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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:
Jack Mallers and Strike Partner With Shopify: Jack Mallers does it again with another big announcement at Bitcoin Miami conference, announcing that Strike is partnering with Shopify to allow merchants to use the Lightning Network for payments. This also allows people to use the Bitcoin network to pay in dollars or sats as desired. HUGE news for merchants and on the peer-to-peer payment rails. Now merchants like Walmart and McDonalds can accept Bitcoin as payments. Oh and Green Candle broke the news live on scene at Bitcoin Miami 2022 :
Jack Mallers is working with Sen. Cynthia Lummis: Mallers ALSO announced that he is working with Wyoming Senator Cynthia Lummis to work on to foster Bitcoin innovation as Lummis realizes that the United States must get on board with Bitcoin or get left behind. Sen. Lummis seems like the most genuine politician when it comes to Bitcoin and everything related to Bitcoin. Mallers said at Bitcoin Miami that Lummis wants to get together some of the brightest minds in Bitcoin and figure out a way to encourage innovation through policy going forward.
CashApp New Features: CashApp which is owned by Block (formerly known as Square) is now rolling out the Pay Me in Bitcoin feature that Strike implemented allowing users to direct deposit their paycheck and then dedicate a percentage to Bitcoin as soon as it is deposited. Also CashApp is implementing Round Ups, a feature that allows you to “round up” to the closest dollar when using your CashApp card to purchase Bitcoin, giving CashApp users easier and more seamless ways to purchase Bitcoin. Jack Dorsey and Jack Mallers are out here making it easier for people to buy, HODL, and spend Bitcoin, love to see it.
Robinhood Implements Lightning Network: This almost seems like weird news to break at the Bitcoin Miami conference, but the more I think about it the more it makes sense. Implementing the Lightning Network will allow you to use your Bitcoin you have on Robinhood. Robinhood already allows you to make payments similar to CashApp with a debit card where you can have excess cash from dividends or selling stock, Bitcoin, or crypto, so you do not have to take your cash from their platform. This will allow users to spend their Bitcoin if desired and move Bitcoin from Robinhood for less than the previous fees it had charged.
Saylor Buys More BTC: Last week it was announced MacroStrategy a subsidiary of MicroStrategy got a $205 million bitcoin collateralized loan to purchase more Bitcoin and the official numbers came out: 4,167 Bitcoin purchased at an average cost of $45,714. This gives MicroStrategy 129,218 Bitcoins with an average price of $30,700. The Saylor Tsunami continues and the whale keeps gobbling up more and more Bitcoin.
Intel releases Bitcoin Mining Chip: Intel released their new Blockscale ASIC chip. This chip is huge as Block will be first in line to utilize this chip to develop Bitcoin miners. Block looks to emerge as a major player in the Bitcoin mining space and in order to do that, it hinders on the success of the Bitcoin mining chip developed by Intel. Intel also needs this chip to succeed as it has seen a recent dip in profit and has seen smaller players in the semiconductor industry take market share. Both of the companies look to utilize each other in order to find success in the Bitcoin mining space.
Quick word about stacking tax-advantaged sats!
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A quick look on chain:
Current price: $43,633 (last week -4.7%; last month +14.9%; last year -24.9%)
Market Cap: $828.4B
Spent Output Profit Ratio: 0.9982
Current block height: 730764
Mean block interval: 9min. 29sec.
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 @dergigi 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.