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State of Bitcoin: Saylor Steps Down and China & Taiwan Heats Up $BTC.X
Top stories from the week:
- Saylor Steps down as CEO of MicroStrategy to focus on Bitcoin: Bitcoin maximalist and former CEO of MicroStrategy, Michael Saylor, is stepping down as CEO of MSTR to focus on the company’s Bitcoin strategy. Phong Lee, formerly the president, is now taking on Saylor's role as CEO. Saylor has been tweeting daily about Bitcoin for quite some time and has been fully involved in the space. This seems to be a positive move for Bitcoin and a forced move by MicroStrategy as the company is split into two silos, Bitcoin and the enterprise analytics software. I honestly did not have much of a clue what MSTR actually did outside of Bitcoin for some time as I never heard Saylor talk about MicroStrategy in any interview.
- China and Taiwan Conflict nearing: This potential conflict has major implications for supply chain issues that are still present. Chips that are not being manufactured in the US can affect multiple industries such as vehicles, smart devices, and even Bitcoin mining. Miners have had difficulty accumulating miners in the past few years and it seems like that difficulty will be here to stay. Intel has already invested in a potential manufacturing facility in the United States, but this development takes time and initially there will be a shortage while development is occurring. Hopefully solutions can be developed to avoid another disastrous chip shortage.
- Another LatAm Bitcoin Hub starting in Honduras: The city of Santa Lucia in Honduras has turned into a local Bitcoin hub known as Bitcoin Valley. This is following the model of the Bitcoin Beach started in El Salvador before Bitcoin became legal tender in the country. The popularity of Bitcoin in Latin America and for good reason. Many countries face massive amounts of inflation and corruption. Now the citizens of these countries are looking for alternatives out of the fiat rat race. There have been predictions of two more countries making Bitcoin legal tender this year. We have seen the Central African Republic, will Honduras be next?
- Shitcoin Solana has been hacked: It has been reported that Slope Finance wallet sent plaintext seed phrases to external integration partners which compromised Phantom ETH wallets. Either way the excuse with all these shitcoins is something new and continues to happen. Solana’s blockchain has shut off multiple times and has proven it is not reliable. The continued demise of shitcoins will soon have most people wake up and realize it is Bitcoin and only Bitcoin. All other “cryptos” have proven to be scams and I see that continuing.
- NY Times writes on Swan Bitcoin and Cory Klippsten: The New York Times has written an article on Swan Bitcoin and CEO Cory Klippsten. Although this could be seen as a positive, I believe NYT is playing on Bitcoin maxis in order to get more clicks and views. In the article the Times goes into how no one is using Bitcoin transactions, how El Salvador making Bitcoin legal tender is a major failure, and of course taking a dive into the ESG mining FUD. It seemed like it would be a positive spin on Bitcoins vs shitcoins, but the article did a HUGE disservice to Bitcoin and Bitcoiners.
- Riot and other Miners dropping production due to Texas Heat: Bitcoin miners have been in the news lately as the grid in Texas has been under massive amounts of stress due to the Texas heat. Texas has been extremely Bitcoin friendly, but will Bitcoin mining become seasonal? Bitcoin miners will help with heating homes, water, and many other practical applications, but the additional heat in the summer time is not ideal for these warm weather climates. Additionally, miners did the most responsible thing by shutting down operations to help the grid but this leaves the question of how often will this need to occur?
A quick look on chain:
Current price: $22,852
Market Cap: $436.7B
Spent Output Profit Ratio: 0.9994
Current block height: 747864
Mean block interval: 10min. 0sec.
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