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How Social Security’s benefits have decreased in size and why the pattern could persist in the upcoming years

Since the Federal Employees Retirement System was established in 1986, Social Security payments have been a significant component of federal employees’ total retirement package. They comprise the spectrum of income streams that federal employees have access to when they consider retirement, together with the standard government retirement pension, their personal savings, and investments in the Thrift Savings Plan.

Social Security, however, is not unchangeable. Benefits and the rules that apply to them are always subject to revision by Congress. And in recent years, they have evolved in a way that is less generous in terms of replacing earnings earned via employment.

The index average of the top 35 years of salary on which an employee has paid the Social Security tax, or FICA, serves as the basis for calculating Social Security benefits. For lower income, the benefit formula offers a bigger replacement of pre-retirement pay, while offering a smaller replacement for high earners.

Benefits from Social Security can be received as early as age 62. However, the amount is permanently decreased for individuals born in 1960 or after by 30% of the maximum benefit. A worker retiring at age 65 in 2023 with prior average earnings of $105,835 would, for instance, get a payout of $32,345. If they register at age 62, the sum is 30% less.

The average monthly Social Security payout in 2023 was $1,782, or $21,384 year. Social Security payments would replace nearly 37% ($24,463) of prior earnings for a person who worked all of their adult life at the average wage ($66,147 per year) and retired at age 65 in 2022. But as the full retirement age for the program steadily increased from 65 in 2000 to 67 in 2022, that replacement rate has decreased.

Social Security payouts have decreased in comparison to pre-retirement wages as a result of this departure from the straightforward and hands-off Civil Service Retirement System paradigm. Benefits due at age 62 (for those born in 1960 or later) are now worth just 70% of the whole benefit, down from 80% when the full retirement age was 65 (for those born in 1937 and earlier), as a result of Social Security reforms approved in 1983 that raised the retirement age.

The 1983 revisions were implemented in an effort to permanently address the issue of supporting the Old Age and Survivors Disability Insurance trust fund, which is a component of Social Security. But it didn’t take place. Additionally, the chief actuary for Social Security claims that lawmakers will have to make new decisions in order to handle the OASDI gap in the upcoming years.

The options include increasing scheduled revenue by 2034 by almost a third, cutting scheduled benefits by roughly a fourth, or combining the two. Congressmen will then have to make some pretty difficult choices.

The US market share of Binance declines amid a legal spat with the SEC

With the American securities regulator continuing to tighten down, the market share of Binance’s U.S. affiliate has decreased. The Securities and Exchange Commission (SEC), which is suing top U.S. cryptocurrency exchange Coinbase, is reportedly suffering losses as well.

Kaiko claims that Binance’s US market share has decreased to 1.5%

Binance US, the American division of the largest cryptocurrency exchange in the world, is suffering as a result of the legal battle with the SEC. According to digital asset market data source Kaiko, the platform now only accounts for 1.5% of the weekly trading activity on American exchanges.

According to the study, that has decreased from 8.2% at the start of 2023. According to a report by Bloomberg, the huge fall occurs at a challenging time for Binance’s U.S. affiliate, which is grappling with users withdrawing assets and payment partners shutting off assistance.

The most recent issues started when the securities regulator filed a lawsuit against Changpeng Zhao (CZ), the founder of Binance, and BAM Trading Services and BAM Management US Holdings, who operate the American exchange. The lawsuit claims that the defendants violated U.S. securities laws by deceiving investors and mismanaging user funds.

Binance US was able to avoid an asset freeze that would have destroyed its company thanks to an agreement with the SEC that mandates Binance to repatriate any cash from U.S. customers. But according to Clara Medalie, head of research at Kaiko, “What we are seeing here is sort of the collapse of Binance US.” She added details.

In a post-SEC world, can Binance US survive? Although the stats suggest it’s highly doubtful, I still believe the verdict is out on that.

In the meantime, Coinbase’s market share has decreased as well, falling from 56.5% at the beginning of the year to 51% in late June. The SEC also launched a complaint against the biggest cryptocurrency exchange in the US, claiming that the San Francisco-based business had violated securities regulations.

In addition to Kraken, Bitstamp, and Lmax, Kaiko said that other cryptocurrency exchanges’ market shares are growing in the US. From 41% at the start of this year to 53% this month, U.S.-based Kraken has increased its market share in Europe. Over half of the market share in cryptocurrency trades denominated in euros was lost by Binance’s worldwide platform in 2023.

