2022W8 - WTF happened in Bitcoin this week?
Bitcoin is transportable wealth
TLDR: Ukraine recieves donations in bitcoin, People use it for escaping the country, Jurisdictions pushing for friendlier regulations, Adoption continues trending up.
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 has been a sad one, as an invasion from Russia on Ukraine’s land was reported on the morning of Thursday 24th. As Ukraine woke up finding their country under attack by a foreign power, many citizens have been fleeing the country as fast as they could.
We have been talking about how bitcoin helps citizens to protect their wealth in cases of bank runs and censorship. We know bitcoin is the best insurance and the easiest way to move capital across borders when shit hits the fan, but we never expect this could happen to us, or lately the news we see somehow feel kind of distant. This time is different, for many of us living in Europe, Ukraine is a neighbor country so it feels closer this time.
As many attempted to escape, they encountered with bank’s ATMs not working and international transactions not going through. In these times of need, bitcoin saved a boy’s life allowing him to transfer his wealth across borders. With a quick escape, the story relates how a man and his girlfriend quickly took their most needed belongings including laptops to be able to work remotely and drove to Poland in hopes of escaping the uncertain times their country is going through.
For this couple, bitcoin, although still volatile, allowed them to not lose complete custody of their wealth. With only a usb, and a couple of words written in a piece of paper, they were able to successfully escape without finding themselves in a position of starting from scratch after being forced to leave everything behind, as many people probably did.
And this is how the week started.
About Ukraine:
1. Over $4.4 million in bitcoin have been donated on Thursday to one of the largest organizations supporting the Ukrainian military, “Come Back Alive”. The address which received the funds is now holding more than 147 bitcoin, amounting to over $5 million dollars at the time of writing.
2. Ukraine’s largest English-language newspaper, The Kyiv Independent, is accepting Bitcoin donations
3. Bitcoin and crypto trading volume on Ukrainian exchange Kuna surged over 200% on Thursday 24th.
4. Bitcoin trading reached over $50,000 per coin in local bitcoins in Ukraine.
5. FTX, a leading bitcoin and cryptocurrency exchange, gave $25 to each Ukranian to show support.
6. Journalists bought a car with Bitcoin to cover the war in Ukraine.
Geopolitics:
7. Nuevo Léon senator, Indira Kempis, seeks to introduce legislation to make bitcoin legal tender in Mexico.
8. El Salvador has $500 million in verbal commitments for its volcano bitcoin bond. An extra $5 billion in more bonds could follow.
9. Illinois, Georgia want to give tax cuts for bitcoin miners.
10. Ottawa court freezes $20 million in cash, bitcoin donated to truckers.
11. California Senator filed Bill 1275. The new bill would allow California state agencies to accept bitcoin.
. The Brazilian Senate's Economic Affairs Committee (CAE) approved a bill to acknowledge and regulate the bitcoin and cryptocurrency markets in the country.
. Russian's Ministry of Finance bill comes after the government gave the green light to Bitcoin regulation, disregarding the Bank of Russia’s concerns.
. FED bans its officials from trading bitcoin, stocks, and bonds.
More News:
12. Bitfarms adds another source of non-dilutive capital. Under the terms of the financing agreement, the company entered into an equipment loan for the recent purchase of, and is secured by, 6,100 Bitmain S19j Pros for a total of US$32 million.
13. Everbowl, the California-based business, will let employees get paid in bitcoin to provide an alternative savings vehicle for its employees.
14. Cash App said it generated $46 million of bitcoin gross profit during the fourth quarter of 2021 — 14% year over year.
15. Sling TV is now accepting bitcoin payments for their personalized television streaming services.
16. ConocoPhillips is reducing gas flaring by using bitcoin.
“The process reduces CO2-equivalent emissions by about 63% compared to continued flaring, according to research from Crusoe.” - CNBC
17. Chef Marvin Gauci is setting up a Lightning terminal to receive bitcoin lightning payments in all of his restaurants located in Malta and Budapest. He has accepted bitcoin since 2018.
Fundamentals:
Miners keep holding their position, and the trend of their bitcoin holdings doesn’t yet seem to change into becoming sellers.
As a summary note..
Every dip there is, is a dip worth buying. There is only 21 million bitcoin that will ever exist.
For 7.75 billion people to have the same amount of bitcoin, each would have ~200,000 sats.
For 56.1 million millionaires worldwide to have the same amount of bitcoin, each would have ~37.4 million sats.
Dips are an opportunity to accumulate and own a higher percentage of the entire network. Don't let a good dip go to waste.
Have a great weekend niblings.
Stay humble & stack sats.
Supported by:
How to buy bitcoin? (With Relai through Revolut)
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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