2021W35 - WTF has happened in bitcoin this week?
Bitcoin changes lives
TLDR: Bitcoin becomes Legal Tender, Youth are entering Bitcoin Mining, Countries encourage Bitcoin Mining, Hodlers are not Selling!
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.
We are 3 days away of Bitcoin becoming legal tender in El Salvador. What does this mean again? Well basically, as a legal tender, citizens and businesses are required to accept any legal tender currency as a means of payment. It doesn’t matter whether they hold onto it, or immediately exchange it for another one of the available ones at zero cost, given the newly available government infrastructure, Chivo App (USD, and Bitcoin).
The use of bitcoin has been available for years in El Salvador, even if it seems so for some, it is not a decision made overnight, there is a real case study of its implementation on the beach of El Zonte, where they began the project of utilizing bitcoin on a daily basis. For three years individuals, entrepreneurs and businesses have been getting acustomed to it as a medium of exchange and savings technology. To them, it represents hope and inclusivity, as they can receive money from customers from everywhere of the globe, remittances or even donations. Through Bitcoin, El Zonte has become a more prosperous beach, changing the lives of its citizens.
This week we can see another altruistic example, when Alex Gladstein make a video proving how easy it was to pay with bitcoin in a local café, where just after that, the community decided to handout some donations to Karla, straight to her bitcoin wallet, without expensive fees, and no intermediaries.
She thanks everyone, with a breaking voice full of joy, she is thankful and invites everyone to El Zonte, and to learn about bitcoin, as it clearly changed her life, unexpectedly.
And this is how the week started.
0. As El Salvador makes bitcoin legal tender, and the government handout $30 dollars in bitcoin to every wallet user, the bitcoin community decides to buy $30 dollars of bitcoin on Tuesday to celebrate and help provide price stability and appreciation for the community in El Salvador.
I guess stacking sats is also charity.
1. Ishaan Thakur, 14, and his sister, Aanya, 9, earn $30,000 each month by mining bitcoin, a lucrative business scaled up during the summer.
It is never to early or to late to start diving into the bitcoin rabbit hole.
2. Canaan announced that they have secured an option to sell 200,000 Bitcoin miners to Genesis Digital Assets. If executed this would be the largest Bitcoin mining machine sale ever made.
3. The Chairman of the U.S. Securities and Exchange Commission, Gary Gensler, delivered remarks about Bitcoin before the European Parliament, comparing Bitcoin to the early internet in terms of world-paradigm-shifting technology.
“Bitcoin is a borderless technology, an innovation that has been and could continue to be a catalyst for change in the fields of finance and money.” - Gary
4. Twitter is now testing the ability to tip users in Bitcoin through Jack Maller’s lightning network app Strike.
5. Bitcoin rewards company, Fold, is going full on Lightning by the end of 2022 and has partnered with OpenNode to start the process soon.
6. The President of Belarus, Alexander Lukashenko, said in a meeting that citizens should mine bitcoin with the country's abundant energy instead of seeking low wages abroad. The president emphasized the abundant energy of their country, and enticed the population to take advantage of it to mine bitcoin.
"We must understand, they are not waiting for us anywhere" - Alexander Lukashenko
7. Marathon's MaraPool will provide its members with seamless access to NYDIG's institutional-grade services through an expanded collaboration.
8. Franklin Templeton, with over $1.4 Trillion in assets under management, posted an open position for a “Research Analyst - Crypto Currency” on LinkedIn.
9. Vast Bank has become the first U.S. bank with FDIC insurance and a Federal Reserve charter to offer Bitcoin services.
10. Bloomberg said Bitcoin is set to reach $100,000 soon and become the world's reserve asset as its unique properties become more evident.
11. A local forex organization's survey found that 77% of Russian investors prefer Bitcoin to gold and forex as an investment.
12. Mercado Bitcoin, the biggest bitcoin exchange in Latin America, is the new sponsor of Corinthians, one of the most popular football clubs in Brazil.
FUNDAMENTALS
Hodlers are driving the price appreciation. Less than 7% of all Bitcoin have been moved over the past month, according to IIICapital, last time this occurred was in 2009, this could undoubtedly lead to a supply shock, where there will be more buyers competing for the little supply available in the market.
Additionally, Long Term Holders, just did a V-Recovery shape. Is the about to go on parabolic mode? Even bloomberg was expecting $100,000 soon. What does uncle Bam thinks about the price? Well I believe there are high possibilities of seeing a new All - Time -High, before the end of the year, given the progress continues as it has, El Salvador’s legal tender law enters in full effect, and hodlers continue stacking with conviction. Time will tell, but don’t forget this is a savings technology, and not a get rich quick scheme.
As a summary note..
The Lightning Network has really ramped up bitcoin’s adoption. Matt Ahlborg, shared some interesting trends on Bitrefill’s data of how Emerging Markets are leading the way.
92% of all payments to Bitrefill are riding lightning rails, a nurtured growth from Bitcoinbeach and Strike.
Brazil has 39% of lightning payment shares (through bluewalletio)
Nigeria 33% of Lightning payment shares (through BundleAfrica)
Followed by South Africa, Ghana, and Venezuela.
When your local currency is crumbling, you are left with no option but to find an alternative. Bitcoin offers an alternative to these countries, it brings hope to their communities.
Bitcoin is the most scarce asset that has ever existed, it can not be confiscated, censored, or debased. It doesn’t require you to have an ID, open a bank account, or cares about your nationality. The majority of people hasn’t realize that yet, so if you are reading this, you have an edge, you are early. Take action on the biggest opportunity in front of you, further educate yourself and stack accordingly.
Have a great weekend niblings.
Stay humble & stack sats.
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