2022W7 - WTF happened in Bitcoin this week?
Bitcoin fights financial control
TLDR: Bitcoin adoption is growing, SEC filings are trending up, Oil&Gas is entering the space, European countries are becoming friendlier to 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.
As bitcoin adoption gradually increases all over the world, the voices trying to hold it back will probably get louder as well. It has been a little more than 6 months since El Salvador adopted bitcoin as legal tender, allowing their people to interoperate seamlessly between the Bitcoin Network and the legacy financial system through U.S. dollars.
This week Nayib Bukele, published a response to United States Senate Committee on Foreign Relations as they critizised El Salvador’s decision to make bitcoin legal tender by adjucating that they raise concerns about the economic stability and financial integrity of a the country.
The reality might be found if we read between the lines.
This is not a fight against money laundry, this is about the control and the power that comes with being the World’s currency reserve, and it is clear that the U.S. do not want to lose the benefits that comes within it.
And this is how the week started.
1. Ukraine legalizes Bitcoin, the country’s parliament backed in final reading an updated bill to legalize bitcoin and cryptocurrencies.
2. Spain’s Central Bank approves the country's first Bitcoin and crypto services provider
3. Bulgaria Stock Exchange introduces Bitcoin and Ethereum ETNs, allowing local investors to place bets on the price movements of the asset.
4. Drake, the award-winning rapper bets $1.3 million worth of bitcoin on the Los Angeles Rams and its wide receiver Odell Beckham Jr.
5. Bitcoin Miner Merkle partners with Bitmain for 500 MW farm to host 150,000 mining rigs.
6. Titan, a bitcoin mining pool company, raises $250,000 in private equity from Digital Finance Group (DFG) with the objective to increase their efficiency and scalability.
7. Public Bitcoin miners to sell $800 million in stock as shareholders want them to HOLD bitcoin.
8. Stattrak, Esports fantasy league mobile platform, teams up with bitcoin gaming company ZEBEDEE to launch BTC rewards.
9. BitMEX adds Taproot support, allowing users to send and withdraw from the exchange with lower fees.
10. Max Keiser and Stacy Herbert launch El Zonte Capital, a new capital fund aiming to achieve hyperbitcoinization so that anyone around the world can benefit from a borderless, censorship resistant and natively digital system for transacting value.
“El Zonte is hyperbitcoinization. Hyperbitcoinization is economic freedom, and hyperbitcoinization is our main investment thesis” - Keiser
11. Fidelity International launches a bitcoin exchange-traded product (ETP) on the Deutsche Boerse, carrying a 0.75% fee.'
12. Berkshire Hathaway bought $1 billion in shares of a Brazilian Digital Bank (and presumably bitcoin-friendly) Nubank, and decreased their positions in Mastercard and Visa during the fourth quarter of 2021, according to an SEC filing.
13. Chris Sununu, Governor of New Hampshire, signed an executive order to institute a commission to research Bitcoin and its current legislation status in the country and in the state.
14. US. Congressman Warren Davidson introduces the "Keep Your Coins Act", to protect the ability to act as self-custodian and conduct peer-to-peer transactions.
15. Governor of Colorado, Jared Polis, announced that the state will soon start accepting bitcoin as payments for taxes. The plan would enable bitcoin and cryptocurrency payments for other state-related fees in the months following the tax roll out, making it possible soon enough for residents to pay even for their driver's license with bitcoin.
16. With its Bitcoin pilot, ConocoPhillips is both monetizing energy that would otherwise be wasted and reducing its emissions, by selling extra gas to miners.
17. Swan Bitcoin launches Bitcoin 'Canon', a new platform of educational Bitcoin content.
18. The FBI is launching a new unit for ‘virtual asset exploitation’, focusing on blockchain analysis, cryptocurrency seizures, and staff training.
FUNDAMENTALS
There is a clear trend of the Institutional adoption which could be represented by the number of filings for institutional bitcoin products. This can only be backed up by popular demand, even thought the price doesn’t look so optimistic to many, the trend is clearly pointing north, we are clearly still on early stages.
As a summary note..
On the last weeks, the FreedomConvoy of Canada, had raised money through crowdfunding services only to be censored by the Government. This week an emergency act was proposed which would allow government to freeze accounts and financial assets to people who are directly protesting or aiding protestors. In response, the bitcoin community raised close to a million dollars worth of bitcoin, and handouts are starting to be made.
It is beautiful seeing Bitcoin bettering the lives of many who fight for freedom. Bitcoin benefits billions of people living under financial systems which might not have their best interest on hand, by simply allowing them to have freedom of transacting value without intermediaries or censorship.
Have a great weekend niblings.
Stay humble & stack sats.
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