Happy Monday Bitcoiners it's Bam here from Bitcoin News.

Our goal is to help save you time by personally curating the most impactful Bitcoin events of the week into an easy-to-read update.

This weeks most notable events related to Bitcoin adoption, as MicroStrategy bought another ~12,000 BTC and Marathon Digital using their bitcoin miners to help heat the homes of a small Finnish town of 11,000 people.

Let’s dive in for more! ⚡

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LATEST NEWS 📰

🙌 ADOPTION

• PolarBitcoin buys an arancini (Italian rice balls) at the only bar in Syracusa, Sicily accepting Bitcoin.

• Aurora Hotel is the first hotel in Hungary to accept Bitcoin, offering a better payment experience to the customer.

• Jordan Peterson tweets “Looks like time to buy more Bitcoin”, as the national debt is estimated to exceed $50 trillion by 2034.

⚖️ LEGAL

• The German government transfers ~6,500 BTC (previously seized from piracy website Movie2k.to) to exchanges.

• The Swiss National Bank cuts rates by 25 bps to 1.25%, following rate cuts by Canada, Denmark and the EU.

• Russia officially announces Chinese Yuan as its primary foreign currency.

📈 MARKETS

• MicroStrategy acquires an additional 11,931 BTC for ~$786M using proceeds from convertible notes & excess cash, now holding total of 226,331 BTC (cost basis of $36,798 / coin).

• Tether launches Alloy (aUSDT), the first synthetic dollar over-collateralized with Tether Gold.

• Michael Dell, Founder and CEO of Dell Technologies, reposts Michael Saylor’s message of “Bitcoin is Digital Scarcity” (the company has $6B in cash).

⛏️ MINING

• Off Grid Steve sells his house and everything to buy Bitcoin and start a UK-based Bitcoin mining project.

• Bitmain launches S21 XP Hydro with 473 TH/s and 12 J/TH.

• Marathon Digital is now warming a town of over 11,000 in Finland using heat from Bitcoin mining.

🗳️ POLITICS

• Tyler and Cameron Winklevoss each donates $1 million in bitcoin to Donald Trump’s presidential campaign to support an end to Biden’s war on crypto.

• The Idaho Republican Party announces it will protect the right to use Bitcoin, opposing the creation of a CBDC.

• El Salvador now holds a total of 5787 BTC as it continues accumulating 1 bitcoin per day.

BAMS 2 SATS 🧢

This week, we experienced a significant retracement shortly after Michael Saylor announced the purchase of nearly 12,000 bitcoins, almost a full month's (~26 days) worth of bitcoin issuance.

This is driven my selling pressure as miners are capitulating and reducing their balances to levels not seen since 2010. There have also been 8 out of 9 days of spot Bitcoin ETF outflows, while the German government is selling ~50K bitcoins seized from Movie2k.to (only 6,500 BTC have been sent to exchanges so far).

Nevertheless, despite poor market sentiment, Michael Dell seems to have been inspired by Michael Saylor’s approach to Bitcoin.

What began with a tweet from Dell inquiring about scarcity continued with a repost of Saylor’s response about Bitcoin being digital scarcity.

The exchange ended with both of them sharing a funny image of the Cookie Monster eating “bitcoin cookies.”

Even if it is just speculation at this stage, Michael Dell is the 10th richest man in the world valued at $120 billion, and currently holds a majority of voting power in Dell Inc, owning 58.9% of the stock.

The MicroStrategy playbook (raising fiat debt to acquire Bitcoin) is not becoming increasingly common, having already been replicated by companies such as Metaplanet, Semler Scientific and DeFi Technologies.

Let’s hope Dell is added to that list soon!

Remember - stay humble and stack sats!

Bam

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