BITCOIN BOX SCORE

Exchange Rate: $34,900

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%

What do these numbers mean?

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Bitcoiners,

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.

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." 

When will we know?

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.

Where are the buyers?

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

U.S. Senator Ted Cruz has begun accepting bitcoin campaign donations through OpenNode, following a trend among politicians and underscoring his push for greater bitcoin literacy in Congress.

St. Galler Kantonalbank (SGKB), a major Swiss bank, has partnered with SEBA Bank to offer bitcoin buying and custody services to its retail customers.

Michael Saylor's MicroStrategy purchases an additional 155 bitcoins for $5.3 million, raising its holdings to 158,400 BTC, or .75% of the total circulating supply. 

Fidelity Director of Global Macro Jurrien Timmer says he thinks of bitcoin "as exponential gold."

"I was surprised that bitcoin got going, but you know, it's clear that the young people look at it as a store of value because it's a lot easier to do stuff with," stated famed investor Stanley Druckenmiller.

Analysts from Bernstein Research, owned by asset management giant AllianceBernstein, assert that bitcoin has surpassed gold as a "safe haven asset" and predict its dollar exchange rate could reach $150,000 by 2025.

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.

COIN CHECK

What was the date of publication for Bitcoin's whitepaper, titled "Bitcoin: A Peer-to-Peer Electronic Cash System"?

1. January 3, 2009

2. October 31, 2008

3. November 5, 2008

4. July 18, 2010

Check your answer at the end of the page.

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ANSWER

2. October 31, 2008.

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