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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:
Sen. Lumnis introduces Bitcoin Bipartisan Bill: U. S. Senator Cynthia Lummis out of Wyoming is a noted Bitcoiner and Kirsten Gillibrand out of New York have been working to write a bill that is intended to encourage “responsible innovation” regarding digital assets and Bitcoin. The bill is called the Responsible Financial Innovation Act and proposes that the SEC and the Futures Trading Commission (CFTC) will be the two regulatory bodies overseeing Bitcoin and other cryptocurrencies. The bill will allow for $200 purchases tax free with the uses of cryptocurrency allowing for more use as a currency as well as forces lawmakers to define the differences between securities and commodities forcing lawmakers to understand the differences between the various cryptocurrencies. This is positive in a sense to Bitcoin because it will describe the difference between Bitcoin and other cryptos as well as help regulate some shitcoins which could negatively affect investors due to rug pulls.
New York State advances bill to ban Bitcoin mining: New York’s State Senate has passed bill S6486D which will invoke a 2 year moratorium on Bitcoin and cryptocurrency mining that use Proof-of-Work mining, so basically just Bitcoin. This bill is intended to crack down on Bitcoin mining that is connected to power plants that burn fossil fuels. There have been coal plants in the state that have reopened in order to mine Bitcoin, but where does this stop? By targeting PoW, NY is seemingly singling out Bitcoin. There is no consistency with the ESG narrative and it will continue to move the needle farther back until there is some consistency. More mining companies will move out of New York and continue to flee to more mining friendly states like Texas. A state that once thrived, is making policies that are forcing industries out.
Block partners with Apple to implement tap-to-pay: Block the parent company of Square has partnered with Apple to implement the “Tap to Pay” feature on the iPhone with Square’s payment terminals. This is big for Square’s PoS (Point-of-Sale) terminals and in my opinion getting close to the implementation of tap to pay with Bitcoin. Right now, Apple offers Apple Pay and is in the process of creating a buy now pay later platform through Apple Pay. I believe the next step would be implementing Bitcoin payments through this Tap to Pay feature. iPhones already have CashApp and other “hot wallets” that can pay through scanning a QR code, it seems like the logical next step to me is TtP with Bitcoin.
Edge Releases First ‘Confidental’ Bitcoin Mastercard: Edge has partnered with Mastercard to release the first confidential Bitcoin card that does not require KYC data of any kind or any associated transaction fees. Currently there is a $20 fee to purchase the card and a $1,000 limit on the card but it will be interesting how this card works. Generally speaking, a credit card company runs your credit to determine your limit, your history with paying the credit card off in time, and your overall reliability as a customer. It will be interesting to see how this plays out for Edge, I believe in the concept of not having KYC and other identifiable data that companies can you to sell your information and you remain private, but how many people will take advantage of this?
PayPal allows users to remove Bitcoin from platform: The finance giant PayPal now allows users to transfer Bitcoin and other cryptocurrencies off of the platform to external wallets. PayPal allows users and businesses to use it similarly to a bank account to receive and send payment which now includes Bitcoin. This seems like a logical move as more exchanges offer Bitcoin and other cryptos, there is few left that do not allow users to move assets off the platform. PayPal is now trying to compete with other payment processors such as Shopify and Square, and this seems like another tactic to attempt to keep up. More payment processors will need to find ways to allow merchants to accept Bitcoin as payment which seems to get closer by the day.
105 Countries Exploring use of CBDCs: According to the CBDC Tracker there are 105 countries which represent over 95% of global GDP are exploring CBDC while 50 countries are in an advanced phase of exploration meaning development, pilot or launch. Currently, 10 countries have launched a digital currency with China being the biggest country looking to expand in 2023. Some of the notable countries in the development stage of a CBDC include South Korea, Japan, India, and Russia. CBDC’s are overall just a terrible idea for members of a country. Governments would have the ability to track every payment and control the population. After seeing what has happened globally in the past two years, everyone should be aware of the developing situation of CBDCs.
Quick word about stacking tax-advantaged sats!
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A quick look on chain:
Current price: $30,467
Market Cap: $580.6B
Spent Output Profit Ratio: 0.9933
Current block height: 738925
Mean block interval: 10min. 35sec.
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 @plan_marcus page:
Video Version!
For our complete rip, check us out on the pod (there was two this week!):
BUTTON
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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.