Bitcoin News Weekly #19

TDLR:

• Bitcoin breaks $70,000 for the first time.

• Stanford University includes Bitcoin exposure to its endowment portfolio.

• The Economist covers BTC mining's positive impact on Africa's grid.

• El Salvador's Treasury now holds $200+ million worth of Bitcoin.

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LATEST NEWS

🙌 Adoption:

• All sizes of Bitcoin addresses, from shrimps to whales, are once again accumulating as Bitcoin reaches new highs.

• Stanford University's Blyth Fund purchases Bitcoin at $45,000, now making up ~7% of their portfolio.

• Students in El Salvador are learning to operate a Bitcoin node through the Node Nation education program.

⚖️ Legal:

• Arizona State passes a resolution to explore adding the Bitcoin ETF to AZ State Pensions.

• The SEC postpones its decision on allowing options trading on BlackRock's iShares Bitcoin Trust.

• Jordan Peterson explains to Congress how Canada managed to de-bank the trucker protesters.

📈 Markets:

• BlackRock pulls ahead of MicroStrategy, boasting a total of 196,088 BTC in their bid for the largest Bitcoin stack.

• MicroStrategy announces a Private Offering of $700 million in convertible senior notes due 2030, with a 0.625% interest rate, intended to fund further Bitcoin purchases.

• Deutsche Börse, Germany's largest stock exchange, launches a Bitcoin and crypto trading platform for institutions.

⛏️ Mining:

• The Economist starts to grasp the revolutionary potential of Bitcoin mining in improving electricity access across Africa.

• Bitdeer introduces SEAL01, an advanced Bitcoin mining chip boasting an exceptional power efficiency ratio of 18.1 J/TH.

• Bitaxe heralds a new era of open-source Bitcoin home mining with a stealthy, silent, and highly efficient machine.

🗳️ Politics:

• El Salvador's Bitcoin holdings surge over 60%, with the country now possessing over $200 million worth of Bitcoin in its Treasury. It's worth noting that the IMF attempted to prevent this move.

• The price of Bitcoin in Egypt skyrockets by 1.3 million Egyptian pounds, fueled by the country's currency depreciating over 34% in the past week.

• Massive queues emerge across China as citizens flock to purchase gold, aiming to safeguard their wealth amid an economic downturn. Any similarities to recent Bitcoin activity are purely coincidental. 👀

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Bam’s 2 Sats:

It's fascinating to witness the real-time duality between those who deny Bitcoin's value and investment funds transitioning to become Bitcoin maximalists. As deniers persist in mental gymnastics to convince themselves that Bitcoin lacks inherent value, they witness its price continuously skyrocketing. Meanwhile, institutions are swiftly engaging in the accumulation game.

Institutions are seizing every opportunity, acquiring all available Bitcoin regardless of market sentiment. In recent weeks, amid the rapid ascent from $50,000 to $70,000, we've observed:

• Deniers continue to vocalize their steadfast refusal to buy Bitcoin, broadcasting their stance to anyone who will listen.

• Prominent traders and influencers have been predicting an imminent and significant correction.

• During this time, ETFs have been absorbing an average of 3,000 Bitcoin daily for the past two months.

Whether the price seems "too high" or not is more a reflection of our emotions than a reliable metric for decision-making. Price simply reflects current demand and available supply, and human action is unpredictable. However, despite limited information, we can still make informed decisions. With that in mind, there are some signals I consider important:

• Is there less bitcoin on exchanges?

  • It just so happens that 61K bitcoin were withdrawn from exchanges in the past 30 days.

• Are ETFs still outpacing daily bitcoin issuance?

  • BlackRock's accumulation has accelerated, with the company even filing to add exposure through the IBIT ETF in some of their other funds:

    • Their $17.6 billion Global Allocation Fund.

    • And their $36.3 billion Strategic Income Opportunities Fund.

With Bitcoin hitting a new all-time high before the halving for the first time, we've witnessed how all models and forecasts have been completely destroyed by an unprecedented surge in demand driven by both institutions and retail investors. If we pay attention to what might be coming next, we could be in for a significant surprise.

In a recent interview, Cathie Wood announced that their $1,000,000 Bitcoin price target has been expedited. Despite major wirehouses like Morgan Stanley, Merrill Lynch, UBS, or Wells Fargo not yet offering Bitcoin ETFs, significant buying pressure has driven Bitcoin's price upward. The undeniable success of ETFs has spurred them to join the party, and they are currently in the process of preparing to offer these products to their clients.

“We haven’t even begun... Our new expectations for institutional involvement, the incremental price that we assume for institutions, actually has more than doubled.” – Cathie Wood

In any case, the most crucial consideration for Bitcoin's long-term appreciation is simple:

Have the Bitcoin fundamentals changed?

If the answer is no, then it's safe to conclude that Bitcoin remains the scarcest asset ever to have existed, clearly designed to appreciate indefinitely. Therefore, it should be treated accordingly.

Stay Humble & Stack Sats,
Bam

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