2022W22- WTF happened in Bitcoin this week?
Bitcoin is optimism.
TLDR: Lower income countries are optimistic about bitcoin, Kenya and Oman see value in Bitcoin mining. Russia thinking about accepting bitcoin for international payments.
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 I want to dive in on the topic of adoption. Block Inc. just recently released Bitcoin: Knowledge and Perception, a report detailing a survey of 9,500 participants in 14 countries across Americas continent, Europe Middle East, Africa (EMEA), and Asia-Pacific (APAC) with the purpose of addressing common misconceptions about bitcoin.
The report was divided in three areas:
People see promise in Bitcoin for a More Equitable economy
Education is Key: Optimism and Participation
Bitcoin stands out among cryptocurrencies.
One of the most interesting takeaways for me was the who buys bitcoin and the reason they do. Which in general, lower income countries lean more into utility reasons, such as sending money or purchasing goods, while higher income countries do it more for investment purposes.
For instance, lower income and higher remittances as a % of GDP countries, and higher are the ones who see the value the ability of “having an easy way to send money”
The questionary showcases how education might be one of the biggest factors in terms of adoption, as the more knowledgeable the person felt regarding the topic, the more likely they leaned towards purchasing Bitcoin in the next year.
The current living standards play a big role on the motivation to learn about the technology, which turns into long-term optimism for Bitcoin’s outlook. No wonder why, Nigeria, India, Vietnam, Argentina and South Africa have the highest optimism among the interviewed group.
THE NEWS!
1. Crusoe, a Denver-based bitcoin mining company, is deploying equipment to capture flared gasses in Muscat, Oman.
2. Kenya’s largest energy producer, plans to deliver excess geothermal energy to bitcoin miners in the region.
“We have the space and the power is near, which helps with stability,''– Peketsa Mwangi, KenGen's geothermal development director,
3. Russia’s Ministry of Finance is ‘actively considering’ the use of digital currencies for international payments, a government official reportedly said.
4. Goldman Sachs is reportedly looking to integrate services with Bitcoin and crypto exchange FTX.
5. Towerbank, a top 30 bank in Panama, just announced bitcoin friendly services at an event hosted by the Chamber of Digital Commerce and Blockchain of Panama.
MINING
6. Bitzero is planning to build their central headquarters for bitcoin mining operations in North Dakota valued at $500 million.
7. Bitfarms reported their monthly operations for the month of May, where they:
Mined a total of 431 BTC valued at $16.6 million
Deposited 429 bitcoin into custody (99%)
And now holds 6,075 BTC valued over $192.5 million.
8. Cleanspark reported their monthly operations for the month of May, where they:
Houses over 25,000 of the latest generation of bitcoin miners
Produced 312 bitcoin valued at $9.4 million.
Has produced a total of 1,523 bitcoin.
Holds only 550 bitcoin in custody.
FUNDAMENTALS
It looks like Canada has been relentlessly taking advantage of these low prices as their Bitcoin spot ETF, Canadian Purpose, has now added 11,350 bitcoin in the last 30 days. becoming the most aggressive increase since their inception.
Additionally the Lightning Network keeps developing, innovating and gathering more capacity, helping Bitcoin to become a better medium of exchange. The Lightning Network now has over 3,900 bitcoin, and close to reaching 4,000.
As a summary note..
El Salvador reported having received 521,000 tourist and leaving more than $352.7 million during the first quarter of 2022. The number is huge compared to previous year, indicating that the number will likely double for 2022 compared to 2021.
Hard to prove, but bitcoin might have played a big role for this outcome. As El Salvador made Bitcoin legal tender in September 2021, not only many bitcoiners have been visiting and planning their visit to get the “bitcoin” experience, but the country made headlines in mainstream media both supporting its decision, but mainly criticising it, such as the non-stopping efforts of the IMF to make El Salvador reconsider.
Nevertheless, the decision of going into a bitcoin standard, and buying bitcoin for the country, while their investment might be underwater in the short term, few talk about the huge benefit it did for the country in terms of tourist attraction, which is money flowing in directly to the population.
Would this be an incentive for more countries into adopting the bitcoin law? We shall see..
Have a great weekend niblings.
Stay humble & stack sats.
Supported by:
How to buy bitcoin? (With Relai through Revolut)
If you are in Europe, I made a pretty simple guide with 3 steps, which avoids you having to set up an account on an exchange, give them all of your personal information, plus custody of your funds.
Did you find value on this? You want to contribute to Uncle Bam?
Then feel free to donate, a cup of coffee would be highly appreciated.
But more importantly, share this with your friends and family..
Lightning Address:
cherryskate01@walletofsatoshi.com
Thanks my dude