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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:
Bitcoiners Rally around Hodlonaut: The hodlonaut saga continues and appears to be near the end. Holdonaut is a Bitcoin nym on Twitter that works as an editor for Citadel21 who is being sued in Norwegian court by nChain Chief Scientist Craig Wright in a defamation suit. Craig Wright has already sued Peter McCormack and the UK court awarded Wright 1 British pound and claimed that Wright used false evidence in court. Wright has claimed that he is Satoshi and has continued to file legal action against anyone who has said otherwise. The Bitcoin community has rallied around hodlonaut sending more than 50 BTC to help with legal costs. There has been a long legal battle that has been going on since March 2019 that will have the last 7 days in court next month starting on September 12th. Bitcoiners are backing hodlonaut and are actively following this case. If you have any to spare to help hodlonaut with this case please go to defendingbtc.com or check out the link in the tweet below.ย
<blockquote class="twitter-tweet"><p lang="en" dir="ltr">Dear bitcoiners,<br><br>I need your help to finish a fight that began back in March, 2019. <a href="
18, 2022</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>ย
FED Jackson Hole meeting this Friday: The Federal reserve led by Jerome Powell are meeting in Jackson Hole, Wyoming this Friday for another meeting to decide how to combat inflation. Many believe the FED is being very reactionary and shouldโve begun raising rates some time ago, but alas here we are in a macro environment with extreme amounts of inflation. The FED fund futures have already priced in a 51% chance of a 0.5% (bps) rate hike next month and a week before Wednesdayโs release of the minutes, the rate futures market had factored in a 75 bps rate hike. It seems like the FED is in a difficult situation where there needs to be action in order to combat inflation, but the inflation lies on the supply side. Iโm of the belief that weโre goingย to get into a bloody recession due to supply issues and with increased overhead costs (i.e. gas, labor, etc) the FED will not have much of a string to pull in order to fix the issue at hand. Monetary policy has caused these issues and these issues do not seem to be going anywhere.
President Biden announces student loan forgiveness: President Bident announced Wednesday that $10k will be removed from student loans of anyone that makes less than $125k a year and $20k off of loans for anyone that received the Pell Grant. This seems like another ploy to try and get votes that is conveniently timed right as many midterm elections are taking place. Politicians are going to make moves like this that help in the short term, but I believe people are starting to wake up to the fact that moves like these have extremely negative long term implications like inflation, college tuition going up, and more that probably does not even come to mind just yet. Majority of this money is lent out by the government so I find it hilarious that the government is essentially saying the loans do not have to be paid back to the government. All this money is going to find its way back to the government whether it is increased taxes or increased inflation, which is the silent killer.
BitBoy Crypto Sues Atozy as bear market toxicity continues: Two big YouTubers in the โcryptoโ space BitBoy Crypto and Atozy are in a legal battle over a crypto rug pull scam. Shocker. Despite disclaimers about financial advice, BitBoy is now suing Atzoy for commenting on the BitBoy video pumping the PAMP token after raising the tokenโs value to $2.43 and is now worth a fraction of a cent.ย Atozy went on to make a video claiming BitBoy scams his fans and essentially promotes pump and dump schemes, which now has BitBoy suing Atozy over it. The bear market continues to bring out toxicity, but in my opinion rightfully so. These influencers have a lot of influence (cheesy I know) and are now coming into a place where the projects they promote need to be vetted in order to keep trust. Hopefully calling out influencers will force people to begin vetting projects before they accept money from them.ย
Samsung Securities files for Bitcoin and Crypto Exchange: Samsung, the largest company in South Korea, is now getting into the Bitcoin and crypto world. Samsung Securities and Mirae Asset Securities are partnering to create an exchange for residents of South Korea. Mirae is South Koreaโs largest investment bank with $648 billion assets under management and the largest market cap. More and more big players (like BlackRock last week) are getting into the crypto world as they are seeing it is not going anywhere.ย Bitcoin does not need any of these big firms, but they are starting to wake up to the fact that they may eventually need Bitcoin. If Bitcoin is big enough for these big firms, it is big enough for you anon.
Bit Block Boom in Austin, is Austin the most Bitcoin friendly city in US?: For those that have not heard of Bit Block Boom it is probably the second biggest Bitcoin event behind Bitcoin Miami. The biggest difference is there is no shitcoinery accepted here. Big names in the space like Jack Mallers, the fellas from Pleb Lab and others are all flocking to Austin (or already live here) for this hard hitting event. Austin is emerging as a powerhouse in the Bitcoin space and it seems like there are a few other competitors such as Nashville and maybe Miami. There have been geographical hubs previously such as Silicon Valley and others where brilliant minds all connect but in a growing digital world, is a hub more important now than ever? I think that human interaction aspect will be huge going forward, so I for one will be following the development of Austin as a Bitcoin hub very closely.ย
A quick look on chain:ย
Current price: $21,399
Market Cap: $409.3B
Spent Output Profit Ratio: 0.9981
Current block height: 750969
Mean block interval: 9min. 53sec.
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 weโre featuring a meme we came across on the @wayfaring_BTCer page:
Video Version!
For our complete rip, check us out on the pod:ย
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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.