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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:
Alex Mashinsky resigns as CEO from Celsius Networks: Alex Mashinsky the controversial CEO of the bankrupt Celsius Networks has resigned. Mashinsky has had a ton of his previous interviews come to light as he has preached transparency, but now has a $2.85 billion gap in Celsius balance sheet. Mashinsky said in a press release that his time as CEO during the bankruptcy has become a “distraction” and he believes his resignation will help the progress of the bankruptcy. Celsius was the first of the major crypto exchanges to shut down withdrawals and has been at the forefront of controversy. If you get too deep in the shitcoin world, you’re going to get burned. Celsius, Voyager, and LUNA (Do Kwon which we’ll get into below) all have suffered from the volatility of the shitcoin market and the overall ponzi scheme nature of it. Bitcoin companies have continued to grow during the bear market and that’s the most bullish signal during all of this in my opinion.
Interpol issues Red Notice to arrest LUNA founder Do Kwon: Interpol issues a Red Notice to arrest Do Kwon, the co-founder of the Terraform Labs which created the LUNA shitcoin. Do Kwon claims he is not on the run, but Singapore has claimed that Kwon is not in the nation-state and his location is unknown. The LUNA ponzi has authorities after Do Kwon in another case of running in too deep with shitcoins. If this and Celsius do not have you worried or guarded when it comes to shitcoins, I don’t know what will. These shitcoin CEOs are people that will take your money and run. Hopefully these CEOs can get punish that is due and justice is served.
Strike raises $80 million funding round: Strike, the Bitcoin Lightning Network App that shot up in popularity when El Salvador made Bitcoin legal tender, has raised $80 million in a funding round led by Ten31 and was joined by Washington University in St. Louis, University of Wyoming, and other investors with some participation from existing investors. This is great for the digital payments app and the capital will be used to drive Strike’s efforts to revolutionize payments for the largest merchants, marketplaces, and financial institutions in the payments industry. This is great for the company as hopefully it will be able to develop the payment rails CEO Jack Mallers announced at Bitcoin 2022. Strike will hopefully allow merchants to begin accepting payments on the Lightning Network and allow customers to pay in Bitcoin if they choose. Strike has made a splash with announcements and I’m waiting for a lot of them to be implemented. Hopefully this jolt of money will allow them to come through on some of their big promises.
Bukele going at Global Banks: Nayib Bukele, the President of El Salvador, has a very public and active Twitter presence. At first he was public because of his stance on Bitcoin and now he is doubling down and going at banks. Bukele is actively tweeting against banks and many of their policies including the Bank of England. Many critics have spoke negatively about Bukele and thus Bitcoin because of the move to legal tender, but now Bukele is opening the eyes of many as to why Bitcoin will work. Banks are printing money out of thin air and is in dire need of sound, hard money like Bitcoin. It seems like everything has been going well, granted with a few bumps in the road, but overall it seems like El Salvador is moving in the right direction. Listen to my last podcast with Jaime Garcia to get the full details of all the positives going on here.
Bank of England to go through seemingly endless QE to buy UK bonds: When are the banks going to learn? QE is essentially known as “money printing” and now the Bank of England is going to essentially print money to buy government debt. This strategy has seemingly created massive amounts of inflation all over the globe and essentially involves printing money out of thin air as Bukele stated in the tweet above. When will banks learn? Will they ever learn, is actually probably the better question. The banks may inflate their way into the world demanding hard money and it seems like people are actively moving towards it even in a bear market. More people are moving towards Bitcoin on the daily and it looks like it will continue.
Crypto Mining Data Center Compute North files for bankruptcy: Similarly to Celsius, the CEO recently stepped down and now the company has filed for bankruptcy. In the Chapter 11 bankruptcy filing, Compute North is said to owe as much as $500 million to at least 200 creditors. In February, Compute North announced a Series C raise of $285 million and just 7 months later is filing for bankruptcy. Its biggest partner is Marathon Digital (Ticker: MARA) and also had additional deals with big players in the Bitcoin Mining space. This is yet another instance of a company involved with mining that is not in a great place financially. Some miners will get wiped out during this draw down, but the strong will survive and miners will be better suited in the future.
A quick look on chain:
Current price: $19,429
Market Cap: $372.3B
Spent Output Profit Ratio: 0.9944
Current block height: 756136
Mean block interval: 9min. 38sec.
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 @maxisclub page:
<blockquote class="twitter-tweet"><p lang="en" dir="ltr">164. Bitcoiners <a href="
28, 2022</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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.