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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:
Binance US stops withdrawals and deposits: Like I continually say, where there’s smoke, there’s fire. Especially in the shitcoin casino world. Binance has somehow survived throughout the FTX mess and other yield bearing products but that does not mean the strength of the company is great. The US has been the most stringent when it comes to the yield products and essentially creating a massive ponzi for retail to get screwed on. I’ll look for the US to continue to crack down on the bad actors of the crypto industry. Get your Bitcoin off of exchanges and continue to put your Bitcoin in cold storage.
Bank of England CBDC limited to 20k pounds: If this does not scream why you need Bitcoin, I don’t know what will. The Bank of England is creating a digital currency and already limiting the amount you can have. If you don’t have physical cash or hold your keys to your Bitcoin, the money/number you see is not yours. Banks and governments have frozen bank accounts and are now limiting the amount of money you can have. Sounds a lot like total control right? It does not seem like a tin foil hat theory now to think that Big Brother from 1985 is coming to fruition just 40 years later than predicted. This is why you need unconfiscatable money like Bitcoin and to stay as far away from counter-party risk as possible.
Russia giving tax incentive for Bitcoin miners in Siberia: Russia is one of the most energy dense countries in the world and is now incentivizing people and companies to utilize those natural energy sources to mine Bitcoin. Russia has the potential to be one of the leaders in the Bitcoin mining industry. The more other countries seem to resist Bitcoin, Russia seems to embrace it. Russia has also opened the door for trade using Bitcoin. Who’s to say Russia is not already stacking Bitcoin?
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A quick look on chain:
Current price: $21,835
Market Cap: $421.1B
Spent Output Profit Ratio: 0.9991
Current block height: 775805
Mean block interval: 9min. 42sec.
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 @zackvoell:
Video Version!
For our complete rip, check us out on the pod:
https://www.youtube.com/live/BFrJoHuN0Pw?feature=share
Stay up to date on Green Candle news by following us on Twitter, Instagram, and YouTube!
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.