Bitcoin News Weekly #8
🔥 Bitcoin on Fire: The Year End Review
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TLDR:
Argentina embraces Bitcoin for contractual agreements.
Human Rights Foundation grants $500k to support 18 Bitcoin projects.
Marathon Digital to increase mining capacity by 56%.
Yet another US firefighter union to add BTC to its balance sheet.
Hey there, it's Bam! At the close of each year, it's crucial to recharge and share moments with those we cherish. I wish you and everyone a relaxing and wonderful Christmas. I'm pleased to share the eighth issue of Bitcoin News Weekly with you. For those keen on slipping away from family shenanigans for some Bitcoin updates, keep reading!
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LATEST NEWS
🙌 Adoption:
Humboldt Bay Firefighters become the third union in the US to purchase and hold Bitcoin on its balance sheet.
Lightspark tests Universal Money Addresses, facilitating the settlement of USDC from Argentina to pesos in the Philippines via the Bitcoin network.
Bathhouse in NYC is using bitcoin mining to power its operations, heating its pools while also accumulating bitcoin.
⚖️ Legal:
The Human Rights Foundation allocates $500K to 18 Bitcoin projects including Mi Primer Bitcoin, Bitcoin Atlantis, and SeedSigner.
7RCC Global introduces the first "ESG" Bitcoin ETF, featuring an 80% holding in bitcoin and 20% in carbon credit futures.
The SEC met reps from 7 firms regarding spot Bitcoin ETFs, setting a December 29th final change deadline; missing it could exclude issuers from potential early January approvals.
📈 Markets:
Swiss Bitcoin exchange Relai discloses that 75% of its Q3 2023 OTC revenue originated from real estate investors directing funds into Bitcoin.
Cathie Wood's Ark Invest offloads an additional 809,441 shares of Grayscale Bitcoin Trust, amounting to $28 million.
CNBC reports: “Spot Bitcoin ETF race could quickly reach your 401(k) retirement plan”
⛏️ Mining:
Hut 8 signs an interim agreement with the Celsius Network bankruptcy proceedings to construct a 215-megawatt mining site in Cedarvale, Texas.
Marathon Digital Holdings seals a deal to acquire several mining sites for $179 million, elevating its mining capacity by 56%.
Cipher Mining acquires 37,396 units of Bitmain's latest generation Antminer T21 ASICs, valued at $99.5M.
🗳️ Politics:
Suriname's Ministry of Foreign Affairs reveals the formation of a working group to assess the Bitcoin strategy proposal submitted by Jan3.
Argentina's Minister of Foreign Affairs, Diana Mondino, confirms the country's stance on embracing Bitcoin for contractual agreements.
US Ambassador to Argentina praises the development of further Bitcoin mining projects in the country, citing its potential to reduce methane gas emissions and bolster the economy.
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Bam’s 2 Sats:
As the year comes to a close, we look back on navigating through Bitcoin's longest bear market to date. Though the price hasn't reclaimed its previous all-time highs, there certainly seems to be light at the end of the tunnel. Those sat stackers who remained patient and humble are now likely seeing positive returns on their investment.
Here are some key Bitcoin metrics indicating that this bull run is only just getting started:
Bitcoin’s price has appreciated 160% year to date.
Hashrate has surged by 138%, now approximately double compared to when Bitcoin hit its previous all-time high.
The world’s largest asset manager, Blackrock, has filed for a spot Bitcoin ETF.
The narrative around Bitcoin's energy usage has shifted towards being more "ESG friendly."
The long-term hodlers (1+ years) have increased by about 4%, now making up 70.55% of all Bitcoin. Even with the recent surge in BTC price, the vast majority rather hodl than sell.
The count of whole coin addresses has crossed 1 million, showing an annual growth rate of 4.5%.
Bitcoin not only survived but thrived despite the high-fee environment.
Adoption remains steadfast, showing no signs of slowing down, while mainstream media has begun extensively covering Bitcoin in Q4 of '23. Despite media-induced recession fears, the stock market is nearing new highs. Even as pessimism persists, recent reports from Coinbase and other major institutional asset managers indicate that Bitcoin is likely to outperform despite a sluggish economic forecast.
It's undeniable that with each year of increasing Bitcoin adoption, economic freedom grows. Therefore, I believe that every new year Bitcoin continues to add new blocks signifies a positive year for Bitcoin.
Stay Humble & Stack Sats,
Bam
Are you a Bitcoiner or a Bitcoin company focused on promoting hyperbitcoinization? Reach out directly to rob@bitcoinnews.com to discuss how we could work together.
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