WTFBitcoin Week 18, 2023
Nation States are adopting Bitcoin.
TLDR: Bhutan mines Bitcoin, Argentinas president runner is pro-Bitcoin, OpenSats raises $10 million, MicroStrategy announces Lightning Rewards Platform, ATH in daily transaction & 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.
It amazes me how some people just don’t get it. I’ve heard people complaining how back in the day, things used to be cheaper.. and while Bitcoin has exactly the properties needed from a kind of money that can’t be easily confiscated or devalued by inflating its supply, somehow people haven’t understood it yet.
People are starting getting suspicious from mainstream media as they tell us “There is no financial crisis, “The banks are strong and solvent”, “Inflation is transitory”.. But when the same liars tell them “Bitcoin is risky & dangerous, a ponzi scheme” it doesn’t raise red flags as easily..
Well, well well.. lets be honest, banks are not safe..
Despite what Jerome Powell may say, both the market and you are aware that the current system is not viable. Although bank deposits can be "insured by our government or central bank," this process ultimately leads to printing new money, which results in the devaluation of our currency.
This is why bitcoin might be the only option available to escape from the real ponzi, our fiat monetary system.
But well.. I know it’s hard in the beginning to understand bitcoin and get to trust this is the solution to our world’s problems. As they say “Fix the money, fix the world”. But this is why I come back every week to share with you a glimpse of hope. To remind you bitcoin’s growth and progress in terms of adoption & development.
So let’s now go on and enjoy more of these bitcoin bullish news 🗞️🗞️!
THE NEWS
1. The Kingdom of Bhutan, who recently admitted to have a Sovereign Investment Fund holding millions of dollars in bitcoin and other cryptocurrencies, confirmed they’ve been mining for several years and that is planning a $500 million fund for Bitcoin Mining in the Himalayas.
“When it comes to Nation State adoption, Bitcoin is like a snowball rolling down a hill.. It only keeps on growing and growing..” – Uncle Bam’s take.
2. Argentina’s Central Bank bans financial institutions with the aim of mitigating risks involved in transactions of digital assets. I know not bullish, but meanwhile..
3. Presidential candidate Milei, who currently leads the election polls is pro-bitcoin, staunch libertarian, +20y economics prof.
“The Central Bank is a scam. It is a mechanism by which politicians cheat the people with the inflation tax.” – Javier Milei
4. El Salvador's signs into law the “The Innovation and Technology Manufacturing Incentive Act” and eliminates income, property, capital gains, and important tariffs for technology innovations. The country is strengthening its competitiveness and becoming a more attractive place of residence for entrepreneurs, digital nomads, and bitcoiners!
5. Montana becomes one of the first states to provide legal protection for bitcoin mining, as it signs the bill into law.
6. OpenSats received a generous donation of $10 million from Jack Dorsey's philanthropic initiative, #startsmall, which will be used to support the development of free and open-source software and projects focusing on bitcoin, nostr, and related technologies."
7. MicroStrategy announces Lightning Rewards Platform, their bitcoin product where customers or employees can now get loyalty rewards through lightning!
Lightning wallets can be spun up for employees or customers, and sats can be used as rewards for things like:
making purchases
leaving reviews
use of app
registering for or attending events
"If you're going to spend $50M to drives customers to your site, why not give $50M to them and cut out the middle person?" – Michael Saylor
9. Strike released their API. Now any business is able to receive lightning payments directly into their US bank accounts.
10. Fedi announced that it has raised $17 million in a Series A round of financing, and is set to pre-launch an Alpha version of Fedi for builders later this month.
11. Munstr, an open source multisignature privacy based was recently launched. Munstr uses decentralized Nostr networks as a communication layer to facilitate a secure and encrypted method of transporting and digitally signing bitcoin transactions in a way that chain analysis cannot identify the nature and setup of the transaction data.
12. Samara Asset Group is pleased to announce a $150,000 donation to Brink Technologies, a charitable Bitcoin development community strengthening the Bitcoin protocol and network through fundamental research and development.
13. Cash App sold $2.16 billion worth of bitcoin in Q1, a 25% increase year over year.
14. Venmo is rolling out Bitcoin transfers to external wallets. This feature enables different companies such as CashApp, Venmo, Strike, and more.. to interact with each other as they can use bitcoin as rails.
15. Goobit acquires Sweden’s largest bitcoin exchange and will continue to focus on Bitcoin adoption and services in the Nordics.
16. An NFC wristband to LNURL for Bitcoin tipping your bartender over lightning, was showcased in BTC++ event.
17. The Philippines shares their adoption progress with many businesses acepting payments in bitcoin & lightning:
270 merchants in Boracay
20 merchants in Cebu City
14 merchants in Dumaguete
FUNDAMENTALS
Bitcoin just hit a new all time high for daily transactions with more than 682,000, as fees surge due to BRC-20 tokens a record not broken since December 2017.
Taproot, which was released in Nov 14, 2021, has reached more than 50% adoption (It was under 10% in January..), as people continue to use ordinals, which have hit more than 3 million inscriptions.
Ultimately.. it seems that Long-Term Holder Supply is pushing to new all time highs every day. If we are being honest here, one might start getting all bullish seeing that “plebes” keep on accumulating through an entire year of prices under $29,000. Although it seems that sunny days are coming (despite a horrible macroeconomic environment), the best advice would be to keep being responsible and stay solvent.. Or just.. stay humble and stack sats.
Have a great weekend niblings.
Stay humble & stack sats.
Share some love with Uncle Bam for cup of coffee ☕ or a nice ribeye 🥩 <3
Lightning Address: rustybeam47@walletofsatoshi.com
Lightning URL: LNURL1DP68GURN8GHJ7AMPD3KX2AR0VEEKZAR0WD5XJTNRDAKJ7TNHV4KXCTTTDEHHWM30D3H82UNVWQHHYATNW3UKYETPD56RWT9G2XF