Due to its inability to get a Dutch license to operate as a crypto service provider, Binance stated last week that it is abandoning the Dutch market. In the past, Binance’s business in Britain revoked its U.K. regulatory permission, and its corporation in Cyprus requested to be removed from the nation’s list of digital asset service providers.

President Bukele, a Bitcoin enthusiast, has reached a record level of support after four years in office

According to the research, only 5.3% of Salvadorans oppose Nayib Bukele’s political system.

Nearly 93% of Salvadorans, according to a recent TResearch study, think President Nayib Bukele is doing a good job leading his country. For the political figure who assumed his position in 2019, this has been the highest degree of backing.

Due mostly to his support for Bitcoin, Bukele is a well-known personality in the cryptocurrency community. El Salvador, the first nation to accept the main digital asset as legal cash, did so during his leadership.

Salvadorans Appreciate Bukele

Only 5.3% of respondents to the survey voiced dissatisfaction with the administration of Bukele, while 92.3% supported its policies and activities. Handling the COVID-19 epidemic, constructing new roads and improving the transportation system, and putting changes into place in the education industry are among of the finest accomplishments of the President’s cabinet.

But in the eyes of the general public, Bukele is renowned for having destroyed neighborhood gangs and introduced Bitcoin to the country.

The first nation to proclaim Bitcoin to be legal money within its boundaries was El Salvador in 2021. The administration of Bukele did not stop there; in the years that followed, it unveiled other projects exploiting the resource.

It made large BTC purchases and invested the proceeds in a sizable veterinary facility. Additionally, it disclosed plans for the construction of a future “Bitcoin City” in the nation’s southeast.

It should come as no surprise that the future city would use Bitcoin as its official currency, and that its metropolitan area will be built in a fashion that, when viewed from above, might resemble the digital asset’s emblem.

Bukele recently outlined how adopting Bitcoin has improved tourism in El Salvador by over 100%, repaired its heritage, and made the nation very well-liked among investors and businesspeople.

The leader serving a second term?

Bukele declared he will run in the elections in 2024 despite the fact that El Salvador’s constitution forbids presidents from serving two terms in a row.

“I’m announcing to the Salvadoran people that I’ve decided to run as a candidate for President of the Republic,” the 41-year-old announced in September. 

Nevertheless, it appears that the controversial choice won’t be met with any opposition from the community because 93% of them want him to continue leading them after the election next year. 6.8% of people say they would prefer another president.

Valkyrie re-files with the SEC as Bitcoin ETF Printer goes “BRRR”

One Bitcoin fund’s ticker symbol, “BRRR,” represents the lovely, sweet sound of money printing.

The financial services company Valkyrie Digital Assets revised its Securities and Exchange Commission file for the Valkyrie Bitcoin Fund on Wednesday, submitting a new prospectus that reflects the prevalent narrative around cryptocurrencies at the time.

Valkyrie reenters the queue alongside other companies with applications for cryptocurrency-related exchange-traded products on the SEC’s desk as digital asset prices surge in the wake of BlackRock’s attempt to establish America’s first spot-based Bitcoin ETF and as a Wall Street-backed exchange executes its first trades.

In its filing, Valkyrie claims that the shares “are designed to give investors with a cheap and practical way to invest in Bitcoin.” “The shares” are fractional undivided units of ownership and beneficial interest in the trust.

According to the business, the Valkyrie Bitcoin Fund’s objective is to mirror the price of the CME CF Bitcoin Reference Rate – New York Variant (BRRNY), which is determined using trade data collected from a few key Bitcoin exchanges, including Coinbase, Bitstamp, Gemini, itBit, Kraken, and LMAX Digital.

According to the filing, BRRNY, which trades on the Chicago Mercantile Exchange, is the identical value used to settle Bitcoin futures contracts.

A number of modifications have been made to the amended application since it was first submitted in January 2021, including the inclusion of its creatively called ticker. Previously, Valkyrie suggested that its fund be listed on NYSE Arca; however, it is now considering the Nasdaq.

The custodian of the Bitcoin connected to the fund was previously identified by Valkyrie as Coinbase Custody Trust Company. But the revised prospectus no longer mentions Coinbase’s custodial company.

