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BITCOIN BOX SCORE

Exchange Rate: $70,700
Market Capitalization: $1.4T
Hash Rate (90 days): 658.7 EH/s
Transactions (30 days): 18,791,854
Network Fees (economy): 3 sat/vB
Bitcoin Dominance: 60.24%

What do these numbers mean?

Fifteen years ago today, on Halloween in 2008, an anonymous figure known as Satoshi Nakamoto released the bitcoin white paper. Much like Martin Luther's 95 theses nailed to the church door centuries earlier, the white paper critiqued centralized authority over money, proposing a technical solution to a revolutionary idea: money that is decentralized, secure, consensus-driven, and free from the control of any single entity.

There had been many attempts to invent digital cash before, but Satoshi's system was a radical reimagining of what money could be. With a capped supply of 21 million units, a peer-to-peer network, and consensus driven by a proof-of-work algorithm, Satoshi introduced a system that challenged conventional ideas of what money needed to be.

More than just an impressive technical achievement, bitcoin is powering social transformation. For the billions living under inflationary regimes and unreliable banking systems, bitcoin promises hope and financial sovereignty.

Many have misunderstood and underestimated bitcoin over the past decade and a half. Yet, like the great cathedrals that were built over many generations, the bitcoin network grows stronger every day, brick by brick, thanks to countless contributors who believe in its long-term vision.

As we commemorate the anniversary of the bitcoin white paper, let's reflect on how far we've come and the journey ahead.

Bitcoin is a movement and, for many, a lifeline. Here's to all the pioneers, the believers, and everyone laying the next brick in this monumental endeavor.

NEWS

🔬 Wall Street Journal alleges Tether subject of U.S. probe

The Wall Street Journal reported that the U.S. Department of Justice is investigating Tether, the USDT stablecoin issuer, for possible sanctions and anti-money laundering law violations. The article, citing unnamed sources, suggests the probe has been underway for several years.

Paolo Ardoino, CEO of Tether, strongly denied the allegations, calling the report "old noise" and stating, "There is no indication that Tether is under investigation." The company emphasized its compliance program, noting that it has cooperated with over 180 government agencies and taken proactive measures to freeze and blacklist illicit wallets.

The dollar as attack surface

Millions of people use USDT, which is pegged to the U.S. dollar, to save and spend money in a less inflationary and more stable currency than their native government currencies. However, any attacks on USDT by the U.S. government will highlight bitcoin's strength as a decentralized alternative and may accelerate the transition from “backed” cryptocurrency to the only digital bearer asset.

🟠 MicroStrategy announces 21/21 plan to increase bitcoin holdings

MicroStrategy, led by Executive Chairman Michael Saylor, announced a bold plan to raise $42 billion over the next three years to purchase additional Bitcoin. The "21/21 Plan" aims to secure $21 billion through equity raises and another $21 billion via debt offerings.

President and CEO Phong Le stated, "As a Bitcoin Treasury Company, we plan to use the additional capital to buy more bitcoin as a treasury reserve asset in a manner that will allow us to achieve higher BTC Yield."

The company has not added to its bitcoin holdings since mid-September, when it purchased 7,420 bitcoins for $458.2 million, bringing its total holdings to 252,220 bitcoins acquired for $9.9 billion at an average price of $39,266. With bitcoin currently priced around $72,000, these holdings are valued at over $18 billion.

MicroStrategy also increased its target range for "BTC Yield" – a key performance indicator for the company – from between 4 and 8% to between 6 and 10%, reporting a BTC Yield of 17.8% for the third quarter.

📜 Pennsylvania House passes bipartisan bitcoin bill

The Pennsylvania House of Representatives overwhelmingly approved House Bill 2481, known as the Bitcoin Rights Bill, with 176 votes in favor and 26 against. The bipartisan legislation affirms the rights of Pennsylvanians to hold digital assets in self-custody, permits the use of bitcoin for payments, and provides guidelines for taxing bitcoin transactions.

Developed with assistance from the Satoshi Action Fund (SAF), the bill is part of a growing trend of states establishing their own regulatory frameworks for bitcoin. The bill now moves to the Republican-led Pennsylvania Senate for consideration after the November election.

Federalism benefits bitcoin

Pennsylvania's move highlights increasing state-level leadership of bitcoin adoption and regulation, potentially encouraging broader acceptance and setting a precedent for other states to follow.

