2021W18 - WTF has happened in bitcoin this week?
Bitcoin is a black hole
TLDR: Bitcoin is a black hole, CFO of Bridgewater turns to bitcoin, Mercado Libre purchases bitcoin, influencers join the community, adoption is being normalized.
Hey there niblings, it’s uncle Bam again, with a summary of the most insightful events in the Bitcoin space. Back at it again digesting all the important news for you.
Bitcoin is back with some momentum! In the last weeks I have been getting messages from distinct friends and family members wondering if this was over, if bitcoin was going to come back to “~$30,000 as Peter Brant said”. My only purpose is to help you realize that Bitcoin is unstoppable. It does not matter what “this or that expert said”. What matters is what it is occurring in the entire space, hence I am here trying to remove all the noise for you, to help you focus on the signal, because Bitcoin is a black hole.
Bitcoin is a network of value, which continues to grow, and it has a snowball effect where the bigger it gets, the more it attracts. Bitcoin is succeeding as a store of value, and we continue to see people and companies joining the open monetary network, and storing their wealth on it. But it is more than that, Bitcoin is hope for a better humanity, for all the ~1.2 billion people living under double digit inflation. There is now people using the Lightning network as a way of storing and transacting value with each other. Just remember, the more we hold and the more we preach, the more we help every other member of the network.
And this is how the week started.
John Dalby, the CFO of the biggest hedge fund, Bridgewater Associates, will be leaving his position to become the CFO of NYDIG, a bitcoin company.
"The growth of NYDIG has been incredible. Every day, more industries come to understand Bitcoin's potential and more clients seek ways to safely access it. Personally, I share NYDIG's vision for Bitcoin's ability to propel economic empowerment for all. I eagerly look forward to doing my part to help NYDIG deliver innovative Bitcoin solutions to institutions and individuals." -John
NYDIG, published a survey where 62% of clients say they would switch financial advisors to one that offers advice about bitcoin.
Norwegian real estate start-up Solgt.no has announced that will now start using excess funds to buy Bitcoin, starting with a 3% allocation.
Jaime Iannone, CEO of Ebay, mentioned in an interview with CNBC that the company is looking at bitcoin as a payment option.
S&P Dow Jones, the financial data giant, goes live with the first Bitcoin index SPBTC. The index measures price appreciation, not the actual price.
Digital Currency Group the parent of Grayscale, said it has authorized the purchase of up to $750 million worth of the lagging shares of the Grayscale Bitcoin Trust (OTCQX: GBTC), up from a $250 million level earlier.
The trust has been trading with a negative premium lately, this could normalize this, and even serve as an opportunity to sell GBTC and buy BTC instead.Mayor Scott Conger, from Tennessee, tweets about Bitcoin, acknowledges that prices are rising, and the money supply has skyrocketed. But if we think in bitcoin terms, things might be getting cheaper.
Unless you’re looking at through a #Bitcoin lens, then everything is actually cheaper. Start thinking in sats.Nothing to see here...just gas prices are up, construction materials have skyrocketed, housing prices are shy high, and food is more expensive. Then there's this. 👇👇👇👇 https://t.co/r6fmgssX2Z https://t.co/jeRoPoNidO
Glenn Jacobs @GlennJacobsTNIfunanyachi Achara, Nigerian professional soccer player for Toronto FC, announced to be now taking half of his salary in Bitcoin.
"I wanted to send money to my parents to move away from a state that I felt like was really violent, I couldn’t.” - AncharaSotheby, one of the world's largest auction houses, will now be accepting bitcoin for payment.
Banksy's Love Is In The Air will be the first piece of artwork up for auction and available for bitcoin.
Hundreds of U.S. banks will soon allow customers to buy, hold and sell bitcoin through their existing accounts, says NYDIG. This will give access to over 300,000,000 accounts to be able to get ahold of bitcoin through NYDIG.
Grayscale has partnered with New York Giants to become their exclusive Digital Asset Management Partner.
The number of user accounts for investing in cryptocurrencies has multiplied by ten in Argentina since 2020.
Let’s remind ourselves that Argentina is a country with double digit inflation.Goldman Sachs leads $15 million investment in Coinmetrics, a cryptocurrency and blockchain data provider to institutional clients.
Digital insurance platform, Metromile, will accept payment in Bitcoin for premiums and make payouts in Bitcoin. The company will also buy $10 million in Bitcoin for its balance sheet.
