Bitcoin News Weekly #20

TDLR:

• MicroStrategy now holds 205K BTC and is preparing to buy more.

• Spot Bitcoin ETFs reach an average daily inflow of $500 million.

• El Salvador reveals a wallet with more Bitcoin than previously known.

• Lightning Network reaches an all-time high in capacity of settlement.

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LATEST NEWS

🙌 Adoption:

• MicroStrategy buys 12,000 more BTC for $821.7M, now holding 205,000 BTC. They also announce a $525M convertible note offering to buy even more Bitcoin.

• The Lightning Network reaches a new all-time high in settlement capacity of $342 million.

• Abu Dhabi’s ADNEC Group, owner of the largest exhibition venue in the Middle East, is set to host the first Bitcoin conference in the MENA region this December.

⚖️ Legal:

• Senior Democrats, in response to the wildly successful Bitcoin ETFs, write a letter to the SEC urging Gary Gensler to block further crypto ETFs.

• Patient Capital Management, an investment fund with $1.4b in AUM, files with the SEC to buy Bitcoin ETFs with up to 15% of its Opportunity Trust Fund.

• Biden administration proposes a 30% tax on electricity consumed by bitcoin miners, regardless of whether they operate off-grid and utilize their own solar and wind power generation.

📈 Markets:

• Spot Bitcoin ETFs reach an average net inflow of over $500 million per day last week.

• VanEck Bitcoin Trust (HODL) declares a zero-fee policy for their Spot Bitcoin ETF for the next 12 months, resulting in a 20-fold increase in trading volume compared to their average.

• Coinbase announces a $1 billion convertible senior note offering due in 2030, speculated to be mirroring MicroStrategy's Bitcoin strategy.

⛏️ Mining:

• Marathon Digital acquires a 200 MW mining campus in Garden City, Texas, from Applied Digital for $97.3 million.

• Riot Platforms is set to commercialize its plasma gasification technology, which facilitates the conversion of waste into clean energy, thereby reducing methane emissions.

• The S19 Hashboardheater MK1 is a newly launched open-source design for a wall-mounted space heater. It utilizes a single hashboard from a Bitmain Bitcoin miner.

🗳️ Politics:

• Biden's 2025 budget forecasts potential revenue from heightened regulation and taxation of digital assets, projecting an anticipated Bitcoin price of $250,000 by 2035.

• President Bukele of El Salvador discloses the address of the country's treasury holding 5,689 bitcoins and confirms the plan to add 1 bitcoin daily until it becomes 'unattainable with fiat currencies.'

• El Salvador’s Congress approves a reform to income tax law, reducing rates from 30% to 0% for international investments and money transfers, further attracting global wealth to invest in the country.

Bam’s 2 Sats:

Volatility can be distracting, especially during upward trends. These occasional retracements provide an opportunity to pause, reflect, and appreciate what I'm holding: Bitcoin, the scarcest asset in history. Being part of this early stage of adoption, witnessing its growth as both a store of value and medium of exchange, feels incredibly fortunate.

At its core, Bitcoin is very simple - a digital ledger capped at 21 million units, enabling its transformation into a monetary instrument. With Bitcoin, we can now make economic calculations and decisions in what appears to be a fair game for the first time. In contrast, fiat currency, which we've grown accustomed to by decree, lacks a transparent monetary policy that people truly understand.

Isn't it odd that fiat money is both infinite and issued without our input or consent? While a select few can increase its supply at a 7% annual rate, most people witness everything becoming more expensive without comprehending why, as it's not a topic covered in schools.

Fortunately, there's hope now. It's our responsibility to enlighten those around us about the rigged nature of the game. Once people grasp the rules of our existing monetary system, Bitcoin tends to just click.

“..bitcoin is not intuitive. It’s extremely not intuitive until it becomes intuitive and then over time it becomes hyper intuitive.” – Parker Lewis

Once the logic behind Bitcoin becomes clear, it's difficult to overlook the nonzero chance of it becoming the world's reserve currency. As Saylor aptly puts it: "There Is No Second Best."

Stay Humble & Stack Sats,
Bam

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