Bitcoin News Weekly #14

TDLR:

• Retail accumulates 700 bitcoin per day.

• Google permits the advertising of Bitcoin ETFs.

• BlackRock & Fidelity hold over $5 billion worth of bitcoin.

• Bitcoin Network Difficulty hits new all-time highs.

Hey, it's Bam! I’m excited to bring you another edition of Bitcoin News Weekly! This is our first issue published on Beehiiv so we would love to know what you think. Haven't subscribed yet? Click below to get the latest breaking Bitcoin News delivered directly to your inbox every Monday!

LATEST NEWS

🙌 Adoption:

• Retail investors acquire 700 bitcoin per day in the last two weeks, while Whales amass 70K bitcoin since the start of 2024.

• 0xchat, a secure client built on Nostr, implements a Cashu wallet for users to send ecash payments via private chats.

• Relai, a European bitcoin exchange, announces that in 2023, they sold 4,618 bitcoins to their users, aiming to sell 10,000 BTC in 2024.

⚖️ Legal:

• Harvest Fund Management, a Hong Kong asset management firm with $230B AUM, applies for spot Bitcoin ETF approval.

• Google allows advertising of Bitcoin ETFs on Jan. 29th, following the SEC's approval of spot Bitcoin ETFs three weeks prior.

• DZ Bank, Germany’s 3rd largest bank, to launch a pilot program for trading Bitcoin and other cryptocurrencies.

📈 Markets:

• BlackRock and Fidelity Bitcoin ETFs collectively accumulate over $5 billion worth of bitcoin in just 18 trading sessions.

• Charles Schwab, with $8.5 trillion AUM, could soon launch a spot Bitcoin ETF, capitalizing on second-mover advantages.

• Tether releases its Q4 attestation, disclosing that the company holds $2.8 billion worth of Bitcoin on its balance sheet.

⛏️ Mining:

• Bitcoin Network Difficulty hits a new all-time high as difficulty increases by 7.33% in the latest biweekly adjustment.

• VR Bank Bayern Mitte, a 130-year-old German bank, partners with Terahash, a Bitcoin energy consulting firm, to create new offerings.

• Biden's Emergency Survey angers Bitcoin Miners over privacy concerns.

🗳️ Politics:

• Argentina removes the reporting of Bitcoin and cryptocurrencies from its omnibus bill to help ensure swift approval.

• Félix Ulloa, El Salvador’s Vice President, says that the country will keep its commitment to Bitcoin if his party is re-elected.

• Senator Lummis and Congressman Wiley Nickel introduce a bill to repeal the SEC's SAB 121, a barrier to institutional crypto adoption.

_{Bam’s 2 Sats:}

_{This week came with the release of Ark’s yearly report titled “Big Ideas 2024 Disrupting The Norm, Defining the Future.” As usual, the report emphasizes a comprehensive analysis of current technological advancements, highlighting their potential for exponential growth in the future. Bitcoin has been a recurring theme in these reports for years, and the latest edition is no different.}

_{The popularity of bitcoin among companies has been steadily increasing, especially since 2020 when MicroStrategy began holding it on its balance sheet. Now, in 2024, with BlackRock actively endorsing its spot Bitcoin ETF, there is a heightened interest in discussing the optimal inclusion of bitcoin in investment portfolios. Ark's report addresses this question by conducting an allocation analysis to determine which assets would have maximized risk-adjusted returns over the past nine years. The recommended allocation of Bitcoin has seen a notable shift, moving from 6.2% in 2022 to 19.4% in 2023.}

_{They also conducted a hypothetical scenario to assess the potential impact if the recommended 19.4% bitcoin allocation was applied to the $250 trillion global investable asset base. According to their analysis, this allocation could potentially result in a price of approximately $2,300,000 per coin.}

_{It's pretty wild, right? Of course, we shouldn't get our hopes up for it to happen anytime soon, but the mere fact that the big shots from Wall Street are thinking about these possibilities is mind-boggling.}

_{Indeed, returning to the present and considering current prices, it appears that we are on a trajectory toward a new all-time high. Just a glance at the data reveals a substantial surge in interest from various sources since Bitcoin approached close to $70,000 in 2021. With the ETFs on net collectively acquiring over 2000 bitcoin per day since their inception, retail investors purchasing an average of 700 bitcoin daily, and the upcoming halving in just 75 days (reducing bitcoin's issuance from 900 to 450 bitcoin per day), one does not have to be a Friedrich Hayek to comprehend that when demand outpaces supply, number goes up.}

_{If you have been paying attention, this could be our generation's asymmetric bet to create substantial wealth. Similar to how the boomer generation had the opportunity to purchase inexpensive houses that are now valued in the millions, acquiring a single bitcoin today could potentially transform into a fortune in the future.}

_{You don't have to take my or Fred's word for it; simply observe the direction of the trend. Investors are already adjusting their strategies, with new capital increasingly finding its place in Bitcoin rather than gold. It seems to be a matter of time until the broader understanding of digital scarcity and censorship resistance becomes apparent to more people.}

_{What's your move? The path seems evident. Bitcoin is becoming the new star in town, and being here before the institutions joined the party positions us well. Let's collectively hold onto our sats and allow us to guide you through this new bull run, consistently sharing insights to help you maintain strong conviction.}

_{Stay Humble & Stack Sats,
Bam}

_{Are you a Bitcoiner or a Bitcoin company focused on promoting hyperbitcoinization? Reach out directly to [email protected] to discuss how we could work together.}