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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:
MicroStrategy and Saylor buy more Bitcoin: MicroStrategy Arm takes out a $205 million loan to acquire more Bitcoin. With the estimated price of purchase of $47,500, MacroStrategy (a subsidiary of MicroStrategy) will be able to acquire approximately 4,315 BTC for the company balance sheet. Based on MicroStrategy’s last SEC filing they now hold over 125,000 Bitcoin on their balance sheet. The Saylor Tsunami continues as MicroStrategy keeps whaling into the Bitcoin market and scooping up cheap sats and Bitcoin. Saylor is as bullish as it gets for a corporation and will continue to be an example for corporations across the globe. We will see if Saylor’s bullishness and success with holding Bitcoin on the balance sheet will continue.
Senator Ted Cruz introduces bill to prohibit Fed issued CBDCs: Central Bank Digital Currencies have been a hot topic as of late. Senator Ted Cruz filed a bill in January 2022 which would prevent the Federal Reserve from launching its own CBDC. Ted Cruz has been very aware of the current landscape and seems to be one of the politicians on the Bitcoiners side. I am generally very wary of politicians and their motives when it comes to Bitcoin and other cryptocurrencies, but this move is something that should be applauded. CBDCs would introduce more regulation, the ability for the government to track every purchase, and the elimination of private banks, therefore all your data related to money. This should worry everyone that is in a country that is discussing CBDCs.
State of New Hampshire to Accept BTC and Crypto for Tax Payments: New Hampshire joins Colorado, Florida, and Wyoming as states that residents can pay taxes in Bitcoin and cryptocurrencies. This helps with adoption as more states allow you to pay taxes in Bitcoin which can benefit and somewhat encourage small businesses and Bitcoin holders to transact Bitcoin or hold Bitcoin and other cryptocurrencies because the receivers of Bitcoin and cryptos will not have to sell and pay additional capital gains taxes. Although I would not personally pay my taxes in Bitcoin, it does not mean others would not. More places, including governments, that accept Bitcoin the more accepted Bitcoin would be globally.
Bitcoin Miners Flocking to Kentucky Coal Mines: Foundry Digial states that 12.4% of the U. S. based hashrate currently resides in Kentucky, which is led by Georgian with the top hashrate of 34.17%. I am surprised states like Texas or North Dakota do not have the highest hash rate, but the state of Georgia also passed a law to make mining Bitcoin more tax friendly and it appears to be working. Kentucky’s friendliness to Bitcoin mining has brought Blockware Solutions to the state and many miners have begun using coal mines for cheap access to energy to mine Bitcoin. It seems states are starting to realize that this is a trend not going away and this is something they need to pay attention to in order to gain popularity and money for the state.
Dubai School to Accept Bitcoin as Payment: A school in Dubai will now accept Bitcoin as payment for students for tuition. This is the first school that will accept Bitcoin as payment and like other movements in Bitcoin, I am sure it will not be the last. Although I believe this is somewhat of a publicity stunt, it does follow a greater trend that is going on in Dubai with Bitcoin and crypto friendliness. I’ll look for this school to gain popularity and potentially teaching the in’s and out’s of Bitcoin to its students as it is accepting Bitcoin as payment.
Bitcoin Miami 2022: The biggest Bitcoin conference of the year is less than a week away and I will be attending! This is my first year attending and I’m so excited to connect with thousands of Bitcoiners and hear some legends in the space talk about developments in the space. One thing that seems to be rumbling around Bitcoin Twitter is the partnership of Apple and Strike for peer to peer payments. We shall see if it comes true, but there have been some very strong signs Jack has been throwing out on Twitter.
Quick word about stacking tax-advantaged sats!
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A quick look on chain:
Current price: $44,618 (last week +1.1%; last month +0.5%; last year -23.9%)
Market Cap: $854.6B
Spent Output Profit Ratio: 0.9999; note that we saw a slight spike upward in SOPR over the last week, reaching 1.012 last Friday as price pumped up over $45k. This was the highest SOPR has been since February 1st.
Current block height: 729896
Mean block interval: 10min. 28sec.
Fun Fact: We’ve only had two downward adjustments in mining difficulty this year.
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 @CamilaCampton 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.