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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:
Holdonaut wins court case against Craig Wright: The space cat does it! Holdonaut won the defamation case which was alleged by Craig Wright for saying that CSW is not Satoshi. In the transcripts the court even said, “against this background, the court believes that (Hodlonaut) had sufficient factual grounds to claim that Craig Wright is not Satoshi Nakamoto in March 2019,” and Wright is order to pay just over $350k to Hodlonaut. Score 1 for the good guys! This is HUGE for the Bitcoin space and for free speech. This has been long awaited and I’m glad to see the good guys get a win especially in this one.
South Africa to treat Bitcoin and crypto as financial products: Well, well, well, would you lookie here. Bitcoin and other cryptocurrencies will be treated as financial products in South Africa which to my understanding means no capital gains tax and the ability to transact at all times. This seems like the door is opening for Bitcoin as legal tender so I’ll be watching this situation very closely.
Walmart CTO mentions Bitcoin and crypto in Quarterly Call: Strike CEO Jack Mallers has mentioned that Strike is going to use its API to integrate Lightning Network payments at Walmart and other major retailers. Hopefully this is a sign of progress moving in that direction. This announcement was made in May and there seemingly has been no traction in this direction. Bitcoin being mentioned in a major retailers earnings call is huge.
MasterCard to help banks offer Bitcoin and crypto trading: MasterCard and Visa are now going to position themselves deep inside the Bitcoin and crypto world. Originally, Bitcoiners were saying that Bitcoin would kill companies like Visa and MasterCard. As the great Lee Corso says NOT SO FAST MY FRIEND. Both of them are now integrating themselves with Bitcoin companies and banks, essentially playing both sides. This is not the way I saw this play out. I honestly thought Bitcoin and crypto companies would stay away from Visa and MasterCard but it seems they keep partnering with Visa/MasterCard.
Ye spotted wearing Satoshi Nakamoto hat: Ye, formerly known as Kanye West has been in the news a ton lately. He’s been doing interviews (and a solid one on Drink Champs if you haven’t seen it yet) on a ton of major TV publications and more. It has come out that JP Morgan has froze Ye’s accounts for the claim of his anti-simetic speech. Ye is now looking to get on board with Bitcoin. I’ll be looking for Ye to take a dive into Bitcoin and maybe even mentioning it in a public appearance or maybe even in a rap?
A quick look on chain:
Current price: $19,137
Market Cap: $367.1B
Spent Output Profit Ratio: 0.9953
Current block height: 759441
Mean block interval: 9min. 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 @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.