2022W28 - WTF happened in Bitcoin this week?
Bitcoin is in accumulation phase.
TLDR: The accumulation is strong from small players, Public Miners connecting more machines, Sport’s Teams building partnerships involving bitcoin.
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 in particular was not a “hot” one in terms of political news or big company’s adopting a bitcoin standard and adding it to their balance sheet. One could even say, that many bitcoiners might feel to have had failed expectations as the price not only didn’t reach highs of $100,000 by end of 2021 (as expected), but even dropped under a previous emblematic point which was the high of 2017, ~$20,000.
But our feelings are not a representation of the truth. Even though the current “depressing” price action of Bitcoin lately, many believers find themselves accumulating bitcoin as hard as possible during these “big discount”.
Despite the low prices:
There is all time high in addresses containing more than 0.01 bitcoin
All time high in addresses containing more than 1 bitcoin.
All time high in channel capacity in the lightning network with more than 4,200 bitcoin.
Even though bitcoin’s growth might seem to be inevitable at this point, it might be important to remember and have a reality check, that this is a financial revolution. Big changes do not just happen in a day, and bitcoin is in a multi-year fight against multi-year institutions; the central banks.
“Rome wasn’t built in a day.”
THE NEWS!
1. CleanSpark purchased 1,061 Whatsminer M30S machines, adding 93 petahashes per second (PH/s) of computing power to its mining capacity.
2. EQONEX Limited launched a physically backed bitcoin ETN for German investors which will allow free bitcoin redemption and low management fees.
3. The New York Yankees will leverage Bitcoin fintech NYDIG’s platform to allow its employees to convert part of their salary into bitcoin.
4. Spanish football giants Atletico Madrid have signed an official kit sponsor deal with Bitcoin and crypto platform WhaleFin.
5. 175,000 ATMs will be Bitcoin enabled through DigitalMint and Hyosung America.
6. 51% of Saudi investors in Bitcoin and crypto believe it is the future of finance.
7. Warrior Buds Cannabis Dispensary in Québec, Canada now accepts bitcoin payments.
8. The biggest Bitcoin whale address just added 1,480 BTC to its stack this month. It’s currently holding 132,883 bitcoins with a value of ~$2.7B.
9. Local meetups are implementing bitcoin mining lending programs to give members a chance to try home mining and learn about the Bitcoin network.
10. PicPay, the largest payments app in Brazil, is launching a cryptocurrency exchange where its 65 million users can learn about and buy bitcoin.
11. The banking arm of the Swiss post office and fifth largest Swiss retail bank is set to launch bitcoin trading and custody services by 2024.
12. Adoption in Costa Rica is spiking up, as business adopt bitcoin & lightning..
13. The Bitcoin Lightning Network reaches a new all time high in adoption and capacity as it exceeds 4,200 Bitcoin.
14. The rate of addresses containing more than one bitcoin, has spiked up in an exponential manner and reaching a new high. The last time this happened during a price downtrend, was at the end of the bear market in the beginning of 2016. One way of interpreting this, is that an increasing number of individuals recognise the value of having non government digital money which can’t be easily censor or confiscated. And they seem to be taking advantage of having a big discount.
With love,
Uncle Bam.
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.
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cherryskate01@walletofsatoshi.com