Mercado Libre, a public company worth ~$78Billion, has purchased bitcoin for his balance sheet for a total of $7.8 million . The platform hast almost 70 million users.
Square released his Q1 results, where they generated $3.51 billion in Bitcoin revenue and $75 million in gross profit from Bitcoin operations during the first quarter. Additionally, their bitcoin position has appreciated more than $270 million.
"We see bitcoin as the internet’s potential to have a native currency and we want to further that as much as we can." - Jack DorseyCiti bank is considering launching bitcoin trading and custody services.
New influencers come to the scene. Welcome to the revolution Jake and Bethany, for a better and more inclusive world.
FUNDAMENTALS
William Clemente shared with us this beauty. Here we can see the bitcoin price (gray) and the supply held by entities with balances from 100 to 1000 bitcoin. During the last months it seems there weren’t many new entities accumulating big amount of bitcoin. But after this last dip visiting ~$47,000, well just remember who is buying the dip. The big guys are, and I hope you too, because this seems to be about to blow up.
As a summary note..
I heard a friend telling me “Man, bitcoin is too slow, I am starting to get worried”.
Bitcoin is not surging as we sometimes expect. Some might feel they are missing out because they see “other coins” pumping. It is completely an understandable feeling, if you see it as a short term investment. But think about it on a different way, let us remember that bitcoin is not gambling, bitcoin is sound money, and we are here to be part of a monetary revolution, to see money completely separated form state for the first time. To have a way of transacting value with each other without carrying the risk of inflation or the worries of being censored. This is a long term play, and it takes patience.
It is normal to have this “bullishness” feeling when we see all these great news of adoption, and we feel that we have made wise decisions by investing in it and feel we should be rewarded accordingly. But let’s not confuse Bitcoin with “Doge” or “Ethereum”. While those coins might surge in the short or long term, we can not classify them out of speculation. At the end of the day there is no need of speculating if we are exposed to Bitcoin. As it has been mentioned before here in WTFBitcoin.
Don’t wait to buy bitcoin, just buy bitcoin and wait.
The patient ones shall be rewarded.
Ill leave you with some beautiful words from Saifedean to reflect and continue enjoying your weekend:
”Getting rich by holding Bitcoin is not an unfair reward for doing nothing. It is the market’s just reward for divesting your wealth out of central banking and all the death, destruction and de-civilization it brings to the world”.
Have a great weekend niblings.
Stay humble & stack sats.
You want to contribute to WTFBitcoin?
Feel free to donate. But more importantly, share this with your friends and family..
Ln address: LNURL1DP68GURN8GHJ7MRWW3UXYMM59E3XJEMNW4HZU7RE0GHKCMN4WFKZ7URP0YLH2UM9WFHXZMT984EKZATVV938YMG270TLF
Reference:
1.https://www.prnewswire.com/news-releases/nydig-announces-appointment-of-john-dalby-as-chief-financial-officer-301286384.html?tc=eml_cleartime
2.https://nydig.com/research-and-insights/nydig-financial-advisors-bitcoin-survey/
3.https://news.trijo.co/nyheter/norsk-bostadssajt-ska-investera-delar-av-sitt-kapital-i-bitcoin/
4.Link included.
5.https://www.coindesk.com/sp-goes-live-with-bitcoin-ethereum-crypto-indexes
6.https://www.coindesk.com/digital-currency-group-ups-its-gbtc-share-purchases-to-750m-limit
7.Link included.
8.
9. https://www.thestreet.com/crypto/news/sothebys-to-start-accepting-bitcoin-and-ethereum
10.https://www.cnbc.com/2021/05/05/bitcoin-is-coming-to-hundreds-of-us-banks-says-crypto-firm-nydig-.html
11. https://www.giants.com/news/grayscale-investments-first-cryptocurrency-partner-of-nfl-team
12.https://www.msn.com/en-us/news/world/economic-downturn-fueling-argentine-crypto-craze/ar-BB1gkrkd
13.
14.https://www.globenewswire.com/news-release/2021/05/06/2224468/0/en/Metromile-Plans-to-Adopt-Bitcoin-to-Offer-Drivers-More-Choice.html
15.https://news.bitcoin.com/mercadolibre-buys-bitcoins-treasury/
16.
17.https://www.theblockcrypto.com/linked/104179/citi-bank-considering-crypto-trading-custody-services