Hi, I’m Nate Martin 
from 99Bitcoins.com, 
and here’s what’s happened
 this week in Bitcoin.
Certain US taxpayers
 identified as crypto users – 
allegedly due to disclosures
 by US crypto exchanges – 
have received letters
 from the tax agency 
warning them to either pay taxes on
 or disclose their crypto holdings. 
This is the second such round of letters, 
indicating the IRS is serious
 about crypto taxation.
Coinbit, a major Korean crypto exchange, 
was seized by law enforcement
 following accusations of fraud. 
It is suspected that 99%
 of all BTC volume 
traded on the exchange for the past year 
was faked through wash trading. 
Coinbit’s owner, Chairman Choi Mo, 
and his management team 
are accused of inflating
 transaction volumes 
and manipulating token prices
 using a number of ghost accounts.
Fidelity Investments, one of the world’s
 biggest asset managers, 
is seeking regulatory approval
 from the SEC 
for a new Bitcoin fund. 
Details are sparse but so far it seems
 accredited and institutional investors 
will be able to invest 
a minimum of $100,000. 
Fidelity already operates 
a Digital Assets fund 
and has more than $2.7 trillion
 in assets under management.
The Federal Reserve’s chairman, 
Jerome Powell, announced
that the US central bank
 is changing its approach 
to average inflation targeting, 
Powell said in a statement that the FED
 will tolerate higher inflation in the future. 
Immediately after, global markets 
and Bitcoin reacted 
by pumping initially and retracing back 
almost as quickly.
Before we conclude, 
this week’s “Bitcoin quick question” is 
who created Bitcoin?
The honest answer is - no one knows. 
Bitcoin was introduced to the world 
in late 2008 by Satoshi Nakamoto, 
which is a pseudonym. 
He, she or they managed to combine 
previously existing cryptographic solutions
 with new groundbreaking ideas 
giving birth to bitcoin.
Nakamoto, by maintaining his connections 
with other developers and cryptographers 
through forums and email lists, 
was active in Bitcoin’s development 
and mining 
during the first two years of the network.
He has mined 
an estimated 800,000 Bitcoins, 
worth almost $9 billion today, 
and disappeared in April 2011 saying
 “he has moved to other projects”.
Many people have claimed 
to be Satoshi since then, 
yet none of them have been able
 to prove that they are indeed him.
Do you believe he will eventually 
return one day? 
If so, let us know in the comments.
Have a question you want us to answer? 
Just leave it 
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That’s what’s happened this week 
in Bitcoin. 
See you next week.
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