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In our Friday articles, we take a deep dive into the current state of Bitcoin. Every Friday we will continue to publish brief State of Bitcoin newsletters to keep subscribers up to date on news from the Bitcoin industry. For full disclosure, Brandon is a strong believer in Bitcoin and has allocated portions of his portfolios to BTC (HODL baby).
Top stories from the week:
Nic Carter vs. the Bitcoin Maxis: This is the story that just keeps giving. Nic Carter has gone on the Bankless podcast and said that he could have ended Bitcoin toxic maximalism. In my opinion Nic loves the attention and keeps digging himself a bigger grave. He’s done a lot of positives for the Bitcoin space and has been an advocate, but now has been extremely salty that the community has turned on him for sponsoring shitcoin companies and the way he’s held himself throughout all of this. Nic needs to take PR 101 to figure out a way to get out of all of this, but I believe he’s enjoying the attention. Instead of embracing the hate, he’s being arrogant and coming off as narcissistic, but hey to each their own. True colors always shine through.
Voyager files for Bankruptcy: On Wednesday July 6th, Voyager Digital announced that the crypto exchange is filing Chapter 11 bankruptcy. Chapter 11 bankruptcy is voluntary which “maximizes value for all stakeholders”. Voyager and Celsius have been linked to 3 Arrows Capital which has also filed for bankruptcy. Most companies that have been linked to 3AC are currently struggling and it seems like most roads lead back to 3AC. It is a shame that everyone dealing with shitcoins is seemingly getting rug pulled, but in my opinion it would create more Bitcoiners. At the end of the day, Bitcoin maxis have been shouting get your coins off exchanges and here’s why.
Core Scientific Bitcoin Mining Company Sells Majority of Bitcoin Holdings: Core Scientific, a Bitcoin mining company has sold 7,202 BTC over the last month at an average price of $23k in order to cover payments towards their ASIC machines, make additional capital investments, and pay down debt. Core has announced they will continue to sell their BTC holdings which is not a positive sign for miners. Many believe that miners selling their BTC is close to a bottom signal as mining is expensive and the low price of Bitcoin will give miners less profit. I do like seeing miners hold onto their BTC, but bear markets are tough for everyone.
El Salvador buys 80 more Bitcoin for cheap: Bukele does it again. Saylor and Buekele have some of the most conviction and influence in the space in my opinion. Although 80 BTC does not see like a relatively big purchase, but when you’re running a whole country and Bitcoin’s price in dollar value has decreased and external pressures are going against Bitcoin it makes the conviction more difficult. Glad to see Bukele is keeping the conviction because I think a lot is riding on El Salvador’s success.
Duke Energy researching Bitcoin Mining: Duke Energy is the second largest energy corporation in the United States is looking into Bitcoin mining for “Bitcoin’s utility”. Duke Energy is looking into being able to “strategically locate miners on the system” and some of Duke’s customers are already using energy to mine Bitcoin and they believe that trend will continue. This is a huge step with one of the largest energy companies jumping into Bitcoin mining instead of trying to eliminate it.
EU Pushes for Surveillance on Bitcoin Transactions: A member of E. U. Parliament went to Twitter to shed some light on upcoming legislation on Bitcoin and cryptocurrency. The EU will want to monitor “unhosted wallets” and will require verification of identity of beneficial owners of wallets looking to transfer amounts larger than 1,000 euros. Everyone in the Bitcoin community knew regulation was coming but it seems regulators are trying to come down hard. I’m never going to advocate for more regulation and this seems like more of a reason to put your Bitcoin in cold storage.
A quick look on chain:
Current price: $19,329
Market Cap: $368.8B
Spent Output Profit Ratio: 0.9958
Current block height: 742065
Mean block interval: 8min. 23sec.
Meme of the Week
What would the BTC community do without memes? Every week on State of Bitcoin, we feature our favorite meme of the previous week. If you create or see a meme that you like and want us to consider featuring it, tag us on Twitter or instagram (both @Greencandleit)! This week we’re featuring a meme we came across on the @Stacking_sats_ page:
Video Version!
For our complete rip, check us out on the pod:
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Happy Friday everyone - get after it this weekend!
Brandon
Disclosure: The authors of this writing hold positions in cryptocurrency mentioned in this article. That cryptocurrency is Bitcoin. The article was written by Brandon Keys and occasionally a guest writer; it expresses the author's own opinions. They are not receiving compensation for it. The information presented in this article is for informational purposes only and in no way should be construed as financial advice or recommendation to buy or sell any stock or cryptocurrency. None of the authors of this article are financial advisors. I encourage all readers to do further research and do your own due diligence before making any investments.