The fund’s price would be adjusted every day between 4:00 and 4:30 pm ET, when trading on Wall Street closes to a daily closure. If authorized, Valkyrie would be permitted to issue an infinite number of shares for the investment. The fund does point out that the network’s ceiling of 21 million total Bitcoins that may ever be mined restricts its capacity to collect Bitcoin.

Decrypt contacted Valkyrie Digital Assets for comment, but they did not answer right away.

A $563K Bitcoin stash owned by Andrew Tate is being sought for by Romanian prosecutors.

The court has received formal paperwork from Romanian prosecutors asking for the seizure of 21 bitcoin owned by notorious social media personality Andrew Tate, which are worth $563,000 in total. The British-American former kickboxer, who had a sizable internet following, was charged on December 29, 2022, with serious felonies of rape and people trafficking. Tate vigorously refutes any claims brought against him and his accomplices notwithstanding the allegations.

Andrew Tate’s assets are being targeted by the prosecution in the ongoing legal dispute with luxury cars, watches, and Bitcoin.

The official indictment of Andrew Tate and his three co-defendants was made public by the Directorate for the Investigation of Organized Crime and Terrorism in Romania on June 20, 2023.

Tate, a divisive figure known as a former world kickboxing champion, gained popularity as a significant social media influencer on websites like Twitter and Tiktok.

When he was detained as a suspect in a complicated legal case involving rape and human trafficking in December 2022, his connection in a prominent case became apparent. Along with other accusations, he was accused of being the leader of a gang.

Andrew Tate and his friends were given house arrest on April 3, 2023, upon their release from prison. Tate is currently facing official allegations from prosecutors in Romania for “committing the crimes of constituting an organized criminal group, [and] human trafficking.”

In accordance with the claims, Tate and his collaborators are accused of using deception to coerce women into the sex trade while operating not only in Romania but also abroad.

In order to seize Andrew Tate’s bitcoin (BTC) stockpile, which is thought to be around 21.080 BTC and is currently worth little over $563,000 according to exchange rates, the prosecution are asking the court for permission.

In addition to the crypto assets, law enforcement is pursuing the seizure of a sizable number of high-end cars and watches, four of Tate’s running companies, and many cash caches made up of US dollars, European euros, and British pounds.

The prosecution also asked Tate and his business to pay a portion of the legal fees up advance. Prosecutors strongly suggested that Tate and his colleagues stay under house arrest as part of the continuing legal processes in the Bucharest court.

“Permabull” in bitcoin According to Max Keiser, “Bitcoin Will Make El Salvador Debt Free by 2030.”

The relevance of bitcoin acceptance for El Salvador in the future has been considered by Max Keiser, a global journalist and the head of the mining business Volcano Energy. According to Keiser, El Salvador will be debt-free by 2030 thanks to bitcoin when the price of the currency approaches $1 million and the nation develops a robust geothermal energy sector to support mining activities.

“El Salvador Will Be Debt Free With Bitcoin,” claims Max Keiser.

The chairman of Volcano Energy, an ethical mining operation in El Salvador, Max Keiser, a well-known worldwide journalist and Bitcoin “permabull,” thinks that the adoption of bitcoin and mining would strengthen the Salvadoran economy.

Keiser underlined that establishing mining companies like Volcano Energy, which will spend $1 billion in the nation to provide green electricity from solar and wind sources for mining operations, will enable the government to fully pay its obligations. Keiser said in an interview with Diario El Salvador:

This country will be debt free by 2030 with bitcoin and geothermal bitcoin mining.

As a global hub for Bitcoin mining, El Salvador is also highlighted by Keiser, who notes that this development “generates jobs in the area, increases the gross domestic product, and benefits the country.”

The Developmental Role of Bitcoin
Keiser, who relocated to El Salvador in 2022 and is now the president’s advisor, believes that Bitcoin will grow to be a major reserve asset. Compared to other nations, El Salvador enjoys a number of advantages: El Salvador will grow a bitcoin-derived business, according to Keiser, because of its crypto legal framework and renewable energy resources.

On this, he stated:

Countries around the world are beginning to accumulate and mine bitcoin as the world of fiat money and central banks disintegrate. With the benefit of President Nayib Bukele’s new laws, such as making bitcoin legal tender, we have the ability to lead the world and, arguably, become the richest country in the world.

