Bitcoin News Weekly #3

TLDR:

• 4.5 million Bitcoin addresses with a minimum holding of 0.1 BTC.

• Commerzbank receives a Bitcoin custody license in Germany.

• South Korea's pension fund reveals a $20M stake in $COIN.

• Vivek plans to challenge the FED if elected president.

Hey there, it's Bam! Exciting news in our third issue with Bitcoin News: we're merging channels! WTFBitcoin will now become Bitcoin News Weekly. Our mission remains unchanged: delivering quality weekly highlights and maintaining a bullish spirit through market ups and downs. Let's nurture this community together—enjoy!

LATEST NEWS

Adoption:

• New All-Time High of 4.5 million Bitcoin addresses holding at least 0.1 BTC.

• An OpenAI agent successfully processes a Lightning invoice payment, acting as a human user.

• Bulgarian soccer club Botev Plovdiv reveals their latest uniforms, showcasing the Bitcoin logo on their sleeves.

• Cipherchat launches as an encrypted messaging web app leveraging the power of lightning nodes to communicate privately over the Bitcoin Lightning Network.

Legal:

• Commerzbank, with total assets of €462 billion, obtains a Bitcoin custody license in Germany granted by BaFin.

• US Judge dismisses class action lawsuit against Tether and Bitfinex

• Bloomberg's Eric Balchunas reports the SEC is advising spot Bitcoin ETF issuers to prioritize cash creations over in-kind creations for these ETFs.

Markets:

• South Korea’s national pension fund reveals buying $20M worth of Coinbase shares in Q3, 2023. Those shares are now 40% in profit.

• Boyaa, a Hong Kong-based developer of online card and board games, is planning to acquire $45 million worth of bitcoin to add to its balance sheet.

• Zodia, Standard Chartered-owned cryptocurrency custody company, launches its services in Hong Kong.

Mining:

• The Bitcoin hashrate estimator on the Mempool clocks in over 600 EH/s, marking the highest level ever recorded.

• Public Miners mine 5,643 bitcoins in October while selling 5,858, representing 103.8% of the amount produced.  

• US-based Auradine unveils the latest Teraflux Bitcoin miners—AT2880 and AI3680—now recognized as the world's fastest and most efficient Bitcoin mining rigs.

Politics:

• US presidential candidate Vivek Ramaswamy: “Bitcoin is a threat to the incumbent status of the FED. If I'm elected president I promise the government will stay the h*** out of the business of those who are innovating,”

• Libertarian Javier Milei wins the presidential run-off election in Argentina with 56% of the vote, while Peronist Economy Minister Massa won just over 44%.

• The American Conservative Magazine: Bukele is turning El Salvador into a Central American Singapore.

Bam’s take:

This week I was reflecting on the inevitability of bitcoin. Sometimes, we assume Bitcoin needs our advocacy to grow, thinking we can speed up its adoption. Yet, in truth, our influence isn't that significant. The most compelling endorsement for a hard currency like Bitcoin comes from experiencing the repercussions of a constantly devaluing one, like fiat currency, caused by endless money printing.

As Bitcoin awareness grows, newer generations increasingly seek refuge in the stability of hard money.

It is not surprising why we see higher rates of adoption in developing countries compared to the so-called 'first world countries'. But now, as inflation's effects touch everyone in recent years, the tide is turning, leading to broader adoption worldwide.

Even so, it remains valuable to educate family and friends about Bitcoin to shield them from the downfall of fiat currencies. However, understand if they feel it's not the right time for them. In such cases, you could consider accumulating some extra sats on their behalf.

Keep on stacking,Bam

P.S. - Speaking of friends and family, click the button below and spread the holiday spirit with the gift of Bitcoin knowledge👇