State of Bitcoin: Brazil Bitcoin transactions
Week starting: 2022-11-02
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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:
Brazil makes Bitcoin form of payment: Brazil is the 6th largest country in the world, has 2.5% of the world’s GDP, and the largest country by GDP in South America now allows for Bitcoin as use of payment throughout the entire country. El Salvador was huge as a first mover, then we’ve had the Central African Republic implement Bitcoin as legal. Now we’ve got the previous host of the Olympics and World Cup getting on board with Bitcoin. We’ll see how this plays out as the news has constantly be on El Salvador but very rarely been on CAR. I hope this will be similar to El Salvador in the fact that Twitter eyes will be all over this, but time will tell. I’ve already seen videos of kids using Bitcoin to purchase lunch so I hope to see more.
Max Keiser on Tucker Carlson: Tucker has had President Bukele and other Bitcoiners on his program. The latest add to the list is Max Keiser. Max is a huge advocate for the Bitcoin space and very energetic and well spoken. He absolutely crushed this segment and I encourage everyone to watch the whole thing (but here is a clip below). Tucker is the most watched news outlet in the US and the continued publicity of Bitcoin definitely gets Tucker excited. It is even more vital for this publicity as the market is down and the FTX debacle has continued to shed a negative light on the industry as a whole.
FED to start slowing interest rate hike: Powell had an announcement yesterday essentially saying that the FED will continue to raise but slow the pace. All I thought when this was said was “well no shit Sherlock.” The FED could not possibly continue to raise at record pace so it makes sense that it would slow down. This most likely means 50 bps rate hikes instead of 75. Which is still extremely high, but compared to the pace the FED is currently raising it slows a bit. The market reacted by shooting up as the market is actively waiting for any signs of a pivot.
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A quick look on chain:
Current price: $16,962
Market Cap: $326.0B
Spent Output Profit Ratio: 0.9897
Current block height: 765625
Mean block interval: 10min. 33sec.
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 my page and is more unbelievable than anything:
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.
Thanks for writing Brandon!