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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:
CPI Print at 9.1%: Sheesh. Buckle up folks. This is the highest CPI print in over 40 years and it seems like I keep repeating this statement every month. Below is an outstanding chart from one of the best macro minds that I’ve heard speak, Michael Kantro (@michaelkantro). In this chart it shows that CPI is the last to fall and is one of the last indicators to end in a recession. Unfortunately with this in mind, I have a feeling we are far from low CPI prints and that we’re in the middle of some high inflation that has yet to peak. I hope I’m wrong, but signs are pointing to this continuing.
Bitcoin Miners Stabilize Texas Grid: Texas is becoming one of, if not, the Bitcoin mining capital of the world with many Bitcoin mining companies flocking to the state. In order to prepare for a heat way, industrial-scale Bitcoin mining operations have shut off their machines to stabilize the power grid. Large public mining companies such as Riot, Argo, and Core Scientific all have bases in Texas and it is great to see these public miners are cognisant of the potential negative effects of keeping the miners running during this time.
Lummis and Gillibrand introduce Crypto Bill: Rep. Cynthia Lummis and Rep. Kirsten Gillibrand announced earlier this year that they are in the process of working on a Crypto Bill. The bill has been introduced and it seems like it is more pro-crypto opposed to pro-Bitcoin. The wording of the bill leaves the door open for other crypto to become a commodity but does have some positive impacts. It allows crypto holders to pay up to $200 worth at time of purchase with no capital gains taxation. Overall, I’m a little disappointed in this bill as it is too friendly to crypto and with the announcement at Bitcoin Miami 2022 that Lummis would be working with Jack Mallers, I would have thought the bill would be more pro-Bitcoin opposed to pro-Crypto.
Celsius Networks Filed for Bankruptcy: Celsius Networks paused withdrawals earlier this year and was funded by 3 Arrows Capital. All companies funded by 3AC including Voyager, BlockFi and 3AC themselves have either filed for bankruptcy or been purchased for well under previous evaluations. Celsius seemed like they were the last cog to fall and it was only a matter of time that this happened. Celsius cited a lot of companies that have gone through Chapter 11 bankruptcy and made it out the other side. I hope everyone that has assets on these exchanges will be able to pull them off and learn the power of self-custody.
Twitter is taking Elon to court: This is somewhat unrelated to Bitcoin but in my opinion big news to cover in the Bitcoin Ethos space. Twitter is now taking Elon Musk to court after he has seemingly backed out of his deal to purchase Twitter for $44 billion because Twitter has been unable to accurately give the amount of fake accounts on the platform. This is a battle of free speech and whether you like it or not Elon is trying to help Twitter become an open platform it was designed to be. Hopefully everything works out and either the massive amount of bots is exposed or free speech on the platform will reign on, as I love Twitter and use it everyday.
New York Yankees will allow employees to accept Bitcoin as payment: One of the top sport franchises and most recognizable brands globally is now allowing their employees to accept Bitcoin as payment. Whether you like the Yankees or not, this is big for Bitcoin adoption as it is letting EVERYONE in the organization accept Bitcoin as payment. That includes soda and beer vendors, hot dog stands, and everyone affiliated with the Yankees (which I believe includes minor leagues as well) can now accept Bitcoin as payment. In my opinion this is much larger than a player or coach who gets paid millions putting a percentage into Bitcoin because now the common man can be paid in an appreciating asset.
A quick look on chain:
Current price: $21,822
Market Cap: $416.5B
Spent Output Profit Ratio: 0.9941
Current block height: 744207
Mean block interval: 9min. 39sec.
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 @MarcusConnorNH 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.