You can also stay up to date by following us on Twitter, Instagram, and YouTube!
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:
FED Raises Rates to 0.25%: On Wednesday March 16th, the United States Federal Reserve raised interest rates from 0.0% to 0.25%. The overall market reacted by having slightly positive days and Bitcoin stayed relatively even and even increased by about 3%. This is a positive sign as certain economic external factors such as interest rates do not seem to drastically affect the price action of Bitcoin. Bitcoin is not run by a government or single entity and therefore should not be dictated by any single entity, this proves that it is not.
Politicians Tweeting about Bitcoin: Various United States Senators have been tweeting and speaking about Bitcoin and the Crypto industry and have gained traction on Twitter doing so. I for one am very wary anytime I see any politician saying or tweeting anything. There have been politicians recently creating Twitter accounts simply to gain traction behind Bitcoiners. I would be EXTREMELY cautious when voting for certain politicians based on simply their backing of Bitcoin because their other policies can show if they really believe in the Bitcoin ethos or if they simply are in it for the internet clout. Like Bitcoin, I believe everyone should do their own research and be educated on the topics that they believe in prior to backing a politician.
Ukraine Works to Legalize Bitcoin and Crypto: The Ukraine has received massive amounts of donations in order to assist with the ongoing war with Russia. Ukraine is now working to legalize all Bitcoin and cryptocurrency regulations as donations have rolled in to assist in every way possible. This move is not a surprise, but encouraging for overall adoption. As geopolitical issues arise, it is encouraging that a country like the Ukraine is recognizing the power of Bitcoin and embracing the efforts to assist the country in its fight to remain a sovereign nation. Although I find it difficult to speak about Bitcoin and how it is involved in a conflict such as this war, there is some hope that the potential of these donations can help the efforts.
Wasabi Wallet to Blacklist certain CoinJoin Transactions: CoinJoining is the act of conducting multiple transactions with others in order to make it difficult for blockchain forensic analysts to track the wallet’s amount in Bitcoin. The purpose of this is simply for privacy and now a company will be tracking wallet activity prior to CoinJoining to halt and suspicious activity. I for one believe that Bitcoin is for everyone and should not be regulated like this. If one company halts CoinJoining another will simply pop up. Bitcoiners cannot be stopped and I believe this is simply a bump in the road for one company and Bitcoiners will find other companies or other solutions to CoinJoin as needed.
El Salvador Improves Chivo Wallet: The Chivo wallet is a Bitcoin wallet developed by the El Salvadoran government in order to allow its citizens to hold and transact Bitcoin. There have been major issues with the wallet which only has about 100,000 active users with approximately 4 million application downloads. The bugs in the application have potentially hurt Bitcoin adoption in El Salvador, but the country has seen massive improvements and has gained enormous amounts of publicity from the move. Say what you want about Bukele, but he has spotted an enormous opportunity for El Salvador and has made Bitcoin legal tender potentially before the country is ready but is willing to go through the hurdles in order to figure it out.
UK Warns Bitcoin ATM Owners: The UK issued a warning to all Bitcoin ATM owners that all ATMs must be registered with FCA in order to be put into use. Currently, FCA has stated that no single ATM has been registered so every machine is currently considered illegal to use in the UK. This is another form of regulation being put onto Bitcoin and cryptocurrencies, but I have only met a few people that have purchased Bitcoin through this method. In fact, I would argue that this method does not make Bitcoin more accessible as someone has to physically go to a location to purchase Bitcoin. We shall see how this affects adoption going forward, but I believe the UK will figure this one out and realize that they are missing on a huge opportunity.
Quick word about stacking tax-advantaged sats!
Do you want to HODL BTC in a tax-advantaged retirement account? Check out Choice by Kingdom Trust! Click this LINK to find out more!
A quick look on chain:
Current price: $40,508 (last week +5.2%; last month -9.2%; last year -31.3%)
Market Cap: $769B
Spent Output Profit Ratio: 0.9988
Current block height: 727823
Mean block interval: 9min. 4sec.
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 @TheWokeAntitote page:
Video Version!
For our complete rip, check us out on the pod:
Stay up to date on Green Candle news by following us on Twitter, Instagram, and YouTube!
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.