2022W20 - WTF happened in Bitcoin this week?
Bitcoin is financial inclusion.
TLDR: Bitcoin showcase adoption and inclusion to 44 countries in El Salvador, Adoption’s Rate increases, NFL player takes his whole salary in Bitcoin, and more.
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.
This week has been an interesting one. Despite the markets and bitcoin’s price having another consecuitve red week, I have never seen such an amount of bitcoin related news in terms of adoption and development in a single week.
El Salvador hosted an annual event where the focus lies on financial inclusion and banking the unbanked, where 32 central banks and 12 financial authorities from 44 countries met and experienced the evolution, inclusion, and attractiveness for tourisim that Bitcoin has allowed in the country since it has been accepted as legal tender.
Compared to the G20 meetings, this one seemed to be a hands on one, where the leaders blended in El Zonte’s community, visiting the Bitcoin Beach project and experienced the easyness of joining an open monetary network, and being able to pay on every shop from their own bitcoin wallets.
This is how financial inclusion looks like, and bitcoin seems to be leading with example.
THE NEWS!
1. On Monday, El Salvador Central Bank, hosted the Digital Financial Services Working Group and SME Finance Working Group, where 32 central banks and 12 financial authorities from 44 countries met on regards of achieving financial inclusion and banking the unbanked through Bitcoin’s digital economy.
Financial inclusion
Digital ecoomy
Banking the unbanked
Bitcoin, its rollout and benefits in El Salvador.
2. MicroStrategy’s newest CFO confirmed the company will not be selling its bitcoin and has not received pressure from stakeholders to sell in a recent interview.
The company owns 129,218 bitcoin in their balance sheet.
3. Nomura Holdings, japan’s largest investment banking broker, began trading bitcoin derivative contracts this week including options and futures citing increased institutional demand.
Also announced the company is set to launch a subsidiary focused on institutional bitcoin and cryptocurrency products.
4. A bill banning bitcoin mining, authored by the communist party in Norway, was struck down by a majority vote in the Norwegian parliament.
5. Coinsource, one of the largest bitcoin ATM providers in the U.S., has announced a partnership with Kwik Trip convenience stores that will see 800 ATMs installed in Midwester Kwik Trip gas stations.
6. Texas Pacific Land Corporation, one of the largest landowners in Texas, Mawson Infrastructure and JAI Energy have partnered in West Texas for a 60 MW bitcoin mining venture.
7. B3, the Brazilian stock exchange, will begin trading bitcoin futures contracts within the next three to six months and hopes to offer crypto-based services.
8. Pnkfrg a new mobile gaming studio building on Bitcoin’s Lightning Network, has just raised $3 million to develop games targeting a F2P circular creator economy with a casual experience.
9. CoinCorner released the Bolt Card, a contactless NFC card that works similar to the tap function for Visa, but on the Bitcoin Lightning Network.
10. MAX and Isracard, two Israel-based credit card companies, will offer separate credit cards that provide bitcoin cashback and allow the purchase of bitcoin.
11. Primer, an automated payments infrastructure platform servicing over 30 countries, partnered with OpenNode to enable one-click payments with bitcoin.
12. Swiss luxury watchmaker TAG Heuer is now accepting online bitcoin payments in a partnership with BitPay.
13. Alex Barrett, defensive lineman for the San Francisco 49ers, has officially partnered with Bitwage to receive 100% of his paycheck in bitcoin.
14. BitMEX has released a spot exchange allowing the company to offer direct access to bitcoin and other cryptocurrencies instead of only trading derivatives.
15. Denis Manturov, Russian minister of industry and trade, explains that legalizing bitcoin and other cryptocurrencies as payment will happen given time.
16. The Schools and Bitcoin Project in Argentina seeks to educate high school students on the importance of Bitcoin starting with 4,000 students across 40 schools
17. Plan ₿ summer school is an opportunity for those interested in bitcoin and business to learn the ins and outs of the ecosystem and developing real world solutions
FUNDAMENTALS
Despite the price oscillating near $30,000, or about -57% from the all time high, the determination and belief of the network’s long-term holders has never been more positive. Just today, the network’s bitcoins sitting in a wallet for more than a year hit a new high with 65.4% of the value, signaling their confidence and need for a decentralized digital kind of money. The disparity between this adoption rate and a current low price, has never been higher, meaning to me, that we are sitting in such great opportunity of accumulation.
As a summary note..
Inflation is spiking up in many countries, we all are experiencing its effect and repercussions regardless of where we are living. This week another country falls into default, and inflation its expected to kick in harder, as people lose the trust of the currency they use on a daily basis.
People often thing: “This can’t happen to me..” Or “My country’s currency is better than that one”. But let’s not kid ourselves. Our monetary policies have been left loose and there has been unprecedented “money printed” on the last two years, debasing the value of our savings. Even developed countries are seeing outrageous effects.
Although bitcoin hasn’t proven to be a hedge to inflation on the short-term, it still a growing technology competing with the current financial system just by being harder kind of money.
In my point of view, it is a long-term hedge against currency debasement, and it has proven to be so for 13 years.
Have a great weekend niblings.
Stay humble & stack sats.
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