2022W33 - WTF happened in Bitcoin this week?
Bitcoin is for helping people.
TLDR: Paying with Bitcoin, Bitcoin for Charity, New ETF, Miners seem to have capitulated.
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.
The price has not been looking nice this week, but I have to say that for the first time I had the opportunity to physically purchase something with bitcoin, buying a delicious dinner in Thrilla in Manila.
Even though the owner didn’t yet know about Lightning, and I had to make an on-chain payment and type the amount of sats that she told me to, she seemed pretty excited to have the first customers (a friend and I) to actually pay for the food in bitcoin.
From our side, it was great having being a part of this, as we are trying to push the adoption in our social circles. It is often said that bitcoin is supposed to be accumulated only, but having the opportunity to spend it, proves its use case, and broadens its adoption. It allows the receiver end to get some Non-KYC bitcoin, while showing everyone else around (in the queue) that people are actually using it, and even looking for the opportunity to do so.
The more people wanting to pay in bitcoin, the more businesses will be looking for adopting it, as it turns into a marketing move, where the optionality attract bitcoiners to certain places where they can cooperate and be part of the adoption.
And so, one day, it’ll be mainstream to pay with bitcoin.
THE NEWS!
1. Bitcoin Ekasi, a one year journey. Modeled after Bitcoin Beach, a South African township attests to the opportunities of a bootstrapped bitcoin economy.
The project has its origins way back from 2010 as a surfing school for kids and is now in the process of transforming the whole township into a circular and self-sustained Bitcoin economy.
2. The Built With Bitcoin Foundation has built a water well in Nigeria which will provide 1,000 villagers with drinking water and quality bitcoin education.
3. Ukrainian tech retailers Techno Їzhak and Stylus now accept bitcoin online and in-store as demand for bitcoin as a daily currency grows amid war efforts.
4. Revolut wins approval to offer bitcoin, crypto to 17 million users across EEA.
5. Broker XP, Brazil's largest broker with 3.6 million users, just launched bitcoin trading services.
6. BTG Pactual has launched Mynt, a new exchange for bitcoin and other cryptocurrencies in Brazil focusing on education in the ecosystem.
7. Bitmain and the Antpool mining pool are partnering with Antalpha to finance low-cost loans for equipment and resource costs to weather the winter.
8. NFL team Houston Texans now accepts bitcoin for single game suites.
9. Monochrome Eyes eyes is a spot ETF in Australia. The fund’s responsible entity partner received unique licensure which will give investors more transparent and direct exposure to bitcoin through a spot ETF.
9. A partnership between Crypto.com, tech firm DataMesh and gas chain OTR is enabling customers to use bitcoin as payment in over 400 stores in Australia.
10. Spanish football club Villarreal CF has signed Bitcoin and crypto exchange Zoomex as a sponsor.
11. NYC Deputy Mayor discloses Bitcoin and crypto purchase worth up to $150,000.
FUNDAMENTALS
12. Bitcoin on-chain seems to be dominated by institutional sized transactions. This might be big players accumulating bitcoin at these prices.
“Soak it all in folks, we only get to watch this in real-time once.” - Joe Consorti
13. Bitcoin’s hash ribbons have flashed a buy signal for the first time since August 2021, marking the end of a miner capitulation period and deep pressure on miners margins. The Buy signal is captured when the hash-rate 30 day moving average (dma) crosses over the hash-rate 60dma. Historically it has been a great medium-long term indicator that the sell pressure has ended and the price is ready to recover. This does not mean the price can’t have a short term draw dawn, but nevertheless it shows signs of recovery.
As a summary note..
Bitcoiners are amazing people and kind hearted. This week we got the news from Nigeria’s water well funded by Bitcoiners, which is currently improving the lives of over 1,000 people.
Additionally, there is the case of Hodlnaut, where is openly receiving donations to fight the case in court against Craig Wright, who sue him for defamation as Hodlnaut claimed Craig was not Satoshi. Let’s be honest, would be simple proving to be Satoshi, it just takes moving funds or signing a message from a specific address.
In any case, there is some speculation of Michael Saylor having donated 47 bitcoin to the legal defence campaign.
Whether it was Saylor or not? We can’t be sure, but nevertheless, some one did. And if you want to cooperate and relief a family for what has been years of living a nightmare and drowned on legal fees, please donate to the cause.
Have a great weekend niblings.
Stay humble & stack sats.
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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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If you spend some Bitcoin that’s great but you must immediately get more to replace your stack. Rules.