Keiser has been a highly outspoken supporter of bitcoin as a form of money, claiming that bitcoin will make all fiat currencies obsolete. Keiser predicted that Volcano Energy’s market value would reach $50 billion, topping El Salvador’s projected GDP of $29 billion. According to him, the price of bitcoin reaching $1 million will fuel this increase. He described this forecast as a “mathematical certainty.”

$5 million will be given to bitcoin developers by Jack Dorsey’s Fund.

After committing $5 million to Bitcoin’s core developers through his grantmaking organization Start Small, billionaire Twitter co-founder Jack Dorsey intends to invest additional money in the cryptocurrency ecosystem.

Over the course of the next five years, the company will provide $1 million yearly payments to the non-profit organization Brink that promotes Bitcoin development.

  • Brink was founded, in accordance with its website, to “support the Bitcoin developer community through funding, education, and mentoring.”
  • The website reads, “We are 100% sponsored by donations from people and organizations that desire to promote the open-source Bitcoin network and technology.
  • Contrary to many blockchain initiatives, Bitcoin lacks a dedicated creator, foundation, or business with a financial interest in the protocol’s success.
  • Brink co-founder Mike Schmidt expressed his gratitude for the extended pledge in support of the company’s efforts to sponsor Bitcoin developers. For the outstanding programmers who are creating, securing, testing, and evaluating the Bitcoin Core codebase, we can make bitcoin development a financially viable profession.
  • In an effort to protect Bitcoin developers from claims of self-styled creator Craig Wright, Jack Dorsey established a legal defense fund last year.
  • In order to support the Bitcoin development teams in Africa and India, he partnered with Jay-Z in 2021 to form a 500 BTC blind trust.
  • The self-custody Bitcoin wallet Bitkey, which will have unique connectors with Coinbase and CashApp, was released in beta on Thursday by Dorsey’s payment startup Block.

As leading token supplies decline, the stablecoin market records $2.4 billion in redemptions in only 30 days

More than 2.4 billion stablecoins were redeemed between May 15 and June 15, 2022, according to data. Three of the top stablecoins had a decrease in supply between this time frame and the previous one, ranging from 4% to 19%.

The economy of Stablecoin Declines
The availability of different tokens is dwindling in the world of stablecoin projects; major redemptions for USDC, BUSD, and DAI occurred in the previous month. While BUSD had almost 19% of its tokens redeemed, USDC, the second-largest stablecoin, saw its supply decline by 5.7%.

Similar to this, from May 15, 2023, Makerdao’s DAI stablecoin has seen a 4% decrease. However, despite these oscillations, tether (USDT) and true usd (TUSD), two stablecoins, stood out by displaying growth in their supply during the past 30 days.


In just 30 days, the supply of USDT increased by 0.9%, resulting in an all-time high market valuation of $83.614 billion. Similar to this, TUSD’s supply increased by 0.3%, increasing its market value to $2.04 billion as of June 15.

The pax dollar (USDP), on the other hand, saw a 4.8% decline over the last month, while FRAX achieved a 0.2% increase over the same period. The USDD on Tron fell by 1%, while the GUSD on Gemini fell by 1.9%. Additionally, during the past 30 days, the value of the Liquity USD (LUSD) fell by almost 1.9%.

Seven out of the top ten stablecoins’ market values have been impacted by redemptions ranging from 1% to 19%. Approximately 2.471 billion stablecoins have been redeemed since May 15, 2023, which has impacted the stablecoin economy as a whole.

The stablecoin economy, which is dominated by USD-pegged crypto assets, has seen its lowest value in 20 months, and if the June trend holds, a 21-month decline may be in store.

While BUSD saw a huge fall of 19%, other stablecoin projects also suffered losses, which led to the current value of $128.92 billion. The stablecoin market now accounts for 12.12% of the $1.06 trillion global crypto economy’s total value.

Francis Suarez, the mayor of pro-bitcoin Miami, enters the race for the 2024 US Presidency.

Another politician entered the contest to be the next president of the United States in 2024, and unlike the sitting Democrats Joe Biden and Donald Trump, this candidate is pro-crypto. Francis X. Suarez, mayor of Miami, has filed with the Federal Election Commission to run as a Republican.

