BITCOIN BOX SCORE
Market Capitalization: $727.7B
Hash Rate (90 days): 433.0 EH/s
Transactions (30 days): 15,607,569
Network Fees (day): 53 sat/vB
Bitcoin Dominance: 52.57%
On Thanksgiving, our American readers prepare to embrace the warmth of family, feasting, and football.
Although we are grateful for all we have, it’s impossible to ignore the high price of food this year. Inflation has made it one of the costliest in recent memory.
Still, during a press conference, White House press secretary Karine Jean-Pierre tried to convince the public otherwise, stating that this Thanksgiving will be one of the "cheapest ever."
Nevertheless, there's a silver lining. Bitcoin is an antidote to the propaganda that bureaucrats use to distort reality.
The world is shifting away from government-controlled propaganda – and even government-controlled currencies.
The election of Javier Milei in Argentina, the second bitcoin-friendly head of state in Latin America, made history. Regardless of whether he is successful at turning Argentina’s economy around, his election is yet another data point in a trend line pointing toward hope. If you aren’t paying attention, you probably should be.
With that, let's dive into the news.
Argentina elects an anarcho-capitalist 🇦🇷
Javier Milei, elected as Argentina's president with a libertarian and anarcho-capitalist agenda, promises drastic economic reforms, including slashing government programs, cutting taxes, and privatizing state-owned enterprises. His victory, driven by young and working-class voters, represents a shift away from government intervention and a return to the classical liberal policies that once made Argentina prosperous.
What does this mean for bitcoin?
Milei’s initial goal for Argentina’s monetary system is adopt the U.S. dollar as Argentina’s principle currency. However, he has spoken publicly about bitcoin numerous times and it is clear he understands its potential. "We have to understand that the central bank is a scam... What Bitcoin is representing is the return of money to its original creator, the private sector," the President-elect stated.
Spring will bring new life, and maybe another banking crisis 💐
Macroeconomist George Gammon warned about a looming banking crisis that may come as early as March 2024. Gammon points out that reliance on the Federal Reserve's Bank Term Funding Program (BTFP) has increased significantly. "The utilization of the BTFP is almost twice as much today than it was during the height of the banking crisis in March of 2023," he told Kitco News.
With the BTFP's March expiration date looming, Federal Reserve Chair Jerome Powell must decide whether to extend the program amid efforts to control inflation. Should a crisis occur, he will likely choose the former.
China and Saudi Arabia continue to ditch dollars 🧧
China and Saudi Arabia signed a $7 billion currency swap agreement, another blow to the role of the U.S. dollar in international trade. The agreement, part of China's broader strategy to promote the yuan, reflects China's growing economic influence and its efforts to undermine the dollar system.
Dollars, yuan, euros, and other fiat currencies are more alike than different; they are controlled by a small cabal of privileged people who can print them ad infinitum. There is only one decentralized, neutral form of digital money.
CZ pleads guilty and Uncle Sam collects 💀
Changpeng Zhao, the founder of Binance, the world's largest cryptocurrency exchange, pleaded guilty to money laundering. Binance also pleaded guilty, agreeing to pay $4.3 billion in fines and restitution, and will now operate under a government-appointed monitor. Zhao faces a possible prison sentence and has stepped down as CEO.
The U.S. government gave Binance a hard slap on the wrist and took billions from the firm. Whether Binance can actually pay the $4.3 billion fine and continue to operate is unknown. The interim CEO claims it can.
BITCOIN ADOPTION CONTINUES
HOW BITCOIN WORKS
Learn one key idea about bitcoin each week. This week:
Bitcoin is a choice.
Bitcoin is a technology that succeeds at something incredibly difficult: offering a viable alternative to government-issued money.
However, where it goes from here will hinge on a crucial factor: individual choice. Today, anyone can adopt (or ignore) bitcoin.
Many bitcoiners believe that "hyperbitcoinization" (when most transactions use bitcoin) is inevitable and that bitcoin is so superior that everyone will eventually adopt it.
Even if we take that as a given, the question remains: who does "hyperbitcoinization" start with, and how does it start?
Parker Lewis recently outlined this bitcoin adoption dilemma:
"Someone has to go first, and someone always has to go next. If not you, then who?"
The decision isn't easy. Most will only do it if and when they understand bitcoin and why it is better money.
To adopt bitcoin in one’s business or personal life is to live the values of bitcoin directly. For individuals, choosing bitcoin means choosing to use money that is resistant to censorship and coercion. For businesses, integrating bitcoin demonstrates agility and innovation, and orients the business toward the future.
Reading about bitcoin, understanding it, and believing it is inevitable will only take the movement so far. Embracing it and committing to using it is even more crucial.
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.