BITCOIN BOX SCORE

Exchange Rate: $43,395

Market Capitalization: $849.0B

Hash Rate (90 days): 449.1 EH/s

Transactions (30 days): 15,997,801

Network Fees (day): 42 sat/vB

Bitcoin Dominance: 54.04%

What do these numbers mean?

Bitcoiners,

Remember when they said bitcoin was dead?

So far this year, bitcoin's dollar exchange rate rose 160%, shattering the predictions of bitcoin deniers.

This recent price surge is not just a recovery but also a display of bitcoin’s resilience. The rise in bitcoin’s price indicates that people prefer its qualities as money.

Before this year, an artificially low-interest rate environment supported risky assets, and bitcoin’s price went up. That led analysts to categorize bitcoin as a “risk-on” asset, which contradicted the story that bitcoin believers told about bitcoin being a safe haven.

However, in the face of the Federal Reserve's rapid rate hikes, bitcoin has grown, both in adoption and in price.

This means that the market now views bitcoin as a risk-off asset, as it is now correlated to gold and other dependable mainstays. The market has become educated to the point that it is seeing bitcoin with clear eyes.

Moreover, the prospect of expanded nation-state adoption and relentless innovation within the bitcoin technology sector are challenging the status quo and reshaping the financial landscape.

The winds of change are being felt everywhere. Perhaps that's why the CEO of a major bank which has been mired in allegations of corruption and collusion in human trafficking schemes would appear in front of Congress to plead for crypto to be banned. 

Are you feeling it yet?

With that, let's dive into the news.

NEWS

Tradfi ships “green” bond tokens 🦠

Société Générale, a French banking giant, issued €10 million in tokenized green bond tokens on the Ethereum network, reflecting the rising interest of traditional financial institutions in using blockchains for asset tokenization. This step, which offers increased transparency, faster transactions, and the potential for blockchain-based ESG data tracking, attracted purchases from AXA Investment Managers and Generali Investments.

Of course Tradfi is building on alt-coin networks (for now).

Remember when people said Ethereum would "flip" bitcoin? That narrative fails to recognize that the bitcoin and ethereum networks serve different purposes. One is the money of the future and the other is an incremental improvement to existing financial structures. As River CEO Alex Leishman recently posted: "ETH positioned itself as a tech platform, and now it is forced to compete as such."

Latin American bitcoin adoption continues 🇨🇴 🇸🇷

Colombian President Gustavo Petro is now a bitcoin holder following a meeting with Samson Mow, founder of JAN3, which promotes bitcoin adoption by nation-states. The meeting signals interest at the highest level of Colombia's government, which could use bitcoin to enact its socioeconomic agenda. Discussion about bitcoin has been growing in Suriname and Argentina.

More nation-states!

Many countries would love to replicate El Salvador’s incredible transformation. They are coming to understand that bitcoin is a key tool for revitalization of their societies. Fixing the money really can fix the world.

Gary Gensler, political animal. 🦈

Fortune Magazine published a hit piece about Securities and Exchange Commission (SEC) chair Gary Gensler. The article described Gensler as overly concerned with his interests and ambitions, leading to confusion, legal distractions, and tension with other agencies like the CFTC.

Hubris will get you every time.

Pointing to another example of malfeasance, a federal judge rebuked the SEC this week for making "materially false and misleading" representations to freeze assets held by a targeted cryptocurrency project. Gensler is only human – and no one human should hold that much power over the economy.

Americans are “doom spending.” 🚨

Despite widespread economic concerns, U.S. consumer spending remains strong, with a record 200 million shoppers making purchases between Black Friday and Cyber Monday. Holiday spending is projected to reach $966.6 billion. 

The "doom spending" trend persists among Gen Z and Millennials despite high inflation and unprecedented credit card debt. A recent study found that 73% of Zoomers prefer to "live in the moment."

This can't be good.

When the purchasing power of money melts away, frivolous spending is encouraged. Coupled with constant doom and gloom in the news, and it’s no wonder that young people spend their money in a nihilistic fashion.

BITCOIN ADOPTION CONTINUES

Block, Inc., led by CEO Jack Dorsey, launched the pre-order for Bitkey, a self-custody bitcoin wallet designed to encourage ownership and security for bitcoin holders. It’s available in 95 countries.

JAN3 launched JAN3 Financial to help nation-states and high-net-worth individuals acquire and secure bitcoin, featuring a specialized Over the Counter (OTC) desk tailored to their unique needs in the expanding BTC market.

Brazil's largest private bank, Itaú Unibanco, offers bitcoin trading through its ion investment platform.

Swan, a bitcoin financial firm, has expanded its services to include institutional products like bitcoin-backed lending, raising $40 million in 2023 for expansion and deploying an additional $205 million in ventures such as a new hedge fund and a credit fund.

SunnySide Digital and Rosseau partnered to offer advanced immersion cooling technology to miners, aiming to improve power density and thermal management.

HOW BITCOIN WORKS

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

Bitcoin is convertible.

Bitcoin used to be seen as a high-risk investment – a digital asset traded for profit. But bitcoin adoption has grown to the point that we must shift this view and recognize it for what it truly is: money.

In this new paradigm, buying and selling bitcoin is more similar to currency conversion than trading.

Money is often said to have three primary roles: Store of value, medium of exchange, and unit of account. Countries like El Salvador have already adopted bitcoin as a legal tender and medium of exchange, paving the way for others to follow. This acceptance isn't just about embracing a new technology; it's about acknowledging a shift in how we understand and use money.

Thinking of bitcoin as an asset to buy low and sell high undermines its potential. Instead, converting government currencies into bitcoin, and back again, should be as commonplace and straightforward as exchanging any fiat currency for any other.

As the infrastructure supporting bitcoin transactions becomes more robust and user-friendly, we anticipate a future where it is as recognizable and utilizable as any traditional currency.

COIN CHECK

How many pro-bitcoin candidates are running to be the next President of the United States?

1. Two

2. Three

3. Five

4. One

Check your answer at the end of the page.

FROM THE MEME POOL

Follow us on Twitter for more fresh content

BITCOIN ROUNDUP PODCAST

If you love our newsletter, you’ll love our podcast, too.

ANSWER

2. Three candidates have incorporated a pro-bitcoin position into their platforms: Vivek Ramaswamy, Ron DeSantis, and Robert F. Kennedy Jr.

Was this email forwarded to you? Sign up here.