Bitcoin News Weekly #26

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LATEST NEWS

🙌 Adoption:

• Research shows that Sub-Saharan Africa leads in Bitcoin's share of regional txn volume at 9.3%, with 70% of all Bitcoin transactions under $1,000 either originating from or destined for the African continent.

• Boltz reduces fees by 90% for sending and receiving L-BTC over Lightning, enhancing competitiveness for network interoperability.

• Strike is now available in Europe, allowing users to send Euros to other countries via the Lightning Network.

⚖️ Legal:

• Swiss Bitcoiners launch an initiative to amend a Swiss constitutional article, adding "and Bitcoin" after "gold" in the mandate for the Swiss National Bank's reserves.

• Samourai Wallet Founders arrested by the US for allegedly facilitating over $100 million in money laundering transactions from illegal dark web markets.

• Phoenix Wallet responds to the Samourai arrests by announcing the preemptive removal of its products from US app stores by May 3rd.

📈 Markets:

• 13F filings show that Legacy Wealth Asset Management, based in Minnesota, holds $28.4 million worth of Bitcoin ETFs, its largest position. United Capital Management of Kansas and Sloy, Dahl & Holst of Portland also report Bitcoin ETFs as their third-largest positions.

• Morgan Stanley files a prospectus announcing Bitcoin exposure in its Discovery and Growth Portfolios.

• Nubank, Brazil’s largest digital bank, now allows customers to withdraw their Bitcoin.

⛏️ Mining:

• Block announces they have finished development on their 3-nanometer Bitcoin mining chip and are in the process of developing a "full bitcoin mining system."

• PayPal proposes rewarding miners using sustainable energy with "green keys" that unlock preferential transaction routing and additional Bitcoin rewards.

• CNBC reports Bitcoin miners drive renewable energy's viability in Africa, benefiting both power suppliers and consumers.

🗳️ Politics:

• The IMF acknowledges Bitcoin's role in wealth preservation during financial instability and enabling global commerce outside local currency limitations.

• Paraguay presents a bill to make a digital version of their local currency and to allow Bitcoin to be an experimental legal tender.

• FBI issues Public Service Announcement telling Americans to "Beware of financial services that do not ask for KYC information.”

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Bam’s 2 Sats:

If you've been keeping up with recent events, you might feel that Bitcoin is under attack. Following the emotional high of last Friday's halving, the prevailing sentiment has quickly turned bearish. Just consider the recent news:

• Samourai Wallet founders face prosecution.

• Phoenix Wallet withdraws from US app stores.

• President Biden suggests raising capital gains taxes to 44%.

• Third consecutive month of elevated inflation.

• BlackRock's 71-day streak of BTC ETF inflows ends.

• Bitcoin price stagnates and drops to the low $60,000s.

However, it's important to remember that news of growing Bitcoin adoption emerges every single week. Each time I sit down to write this article and review the past week's headlines, I often realize it was actually quite bullish. Positive developments continue to build upon each other, connecting more people worldwide through the Bitcoin and Lightning networks.

Just this week we had:

• The IMF recognizing Bitcoin as a vital tool for wealth preservation.

• A study revealing that 70% of Bitcoin transactions under $1,000 originate from Africa.

• Strike launching in Europe after years of anticipation.

As a European resident, I've eagerly awaited the arrival of Strike. It's not just the app itself but also what it enables. With Strike, sending Euros to Malaysia via Lightning becomes effortless, with the recipient receiving their local currency via Neutron pay. This money can then be sent to someone in Brazil, who would receive it as Reals using Bipa.

As Bitcoin companies proliferate worldwide, communicating value via the Lightning Network becomes increasingly seamless. While achieving a Bitcoin Standard remains the ultimate objective, progress is often incremental. That's why it's crucial to keep developing tools that integrate with existing payment systems in each country. Despite occasional stories of Lightning setbacks, it only takes five minutes to try out these new technologies and appreciate how far they've advanced.

What about us? Even if we're not developing new technology, we can always give it a try, become familiar with its workings, and spread the word to those we care about!

Stay Humble & Stack Sats,
Bam

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