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A declaration of money independence 🇺🇸
Just as the Founders dared to dream of an independent America, bitcoiners envision a future of money freedom.
Dave Birnbaum & David Waugh
July 06, 2023
BITCOIN BOX SCORE
Exchange Rate: $30,275
Market Capitalization: $588.1B
Hash Rate (90 days): 359.5 EH/s
Transactions (30 days): 11,959,676
Network Fees: 12 sat/vB
Bitcoin Dominance: 51.4%
Bitcoiners,
Happy Fourth of July, no matter where you are on the planet!
Centuries have passed since the Signers inscribed their names on America's Declaration of Independence, but the Fourth of July is an important day of reflection for all freedom-loving people.
Contrary to popular narratives, the Fourth is not a celebration of the military or other vague notions about what it means to be an American. It commemorates the birth of America's Independence from Britain – a radical secession that the British viewed as treasonous.
56 men risked everything to sign a document that would bring them face to face with prospects of death and ruin. In fact, many of them endured tremendous suffering.
Five were captured by the British and tortured before they died.
Twelve had their homes ransacked and burned.
Two lost their sons in the revolutionary army, and another had two sons captured.
Nine of the 56 fought and died from wounds or hardships of the revolutionary war.
Today, another community is rallying around a similarly radical (but peaceful) notion: money independence.
The adversities bitcoiners face may not exactly mirror the American Revolution’s physical perils, but they are daunting nonetheless. Bitcoiners endure financial repression, regulatory battles, and unfair accusations in the quest to build a future free from the coercive forces of fiat money.
Remember the sacrificers of the Signers. They were vindicated, and we will be, too.
With that, let's dive into the news.
NEWS
Bitcoin no longer correlated with US Stocks 📊
Though its price has risen over 25% this month, bitcoin's correlation with the Nasdaq and S&P 500 has decreased to nearly zero, marking a two-year low, according to data from analytics firm Block Scholes.
This drop in correlation coincides with increased institutional interest in bitcoin, as illustrated by recent spot bitcoin ETF filings by firms like BlackRock, Fidelity, Ark Invest, and WisdomTree.
Why is this relevant?
For years, pundits pushed the narrative that bitcoin was no different than a risky tech stock driven by excess liquidity in the markets as investors sought returns further out on the risk curve. The last few months have flipped the script, cementing bitcoin’s status as an independent asset.
NYT confronts debt reality ⏲
The New York Times is well-known as a defender of expansionary fiscal policies and government programs. Yet, this week, the newspaper's editorial board bucked that trend, publishing an article titled "America Is Living on Borrowed Money."
In the article, the newspaper’s editors outlined the unsustainable fiscal path the United States government has set itself on, detailing the large spending cuts necessary to avoid painful economic consequences.
Life comes at you fast
Though other outlets have been beating this drum for years, it is significant that even the Times has joined the chorus of commentators calling for spending cuts. Will Congress listen?
Americans are skeptical of CBDCs 🏦
According to a recent Cato Institute study, Americans are very hesitant to adopt a Central Bank Digital Currency (CBDC), voicing concerns about surveillance and the impact on cash, despite recognizing benefits like reduced fraud and more efficient welfare payments.
Nearly 8 in 10 Americans say they are unlikely to use a CBDC even if it's made available, indicating that the concept lacks the widespread support needed before it could be rolled out.
A healthy trend for the long-term
CBDCs are the antithesis of bitcoin. In the future, central bankers might try to push them onto the populace as bitcoin gains significant traction. This pushback is excellent news for advocates of monetary freedom.
BITCOIN ADOPTION CONTINUES
FinTech firm ZEBEDEE and Beamable have partnered to simplify the integration of bitcoin transactions into gaming by removing the need for a server or systems operations team, lowering the barrier to entry for developers to add server-side features to games and enhancing security by segregating sensitive information.
BlackRock CEO Larry Fink calls bitcoin an "international asset" and that it could "revolutionize finance" in a lengthy CNBC interview.
Bitcoin Startup Lab's Summer 2023 cohort, an expanded pre-accelerator program, is set to foster bitcoin ecosystem growth by bringing together industry leaders, innovators, and investors, providing mentorship, potential investment opportunities, and collaborative events like the Bitcoin Olympics Hackathon.
Bitcoin company Unchained Capital announced Unchained Signature, an enhanced product offering featuring dedicated account management, emergency support, cosignatures, and invites to exclusive events.
HOW BITCOIN WORKS
Learn one key idea about bitcoin each week. This week:
Bitcoin is bravery
The courageous act of the 56 men who inscribed their names on America's Declaration of Independence reverberates through history, a potent reminder of bravery in the face of great challenges.
Their signatures – statements of defiance against the British Crown – testify to their belief in freedom and readiness to sacrifice everything for it.
Today, centuries later, we reflect on another form of bravery in a different realm: the world of money.
The struggle here is not against a foreign power but against an entrenched monetary system blind to individual freedom and autonomy.
Bitcoiners, like the Signers of the Declaration, are bravely rallying around a new form of independence – the separation of money and state.
Each bitcoin transaction is a testament to these values, echoing the sentiments of those 56 men who once pledged their lives, fortunes, and sacred honor for freedom.
Like those men who dared to envision an independent America, bitcoiners dream of a future where money is free from corruption.
Bitcoiners will not be remembered merely as dissenters but as brave souls who dared to challenge the status quo and redefine the meaning of financial freedom.
Bitcoin is not just technology or a new form of money. Bitcoin is bravery.
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COIN CHECK
What phrase coined by Ernest Hemingway is most commonly associated with the future of bitcoin adoption?
Gently, then rapidly.
Gradually, then suddenly.
Progressively, then immediately.
Bit by bit, then all at once.
Check your answer at the end of the page.
ANSWER
2 – Gradually, then suddenly.
The phrase, originally written by Ernest Hemingway regarding the bankruptcy process, was popularized by prominent bitcoiner Parker Lewis’s usage as the title of his famous series of articles.
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.
Until next week!
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