Having assisted in passage of similar bills in Oklahoma, Louisiana, Montana, and Arkansas, Satoshi Action Fund is now working on legislation in 20 other states.

⚡ Lightspark unveils Spark, a new bitcoin L2

Lightspark, led by former PayPal President David Marcus, introduced Spark, a new bitcoin layer 2 solution that enables instant, scalable, and self-custodial transactions of bitcoin and stablecoins. Interoperable with the Lightning Network, Spark aims to address the challenges of scaling self-custody wallets and transmitting stablecoins on the bitcoin network.

Later this year, Lightspark plans to release a Wallet-as-a-Service platform for developers to create self-custodial wallets supporting stablecoins, as well as a Stablecoin Issuance Platform to bring stablecoins to bitcoin. Marcus emphasized that Spark could help bitcoin become the "internet of money" by solving key scalability and usability issues. By open-sourcing Spark, Lightspark seeks to make bitcoin more accessible for developers and users, advancing global payments and financial services.

Why it matters

How often have you heard the critique: "nobody uses bitcoin to buy a cup of coffee - how can it be money?" Spark could accelerate bitcoin's adoption as a global payment network by addressing significant scalability and usability hurdles. If the next administration takes steps to recognize bitcoin as money, technologies like Spark could be the way bitcoin makes it into the hands of millions of new users.

BITCOIN ADOPTION CONTINUES

BlackRock's IBIT Bitcoin ETF becomes the most successful new ETF in four years, attracting over $26 billion in inflows.

Microsoft shareholders are set to vote on whether the company should publicly assess adding bitcoin to its balance sheet.

Florida's CFO Jimmy Patronis urges state pension funds to consider investing in bitcoin to diversify the $205 billion retirement fund.

VanEck's Matthew Sigel suggests BRICS nations may adopt bitcoin for international trade to reduce reliance on the U.S. dollar, potentially elevating bitcoin as a global reserve asset.

Emory University becomes the first U.S. university to publicly invest its endowment in bitcoin.

Bitcoin rollup firm Citrea raises $14 million led by Founders Fund to make bitcoin programmable with zero-knowledge proofs.

HOW BITCOIN WORKS

Learn one key idea about bitcoin each week. This week:

Bitcoin's energy usage: debunking the myths

Bitcoin's energy consumption is often criticized as excessive or environmentally harmful. However, a closer examination reveals that the Bitcoin Network’s energy usage is both proportionally small and increasingly efficient.

First, bitcoin consumes less than 0.1% of the world's total energy production. This figure is negligible when compared to other industries like traditional banking, gold mining, or even household appliances like clothes dryers.

The energy used by bitcoin miners often comes from surplus or renewable sources. Miners are incentivized to seek out the cheapest electricity, which frequently leads them to renewable energy or excess capacity that would otherwise be wasted.

Bitcoin mining can contribute to the development of new energy resources. For example, bitcoin miners have partnered with gas companies to utilize flared natural gas – energy that would otherwise be wasted – to power the network. This not only makes use of lost energy but also reduces greenhouse gas emissions by converting methane into less harmful carbon dioxide.

Most importantly, the argument that bitcoin is environmentally harmful often overlooks the value bitcoin provides. The energy that is expended to run the network is like a firewall that prevents anyone – individuals, companies, or state actors – from taking over the network. If we are to believe that some human activities are valuable enough to justify the expenditure of energy, what could be more valuable than a neutral, always-available network for transmitting value digitally?

Bitcoin’s energy usage is minimal on a global scale. The benefits it provides as a revolutionary monetary network far outweigh the drawback, especially when compared to the energy consumption of existing financial and industrial systems.

On The Bitcoin Standard Podcast, our own Dave Birnbaum talks about how Coinbits.app is using bitcoin to build an innovative operating system for money. Listen now: Spotify | YouTube | Apple | Fountain

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COIN CHECK

What is the full title of the original Bitcoin white paper published on October 31st in 2008?

1. Bitcoin: A New Electronic Gold Standard

2. Bitcoin: A Peer-to-Peer Electronic Cash System

3. Bitcoin: Decentralized Digital Currency Explained

4. Bitcoin: The Future of Online Transactions

Check your answer at the end of the page.

FROM THE MEME POOL

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ANSWER

2. Bitcoin: A Peer-to-Peer Electronic Cash System.

   Although technical, it is worth reading at least once. If you need help with some of the concepts, check out this annotated version on Genius.

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