WTFBitcoin Week 11, 2023
Bitcoin shines as the solution.
TLDR: Bitcoin goes back to $27,000. Outlandish prediction of $1m per bitcoin in 90 days, Donations to HRF and authors and more..
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.
So we are back over $27,000 for the first time since almost a year! After a full year of down trending price, it does feel good to see the price rising and “to feel our thesis being validated”.. while on parallel, banks are breaking apart.
If you are not so aware of the news happening on the Financial Markets in the last couple of days, we could summarise it in one sentence: “Banks fucked up and were hurt by buying what is considered the safest asset on earth: bonds”.
As the Government and Federal Reserve fought to tame inflation by aggressively rising rates, well it didn’t do so well for the bonds bought by banks when the rates were lower, and even promised to “Not be even thinking, about thinking on rising rates”.
But ultimately, they did. The signs were there, they lied and got all banks to buy government bonds when the yield was really low.. And now they have to rescue them as they don’t have enough liquidity to cover people’s withdrawals.. And just like that, within a week, the efforts of a couple of months were completely erased..
As they try to play the manipulation games, with this enormous raise of liquidity, the price to pay is the loss of people’s trust in the currency and the financial system in general, and this is where bitcoin comes in.
I might be wrong, but it seems that this is officially the beginning of a new bull run, a different one where besides the bitcoin fundamentals and the halving coming closer, we’ve seen that people are actually buying bitcoin to avoid counter-party risk. If the banking system continues to destabilize as bitcoin continues to rally, it could get wild. It could be like a run on the banking system itself.
Money in the bank, is not your money. It’s a debt the bank has towards you, and they can decide to pay it or not.
Bitcoin, on the other hand is freedom money.
Now lets get on the bitcoin news 🗞️🗞️!
THE NEWS
1. Bitcoin is looking healthy & strong this weekend. Michael Saylor shares its performance ever since MicroStrategy, his company, adopted the bitcoin strategy.
2. Balaji, entrepreneur and former Coinbase CTO, launched the BitSignal, and is offering $1000 to 1000 chosen winners, who submit why a tweet with charts, graphs, stats and memes about the awareness of the current financial situation and why Bitcoin fixes this.
3. Additionally, Balaji predicts hyperinflation is about to come, and is having a $2 million bet, predicting bitcoin will reach $1 million within 90 days. (88 days left).
4. Lionel Shriver, the author of the Mandibles, a book about a dystopian future where the US dollar suffers hyperinflation, had been set up with a bitcoin wallet and received more than 1.2 bitcoin of donations. (Go listen the episode in Citadel Dispatch with Mat Odell if you haven’t yet)
5. Taproot Wizards inscribed 2085 wizard images in February, and gave them to their community if fulfilling certain requirements. To avoid bots, they asked a $2 (later raised to $10) donation to the Human Rights Foundation via Lightning. More than $20,000 were donated from 5,800 LN payments, from mostly new users. People were amazed.
6. Larry Fink, BlackRock CEO, describes Digital Assets Advancement in Annual Shareholder Letter. It highlights the growth of Bitcoin and cryptocurrency usage in India, Brazil and parts of Africa and describes how “dramatic advances in digital payments” are “bringing down costs and advancing financial inclusion.”
7. Fidelity Investments opens bitcoin trading to public, allowing 37 million customers to access this new possibility.
8. In Wolf's Clothing, the first-ever startup accelerator dedicated to Lightning, announced its selection of eight teams for its inaugural cohort, Wolfpack 1.
9. El Salvador launches Cubo+, an educational program aimed at producing elite Bitcoin and Lightning developers.
10. The Lightning Network, enables crowdfunding from people all over the world. A video producer received over 48 donations from 500 to 90,000 sats to fund his Guatemala Bitcoin Lake video trip
11. Bitcoin mining company Luxor Technologies has launched an Antminer-compatible firmware designed to maximize miner efficiency.
12. The Bitcoin Miner game, by ZEBEDEE, suppresses 1 million players. In other words, more than 1 million players have been presented with the opportunity to acquire bitcoin.
13. The bank runs and government response to the situation keeps waking people up, and they all end up in the same realization: “Bitcoin is the solution”.
15 year old got her first payday in Bitcoin amounting 100,000 sats. This is some real proof of work.
by Anita Another shop gets onboarded in Bitcoin Ekasi. People seem so stoked!
FUNDAMENTALS
Even with all these strong price movements, long term hodlers, or addresses over 6 months old, now have 73% of the total supply.
A bit of hopium doesn’t hurt once in a while. Here is a chart shared by Willy Woo, where his “mysterious” indicators mark the beginning/confirmation of good times ahead.
Have a great weekend niblings.
Stay humble & stack sats.
Buy Uncle Bam a cup of coffee ☕ or a nice ribeye 🥩 <3
Lightning Address: rustybeam47@walletofsatoshi.com
Lightning URL: LNURL1DP68GURN8GHJ7AMPD3KX2AR0VEEKZAR0WD5XJTNRDAKJ7TNHV4KXCTTTDEHHWM30D3H82UNVWQHHYATNW3UKYETPD56RWT9G2XF
Bring that hopium ser