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 Interest Rates another 75 bps: Powell has braced everyone for more pain ahead and doubled down on this point in the latest Fed meeting exclaiming that the Fed will not stop until inflation is handled. The Fed is now hiking rates at the fastest rate in 40 years and seemingly will continue to do that until the job is finished. This is a problem rooted in the fiat world. With Bitcoin there would be no ruling party that can pull the levers that the Fed is pulling. The market is seemingly hanging on every word of Jerome Powell and how could one man have so much power? And in a land of democracy, Powell is not even an elected official! This will continue and the pain will include raising unemployment rates and lower access to capital.
Biden administration to provide over $13 BILLION in aid to help American families pay energy bills: There is an energy crisis in Europe and it is slowly creeping over the pond to America. Now President Biden is issuing $13 billion (which is a shit ton for the kids at home), in an attempt to help make homes “more energy efficient”. This is an INSANE amount of money. It seems like the Biden admin is attempting to deploy petroleum reserves and try to make everything “green”, when the technology simply is not there. The Biden admin has seemingly made mistake after mistake and it seems like there is a growing sentiment of a “red wave” coming this fall. We’ll see what will happen, but hopefully we will get policy makers in place that will make policies that benefit America and the global economy going forward.
Elon’s overhaul on Twitter: It has been a week at Twitter to say the least. First after the Twitter deal, Elon walks into the Twitter HQ holding a kitchen sink. Now Elon is firing 50% of the Twitter staff, ending the work from home policy, $8 for verification per month for Twitter blue, and seemingly ending the censorship of Twitter. Twitter has become a direct source for more and more news, even a direct line for the President of many countries to the people of the country. Elon is even having the White House and President of the US being fact checked for the spread of misinformation or fudging the truth. Whether you like it or not, this has been much needed for the platform. Anecdotally, I have noticed a lot of accounts that I have followed for quite some time now seemingly pop back up on my timeline. I wonder what changed?
President Nayib Bukele on Tucker Carlson: If you have not yet seen the clip, see the tweet below. The TLDR is Bukele went on to rip apart the American government right in front of millions of Americans on the most popular news show on air currently. Stating that America is allowing people to be hopped up on drugs, steal, not work, and the politicians know what that they are essentially destroying America. I’m honestly not sure how it will go over with the American people. I think many will get curious and start to look into why the President of El Salvador is all of the sudden getting air time on the largest news show in America and it will lead them to Bitcoin. But that is just my hopeful thinking. Overall, I think it is great for El Salvador and I hope to visit sometime in the near future.
Bitcoin White Paper released 14 years ago: Where the orange pill all began. Bitcoin white paper was emailed to a list of cypherpunks 14 years ago and Bitcoin as we know it has started! It has been a wild ride with FUD, volatility and it seems like there is much, much, more to come! Buckle up folks, as Bitcoin Twitter says, we’re still early.
A quick look on chain:
Current price: $20,2162
Market Cap: $387.05B
Spent Output Profit Ratio: 0.9981
Current block height: 761457
Mean block interval: 11min. 42sec.
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 @dougboneparth page:
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.