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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 Miami 2022: Bitcoin Miami 2022 is the biggest Bitcoin related conference of its kind with 25,000 Bitcoiners coming together under one roof to discuss updates and topics around the Bitcoin space. But the conference has its fair share of criticism. Previously this was known as a “Bitcoin only” conference, and this year had its fair share of shitcoinery. There are large companies that have started to comply with shitcoin companies because of sponsorship money. Bitcoiners have a mission to change the money in order to change the world and it starts by recognizing that its Bitcoin and only Bitcoin. Until everyone, including a large conference titled “Bitcoin 2022”, recognizes that we are still far away from mass adoption.
CPI of 8.5%: The March CPI print was released by the Fed and yet again it was a new 40 year high. Of course the CPI does not directly show true inflation and it does not include many items needed to live. You can check for yourself the true numbers below. Many Americans are feeling the pain of inflation and it does not appear to be slowing down. As Bitcoiners tend to say, “fix the money, fix the world” and inflation is a big reason why many believe the money needs to be fixed.
Tesla, Block, and Blockstream team up for Bitcoin mining: Blockstream and Block (then Square) announced last year about Bitcoin 2021 that the companies would be combining forces to create a sustainable Bitcoin miner. This year Adam Back announced that the Blockstream and Block will be using Tesla’s solar powered battery in order to power the Bitcoin miner. Block is now teaming with Blockstream which will use an Intel ASIC mining chip and Tesla solar powered battery to create a Bitcoin miner. This is somewhat interesting of a tactic with previous supply chain issues, and creating a reliance on other companies. But from Block’s perspective if they want to go to market quickly with a Bitcoin miner they will need to partner with companies that have done it before and they can develop their own miner in the background.
Janet Yellen Explains Bitcoin: Treasury Secretary Janet Yellen has been given her fair share of criticism and rightfully so in my opinion, but it appears she is finally trying to start to understand Bitcoin. I believe this is a positive because if government officials start to understand Bitcoin they can then understand the differences between Bitcoin and shitcoins. Once all shitcoins rug pull and politicians hopefully determine its Bitcoin and only Bitcoin. Time will tell if knowledge is truly power or if misunderstanding will lead to overregulation.
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Brazil gearing up for Bitcoin Bill approval: The bill has been expedited but does not mention making Bitcoin legal tender. Instead the bill will give the Brazilian president authority to decide which government entity will oversee the regulatory framework around Bitcoin and cryptocurrency. The president will have the option to create a new regulating body or may assign all oversight to the Central Bank of Brazil. Hopefully the President of Brazil begins to understand the power of Bitcoin and decides to make it legal tender and does not attempt to overregulate. I am generally skeptical when it comes to politicians getting involved with Bitcoin but it seems that regulation and political involvement is inevitable, so as long as countries embrace it, both the countries and Bitcoin will prosper. If countries don’t embrace it, Bitcoin will prosper and the countries might not fair as well.
Mexico’s “Pro Bitcoin” Candidate introduces bill for CBDC: Senator Indiria Kempis proposed a bill to create a Central Bank Digital Currency. According to Senator Kempis, Mexico’s Central Bank is the only institution that can recognize a currency as legal tender, thus her strategy is to stir up discussion in congress around digital currencies and continue the orange pilling from there. It is an interesting strategy to say the least. We will see if she is genuine on her belief in Bitcoin, although she does have the backing of Samson Mow and he believe that the CBDC will open the door for financial inclusion and a legal tender discussion. As I’ve said previously, time will tell.
Quick word about stacking tax-advantaged sats!
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A quick look on chain:
Current price: $40,100
Market Cap: $803.4B
Spent Output Profit Ratio: 0.9982
Current block height: 731,329
Mean block interval: 9min. 2sec.
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 @dergigi 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.