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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:
Google Accepts Bitcoin (and crypto) for Cloud Services: One of the biggest Internet companies globally is now partnering with Coinbase to accept Bitcoin for payment on the Google Cloud services starting early 2023. An absolute GIANT is now accepting Bitcoin as a form of payment for one of their major services. Google Cloud is only about 8% of Alphabet’s overall revenue, but 8% of a trillion dollar company is nothing to scoff at. This is a continued effort by major companies to begin adoption of Bitcoin. Companies are generally more forward thinking than governments and seemingly have more power than most want to give them credit for. Although it is not significant until someone pays in Bitcoin, this is a monumental step and I’ll look out for other major companies to follow this trend.
BNY Melon, America’s oldest bank, offers Bitcoin Custody: The oldest bank in the United States is now offering clients custody services for Bitcoin. Obviously this comes with some risk having a custodian (like other custodians Coinbase, Celsius, BlockFi, etc.) but as America’s oldest bank they have millions of clients who trust them. In Bitcoin we always say verify don’t trust, but more places offering their clients the ability to purchase Bitcoin is never a bad thing. I’ll be looking to see how BNY is holding Bitcoin as sources have not disclosed this just yet (or as of this writing on 10/12) so I hope that BNY holds in cold storage for their clients. More custodians means accessibility. More accessibility and with long standing institutions the less likely the US would make unfriendly regulations around owning Bitcoin. There is simply be too much money invested in Bitcoin for me to believe that the US will negatively rule against Bitcoin.
Former Fed Chair Bernanke wins Nobel Prize for introducing QE (aka money printing): If this is not peak clown world, I’m not sure what is. Former Chairmen of the Federal Reserve Ben Bernanke won the Nobel Prize for introducing QE during the pandemic. This is wild because the current macro environment that we are in seemingly has some blame pointed at QE (or money printing) which has caused massive amounts of inflation. I and many others have argued that this is mostly a supply side issue but when you add 60% to the total money supply in such a short period of time, how can you justify the move? Well it seems like academics believe it was the right move and have given Bernanke an extremely prestigious award because of his move.
PayPal leak of charging censorship fee: A PayPal draft has been leaked that PayPal would fine up to $2,500 for “sending, posting, or publication of any messages, content, or materials that present a risk to user safety or wellbeing or contain misinformation.” If banks freezing your accounts for donating to truckers for example did not make a bullish case for Bitcoin, this definitely should. An outside company that is supposed to be a business friendly service now wants to have a say in what YOUR company does. This is unacceptable. More and more users are getting away from PayPal and move off of PayPal movement has been trending. It seems like this movement is not going forward as the policy was met with HEAVY resistance. Some will leave permanently and never come back to the platform because PayPal even considered this. It seems like an overwhelming majority is starting to go toward the “if you go woke, you go broke” crowd.
Bitcoin Mining Hashrate hits ATH: Bitcoin mining is essential for the network to continue. Mining is most profitable with cheap energy costs and a high Bitcoin price. Many companies and individuals have found out the first part, but the Bitcoin price is still 60% off it's all-time high. This has not stopped more and more Bitcoin miners from coming online. In my opinion, this is the most bullish sign of anything going on in the Bitcoin space. More miners see the benefit although they currently may be losing money on mining, but will continue to try to find ways to obtain more and more Bitcoin.
Is Bitcoin Decoupling?: This might be my favorite statistic I’ve seen from Q3 of 2022. Below it shows that Bitcoin was up 3.1% while essentially every other equity, real estate, and asset class is down but precious metals and cash. Is this a sign of Bitcoin potentially decoupling from growth and risk assets? I do not want to take it that far just yet, but this is extremely positive to see Bitcoin’s fiat price action moving that direction. This will be a very interesting subject going forward as the potential of a global recession/depression is inching closer (if we are not already there (which I believe we are)).
A quick look on chain:
Current price: $19,157
Market Cap: $367.3B
Spent Output Profit Ratio: 0.9902
Current block height: 758403
Mean block interval: 10min. 35sec.
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 @alifarhat79 page:
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13, 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.