2022W39 - WTF happened in Bitcoin this week?
Bitcoiners are unfazed amid the current financial chaos.
TLDR: Currencies collapse, MicroStrategy hiring Bitcoiners, Taro’s release, Bitcoiners unfazed.
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 world feels as its crumbling apart. All currencies have proven to perform more than badly against the U.S. Dollar, while inflation keeps on ramping up reaching double digits in Germany & in Europe, affecting not only our purchasing power but decimating our savings. All of our hard work is being debased, diluted.
Added to all the chaos, financial institutions have proven once again to be highly levered, and this time UK pension funds were on the brink of collapse. If not saved by Bank of England, providing newly created dollars, millions of people would have their pensions disappeared.
Institutions are getting irresponsible, and the incentives to be better are not even there. “At the end of the day, the Central Bank has our back because we have the people’s money”.
Well perhaps, its time we start taking responsibility of our own money, and store in mediums which can’t be easily debased, or confiscated.
THE NEWS!
1. MicroStrategy is looking to hire a Bitcoin Lightning Software Engineer to build a Lightning Network-based SaaS platform.
2. Fidelity’s Wise Origin buys $62.84 million worth of bitcoin, according to a filing with the Securities and Exchange commission.
3. Brink funding 11 bitcoin & lightning developers to improve the ecosystem.
4. Strike, a leading payment provider operation on the Lightning Network, closes $80 million funding round led by Ten31, for its Bitcoin payment revolution.
5. Taro’s first version was just released by Lightning Labs, allowing users to mint tokens and receive assets such as stablecoins on the Bitcoin blockchain.
6. Bitmatrix releases mainnet betta. The automated protocol will launch with new features allowing bitcoiners to create their own liquidity pools, fees, and perform trustless swaps.
7. Aspen Creek Digital Corporation, a renewable Bitcoin mining operator announces $8 million Series-A funding round.
8. Swan Bitcoin acquires Specter Solutions, a bitcoin custody provider, enabling them to service its users from the point of initial education all the way through to self-sovereignty while keeping Specter open-source.
9. The Designathon takes place October 12-23 and is taking open submission for innovative bitcoin product designs and sponsorships for participant prizes.
10. Telefónica, Spain’s largest Telecom Company, partnered with bitcoin exchange Bit2me to enable the accepting bitcoin feature on its online tech marketplace.
11. U.S. Lawmakers draft bill to allow bitcoin in 401(K) plans. The bill amends ERISA of 1974 to include digital assets under “covered investments,” thereby shielding investment managers from liability.
12. President Tokayev said Kazakhstan will give full legal recognition to digital assets if demand persists while they continue testing security concerns.
13. EU lawmakers remove "Travel rule" KYC requirements for self-custody Bitcoin wallets from draft bill
14. Find out about, The Bitcoin Lake project, preventing pollution and reusing wasted resources while providing financial autonomy to the Guatemalan community, a bitcoin circular economy.
FUNDAMENTALS
15. A new all time high this week with 65.93% of the bitcoin supply that hasn't moved in more than a year.
16. If we see this same number in a 6 month time frame, then 78% of all bitcoin has not moved in the past 6 months.
17. Lightning Network continues to rapidly grow reaching 4,900 bitcoin of public capacity.
As a summary note..
Watch out following mainstream media’s narrative regarding bitcoin & cryptocurrencies. Nowadays they would tell you that Proof Of Work is bad for the environment, and that bitcoin could be at the brink of the collapse.
Let’s not forget what the “so called experts” were saying about diversifying in the space. If we look at the performance from then, to today:
A Diversified Portfolio: $100,000 → $293,000
Bitcoin Only Portfolio: $100,000 → $448,000
Maybe bitcoin is the only thing we need bitcoin. ;)
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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