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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:
EU to put regulation around Bitcoin and Crypto: With the US in a meeting with the IMF-World Bank and the European Union (EU) has now agreed on legal framework for Bitcoin and cryptocurrencies as Markets in Crypto Asset Regulation (MiCA). The MiCA will now establish requirements for exchanges and wallet providers across the 27 member countries of the EU including checking user identity. I spoke about this in the latest Canadian Bitcoiners podcast (listen here and it’ll also be on my feed and posted below) and I believe we’re very close to the “now they fight us” stage. Regulations are going to become more rampant in the next 2 to 4 years ESPECIALLY with major elections coming up. We spoke about the weird way Canadians attempt to do politics and of course the United States has had some politicians toss around Bitcoin this midterm, but I’ll look for way more to mention Bitcoin in their platform in 2 years.
EU to halt all crypto transactions with Russian address: The EU previously tried to limit transactions between Russian and EU Bitcoin wallets and now the EU has officially banned the transactions with Russian wallets. The EU keeps sticking their foot in their mouth. This will likely just increase adoption in Russia as one of the many benefits of Bitcoin is the ability to transact without a third party. I’d imagine more use of mixing services, non-KYC wallets, and other ways to get around this will become increasingly more popular.
Grayscale launches Bitcoin mining investment which pays BTC dividend: This is huge for traditional finance. Now not only can you invest in Bitcoin mining companies, Grayscale is giving out dividends in Bitcoin. This shows that Bitcoin is looked at as a commodity and a potential currency. Normally, dividends are paid in dollars or even gold, but never in Bitcoin (or any shitcoin FYI mETH heads). This is HUGE for the normies attempting to get in and may give investors their first exposure to Bitcoin the asset.
Visa partners with FTX to offer Bitcoin and crypto debit and credit cards: What ever happened to Bitcoin killing Visa and MasterCard? It seems like every week there is a new Bitcoin/shitcoin company partnering with Visa or MasterCard or one of the “legacy financial” institutions that Bitcoin was supposed to kill. Why are companies going this way? Is it for the money? Because of investors? I, for one, do not like this trend. Create Bitcoin products that utilize Bitcoin or the Lightning Network and AVOID the use of these third parties. Do I need to get on stage for Bitcoin Miami 2023 and scream “Yooooooo fuck Visa and fuck MasterCard” in order to get this message across or what?
Bitcoin hash rate hits new ATH: Tick tock next block. The Bitcoin network continues to fight through this bear market and roaring on. More and more Bitcoin miners are continuing to come online and strengthening the network. Miners are not scared by the bear market and are seeing the incredible opportunity ahead, so why are you scared to get in anon?
McDonald’s in Lugano, Switzerland accepts Bitcoin: Lugano wants to become one of, if not the, most Bitcoin friendly city in Europe and is continuing to show that each day. McDonald’s is obviously one of the largest if not the largest food chains globally and now they accept Bitcoin in El Salvador and Lugano. The more locations that accept Bitcoin, the more exposure the average person will have to Bitcoin and the more people will need to think about Bitcoin. I’m looking for this to continue.
A quick look on chain:
Current price: $19,592
Market Cap: $382.5B
Spent Output Profit Ratio: 0.9971
Current block height: 757437
Mean block interval: 9min. 6sec.
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 @wayfaring_BTCer page:
<blockquote class="twitter-tweet"><p lang="en" dir="ltr">hey <a href="
4, 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.