Mayor of Miami Francis Suarez announces a run for president
The 43rd mayor of Miami, Florida and a lawyer from the United States, Francis X. Suarez, has declared his candidacy for president of the United States with the Federal Election Commission. During an interview on Fox News last Sunday, Suarez teased an important surprise, giving away some information about the news.

He will face up against Ron DeSantis, the governor of Florida, and former president Donald Trump. According to reports, Suarez intends to officially launch his candidacy at the Ronald Reagan Presidential Library in Simi Valley, California.

Suarez, who is well known for his support of cryptocurrencies, has spoken loudly for bitcoin (BTC). He elected to put a portion of his 401K retirement plan in bitcoin and was paid in bitcoin as the mayor of the second-most populated city in Florida.

Additionally, he has looked at the prospect of converting certain Miami treasury reserves to bitcoin and has backed proposals that would let citizens of Miami pay taxes in bitcoin. Suarez is being supported by a brand-new Super PAC, and he has landed a “six-figure” commercial that will be shown across three states.
The advertisement will run in Nevada, Iowa, and New Hampshire, according to The New York Times. The Times claims that the advertisement depicts criminal activity and a burning automobile, referring to it as “Joe Biden’s America.”

The advertisement also emphasizes Miami’s dropping crime rate since Suarez came into office. Suarez has an edge in the cryptocurrency world because of his support. Joe Biden and Donald Trump, who both have voiced contempt for bitcoin and the cryptocurrency market in general, cannot be considered to be in agreement with this.

Suarez, though, will be up against rivals who do back bitcoin and the cryptocurrency industry. Robert F. Kennedy Jr., a Democratic challenger who just declared his campaign’s acceptance of BTC, is one such candidate.

Kennedy is likewise opposed to central bank digital currencies (CBDCs) and thinks they might result in a dictatorship in the financial sector. DeSantis, a Republican, has a favorable posture toward crypto assets and is likewise opposed to a CBDC. Suarez will also go up against Republican official Vivek Ramaswamy, who is also pro-crypto and accepts bitcoin (BTC) for campaign contributions.

Amid Uncertainty Regarding Binance and Coinbase, Bitcoin Exchange Supply Drops to Lowest Level Since 2018

As traders choose to transfer their BTC holdings to self-custody wallets, the exchange supply of Bitcoin (BTC) has fallen to its lowest level since February 2018.

The Securities and Exchange Commission (SEC) is challenging Binance and Coinbase’s regulatory compliance, which has led to continuous uncertainty around these two main cryptocurrency exchanges.

It is anticipated that the trend of BTC transferring to self-custody will continue as long as these SEC litigation are still pending.

Exchange Bitcoin Supply Hits Record Low
A notable development is that the Bitcoin exchange supply has fallen to levels last seen in February 2018.

This decrease reveals a rising trend among dealers to remove their Bitcoin holdings from exchanges and store them in wallets under their own control.

By removing their Bitcoin from exchanges, traders are regaining control over their assets and reducing the dangers posed by regulatory uncertainty.

Binance and Coinbase’s Situation Is Uncertain
The rising trend of Bitcoin self-custody is a result of the increased regulatory scrutiny that Binance and Coinbase are subjected to. Presently, legal proceedings brought by the SEC are being handled by both exchanges.

Because of the improved protection and control afforded by self-custody solutions, traders who are worried about the possible effects of these lawsuits on the operations and assets housed on these platforms are choosing them.

Bitcoin and the Impact of SEC Lawsuits
An atmosphere of anxiety has been brought about in the cryptocurrency market by the impending SEC cases against Binance and Coinbase.

Trading participants will probably keep shifting their BTC holdings to self-custody wallets as long as these legal disputes do not end.

Through exercising caution, individuals are able to protect their investments and guarantee that they continue to have ownership of their Bitcoin holdings in these volatile times.

The Value of Self-Guardianship
The ability to actively manage and safeguard one’s digital assets, such as Bitcoin, is provided through self-custody, also known as self-storage or self-sovereignty.

The necessity for traders to rely on centralized exchanges for asset storage is eliminated by retaining their BTC in self-custody wallets. They have complete control over their money thanks to this strategy, which also lowers the possibility of asset loss or freeze as a result of legal proceedings or hacking problems.

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