State of Bitcoin: Bukele up for Re-Election & Saylor Buys more Bitcoin $BTC.X
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Top stories from the week:
- President Nayib Bukele is up for re-election: Many in the Bitcoin community revere President Nayib Bukele of El Salvador of El Salvador for making Bitcoin legal tender. Has President Bukele abused his power? Will it be a net positive if Bukele is re-elected? Previously, it has been illegal to run for multiple presidencies in El Salvador but with at least ten signatures from the Legislative Assembly of El Salvador, more than 50% of the vote, and then the legislative assembly would ratify the vote with three-quarters majority vote. Although the odds seemed stacked against him, it seems many are rallying behind Bukele. Bukele has done a lot of positives in El Salvador outside of making Bitcoin legal tender, especially when it comes to crime. This will be something to monitor for Bitcoiners as the legislation around Bitcoin Country can drastically affect the success of Bitcoin as legal tender in El Salvador.
- Saylor and MicroStrategy buy more Bitcoin: It is not a Bitcoin dip unless Michael Saylor and MicroStrategy buy more Bitcoin. MicroStrategy announced via Twitter that the company has bought 301 more Bitcoins at a cost basis of $19,851 bringing the company total to nearly 130,000 at an average cost basis of $30,639. Earlier this year Saylor was under heat earlier this year when MicroStrategy allegedly was going to default as the Bitcoin price fell lower. MicroStrategy does not seem to be doing too terribly as they continue to purchase Bitcoin and double, triple, quadruple down on their Bitcoin bet. Bukele and Saylor are the two biggest names in the Bitcoin space and it seems like positive things are going on for the two of them.
- Powell raises interest rates by 75 bps: The Federal Reserve raised interest rates again by 75 bps with short term rates to rise to 4.25% by year's end. Powell has said that he will not stop until inflation is back to the 2% target rate. Phil Gibson has written an article about how this move is to destroy the offshore dollar market, if you have not read that it is outstanding and you should read it here. The dollar is becoming stronger as other fiat currencies are suffering, but this is not simply a monetary recession. In my opinion it is a supply issue recession and the monetary policy is a small cog in this puzzle. Bitcoin has been floating around the same price and has dipped slightly under $20k. This might be an opportunity to get cheap sats, so let's load up while we can (not financial advice though).
- Royal Family of Dubai partners with CoinCorner for Bitcoin transactions: One of the leaders in the Bitcoin and Lightning transaction space, CoinCorner, has partnered with Seed Group to facilitate Bitcoin transactions in the United Arab Emirates (UAE). CoinCorner is going to make Bitcoin more accessible for businesses and people in the UAE. Strike seems to be focusing on Latin America which is leaving areas such as UAE open for other companies come in for the expansion of Bitcoin. It seems like a race for development of user friendly ways to buy goods and services with Bitcoin and CoinCorner is becoming one of the global leaders in the space.
- Russian Ministry of Finance and Central Bank agree on a draft for use of Bitcoin for international trade: Another step forward for Russia to use Bitcoin and potentially other shitcoins for international trade. This seems like a response to the attempt by the US to place sanctions on Russian oil and Russia will now use Bitcoin to get around those sanctions and transact with the BRICS countries. Russia is seemingly holding the world hostage and potentially may start another Cold War but this time it's based on energy. Russia has drastically decreased its exports of oil to non-BRICS countries and seemingly looks to continue that. Russia is strategically moving around the US and sanctions that are not able to be enforced.
- Coinbase to implement politician’s stance on crypto in app: Brian Armstrong announced via Twitter thread (see below or link) that politicians in your region will be linked in your Coinbase app with the politicians phone number and stance on Bitcoin and crypto. This will allow users to know (based on your KYC information) how Bitcoin and crypto will be at the forefront of policy makers in the US. Generally policy makers “encourage” you to call, but make it difficult to find their numbers or are on out-dated websites. I generally hate Coinbase because of the extremely high fees and overall mission of the company to push shitcoins, but I have to give credit where credit is due. This is an overall positive as many of their users will now have more information to vote based on crypto related policies.
A quick look on chain:
Current price: $18,536
Market Cap: $355.09B
Spent Output Profit Ratio: 0.9970
Current block height: 755151
Mean block interval: 10min. 14sec.
Check out the full article here.