WTFBitcoin Week 6, 2023
Bitcoiners are always bullish.
TLDR: Bitcoin adoption increases, People increasingly use bitcoin as a means of payment, Luxury car dealers accepting bitcoin & Bitcoin Metrics reaching new highs.
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.
Since the beginning of the year, bitcoin price has been blessing us with a continuous appreciation ranging from $16,500 to $24,000 last week on the beautiful same day I came on to life some decades ago. But this last week, it “unexpectedly” came back down, as the crypto industry shaken with the SEC going after Kraken for offering unregistered staking (yep, no 🥩) services, or yield products.
While scrolling in twitter, one could immediately perceive the sentiment change and the amount of bears 🐻 coming out of the woods and preaching once again for new lows, with endless justifications from either macro economic voices, war, etc & etc.
Given it was a slow week in terms of news, I just wanted to remind you all how far bitcoin has gone through. It has been now a little more than 14 years of producing block by block and protecting millions of people’s wealth.
Independently of the current price, as time goes by, the Bitcoin network continues to secure an increasing amount of people’s money. Just in the last year, the amount of addresses with more than $200 USD, grew from ~9.35 million to ~11.5 million, and this year the momentum isn’t showing any signs of a slow down.
Together with this growth in adoption, the hash rate has also shown new highs in the last couple of days, a sign of miners feeling comfortable with the prices and putting more skin in the game. The more it grows, the harder it becomes to get stopped, to shake us, the current holders, out of our positions, as we know there is only 21 million, and there will not be a second chance in this race of accumulation.
This was a slow week, but there are always some good news on bitcoin 🗞️🗞️!
THE NEWS
1. Turkish firms rally to set up wallets for global bitcoin and crypto donations to earthquake victims.
2. Most Bitcoin Miners survived the 2022 downturn, and ended up with a significant increase of bitcoin in their balance sheets. Others, like Bitfarms, had to incur into selling a significant portion to cover long term debts and be able to navigate uncertainty.
3. Lightning Network capacity hits new all-time high.
4. Porsche and Maserati dealer in El Salvador now accepts bitcoin as payment.
5. Bitcoin continues to be increasingly used as a means of payment in distinct places in the world.
Charlie Mackenzie shows a video of him paying for dinner in the Crown Plaza hotel.
Andrew Begin sends $0.02 to Alan in seconds from BTCBeachWallet to Wallet of Satoshi via Nostr.
6. Home miners are getting creative by using Loki boards to allow their S19 to hash from 120V, instead of 2020V (Which many don’t have access to). Check out the thread to learn the “how to”.
7. Drake, the famous rapper, places numerous bets in Bitcoin amounting over $800K on this years Super Bowl
FUNDAMENTALS
8. Another week and a new reminder of a total of 66.87% from the entire bitcoin supply, didn’t flinch and has been patiently being held for over a year. The trend starts to pick up pace with a stronger rate of increase, in other words as days go by more bitcoin addresses become 1 year old of not being active.
9. Beside the amount of bitcoin long term holders continues to increase, the utilization of the bitcoin network does so as well. As time goes by, higher floors of active addresses are seen during bear periods or downtrends.
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