State of Bitcoin: Russia to use Bitcoin for Trade & Saylor Sued $BTC.X
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Top stories from the week:
- Bank of Russia approves use of Bitcoin (& shitcoins) for international trade: Last week Iran approved the use of Bitcoin for international trade, and now Russia in the midst of a conflict with Ukraine and essentially holding Europe by the balls as multiple countries are nearing an energy crisis. The Bank of Russia will now allow for the use of Bitcoin and shitcoins for cross-border payments BUT is still opposed to legalizing crypto payments within the country. This is a very big detail to this story in my opinion because it not only undermines the US Dollar by allowing the use of Bitcoin for international trade, but it also keeps the Russian population under control of the Russian government and the Bank of Russia.
- Human Rights Foundation donates $325k for Bitcoin Core Devs: According to a press release from Bitcoin Magazine, The Human Rights Foundation is donating $325k of Bitcoin to Bitcoin developers. BTCPay Server is receiving the largest donation of $100k in collaboration with Strike’s affiliated non-profit. Alex Gladstein the Chief Strategy Officer at the HRF is one of the more notable Bitcoiners in the space because of his global influence. The HRF sees the potential of Bitcoin to help the people in need by bringing sound money. The fiat money world brings plenty of winners and losers, with the winners gaining a bigger lead every time there is inflation.
- Michael Saylor being sued by Washington DC Attorney General: The District of Columbia is suing Michael Saylor, the founder of MicroStrategy and executive chairman, for alleged tax evasion for the past 10 years he has lived in DC. Saylor claims he lives in Miami Beach and has not lived in the DC area for more than half the year in each of these years. This seems like somewhat of a backdoor attack on Bitcoin as Saylor and MicroStrategy are two of the biggest names in the space. I also find it very interesting that the Attorney General announced this suit via a Twitter thread and made this very public. It seems that many people in the fitwit and outside of Bitcoin want to take Saylor down, so this just adds fuel to the fire. Many always try to take down billionaires as few understand how people can amass that amount of tremendous wealth, but this seems like a grasp at straws and trying to get Saylor to pay taxes when he really does not owe them. It seems like this is all a game, but I am sure many outside the Bitcoin space and in the space will be following this case closely. As I wrote about this last week, I’m speaking about it in this week's podcast so I wanted to rehash this story as I feel there is going to be some developments over the coming months regarding this story.
- Bitcoin Beach receives $203 million for infrastructure: Bitcoin Beach, or El Zonte in El Salvador, has received a $203 million investment from the El Salvadoran government. President Nayib Bukele released a statement where he said “we are going to fix an area of 15,000 square meters, where there will be a shopping center, parking, beach club, treatment plant, to revitalize the area.” This is another positive move for El Salvador as Bitcoin adoption has brought a ton of new tourist dollars to the country. El Salvador and President Bukele continue to dive into Bitcoin and the adoption. I am bullish on El Salvador as it has positioned itself for the future unlike any country. I’ll look for more developments of El Salvador’s infrastructure in the near future.
- El Salvador adopted Bitcoin as legal tender 1 year ago: Wow, I can’t believe a year has already passed since the implementation of Bitcoin as legal tender in El Salvador. This does not mean that everything has smooth sailing. Bitcoin’s value has dropped 60% since implementation, the Chivo wallet issued by the government has had major issues, but the positives seem to heavily outweigh the negatives. Tourism increased by 82% in the first half of 2022 and there has been approximately $50 million sent over in remittance payments through Bitcoin and the Lightning Network. Although there has been a lot of “paper” losses, El Salvador has yet to sell their Bitcoin. Repairing a damaged country will take a lot of time and there are other issues outside of the monetary policy, but it seems like there are more positives coming out of El Salvador.
- 200 Businesses in Guatemala Accept Bitcoin: Another Latin American country is moving towards adoption of Bitcoin as legal tender. Guatemala has over 200 businesses that accept Bitcoin as a medium of exchange. Guatemala is another country with a lot of potential and now has Bitcoin Lake which is similar to Bitcoin Beach in El Salvador. Latin America has little to lose and a lot to gain when it comes changing the monetary policy to Bitcoin. Hopefully Guatemala will see the positives coming from El Salvador and continue to move towards full adoption.
A quick look on chain:
Current price: $19,290
Market Cap: $369.2B
Spent Output Profit Ratio: 0.9974
Current block height: 753098
Mean block interval: 9min. 51sec.
For the full article check it out here.
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