Bitcoin News Weekly #22

TDLR:

• New protocol enables payment channels to receive Bitcoin while offline.

• Coinbase faces court balttle over the sale of unregistered securities.

• Spot Bitcoin ETFs attract $845 million in net inflows.

• El Salvador’s Bitcoin Treasury continues to grow.

Hey, it's Bam! I’m excited to bring you another edition of Bitcoin News Weekly! Haven't subscribed yet? Click below to get the latest breaking Bitcoin News delivered directly to your inbox every Monday!

Just a friendly reminder: You can earn some sats by sharing the newsletter! Grab your personal referral link below. Now, let's delve into the week's highlights and uncover what's keeping us bullish!

LATEST NEWS

🙌 Adoption:

• Super Testnet, a prominent Bitcoin dev, introduces Hedgehog, a novel type of payment channel capable of receiving funds while offline.

• Bitcoin supply on exchanges keeps decreasing. This week alone, over 17K Bitcoin left Coinbase Pro, with ~76K Bitcoin exiting exchanges in March.

• Casa launches Casa Inheritance, a non-KYC inheritance planning protocol.

⚖️ Legal:

• Court documents reveal Sam Bankman-Fried's contingency plans, which include registering as a Republican, appearing for an interview with Tucker Carlson, and taking a stance "against the woke agenda."

• Coinbase loses SEC appeal, accused of operating as an unregistered securities broker, facilitating trading of assets that should be registered. Case now proceeds to jury trial.

• Australian Broadcasting Corp calls out Craig Wright for not being Satoshi during a live television broadcast.

📈 Markets:

• Bitcoin ETFs are back experiencing positive flows, with net inflows of $845 million in the past week.

• BlackRock's spot Bitcoin ETF achieves the fastest growth in ETF history.

• Bitcoin volume on exchanges explodes in March, nearly doubling January and February's numbers.

⛏️ Mining:

• Bitcoin miners are relocating about 600,000 rigs from the US to Africa and South America before the halving in pursuit of cheaper energy. These rigs, which once cost $11,500 each, may now be valued at only $350 post-halving.

• Giga Energy, a Texas-based Bitcoin miner, joins forces with oil firm Phoenix Global Resources and IT provider Exa Tech to launch a 2-megawatt Bitcoin mine atop Vaca Muerta, Argentina.

• Bitmain unveils the Antminer S21 Pro, the newest iteration of its flagship Bitcoin mining ASIC with a hash rate of 234 TH/s and an energy efficiency of 15.0 J/TH.

🗳️ Politics:

• El Salvador adds 14 Bitcoin to its Treasury in the last two weeks, remaining committed to acquiring one coin per day until it becomes "unattainable with fiat currencies."

• New disclosure rules reveal South Korean Cheongju District Court Chief Justice Lim Byeong-ryeol owns 10 Bitcoin.

• PSA: politicians are not your friends: “Maybe we do make money out of thin air - but we're the US government." - Congressman Brad Sherman

Bam’s 2 Sats:

This week we covered the news that our good ol’ pal, the American government, is facing a staggering $2 trillion interest bill, with projections suggesting it may surpass $3 trillion before 2030!

Grasping numbers of this magnitude can be daunting for our human minds. Not long ago, the notion of government interest payments reaching trillions of dollars seemed improbable, but times have changed. To offer some perspective, let me share some words from James Lavish to illustrate the significance of $2 trillion:

“The US Government currently makes about $12.2B while spending $17.7B per day. That's overspending $5.5B per day, which will add up to a total of $2T of overspending for the year.” – James Lavish

What if we put these figures in terms of Bitcoin?

A daily deficit of $5.5 billion translates to approximately 75,000 Bitcoin per day at current price levels. Given that there are only about 900 Bitcoin mined per day, this indicates that the US government is accruing debt at over 80 times the daily issuance of Bitcoin, or roughly 160 times the new daily supply after this month’s halving.

I'm not sure how you feel about this, but personally, I find it outrageous. They shamelessly devalue the currency of their citizens and justify it by saying, "Oh yeah, we are the government." It's hard not to think: Thank God for Bitcoin.

Stay Humble & Stack Sats,
Bam

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