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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:
Bitcoin price with 8 straight weekly red candles, first time in history: After falling below the $30k mark on Monday, Bitcoin recorded its first ever consecutive 8 week period of falling price point. I am generally not one to look at or analyze price, but there has been a lot of FUD surrounding Bitcoin lately and more than usual. I think there are early signs of a recession and seemingly all assets are hurting so it is not surprising to me that this is occurring. This also may be part of the design of Bitcoin as many Bitcoiners subscribe to the “Super Cycle” theory, I tend to believe there will still be major draw downs for the next halving cycle or two. The super cycle essentially states that instead of 4 year halving cycles, there will be one long extended cycle that keeps increasing in USD value. I’m not one to make predictions but with a gun to my head type prediction I would tend to believe that the price will stagnate around the $30k mark leading up to the next halving, granted I hope that is the case so I can continue stacking sats at this low price!
Ocean Thermal Energy Conversion to be used for Bitcoin Mining: According to a white paper published in the Journal of Marine Science and Engineering, Bitcoin mining has the potential to unlock between 2 to 8 terawatts of clean and continuous power by harnessing the thermal energy of oceans. A bit of a preface, I do have an engineering background but not in this space so I will not be able to explain the in’s and out’s of this technology justice but I will explain as I understand on a surface level. The OTEC machines will harness the warm tropical surface water and deep cold seawater to provide heat for a conventional engine. The cool water will also be used to cool the ASIC miners which is another unique aspect of this experiment. As Jack Dorsey once said, “Bitcoin encourages the use of renewable energy” and it seems like harnessing the geothermal energy of a volcano in El Salvador and the energy of the oceans to mine Bitcoin is proving Dorsey right.
Oslo Freedom Forum with big name Bitcoiners: The Oslo Freedom Forum is currently going on and a ton of big name Bitcoiners are in attendance. We’ve seen Bitcoiners join in great conversations and conversing with each other and even Jack Mallers, the Human Rights Foundation CSO and others get together with the Norwegian government to educate them on Bitcoin. As more of these conferences roll out, more positive news for Bitcoin seems to pop up. As much as we have all become connected via the internet and social media, there will always be a unique aspect of in-person meetings that will always trump the connections made over the internet.
Central African Republic to create Bitcoin Island and Investment Hub: Similarly to El Salvador’s Bitcoin City, the Central African Republic will create a “crypto island” which will be dubbed the “SANGO” investment hub. The SANGO digital wallet will be used (similarly to the Chivo wallet in El Salvador to my understanding) and will help the SANGO initiative. The SANGO initiative has three objectives: build the first investment hub in Africa, take Bitcoin to the next level, and build a crypto island. It seems like CAR is following the lead of El Salvador and attempting to create a Bitcoin Citadel of their own. There has been worry of El Salvador defaulting and some speculation that El Salvador might be overleveraged, yet it seems CAR is following suit. It will be very interesting to watch how these small countries with seemingly nothing to lose develop while working towards a Bitcoin standard.
Bitcoin to be taught in 40 High Schools in Argentina: The education system globally has taken a downward turn. Bitcoin Argentina is a non-governmental organization that looks to change part of the education system in Argentina. BA is partnering with Built With Bitcoin to educate 4,000 Argentine students in 40 high schools. With the current inflation rate over 55%, Argentina seems desperate for a change of currency into hard and possibly decentralized money. Of all countries, I hope for the people of Argentina that the Argentine government takes a serious look at what is going on in Central African Republic and El Salvador for guidance on how to implement Bitcoin as legal tender and learn from El Salvador’s and CAR’s mistakes.
Balenciaga and other luxury brands to accept Bitcoin payments: Balenciaga is a huge brand along with Gucci and other luxury brands that have started to accept Bitcoin as payment. Now a luxury brand that deals with wealthy clients will do what their clients want which leads me to believe that these wealthy clients want to pay in Bitcoin. Now this may be a major assumption, but do brands like Balenciaga, Gucci and other luxury brands need publicity by making this move? I’d argue no. Rap songs routinely mention these brands, Kanye West is partnering with Balenciaga to create products, and there’s billboards in all places to shop with these luxury brands.
Quick word about stacking tax-advantaged sats!
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A quick look on chain:
Current price: $28,762
Market Cap: $590.2B
Spent Output Profit Ratio: 0.9918
Current block height: 736122
Mean block interval: 10min. 39sec.
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 @BtCoinapparel page:
Video Version!
For our complete rip, check us out on the pod (there was two this week!):
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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.