WTFBitcoin Week 14, 2023
Bitcoin experiences bullish indicators & positive news.
TLDR: MicroStrategy buys more and acquires a total of 140,000 bitcoin, Fidelity and BoA load up on MSTR shares in Q1. Miners seem to be accumulating bitcoin again. Bitcoin difficulty adjustment went up, a new financial communications app, Noones, has launched, Ark Invest shares the monthly report with bullish outlook.
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.
It's a new week, and thankfully we haven't heard any news of banks collapsing or on the brink of it. Let's be honest, the entire banking system seems to be hanging on a thread, and even several central banks, like Australia, have either officially stopped raising rates or are deeply considering it.
Despite all the turmoil, bitcoin seems to have changed from a chaotic environment to a quite bullish one. In fact, Ark Invest shows multiple indicators pointing in that direction.
The truth is, whoever got scared when bitcoin printed lows close to $15,500 is already out. But more importantly, over 65% of those who experienced those prices are still holding onto their bitcoin from when the price was $69,000. That means the current hodlers are strong and aren't letting go of their coins that easily, especially when the money in banks seems riskier than ever.
With that being said, let’s now get on the good news on bitcoin 🗞️🗞️!
THE NEWS
0. As if last week’s announcement wasn’t enough, Michael Saylor announced MicroStrategy has accquired an aditional 1,405 bitcoin at an average price of $28,016 per bitcoin. The company now holds $140,000 bitcoin, becoming the institution with most bitcoin held in reserve as its now tied together with Block.one.
The company is just shy close from reaching their cost basis of $29,803 and they do not seem to be stopping they purchasing spree any time soon. It is probably time for the people like you and me, to ramp up our accumulation, if we don’t want a single company to easily own even much more of the supply.
1. Bank of America and Fidelity purchased over $75 million of MicroStrategy stock in Q1. Let’s not forget that Jurrien Timmer, Director of Global Macro at Fidelity Investments believes that one bitcoin could be worth $1 billion by end of 2038.
2. Public Mining Companies have released their March operational updated:
Marathon Digital Holdings produced 825, sold 750 and held approximately 11,466 bitcoin as of March 31st, 2023.
Hut 8 Mining produced 131, sold 240, and held 9,133 bitcoin in reserve as of March 31st, 2023.
Riot Blockchain produced 695, sold 675 and held approximately 7,072 bitcoin as of March 31st, 2023.
CleanSpark produced 598, sold 502 and held approximately 196 bitcoin as of March 31st, 2023.
Cipher Mining produced 413, sold 450 and held approximately 427 bitcoin as of March 31st, 2023.
Bitfarms produced 425, sold 395 and held approximately 435 bitcoin as of March 31st, 2023.
Argo Blockchain produced 161, sold most of them and held approximately 85 bitcoin as of March 31st, 2023.
TeraWulf Self-mined 524 Bitcoin in 2022 and 810 Bitcoin since inception through February 2023
The trend is quite clear, at this point in time, the Public Miners are noticeably decreasing the amount of bitcoin sold for operational purposes, and begin preparing and to accumulate for the upcoming appreciation run. Naturally assuming there will be one, as the halving is just a year close away.
3. Noones, a new financial communications application aimed at empowering financial freedom in the Global South, was just launched. The app will combine a messenger for peer-to-peer trades with a Bitcoin wallet operating at cost, and a peer-to-peer marketplace. The app is now available in private beta and is set to have instant swaps and Lightning support in the coming weeks.
4. Coinbase shares a deceptive advertisement where people could use Bitcoin as remittance for an average of $1.50, instead of paying ~$45. Guess what Coinbase, we have lightning now. The average cost of sending bitcoin over the Lightning Network is $0.01.
5. The bitcoin community is excited after finding out the Bitcoin white paper is hidden in your Mac Book (if you have one). How? Just open terminal and type:
open /System/Library/Image\ Capture/Devices/VirtualScanner.app/Contents/Resources/simpledoc.pdf
6. The Canadian Bitcoin ETF, Purpose Bitcoin ETF, has acquired 410 bitcoins within a week. This marks a significant increase, but what's more important is that it's the beginning of a trend of accumulation. This is a positive change after the ETF disposed of over 20,000 bitcoins near the price bottom last fall.
