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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 on Bloomberg: Jack Mallers the CEO of Strike is a very big advocate for Bitcoin to say the very least. Mallers went on Bloomberg Crypto Summit to explain how he got into Bitcoin, Strike, and of course had great sound bites that have gone all over Bitcoin Twitter explaining why the Proof of Work system used with Bitcoin is better than Proof of Stake. Mallers goes on a passionate rant about how the use of energy for Bitcoin should not be taken as a negative and explains how Bitcoin is digital property. I believe Mallers is a great ambassador for the space, but that does not mean he is privy to criticism. He is a great public facing figure, but with his explanation on Bloomberg on the differences, how could he not get that point across when working with Lummis on the Crypto Bill? I think his interviews are great for publicity but where I thought the real impact would be made would be in policy and I feel the Lummis Bill does not reflect what I thought it would.
Bitcoin Price up over 21% in the past week: I’m not one to bring up price on my show like some of my friends who literally bring up the Bitcoin price in USD value in every single show, but I think this is a very interesting talking point. At a time where the US economy is down BUT the US Dollar is stronger than almost every other fiat currency right now I think it is interesting that Bitcoin is pumping during this time. There’s been a trend of people fleeing the USD and running to “risk-on” assets such as meme stocks, crypto, and unfortunately Bitcoin has been grouped in that light. Bitcoin is showing its strength and I’m hoping that by simply talking about price, the Bitcoin CEO will lower the price so I can scoop up more cheap sats. That is obviously a joke for those new to the space, there is no Bitcoin CEO.
Celsius Lawyers say Users Gave up legal rights to Bitcoin by putting on exchange: If there was any more reasoning you needed to get your Bitcoin off of exchanges, this should be the final straw. Arguments are being made in Federal court that giving or leaving your Bitcoin on an exchange is exactly what the Bitcoin maxis have been yelling for years, “Not your keys, not your coins”. Self-custody has been more important now than ever and everyone that is new to the space or getting in may be a little intimidated getting into self-custody. I know I was when I first got into Bitcoin, but after doing some research on the topic, self-custody is a part of the beauty of Bitcoin.
3 Arrows Capital purchased $50 million Yacht and fleeing: Court documents detailing the demise of 3 Arrows Capital have been circulating around Twitter lately and one of the big points is 3AC put a down payment on a $50 million dollar yacht to try and flex that 3AC had the biggest yacht. Endless borrowing leading to extravagant spending and lastly leading to bankruptcy. 3AC not only brought itself down but brought other shitcoin casinos down with them. It is nearly impossible to defend these acts and seems like they fooled multiple companies and founders. Whether the founders were desperate and 3AC was their knight in shining armor or 3AC just rolled out the bags for all of these custodians, but either way a lot of plebs are feeling the pain because of these actions and it is unfortunate.
Central African Republic approves Bitcoin as Reserve Asset: The CAR became the second country, and first African country, to make Bitcoin legal tender following the lead of El Salvador. This is significant in the attempt to make Bitcoin as legal tender and showing that the CAR is moving forward with Bitcoin. Another country that is struggling in an increasingly inflationary time is trying to find a way out of the USD as the global reserve currency is flocking to Bitcoin. In a country full of precious metals such as gold, it is significant that the CAR is turning to Bitcoin over gold.
UFC Fighter Luna Pinheiro to accept Bitcoin as salary: Another day, another athlete is taking salary in Bitcoin. Bitwage is helping fighter Luna Pinheiro turn her salary from the UFC into Bitcoin WITHOUT her employer’s permission. This is significant as more and more products are allowing people and athletes to accept Bitcoin as payment immediately as their paycheck is deposited and on their own call. This allows the average Joe to take control of their money and opposed to trying to time when their paycheck comes in, they can set this up automatically. DCA and chill, plebs.
A quick look on chain:
Current price: $23,673
Market Cap: $446.8B
Spent Output Profit Ratio: 0.9925
Current block height: 745685
Mean block interval: 10min. 31sec.
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 @GoingParabolic page:
Video Version!
For our complete rip, check us out on the pod (there’s two this week!):
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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.