WTFBitcoin Week 3, 2023
Bitcoin is having bears in disbelief.
TLDR: Price hits $23,000, Mining companies continue to expand, Bitcoin continues to advance into the Gaming industry.
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.
BREAKING NEWS! Bitcoin price is feeding our biases as it gets the biggest single day pump this year so far and reaches $23,000 for the first time since August 2022!
Why is this? Happening? Well to be honest there isn’t concrete news that one could attribute to this sort of news. Apparently institutional investors are accumulating, but haven’t they started already?
What I’ve been thinking, is how the price usually affects our perception of the reality going on surrounding bitcoin. As I scrolled on twitter to see what the public sentiment looks like, I still find many crypto traders in disbelief on what a “bull trap” we are having, and that prices will trend down back to new lows.
Is this true?
I don’t know, and to be honest, quite likely no one knows. Coming back to the perception, as humans we tend to attempt and find patterns in everything we see, for instance:
Price went $15K + Potential Recession = Price Likely New Lows!!!
But what if having bitcoin trading so low was an annomaly produced by the over-levered trading industry and the huge amount of paper bitcoin/ fake volume traded by FTX in 2022.
One perspective could be that price is just coming back to the “normal lows” we’ve experienced in previous cycles, the 200 week moving average, or the aproximate price of the last four years.
If this is the case, bitcoin could potentially come back above $24,000 and do not trade below that metric in the next couple of years. Potentially it could have a great year and undergo some volatility during 2023, or trade sideways between mid $20s and los $30s.
Or it could easily come back and trade on lower prices.
The point is, we can’t predict the price, it make us often make unfounded or emotional predictions given the bias it creates on our minds.
All while bitcoin continues to produce block by block, storing wealth of millions of people, allowing them to have protected and uncensored movement of private property on the digital age.
THE NEWS!
1. Sazmining, has launched a hydroelectric-powered mining facility in Wisconsin, providing a carbon-neutral source of electricity for 350 mining rigs.
2. CleanSpark announced the start of construction on a site in Washington, Georgia. The site is set to house up to 16,000 miners, which could nearly double the company's hash rate total to 8.7 EH/s.
3. Cash App has now implemented a full Lightning Network experience. Users can now send and receive bitcoin to other Lightning-enabled wallets, instantly and for free.
4. N26, a $9 billion European bank, will launch Bitcoin trading for millions of customers.
5. ZEBEDEE teamed up with VIKER, a mobile games producer, to launch Bitcoin Chess and Bitcoin Scratch.
6. Cashu ecosystem continues to grow and it now has three clients working on multimint support through the Lightning Network.
7. Jack Dorsey donated 0.28 bitcoin to “Mi Primer Bitcoin”, an educational organization teaching bitcoin to kids in El Salvador, using Nostr decentralized infrastructure.
8. A new grant will bring Okcoin’s support of Bitcoin Core development to $1.5 million. The funds will be directed into a grant for Core maintainer Marco Falke, who Okcoin has supported in the past, in 2021 and in 2020.
9. Texas Government proposes allowing Bitcoin as an authorised investment for the state. The work group recommends Texas should buy bitcoin, pass self-custody protection, tax breaks for mining, and include #bitcoin education in schools.
10. Mississippi introduces bill to protect the right to run a node and mine bitcoin.
11. Texas A&M University, had its first Bitcoin lecture this January 18th.
The Texas A&M class is about the Bitcoin Protocol from a rigorous and thorough computer science perspective, not “blockchain and cryptocurrency for business”. – Pierre Rochard
12. Meet DiagonAlly protocol, a resilient marketplace where merchant and customer communicate via NOSTR relays, and can be paid with bitcoin.
13. Mexican Senator Indra Kempis, is pushing towards bitcoin adoption in Mexico city, and has just shared a video of a Bitcoin ATM being installed in calle Morelos.
14. Want to earn some sats? Check out the Monday Meme Contest weekly run by both Coinbits and Stacker News.
15. LNbits’ boltz externsion has now implemented recurring swaps, allowing business owners to accept LN payments and have an automatic loop out to onchain every X million sats. Find out the big number of projects that are currently using LNBits.
16. An old whale wallet just accumulated over 1,000 Bitcoin yesterday.
17. Parents are introducing the next generations into bitcoin as tool for savings. If you really doubt bitcoin can win, then think twice.
FUNDAMENTALS
Wallet of Satoshi users have made over 6 million Lightning payments.
48.58% (and rising rapidly) of the Bitcoin supply, or 9.3 million coins have not moved in at least 2 years, a new all-time high. It seems that the conviction of the “hodlers” can’t be shaken by low prices any longer.
As a summary note..
Bitcoin is a non sovereign, hard cap supply global, immutable, decentralized, digital store of value. And this is not yet priced in.
But it’s winning, and will continue to win in the long term.
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