7. The growing interest in developing the Chaumian e-cash for Bitcoin is evident in the fact that there are now approximately 339 public Cashu mints running on the LNBits demo server. This is a great testament to the increasing popularity of this technology.
8. The Bitcoin Company, launches card linked offers, allowing automatic bitcoin rewards. Users can now earn bitcoin rewards at participating merchants without the need to activate deals or use a gift card.
Additionally, they put a 5,000,000 sat bounty on a Nostr automated gifting solution letting users Zap their Nostr account in order to send a gift card or Visa card to oneself or a friend via Direct Message.
9. LNBits multiple features allow to split payments across multiple parties. This could be revolutionary for restaurants receiving tips.
“The combinatorial explossion of LNbits extensions is real.” - Calle
10. Moon Mortgages launched its core product allowing investors to use their bitcoin as collateral to secure real estate. Now homes over the price of $1 million in Florida, Texas and Colorado can now be mortgaged with bitcoin as collateral.
11. American fashion giant Ralph Lauren will now accept sound money for clothing at a store in Florida.
12. Switzerland’s 5th-largest bank PostFinance launches Bitcoin trading and custody services to 2.5 million customers.
13. Peruvian news outlet released a bitcoin article describing it as the separation of money from all states.
14. Blockware Solutions launches an ASIC marketplace to simplify Bitcoin Mining access.
14. Martin, one of the world’s most famous guitar manufacturers, releases new guitar NAMM 2023 as a tribute to Bitcoin.
16. You can now use a self hosted own ChatGPT with your Umbrel Bitcoin node.
Blockstream Jade now turns into a Bitcoin Miner
El Salvador eliminates all taxes on technology innovations, establishes a National Bitcoin Office.
Geyser, the crowd sourcing website, have reached a record of 2.6 Bitcoin of collected bitcoin for its different projects in March.
FUNDAMENTALS
Lightning developments continues to its development in multiple centralized operations. In this case we see LDK’s roadmap of operations. It is great to see development over open networks building impactful solutions that benefit millions or even billions of people.
The bitcoin network had another upwards difficulty adjustment of 2.23% after having had continuous positive adjustments in a row. It is getting harder to mine a Bitcoin block, and also more expensive to attempt an attack on the chain.
Naturally, the Bitcoin network is consuming more and more electricity, but many people are pointing out that where the electricity comes from matters. Bitcoiners are getting creative and finding ways to access cheaper sources of energy, which in turn incentivizes energy production. The cool thing is that these sources of energy are often renewable, making Bitcoin more sustainable compared to Electric Vehicles. So not only is Bitcoin revolutionizing the way we think about money, but it's also paving the way towards a more sustainable future.
Alrighty niblings, let's dive onto a bit of hopium before we end up our rip! There's a theory floating around that says the more liquidity flows into Bitcoin, the more its price will go up. And you know what? That seems pretty logical to me. Specifically, people are talking about a certain indicator called CN10Y/DXY. Don't worry if you don't know what that means - basically, it's a way of measuring how much people are willing to pay for long-term government debt.
Here's the exciting part: every time CN10Y/DXY has broken above its 1-year moving average and its MACD (another fancy indicator) crossed to the bullish side, Bitcoin has had a major run! And this has happened 5 out of the last times. Looking back, it seems pretty obvious, and guess what? That breakout just happened for the sixth time at the end of 2022..
So, if this theory holds true, we could be in for some serious appreciation in the near future. I'm talking about a potential strong and ferocious bull market starting this 2023, baby! Let’s just not forget to stay humble..
Have a great weekend niblings.
Stay humble & send Bam some sats.. I mean stack sats!
Buy Uncle Bam a cup of coffee ☕ or a nice ribeye 🥩 <3
Lightning Address: rustybeam47@walletofsatoshi.com
Lightning URL: LNURL1DP68GURN8GHJ7AMPD3KX2AR0VEEKZAR0WD5XJTNRDAKJ7TNHV4KXCTTTDEHHWM30D3H82UNVWQHHYATNW3UKYETPD56RWT9G2XF
Oh baby