Chopsolidation Rolls On

Happy Monday Bitcoiners, it's Bam here with another Bitcoin update!

Each week, our team at Bitcoin News saves you time by curating the most impactful events into a concise, easy-to-read update.

Notable events this week include:

• Bitcoin Lightning payments can now be settled to a USD bank account.

• Supreme Court Justice orders the immediate shutdown of X in Brazil.

• Semler Scientific doubles down and buys 83 more BTC for their reserves.

Let’s dive in! ⚡

Want the latest research diving deep into on-chain metrics to keep you ahead of the game? Subscribe to our Bitcoin Insights newsletter for more alpha 👇

LATEST NEWS 📰

🙌 ADOPTION

• Lightspark Extend enables instant Bitcoin payments, settled in dollars directly to recipients’ bank accounts, available 24/7.

• Miss Universe El Salvador shows how to buy Bitcoin with cash at 7/11 in Mexico City.

• NCR Atleos, a global payments company, is launching the ability to cash out Bitcoin at over 30,000 ATMs worldwide.

⚖️ LEGAL

• Nasdaq seeks SEC approval for Bitcoin Index Options, allowing traders to bet on Bitcoin’s future price without owning the asset.

• The SEC issues a Wells notice to OpenSea, threatening legal action as they consider NFTs on the platform to be securities.

• Brazil Supreme Court Justice Alexandre de Moraes orders the immediate shutdown of X in Brazil, with fines of up to $8,800 per day for those who attempt to maintain access with a VPN.

📈 MARKETS

• Bitwise is set to acquire Osprey Bitcoin Trust ($OBTC) and its $120 million in Bitcoin holdings.

• Investment advisors purchased $1.1 billion worth of Bitcoin ETFs during Q2.

• Wells Fargo, with $1.7 trillion AUM, is preparing its wealth advisors to actively pitch Bitcoin ETFs to clients starting in September.

⛏️ MINING

• A 31% rise in Bitcoin mining energy usage in Texas coincides with an 80% year-over-year drop in the state’s electricity prices.

• Vortex Brands becomes the first Bitcoin miner to acquire MicroStrategy stock as a strategic asset.

• A solo miner mines a block by themselves, securing a reward of 3.27 BTC, worth approximately $199,094.

🗳️ POLITICS

• Bharat Ramamurti, one of Kamala Harris’ top economic advisers, faces sharp pushback on CNBC while attempting to defend an unrealized gains tax policy.

• Telegram CEO Pavel Durov has been indicted. He is required to post a bail of 5 million euros, report to the police station twice a week, and is prohibited from leaving French territory.

• Senator Cynthia Lummis discusses how her proposed legislation for a Strategic Bitcoin Reserve could potentially retire up to half of the U.S. debt.

BAMS 2 SATS 🧢

Bitcoin has been moving sideways for six months since hitting a new all-time high of around $74,000. Volatile swings have kept the price in a wide range between $50,000 and $70,000.

As fears of a recession begin to surface in the media, and with Bitcoin failing to reach new highs despite all the institutional FOMO we see in the news, it’s only natural to wonder what might come next.

On one hand, there’s talk of increasing global liquidity, while on the other, concerns are growing that rising poll numbers for Kamala Harris, a key member of a staunchly anti-crypto administration, could jeopardize the industry and impact the ongoing bull run.

In other words, people are questioning whether we’ve already seen the peak or if the cycles are shifting from what we’ve experienced in the past.

The truth is, we don’t have a crystal ball, but we do know that Bitcoin is the scarcest asset in existence. Historically, over a 4-year period, it has consistently delivered a positive compound annual growth rate (CAGR).

Let’s examine Bitcoin’s CAGR: over a 4-year term, the lowest recorded value is around 25%, observed in mid-2022 and mid-2023. At times, the CAGR is much higher, as seen earlier this year when it nearly reached 100% during Bitcoin’s run to a new ATH.

This got me thinking: What would next year look like if Bitcoin maintained a 25% CAGR? And what if the CAGR were slightly higher, as we typically see during bull runs? Naturally, I calculated it.

If we maintain a 25% CAGR, the price for 2025 could reach as high as $164,000, with a minimum of $78,000. If we’re more optimistic, a 40% CAGR could push prices up to $250,000.

Of course, the past is not a perfect predictor of the future. However, the best approach remains the same: stay patient and keep accumulating Bitcoin, as achieving a 25% compound annual growth rate over four years is exceptionally rare.

Keep on stacking!
Bam

Has the US Gov Killed Bitcoin Privacy?

This week, we sat down with Seth for Privacy, a cybersecurity expert and Bitcoin privacy advocate.

We delve into the Samourai Wallet case, the emergence of Silent Payments for Bitcoin, and the best practices for maintaining your privacy online.