2022W38 - WTF happened in Bitcoin this week?
Bitcoiners aren't willing to sell.
TLDR: Fed raises interest rates, MicroStrategy accumulates more bitcoin, Banks are integrating bitcoin, Lightning reaches ATH in capacity.
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 markets have not been looking good this week after the Federal Reserve raised rates again after the awaited FOMC meeting. After raising 75 basis points (0.75%), Jerome Powell’s laid out his intentions to continue to raising rates throughout the rest of the year, in an attempt to fight inflation.
Naturally the stock market big hit, and bitcoin was no different. The market expectations are looking dire, at best. Bitcoin is lately heavily correlated to S&P and treated has been treated as a risk asset, for which many people are thinking somewhere between these lines:
"Buying under $17,000”
"Buying under $15,000”
"Buying under $10,000”
…
Will it reach really those levels? Unsure. But I would place my bet together with the hodlers, as bitcoin reaches a new all time high in long term held supply.
A total of 65.87% of the current bitcoin supply has not moved in more than a year, despite experiencing wild swings up to $69,000 and lows around $17,500.
It is easy to get rushed by emotions, but logically speaking: it is the first time there is a digital asset which we can verify its supply and it is limited. It seems people understand more and more this notion and are willing to embrace its volatility.
I know I am.
THE NEWS!
1. MicroStrategy bought the dip, purchasing 301 bitcoin for about $6 million between Aug. 2 and Sept. 19. Holdings now top 130,000 BTC.
2. THNDR Games, a bitcoin-only gaming company has launched Club Bitcoin: Solitaire, a new solitaire-style mobile game that allows its users to earn bitcoin while playing.
3. Signet Fedimint instance goes live for public testing.
4. Riot and Blockware Solutions released a report on how bitcoin becomes a medium of exchange. The report explores what Bitcoin needs to achieve in order to scale Bitcoin transactions to seven billion people and what the process looks like over the next 20 years.
5. Royal Family of Dubai Company Seed Group will help CoinCorner expand their operations into the UAE and access top decision-makers in the government as well as private sectors.
A large number of companies are ready to embrace bitcoin as legal tender for transactions - Royal Family of Dubai company CEO
6. Societe Generale, French banking giant, said its new suite of services geared to asset managers facilitates the creation of bitcoin and cryptocurrency funds under European law.
7. Israel grants its first bitcoin, crypto trading license to local exchange Bits of Gold, after a legal framework revamping in 2016.
8. Bahrain’s central bank approved a partnership between EazyPay and Binance enabling 5,000 POS and online payment gateways to accept bitcoin and crypto.
9. Striga is the first VASP to be approved since Estonia enacted a new legal framework restricting service providers in the bitcoin and crypto ecosystem.
10. DBS Group Holdings, Singapore’s largest bank, to offer Bitcoin to 100,000 more clients to meet increased demand
11. Russian regulators have agreed on a draft bill saying that using bitcoin and cryptocurrencies is necessary for international trade amid the current climate.
FUNDAMENTALS
12. Lightning reaches a new all-time-high in capacity, signalling adoption despite current dire macroeconomic environment.
12. LN Markets validates the exponential growth of their Lightning Node, doubling the amount of bitcoin forwarded each year.
As a summary note..
Lightning is clearly growing. On last week’s issue, I shared with you about the Philippines’ Boracay (Bitcoin) Island, which was sharing how they had more than 100 merchants accepting bitcoin.
In just a week time, they’ve shared their milestone reaching 150 merchants accepting Bitcoin, and many donations were received by the community to allow them to pay higher wages to their crew.
This is an example of the potential of bitcoin. It has experienced exponential growth already in a couple of towns, such as Bitcoin Beach, and now Boracay, showcasing that all that is needed, is the will and support of the bitcoin community. Changes don’t happen by themselves, we need to push for the ones we want to see in our lives. Let’s push together for hyperbitcoinization.
Have a great weekend niblings.
Stay humble & stack sats.
Want to learn how to buy bitcoin?
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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Lightning Address: rustybeam47@walletofsatoshi.com