BITCOIN BOX SCORE
Market Capitalization: $681.2B
Hash Rate (90 days): 415.2 EH/s
Transactions (30 days): 912,759,217
Network Fees (day): 9 sat/vB
Bitcoin Dominance: 53.87%
This week marks the 15th anniversary of the release of the Bitcoin Whitepaper. Fifteen years ago, Satoshi unleashed an unstoppable force.
Critics often mistake bitcoin's slow pace for stagnation, but revolutions need time to take hold. The American Revolution didn’t happen overnight, and neither did the Protestant Reformation – both comparable to bitcoin in that they fundamentally changed society.
Although bitcoin may not move as fast as flashy tech companies, that doesn't mean exciting things aren't happening.
Over the past year, developers and entrepreneurs have innovated in several exciting ways. Here are a few:
BitVM pushed the boundaries of what was previously thought possible with smart contracts – without altering the underlying Bitcoin protocol.
Taproot Assets allow anyone to use the bitcoin network to issue assets, such as equities, bonds, and more, and move them via the Lightning Network.
Ark promises a private, scalable, user-friendly layer two bitcoin payment solution that doesn’t depend on inbound liquidity.
Zerosync is making progress toward trustless node synchronization.
Bitcoin developers are not sitting around and waiting for its inevitability.
Instead, they are working diligently and, in the process, proving the naysayers wrong that a money revolution is impossible.
Fifteen years later, Satoshi's revolution continues.
With that, let's dive into the news.
Verdict incoming in SBF trial 👨⚖️
The trial of FTX founder Sam Bankman-Fried has entered the jury deliberation phase after almost a month of testimony from over 20 witnesses, including Bankman-Fried himself. He is accused of fraud and conspiracy. Bankman-Fried's defense claims that he acted in good faith, while the prosecution argues that he built a "pyramid of deceit."
It is uncertain how long the deliberations will take, which could extend past usual court hours. That said, Google metadata was presented in the prosecution's closing arguments, showing SBF as the sole creator of spreadsheets that... are not favorable to his case. Read the summary (with a link to the whole thing) here.
What's a rate hike when oil is $150 a barrel? 🛢️
The World Bank warns that oil prices could surge to $150 a barrel if Middle East tensions escalate, potentially echoing the 1970s oil crisis and exacerbating global food insecurity, particularly if a "dual energy shock" occurs. Despite current stability with prices around $90 per barrel, a severe conflict could trigger substantial increases in energy and food prices. Even a minor disruption could raise prices between $93 and $102 a barrel.
Inflation isn't going away
Geopolitics are beyond the Fed's control, and energy prices are a significant driver of inflation. Given escalating domestic fiscal policy and global tensions, the Fed's ability to "fight" inflation will soon be lost.
California attacks Bitcoin ATM industry 🏧
California is setting a $1,000 daily limit on Bitcoin ATM transactions to combat scams, with new legislation enforcing tighter controls and transparency on bitcoin and crypto transactions from 2025. The law follows a broader push for companies to be licensed and regulated in the state.
Other states could follow
Other states could follow California's lead in restricting large bitcoin purchases; however, due to bitcoin's digital nature, there will remain alternative ways to obtain it.
Treasury unveils new borrowing plan 💰
The U.S. Treasury Department is increasing the size of its debt auctions, beginning with a $112 billion sale next week to manage its high debt amid rising borrowing costs and near-record yields. Markets are watching the move closely, as it may indicate future yield directions amidst concerns about demand for the Treasury's escalating borrowing needs.
The Treasury Borrowing Advisory Committee reported decreased demand for U.S. bonds from banks, foreign central banks, and other traditional investors. Who will buy when no one else will? (Hint: it has a comparative advantage in money printing...)
BITCOIN ADOPTION CONTINUES
HOW BITCOIN WORKS
Learn one key idea about bitcoin each week. This week:
Bitcoin is like the Number Zero
It's been 15 years since the release of bitcoin's whitepaper, a significant moment in the history of money. It's a once-in-a-lifetime discovery as important as the number zero in mathematics.
Zero was an abstract concept that enabled advancements in science and technology through calculus. Bitcoin is its digital economic counterpart. It brought forth the notion of absolutely scarce money – a concept that, until bitcoin's inception, was unfathomable.
Bitcoin's scarcity is changing the world by presenting a direct challenge to modern central banking's often inflationary practices. It offers a money system that is predictable and immutable, unlike fiat currencies subject to human failings.
In this era, as we grapple with fiscal upheaval, bitcoin provides more than just stability – it is an unstoppable idea.
Bitcoin has an ancestral link to the number zero in that it is a new mathematical concept that will transform almost every aspect of society. It is now possible to build a system of commerce and trade where value as represented is quantifiably assured.
That’s all for this week, folks! When you signed up for this newsletter, we promised to act as your personal guide and help you understand what’s happening in the world of bitcoin. What did you think of today’s newsletter? Reply to this email and let us know what you’d like to see more of.