issue 52 - week of 10-10-21
curating the good stuff for the casual bitcoin enthusiast each week
news
Bitcoin at $50,000 as BofA Says “Too Large to Ignore.”
https://www.bloomberg.com/news/articles/2021-10-05/bitcoin-tops-50-000-as-bofa-says-crypto-too-large-to-ignore
Bitcoin jumps to nearly 5-month high, topping $55,000 on Wednesday.
https://www.cnbc.com/2021/10/06/bitcoin-jumps-to-nearly-5-month-high-topping-55000-on-wednesday.html
Bitcoin set to become legal payment in Brazil.
https://finance.yahoo.com/news/bitcoin-set-become-legal-payment-154644863.html
US Bank launches bitcoin custody service as institutions race to cater to crypto demand.
https://www.cnbc.com/2021/10/05/bitcoin-custody-us-bank-launches-service-as-institutions-race-to-cater-to-crypto-demand.html
JPMorgan: Institutions Are Rotating Out Of Gold Into Bitcoin As A Better Inflation Hedge.
https://www.zerohedge.com/markets/jpmorgan-institutions-are-rotating-out-gold-bitcoin-better-inflation-hedge
Is Institutional Crypto Adoption Still In The “Early Stages?”
https://www.forbes.com/sites/cbovaird/2021/10/05/is-institutional-crypto-adoption-still-in-the-early-stages
The Intrinsic Value of Bitcoin, Calculated Using Sovereign Credit Default Swaps.
https://bitcoinmagazine.com/markets/bitcoin-value-in-credit-default-swaps?mc_cid=88b2678d07
Legendary Value Investor Bill Miller Still Buying Bitcoin.
https://www.forbes.com/sites/jasonbisnoff/2021/10/04/value-investor-bill-miller-makes-bullish-case-for-bitcoin-names-stock-picks-at-forbesshook-top-advisor-summit
Soros Is Cashing Out Of Stocks, Putting Some Capital Into Cryptocurrencies.
https://www.zerohedge.com/markets/soros-cashing-out-stocks-putting-some-capital-cryptocurrencies
Visualizing the Rise of Cryptocurrency Transactions.
https://www.visualcapitalist.com/visualizing-the-rise-of-cryptocurrency-transactions/
“I believe bitcoin is the best form of money.”
https://www.ft.com/content/07c60d01-02cb-479a-8ce8-4bacff0f2eab
Bitcoin Launch Sparks Wave of Crypto Speculation in El Salvador.
https://www.bloomberg.com/news/articles/2021-10-02/bitcoin-launch-sparks-wave-of-crypto-speculation-in-el-salvador
In El Salvador, More People Have Bitcoin Wallets Than Traditional Bank Accounts.
https://www.forbes.com/sites/theapothecary/2021/10/07/in-el-salvador-more-people-have-bitcoin-wallets-than-traditional-bank-accounts
Federal Life Plans to Offer Crypto Contracts: Annuity Moves.
https://www.thinkadvisor.com/2021/10/07/federal-life-to-offer-crypto-contracts-annuity-moves/
New York and Texas are winning the war to attract bitcoin miners.
https://www.cnbc.com/2021/10/09/war-to-attract-bitcoin-miners-pits-texas-against-new-york-kentucky.html
Bitcoin Mining in Texas.
https://niccarter.info/wp-content/uploads/txsummit_nc_oct08.pdf
The State of Lightning.
https://www.research.arcane.no/the-state-of-lightning
Riot produces 406 Bitcoins in September 2021.
https://www.riotblockchain.com/news-media/press-releases/detail/116/riot-blockchain-announces-september-production-and
DOJ Announces Launch Of National Crypto Enforcement Team As FDIC Mulls Insuring Stablecoins.
https://www.zerohedge.com/markets/doj-announces-launch-national-crypto-enforcement-team-fdic-mulls-insuring-stablecoins
media
Bitcoin Magazine. The Predator-Prey Dynamics Of Bitcoin: Michael Saylor.
Podcast. Smart People $hit: BITCOIN CAN'T BE STOPPED - Preston Pysh.
Brave New Coin. 100K BTC - Josh Olszewicz is bullish!
tweets
Never in the history of the #Bitcoin Network has this large of a percentage of the circulating supply (85.25%) been held for over three months.
Supply squeeze underway.
El Salvador after a month of having #Bitcoin as legal tender, thousand of Small Businesses across country are now accepting bitcoin as medium of exchange.
This is how they are advising it🚀
⚡️⚡️💚🇸🇻
. #BTC now back above the midpoint of the logarithmic growth curves as price builds momentum going into the remainder of the cycle.
Bitcoin's performance exceeded the base case that I wrote about it in 2020, partly due to the GBTC neutral arbitrage trade which pulled forward temporary extra demand.
Now it's back on a more sustainable path imo, driven by HODLer accumulation. Looks good, let's see.
Lyn Alden @LynAldenContact
Yesterday, the Bank of America released a 141 page research report on the digital asset ecosystem titled: “Digital Assets Primer: Only the first inning”.
Here’s a summary of its findings..
On-chain analyses finished tonight: IMO we are midway, no sign of weakness (red) yet. Note color overlay is not months to halving but an on-chain signal. My guess: this 2nd leg of the bull market will have at least 6 more months to go.
Last week I introduced Delta Top Model
This is a reactive price model based on mean reversion and the cost basis of investors on-chain.
Currently at $109,000, but am watching for it to slope upwards as price moves higher.
If we repeat 2013, BTC could peak well above $200K.
We just closed on a fully functional 2.5MW BTC mining facility that came with 300 Antminer S9s. Here's our story 🧵👇:
26 days ago, El Salvador launched @chivowallet.
Today, it has 3,000,000 active users, or 46% of El Salvador's population.
Chivo is still the most popular app in the entire country.
⚡️