WTFBitcoin Week 5, 2023
Bitcoin over a million by 2030.
TLDR: Remittance to more than 60 million Filipinos, Nigeria sees 90% premium, Hodlers stronger than ever, Ark Invest shares Bullish Case for Bitcoin.
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.
This week is a special one for your uncle Bam, as I turned 33 years young, and if I am being honest say it was a great day. A day spent with family friends and enjoying a beautiful evening grilling burgers, while Daddy Powell back again with his dirty deeds of raising rates, and affecting all the world’s lives and household economies. Incredible that one person holds so much power right? But well, at least bitcoin didn’t care, and blessed my birthday by having some green candles and touching $24,000.
But let’s not talk about me, and talk about our favourite topic: Bitcoin.
Lately we have been increasingly seeing videos around the world where people is able to pay with Bitcoin, and as long as the infrastructure continues to be improved by different people on different places, it benefits everyone. People like Jack Mallers have already clearly described the difference between bitcoin the asset and Bitcoin the network. And now it seems this narrative is spreading, as developments continues making bitcoin’s usability more seamless for the user, and the message starts to. reach mainstream media.
I’d highly recommend watching this conversation of Jack Mallers with Tyler and Kelly in CNBC, where Jack explains the new remittance feature to Philippines through Strike’s and Pouch’s newly announced partnership.
“We just use technology that gets it there much cheaper and much faster, and happens to use bitcoin, but we don’t think that is an important detail for people to know” – Jack Mallers
This is a great breakthrough in the area of remittances, and it seems even the governments are starting to see this benefit and slowly changing their perpsective and narrative, just like Australian’s Treasury department.
But let’s move on to the news now!
THE NEWS
1. Strike now allows 60 million Filipinos receive instant, zero-fee remittance payments in local currency with the Bitcoin Lightning Network.
2. Ark Invest published Big Ideas 2023, where they lay out Bitcoin expectations for 2030 as a multi-trillion dollar market, with a bearish perspective of $258,500 (CAGR of 40%) up to a bullish one of $1.48 million (CAGR of ~75%)
They also shared the value proposition for Bitcoin Mining, as a support for Large solar battery installations, which can enhance the scaling and reliability of grids as a buyer of energy of last resort. And let’s be honest here, Bitcoin the only PoW Network.
3. Bitcoin was sold at more than a 90% premium in Nigeria. A reason could be the ATM withdrawal limit of $44 the government imposed as an attempt to reduce cash and introduce their central bank digital currency. But also could not really be a premium, but a reflection of the real value of the Nigerian currency, per how it trades on the black market. Ultimately it derives from harsh the currency control the population is experiencing.
4. DekaBank, one of Germany’s largest asset managers, has selected Swiss crypto services provider Metaco to offer bitcoin related products to its clients.
In July 2021, DekaBank was reportedly considering investing in bitcoin following a new German law that would let institutional funds, so-called Spezialfonds, put up to 20% of their holdings in BTC and other cryptocurrencies.
5. Jenna Green shares a positive article about Bitcoin Mining in Forbes, explaining how Bitcoin mining "in the right configuration, [is] actually a boon that saves carbon and avoids renewable energy curtailment."
6. Luxor Technologies, a full-stack Bitcoin mining software and services company, has launched the first request-for-quote (RFQ) platform for buying and selling Bitcoin mining hardware.
7. New generation of bitcoiners are earning sats while playing videogames.
“They earn sats in the game and can take those sats with them....or buy gift cards in the game.” –HodlAlabamGhost
Government
8. A video of “Living on Bitcoin in Lugano”, features the mayor as he goes in his daily life and purchases a book using bitcoin, and receives cash back.
9. Philip Hammond, U.K Chancellor of the Exchequer signals his interest in Bitcoin and shares that the Bank of England has been leading on looking at Bitcoin.
10. Senator Ted Cruz has proposed a resolution that would request vendors within the Capitol area to work with payments providers that accept bitcoin.
FUNDAMENTALS
11. Charles shares with us that Bitcoin's old timers are acquiring Bitcoin at the fastest pace in 8 years. These ultra long-term holders, those holding for over 5 years, have been accumulating exponentially in the last 6 months. These addresses usually never sell.
12. Additionally, after the bitcoin price went on a ~%50 rise up from its recent bottom, the amount of bitcoin not moving for over a year remains reaching new highs on a monthly basis. A total of 66.76% of the entire bitcoin supply, didn’t flinch and has been patiently being held for over a year. Most of these addresses have experienced
Bitcoin at $69,000
A slow depreciation to $15,500
A come back to over $23,000
And keep being hopeful and patient.
But if you want to find more interesting charts, check out the bitcoin monthly report of Ark Invest or this thread, where they share some bullish signals in terms of bitcoin’s price recovery, which could be an indication of a new bull marking emerging from the ashes.
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