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State of Bitcoin: Countries Attempting to Regulate Bitcoin $BTC.X
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Top stories from the week:
- Iran approves regulation for use of Bitcoin and shitcoins for international trade: Iran has enacted a law that allows for the use of Bitcoin and other cryptocurrencies for international trade. This is HUGE for Bitcoin and the overall adoption and the potential movement away from the US Dollar as the global reserve currency. This is only a step because the law just makes it possible, now a trade actually has to be done using Bitcoin. Bitcoin and Iran have had an interesting relationship, with Iran banning Bitcoin mining due to worries about overloading the grid and the Iranian Central Bank made it illegal to trade cryptocurrencies mined outside of Iran. Iran has now seen the writing on the wall for the USD and now seems to be leading the cause for using Bitcoin for international trade. This will be something to look out for in the near future.
- Singapore planning legislation to decrease purchases of Bitcoin and crypto: As one country embraces Bitcoin, another regulates against the adoption. Singapore is considering making a legislation to regulate the amount of Bitcoin and cryptocurrencies can be purchased. The reasoning is that “cryptocurrencies [are seen] as unsuitable for use as money and as highly hazardous for retail investors” according to the central banker chief. Ravi Menon, the managing director of the Monetary Authority of Singapore (MAS) (Singapore’s central bank) said that there is more anticipated friction for retail investors to get into cryptocurrencies. Central banks and more politicians will try to regulate Bitcoin and other shitcoins as the popularity grows and control is taken away. Countries that continue to push away from Bitcoin and other shitcoins will give the people of their country more incentive to find a more friendly place to live.
- NYDIG announces Lightning Accelerator Project: The CEO of Stone Ridge Holdings Group and executive director of New York Digital Investments Group (NYDIG) Ross Stevens announced that NYDIG will begin a Lightning Accelerator Project for companies within the Bitcoin and Lightning space. The program will be called Wolf, in reference to a wolf in sheep’s clothing. The accelerator will target companies in the pre-seed, seed, and series A stage as well as individual founders, small teams, and developers working on Lightning, Taro, and covenants. The program will take place for eight weeks in New York City with 8 to 12 teams per cohort. This is HUGE as NYDIG was valued at $7 billion over the last funding round and they are now moving the needle to give those Bitcoin and Lightning companies that extra push to get going.
- Bitcoin Depot is going public on Nasdaq: The largest supplier of Bitcoin ATMs, Bitcoin Depot, is going public on the NASDAQ via special-purpose acquisition company (SPAC). Bitcoin Depot currently has about 7,000 ATMs around the US which have given the company around $6 million in net income over the past 12 months. About 40% of the US has access to Bitcoin ATMs and with this merger will look to make Bitcoin ATMs accessible to everyone around the country. I am not huge on Bitcoin companies going public because it almost defeats the purpose of users' privacy, but it does give an influx of cash for growth. Bitcoin companies continue to grow and even in a bear market which is extremely bullish for the space going forward. This move is going to be made in Q1 of 2023 so be on the lookout for how this trades early on.
- 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.
- El Salvador Volcano Bitcoin backed bonds hit another delay: The law to enact the Bitcoin-backed bonds, dubbed the “Volcano Bonds” by the Bitcoin community, has yet to be approved and needs “two to three months” of further work following the approval. Initially the bonds were delayed due to worsening market conditions in March, now some analysts are claiming that this is a sign of weak interest. El Salvadoran officials have expressed confidence that the bond would be oversubscribed. I never expected the transition to Bitcoin as legal tender to be a smooth transition and El Salvador’s economy will not be fixed overnight and some bumps in the road should be expected. I’m hoping that there are less bumps in the road going forward, but there is a lot of issues to fix.
- Eurozone Inflation hits 9.1%: As CPI is getting a lot of publicity in the United States, the Eurozone inflation rate print is even higher. Eurozone inflation for the month of August hit a record high of 9.1%, with a big part due to rising energy prices. Some of the staggering stats are energy inflation rising 38.3% and food jumped 10.6%. If you think things are bad in the United States, Europe seems to be a lot worse. We’ve seen the Euro get under $1 and the overall strength of the European economy is in the dumps. Hopefully there will be a path out of this, but the near future seems grim for Europe.
A quick look on chain:
Current price: $20,044
Market Cap: $383.6B
Spent Output Profit Ratio: 0.9980
Current block height: 752075
Mean block interval: 9min. 46sec.
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State of Bitcoin: Countries Attempting to Regulate Bitcoin
Week ending: 2022-09-02
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