State of Bitcoin: Volcano Bonds coming soon
State of Bitcoin: Volcano Bonds coming soon
Week starting: 2022-11-28
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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:
El Salvador takes first step for Bitcoin bonds: Earlier last week, El Salvador’s Minister of the Economy submitted a digital assets insurance bill to begin the process for issuances of the Bitcoin backed bonds. These “volcano” bonds have been at the forefront of the Bitcoin legal tender movement in El Salvador and will help make the decision look even better. The terms will give $500 million for development of infrastructure and $500 million to buy more Bitcoin. El Salvador is best suited going forward with the failing of fiat currencies across the globe.
Greg Abbott wants Texas to be at the center of Bitcoin: The state of Texas has always been extremely Bitcoin friendly, but Greg Abbott seems to double down every time there is some FUD in the news. This time is no different. Abbott went on to say he wants Texas to continue with the development and allow companies to come to Texas in order to innovate in the space. Texas understands the benefits of Bitcoin mining for the grid, oil and gas companies are mining Bitcoin, and Austin is becoming a Bitcoin hub. Bitcoiners have flocked to Texas and as there continues to be incentives, that trend will continue.
180,000 Bitcoin have been taken off exchanges in last month: Bitcoin maxis have been screaming since the Mt. Gox incident to get your Bitcoin off of exchanges. It seems with the current halting of withdrawals from multiple exchanges has accelerated the trend for Bitcoiners to take their coins off of exchanges. Not your keys, not your coins has been a mantra and will continue to be one of the more important lessons taught in the Bitcoin community. Oh and check out codl.co for a punch plate to help keep those seed phrases safe (use promo code greencandle for 30% off through cyber monday).
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A quick look on chain:
Current price: $16,450
Market Cap: $316.1B
Spent Output Profit Ratio: 0.9921
Current block height: 764965
Mean block interval: 10min. 33sec.
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 my page and is more unbelievable than anything:
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.