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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 still at 6.5%: Clown world predicted CPI at 6.5% and the market absolutely loved it. Honestly, even Bitcoin loved it. Everyone is screaming for the Fed to pivot and any sign of a slow down the market rips. I personally do not think that the Fed will slow down raising rates and have said that J. Pow & Co. will continue the raise but slow to 50 bps in February. Many people that have spoken have split opinions on this. Some believe the Fed will continue to raise rates, while others believe they will pivot. We shall see what ends up happening, but either way the decision by the Fed will affect markets and thus affect Bitcoin USD price.
Bitcoin price passes $20k and is pumping: As mentioned in the bullet above, the CPI print going as predicted will send the market upwards. It has done the same to the Bitcoin price. Bitcoin is ripping and showing the first signs of life in quite some time. I normally do not like to talk about price because I believe it’ll come in time and if you have a long enough outlook, but Bitcoin has been going sideways for a while. The miners and other industries desperately need a run in order to stay healthy. Bitcoin miners have been struggling and Bitcoin businesses in general do better in a bull market.
Texas A&M University to offer Bitcoin course: GIG EM AGGIES! As an alumni from Texas A&M I’m hyped to hear this news. I think the traditional education space has a ton of room to grow, but this is a step in the right direction. The goal of colleges is to make great employees and learning about a rapidly growing industry is something that college students can greatly benefit from.
Largest National Park in Africa is mining Bitcoin: Africa recently adopted the use of the Lightning Network for remittance payments and is now embracing the mining space. The continued push for Bitcoin adoption would be huge for the continent. The Virunga National Park has been struggling due to violence and crime on the park and closure due to COVID-19 did not do it any favors. I’ll look for more adoption out of the entire continent of Africa in the coming year.
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A quick look on chain:
Current price: $19,865
Market Cap: $382.6B
Spent Output Profit Ratio: 1.0095
Current block height: 771816
Mean block interval: 8min. 59sec.
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 I came across from my friend @TXMCtrades:
Video Version!
For our complete rip, check us out on the pod:
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Happy Saturday 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.