BITCOIN BOX SCORE

Exchange Rate: $71,504
Market Capitalization: $1.40T
Hash Rate (90 days): 599.6 EH/s
Transactions (30 days): 11,058,558
Network Fees (day): 19 sat/vB
Bitcoin Dominance: 53.48%

What do these numbers mean?

This week marks the one-year anniversary of Silicon Valley Bank (SVB)'s collapse.

Reflecting on the anniversary, it is clear that the crisis was not a temporary event but rather a signal that revealed the fragility of our fiat monetary system. A year ago, we asked, "How bad will it get?"

Last March's chaos, driven by the Fed's rate hikes, wasn't just about SVB. Signature Bank, First Republic, and others fell like dominos. Banks nationwide now sit on trillions in unrealized losses.

A year later, systemic risk is still here.

Depositors of failed banks were saved, but the average American will shoulder the cost. Meanwhile, commercial real estate teeters, poised to amplify the banking sector's woes. As office spaces empty and values plummet, banks brace for impact.

Meanwhile, bitcoin, equities, and gold are rising as everyone expects significant nominal growth in asset prices driven by inflation that is here to stay – no matter what the Fed says. As confidence wanes, bitcoin shows strength as more seek to jump off the fiat crisis merry-go-round into sound money – protecting themselves from the next bust.

How long must we bounce from one crisis to another?

Bitcoin's ascent signals a growing distrust in a broken system. But until a significant shift occurs, we're merely passengers, careening from one crisis to the next, all the while asking, "How bad will it get?"

NEWS

🥵 Hot CPI print paints Fed into a corner

The Consumer Price Index, or CPI, is a commonly-used measure of inflation. With CPI higher than expected this week, it is clear that persistent core inflation challenges the Federal Reserve's policy path. This, alongside unchanging food indices, also poses a problematic backdrop for the Biden administration in an election year.

Higher rates for longer? Don't count on it.

The Fed wants to cut rates this summer but sustained inflation rates above its 2% target make such actions more challenging. Still, expectations remain that they will make at least one cut in June.

🚩 Biden budget full of anti-bitcoin proposals

President Joe Biden's 2025 budget proposal reintroduces a bitcoin mining tax. It applies the "wash sale rule" to digital assets, aiming to generate $10 billion next year and over $42 billion in the next decade. The proposal also includes new information reporting requirements for financial institutions and digital asset brokers. 

Biden’s brain trust can't stop attacking bitcoin miners.

Riot Platforms's Brian Morgensten does a good job describing the problems with Biden's mining tax.

Trump changes position on bitcoin

Donald Trump indicated he would not aggressively regulate bitcoin or other cryptocurrencies if re-elected as president, noting the widespread use and acceptance of bitcoin. His stance marks a shift in his messaging and a recognition of the significant role of bitcoin in the economy.

Election impact?

Trump just sealed the GOP nomination for this year’s presidential race. His new position on bitcoin could attract votes from the bitcoin and crypto bloc, which skews young. Sam Lyman from Riot platforms outlines the potential impact in greater detail in this article for Forbes.

Judge rules Craig Wright is not Satoshi Nakamoto

The judge in the COPA vs. Craig Wright trial has ruled from the bench. The story is still developing, but Jack Dorsey, who is involved with COPA, tweeted a quote from the judge’s bench ruling. It’s worth the read.

BITCOIN ADOPTION CONTINUES

Relai partnered with Blockstream and Breez to support the Lightning Network, offering over 100,000 European users fast, low-cost transactions in a self-custodial wallet.

Senator Marsha Blackburn will discuss digital asset policy and the future of bitcoin in the U.S. at the second-annual Bitcoin Policy Summit.

ZEUS v0.8.2, now on Apple App Store and Google Play, introduces LSP support, receipt printing, enhanced currency conversions, and improved wallet recovery UI/UX.

BitGo enhances bitcoin transaction efficiency by integrating Replace-By-Fee (RBF), offering users increased control and flexibility over transaction speeds.

BlackRock's iShares Bitcoin Trust (IBIT) accumulated over 200,000 bitcoins in only two months.

HOW BITCOIN WORKS

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

Bitcoin is a signal.

Bitcoin's ascent to $70,000 and beyond is more than a market trend; it signals the growing distrust in our over-leveraged, over-centralized financial system.

Bitcoin, the hardest money ever created, has become a sanctuary for those fleeing unreliable fiat currencies around the world, and a silent protest against the Federal Reserve capricious influence in the U.S.

The surge in bitcoin's price reflects a broader disillusionment with centralized power – where corporate influence and government opportunism intertwine under the guise of democracy, all while attempting to control the levers of information and money. As history teaches us, these are not mere coincidences but patterns repeating across time, indicative of a system straining under complexity and deceit.

This peaceful uprising, underscored by bitcoin's price movement, is more than a standard investment allocation; it's a beacon for those seeking clarity and stability in a world mired in obfuscation and censorship.

As the financial landscape continues to evolve, bitcoin stands as a testament to the collective yearning for a monetary foundation built on trust and the immutable principles of mathematics and transparency. It's a reminder that in the face of burgeoning crises and the manipulation of monetary policy, a path forward exists, driven by the principles of decentralization and sovereignty.

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COIN CHECK

On what date did the dollar exchange rate of bitcoin reach an all-time intraday high?

1. November 10th, 2021

2. March 14th, 2024 (today)

3. March 6th, 2024

4. April 21st, 2021

Check your answer at the end of the page.

FROM THE MEME POOL

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ANSWER

1. March 14th, 2024 (today). Bitcoin reached an all-time intraday high of $73,835.57

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