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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:
Bitcoin Miners selling Bitcoin holdings: This has been on my mind since this sideways movement around the $20k mark and the hashrate is increasing by the day. More and more miners are coming online making the amount of Bitcoin mined by each miner less and miners are not able to pay their bills without selling Bitcoin. Glassnode has estimated 78k BTC worth about $1.5 billion in public miners wallets, but how long can these miners last? As Ben Gagnon stated in my last State of Bitcoin episode (listen here), there’s about 50 publicly traded Bitcoin miners and this sideways movement could bring that number down significantly. Miners are essential for the network to continue to keep going but it is one of the toughest businesses to get in. This is something to be following very, very closely for Bitcoiners around. This could be potential FUD that has not yet been approached yet.
CORZ is insolvent: As stated above, Bitcoin miners are struggling. CORZ seems to be at the top of that list. CORZ bag holders don’t look at the stock price plz (latest chart is right below FYI). Just a nice ~80% drop as Corz essentially said that the company is insolvent and cannot pay back any of their debts. This Bitcoin price is going to take a lot of miners offline, selling machinery, selling Bitcoin holdings and much, much more. But what’s the solution? Without much of an elevation in the Bitcoin price, there’s going to be some blood in the streets and CORZ is not the last one to see some bloodshed.
Elon’s Twitter Deal goes through: Not exactly a Bitcoin story, but a major story nonetheless. Twitter and Elon have been a drama that seemingly has gone back and forth for a number of months and FINALLY it has gone through. Elon even had the audacity to walk into the Twitter HQ in San Fran with a sink. This guy is just throwing billions of dollars around for a joke. Hopefully he can clean up some of the censorship and other negatives that go along in Twitter and make it an even better platform, but I may not be as optimistic as the average person.
UK to regulate Bitcoin and crypto as financial instruments: Last week we saw South Africa make the same move, but that does not feel as significant as the UK. The UK famously had the ‘Brexit’ and has been going against the grain of the EU and is now seemingly embracing Bitcoin and to a lesser extent crypto. Hopefully this trend continues and Bitcoin is treated as a financial instrument. It is not quite legal tender, but it is a start.
A quick look on chain:
Current price: $20,285
Market Cap: $389.2B
Spent Output Profit Ratio: 1.0004
Current block height: 760581
Mean block interval: 10min. 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 @HODLneverSODL 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.