You can also stay up to date by following us on Twitter, Instagram, and YouTube!
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:
Reported 7.9% CPI Inflation: The FED reported 40 year record high inflation for the month of February which did NOT include items such as meat, fish, eggs, gas, electricity, and eating at home. Don’t believe me? See for yourself
AND the White House Press Secretary Jenn Psaki has the audacity to get in front of the cameras and say that inflationary pressures have gone down month to month. This is why I believe in an inflation proof and decentralized currency. If you still believe the United States government has a grasp on this situation, think again.
United States Released Executive Order on Crypto: President Biden signed an executive order on March 9th about the United States approach to regulate Bitcoin and other cryptocurrencies. Essentially the executive order was a giant nothing burger. The purpose is to set a strategy to protect consumers, provide financial stability, assess national security, and address climate risks. The ESG narrative is still there unfortunately, but nothing has really been set. It was an order to start creating a strategy, so what?
City of Lugano to make Bitcoin Legal Tender: The Swiss city Lugano is making Bitcoin, Tether, and LVGA Stablecoin which will be valued at 1/100 of a Swiss franc. This announcement was made live and both the Mayor of the city of Lugano and the CEO of Tether raved about the influence of El Salvador on the decision to make Bitcoin legal tender astronomical and guidance from President Bukale huge. I believe this will be a trend after hopefully a successful run of bitcoin as legal tender in the city and more European cities follow.
FTX is now Live in Europe: One of the largest crypto exchanges in the United States will now go live in Europe. This is major news because it simply allows more people to have easy access to Bitcoin and other cryptocurrencies. It’s a matter of time until everyone globally has access and everyone has some type of exposure to Bitcoin.
Crypto Exchanges Forced to Block Russian Users: On the flip side, crypto exchanges are now being ordered to halt the trading, purchasing, and accounts of all Russian accounts. This is the farthest thing from the bitcoin ethos unfortunately. The Russian people are being punished for what their dictator of a ruler is doing and it is truly unfortunate. We are witnessing a country getting canceled in real time for the decisions of a ruler. It is my hope that the Russian people do not suffer further due to the decisions of their ruler, but time will tell how this plays out.
Dubai and Iran creating Regulations: Dubai is creating regulations to protect investors and ensure businesses do not conduct nefarious activity related to bitcoin and cryptocurrency, while Iran is lifting its ban on bitcoin and crypto mining after four months. Overall I never like regulations because I feel it is trying to put control on something that is not meant to be controlled. Bitcoin is truly decentralized, therefore if it is decentralized it cannot be fully regulated. Its another cycle of FUD going through and it will be a matter of time until governments either get on board or get left behind.
Quick word about stacking tax-advantaged sats!
Do you want to HODL BTC in a tax-advantaged retirement account? Check out Choice by Kingdom Trust! Click this LINK to find out more!
A quick look on chain:
Current price: $38,647 (last week 6.8%; last month 12.5%; last year -31.1%)
Market Cap: $735B
Spent Output Profit Ratio: 0.9969
Current block height: 726772
Mean block interval: 9min. 55sec.
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 @ChoicebyKT page:
Video Version!
For our complete rip, check us out on the pod:
Stay up to date on Green Candle news by following us on Twitter, Instagram, and YouTube!
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.