2022W32 - WTF happened in Bitcoin this week?
There will only ever be 21 million bitcoin.
TLDR: BlackRock wants to take your bitcoin, Nigeria is waking up to the benefits of bitcoin & mining.
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 one of the captivating news coming out in the space, was the increasing interest of BlackRock to enter the bitcoin space. The multinational investment management corporation, has changed their mind from “index of money laundering”, to become full advocates for the digital asset. With $10 trillion in assets under management, a little 1% of their portfolio could mean a 20% of bitcoin entires market capitalization.
While many traders or macro experts out there are advocating for potential new lows of bitcoin, some seem to forget its inelastic supply, that there will only ever be 21 million bitcoin. It only takes one big player to decide taking a lot of bitcoin off the table, and many not willing to sell, for the price to increase exponentially.
Now I am not saying or guaranteeing that this will have a short term positive impact on the price, as we all must know by now that bitcoin is volatile. Nevertheless, we should be aware that bitcoin is has shown its resiliency and it is here to stay. The risk of waiting for lower prices, could lead us to not only miss out this great opportunity, but even to the strong bias of an eternal feeling of “I missed it, I’ll buy when its cheaper”, and keep us reluctant of buying.
Knowing this, the best strategy is to patiently dollar cost average, and enjoy the ride.
”Bitcoin is artificially designed to appreciate forever” – A wise bitcoiner
NEWS!
0. BlackRock Inc., the world's largest asset manager with more than $10 trillion of assets under management (AUM), has launched a spot bitcoin private trust enabling direct BTC exposure for its institutional clients.
1. Strike announces its new Visa card, with rewards for the real world.
“Now, you can get your
direct deposit, get paid in Bitcoin,
buy Bitcoin,
send and receive money with friends,
spend your money anywhere with Apple Pay® and Google Pay™,
and earn instant rewards while spending,
all with no added fees. One app.
The dream financial experience..” - Strike
2. Vespene Energy, a methane mitigation company providing bitcoin mining infrastructure, has just closed a $4.3 million funding round led by Polychain Capital in order to launch net carbon-negative bitcoin mining.
3. Voltage, a Bitcoin infrastructure provider, has released a new way to acquire inbound liquidity in order to create a Lightning node. With just one click, users can get 500,000 sats of inbound liquidity.
4. Motiv Inc, an NGO, announced 16 circular bitcoin economies are operational In Peru after establishing educational material empowering the financially excluded communities.
5. Entrepreneurs in Nigeria are building on the country’s growing interest in BTC and establishing Bitcoin Village, a safe haven for Africa.
“Jeremy Garcia and Oluwasegun Kosemani are working to build the first ever Bitcoin Village in Nigeria, a nation with one of the highest inflation rates and rate of cryptocurrency adoption. They plan to power it with solar energy, mine bitcoin onsite, educate the local community on Bitcoin and create a synergy of Bitcoin Core development with a STEM lab.”
6. OpenNode, a Bitcoin infrastructure provider, has partnered with eCommerce platform Launch Cart to enable any eCommerce business leveraging Launch Cart’s platform to accept bitcoin as payment.
Launch Cart is a software-as-a-service (SaaS) company looking to lower the barrier of entry for businesses and consumers alike to interact with eCommerce as easily as possible with low upfront costs.
7. Vinteum, launches and will provide educational onboarding and funding for Bitcoin developers in Brazil and globally furthering Bitcoin’s decentralized global nature.
8. Day To Day Hypermarket, Dubai based retail giant, will accept bitcoin & cryptocurrencies in both physical branches and online stores.
9. Interactive Brokers, major US broker, now allows customers to trade bitcoin 24/7 instead of normal banking hour
10. Mercado Libre, one of latin America's largest retailer, plans expand its Bitcoin offer to more if its users, potentially enabling 38 million users to purchase Bitcoin through their Mercado Pago app.
11. PicPay, a Brazilian payments app, now allows 30 million users to buy bitcoin.
MINING
12. CleanSpark acquires 86 MW Mining Facility. The location has 36 MW currently available and can scale up to 86 MW and the company purchased an additional 3,400 Antminers adding 340 PH/s to its hash rate.
13. Genesis Digital, a U.S. based bitcoin miner, seeks to create over new 600 jobs and scale beyond its already secured 708 MW capacity.
LIGHTNING
14. Lightning Network capacity continues hitting new all-time-highs of over 4,500 BTC!
As a summary note..
Adoption in Nigeria seems to be ramping up. The country seem’s to be under massive bitcoin influence & education, where people are coming together and supporting the local projects and better the local communities infrastructure & teach the benefits of bitcoin. In a place where inflation has remained high for long periods of time, and the access to foreign currencies or remittances are a struggle, bitcoin proves its value & ease of use.
It seems that people are getting more intrigued by the day, and there has been a big push for developing self-sustainable communities through bitcoin mining, as it has availability of resources, but a lack of infrastructure & knowledge, which is now being work on.
Great things are coming!
Have a great weekend niblings.
Stay humble & stack sats.
Supported by:
How to buy bitcoin? (With Relai through Revolut)
Referral: BAM
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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Love
Especially happy to see 7,10,&11. Bitcoin adoption can be propagated by improvements at the front-end, especially in countries that need it the most.