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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:
FTX, BlockFi, and more file for bankruptcy: The FTX contagion has gotten ahold of seemingly every single shitcoin yield/lending exchange and it seems the run for yield while providing nothing of real value is over. Bitcoin maxis are right again. This is not a time to dance on graves though, because many were simply ignorant of the risks of these platforms. FTX spent extensive amounts of money on marketing and was plastered everywhere, so the average person unfortunately trusted them. Multiple exchanges have filed for bankruptcy and it seems like FTX has propped up way too many platforms on fake money. The contagion has not stopped and won’t stop. If you’ve somehow made it this far with the ability to withdraw, get your Bitcoin off exchanges before it is too late.
Bitcoin not crypto on national media platforms: We’ve seen Jack Mallers, Natalie Brunell, Michael Saylor and others get on national media and explain the difference between Bitcoin and crypto with this FTX debacle. If there is any positive out of this, it is that the potential for the shitcoin contagion has taken a significantly larger hit than Bitcoin. Now is the time for everyone to explain the differences between the two and HOPEFULLY (maybe that is pretty optimistic idk) convert shitcoiners into more Bitcoin maxis.
El Salvador to buy 1 Bitcoin a day: Bukele tweeted out yesterday that even with the price dip, El Salvador will buy 1 Bitcoin per day until further notice. From all reports and boots on the ground, El Salvador is doing very well under Bukele. The country seems to be prospering and infrastructure is popping up left and right. Currently there is a conference called Adopting Bitcoin going on right now and I’ll recap that next week as big news comes from that.
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A quick look on chain:
Current price: $16,686
Market Cap: $320.5B
Spent Output Profit Ratio: 0.9420
Current block height: 763637
Mean block interval: 10min. 22sec.
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 @andhans_jail 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.