WTFBitcoin Week 41-42, 2023
Bitcoin has already won.
TLDR: Bitcoin reaches $30,000, becomes a flight to quality. Taproot Assets released by Lightning Labs, CleanSpark picked as best by JPMorgan & more.
Hey there niblings, it’s uncle Bam again, after a little break with renewed energy to once a gain bring you summary of the most insightful events in the Bitcoin space.
Its over. Bitcoin has already won. We are now in the stage of they join you. Have you ever heard the famous quote of Ghandi?
First they ignore you. Then they laugh at you. Then they fight you. Then you win.
Throughout these close to 15 years of bitcoin’s existence, there has been an on and off battle in mainstream media whether its a ponzi, or if it “has any value” due to “not being backed by anything”. Not so long ago, the first company, had the guts to start accumulating bitcoin, and with its move, it started to change the perspective of it in the institutional world.
But it wasn’t enough for some big players yet, and we remember BlackRock still saying that bitcoin was a joke, or an index of money laundering..
Well now they are calling it an international asset, and with it, they are changing the narrative on mainstream media. Soon every institution will realize that if they want to survive the money printer they will have to go on a Bitcoin standard, there is no other way around it.
Institutions are not coming. They are here. As they look for a better place to escape due to the scary macroeconomic conditions, high inflation and a unattractive bond market, we now have seen Larry Fink, CEO of BlackRock, stating how Bitcoin is a flight to quality.
Just as a little reminder, the biggest money managers (BlackRock) are already:
Applying for a Bitcoin ETF
Calling Bitcoin is now ESG Friendly
Buying Bitcoin Mining infrastructure.
And what comes next? Likely..
Capital pivoting from ESG to Bitcoin ETF & Mining
BlackRock & company will start investing in bitcoin companies like Strike and Lightspark.
So be aware of what you are holding. And be careful of the magic promises of Bitcoin going possibly to $10K due to xyz… While the most powerful people in the world are trying to take your bitcoins off from you.
But well, let’s now go on and enjoy more of these bitcoin bullish news 🗞️🗞️!
THE NEWS
0. SEC did not appeal Grayscale's Bitcoin ETF court decision, which means ETF could be approved soon.
Cointelegraph shares unvalidated news of “The Bitcoin ETF Being Approved” sparking the bitcoin price to raise towards $30,000, only to continue its run despite the fake news.
“An insider at BlackRock suggests that if approved, a potential $17.7 trillion worth of wealth could flow into Bitcoin spot ETFs.” - Forbes"
1. Lightning Labs released the first mainnet of Taproot Assets, a protocol for assets on bitcoin and Lightning, marking a new era of multi-asset bitcoin in a scalable manner.
2. Fidelity released “Bitcoin First Revisited” stating bitcoin as fundamentally different from any other digital asset.
3. Bitrefill went live with their integration to DitoBanx. Now users in El Salvador can live fully on Bitcoin.
4. JP Morgan released a deep dive on 4 Bitcoin Mining companies evaluating their scale, operating efficiency, access to capital and growth prospects, and designates CleanSpark as their top choice.
5. BitVM whitepaper was released. An exciting discovery in the history of bitcoin script, unlocking potential to covenants, sidechains, and powers similar to Liquid or the EVMs with no forks required.
6. Cal.com was released, allowing people to book your calendar by paying with bitcoin through Alby browser wallet.
7. Cashu Nutstrike was presented in ECASH Hackday. A USD Chaumian ecash mint running on a Strike Lightning backend, allowing users to mint and melt USD ecash with Bitcoin.
8. Strike announces Strike Private, new white-glove service for High net worth individuals, businesses, familiy offices and institutions.
9. Thunder Games announced CLINCH the new non-custodial, peer-2-peer, cross border wagering API on Bitcoin's lightning network.
“80% of THNDR Games users are new to bitcoin and 3% of the lightning growth is due to THNDR.” – Desires Dickerson
10. Jack Dorsey recognizes that there is only three truly censorship resistant technologies at scale today: tor, bitcoin, and nostr.
11. Silenced Bitcoin miners were heating the Bitcoin conference in Amsterdam.
12. The President of Madeira, Miguel Albuquerque, announced the creation of a Bitcoin business hub in the region to foster innovation
13. Revolut, UK's largest fintech bank with over 30M users launches new release which features a Bitcoin symbol in the main menu.
14. OpenSats announces third wave of Nostr Grants.
FUNDAMENTALS
Just 11.69% of the bitcoin circulating supply has changed hands over the last three months, an all time low.
India’s is leading the way in bitcoin ownership.
The infrastructure surrounding the Lightning Network keeps on growing. Probably nothing..
Have a great weekend niblings.
Stay humble & stack sats.
Share some love with Uncle Bam for cup of coffee ☕ or a nice ribeye 🥩 <3
But more importantly, buy some sats for yourself.
Lightning Address: bamthemexican@noah.me