimes, leading to a decline in crypto ownership. Bitcoin ownership dropped from 13% (2021) to 9% (August 2022). Despite some decline in crypto crime this year, Canada's adoption ranks 22nd globally, below the US and the UK.

Nassim Nicholas Taleb, author of "Black Swan," predicts Bitcoin's downfall won't be sudden but a gradual decay due to waning interest and manipulation risks. He criticizes Bitcoin as inferior to the Federal Reserve and questions its role as a hedge. Taleb's cautionary stance offers a counterbalance to crypto optimism, leaving Bitcoin's future uncertain.

JPMorgan analysts are optimistic about the near-term crypto market, citing limited downside potential based on Bitcoin futures data. Recent events, like SpaceX selling Bitcoin and a Chinese real estate company's bankruptcy, led to market drops and $1.04 billion in Bitcoin futures liquidation. Bitcoin's future open interest decreased by 27% from August 17 to $8.4 billion. Long-position liquidations are slowing down, according to JPMorgan. Despite recent volatility, Bitcoin's price is $26,051, down 0.1% in 24 hours and about 12% in the past month. BlackRock's Bitcoin ETF application and Pantera's prediction of a potential rise to $148,000 after the next halving maintain a positive market outlook.

Xiao Yi, a former Chinese official, has been sentenced to life for bribery and abusing power linked to supporting Bitcoin mining. He aided mining companies with funds and power guarantees, causing substantial losses. China's past crypto bans led to hash rate drops, but it's now exploring crypto regulation via the Hong Kong Monetary Authority.

The hashprice for Bitcoin miners is at a historic low, but the network's hash rate has surged to 429.72M TH/s from 205.77M TH/s a year ago, indicating its strength. Experts differ in opinion: Checkmate highlights the resilience of Bitcoin's proof-of-work mechanism; Beau Breedlove suggests focusing on plain revenue over revenue per hash due to increased hash rate. Checkmate emphasizes considering miner income relative to network value. Nicholas Gregory thinks regulators might opt to prohibit Bitcoin due to the difficulty of challenging proof-of-work. Checkmate stresses that proof-of-work is still expensive for potential attacks.

The 2024 Bitcoin halving, which halves mining rewards, worries miners about profitability, especially with high energy costs. Mining a Bitcoin demands a lot of electricity, with costs varying globally. Miners' fate depends on profitability changes and electricity costs, necessitating adaptability to survive.

Long-term holders have accumulated a substantial portion of Bitcoin, with 75% of all available Bitcoins now in their possession. This accumulation trend has been ongoing since 2010, contributing to reduced market volatility. However, this low volatility could lead to decreased demand and a potential sideways market. As of now, Bitcoin is trading at $26,132 with hourly losses.