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Humble Bitcoiners!
It's Friday, with a faint bullish fragrance in the air. Get your coffee ready, stack some sats, and sit down for your daily dose of Bitcoin signal!
The price seems to be gaining momentum, and whenever there is a downturn, just remember that banks and funds have been increasing exposure methods for their wealthy clients, and miners have been expanding facilities and accumulating bitcoin.
There is no reason to be fearful — every correction is an opportunity for the humble stacker. |
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Today's Rundown: - Life Insurance: Bitcoin adoption is surging in developing countries as insurance against currency debasement.
- Stop The Overreach: A story on the emergence of Central Banks, and its destruction during their lifespan.
- Passive Bitcoin Funds:Â Wells Fargo and JPMorgan filed for passive bitcoin funds for wealthy clients.
- Bitcoin Is Scaling:Â Scaling is not only Transaction Per Seconds, but Total Volume Transfer.
Let's do this. |
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EMERGING MARKETS LEADING THE WORLD |
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Bitcoin Adoption Surged 880% In One Year, Emerging Markets Lead The Way
By Namcios
Chainalysis found that bitcoin usage surged in developing countries as citizens seek shelter from currency debasement.
According to Chainalysis, Global bitcoin adoption has skyrocketed in the last year. While developed countries debate the idea of whether bitcoin wastes energy or if it's a net positive for society, emerging markets are leading the way using bitcoin daily to store and exchange value.
Vietnam was found to have the highest adoption leading 154 countries analyzed on a scale of 0 to 1. The data that determined the scoring was based on three main analyses: - On-chain value received in proportion to the average wealth per resident.
- On-chain retail value transferred in proportion to average wealth per resident.
- Peer-to-peer trade volume is weighted by the average wealth per resident and number of internet users in the country.
The growth amounts to more than 800% in the last year, and more than 2300% since Q3 2019.
"Citizens of developing countries worldwide already opt to use bitcoin daily to store and exchange value. It is only a matter of time for such use cases to spread across the globe" - Namcios
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Central Banks Were Born From The War Machine And Government Overreach
By Wilbrrr Wrong The distributors of evil have arisen from the fires of hell and seek to destroy all in their path.
Central Banks are a reality of the modern world, but it wasn't always like this. They were created out of necessity as a means to manipulate money's issuance. A tool that might seem to some as a means to stimulate the economy always ended up being abused, allowing government overreach and even being utilized to fund wars.
While the central banks are a normality in our society, the author's thesis details that the Central Bank's path was laid out by government over-reach and the war machine, and that Bitcoin is the only avenue to creating Sovereign Individuals, by opting out of the system and reducing the pool of resources that governments can harness by force.
"As we stay humble and stack sats, we will fundamentally alter the landscape of money and power, and point toward a breathtaking future." - Willbrrr Wrong |
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Click the links:
1. Bitcoin Magazine Podcast: Peeling back the curtain to reveal who is at risk of loss in the wake of Bitcoin’s growth, with Seb Bunney.
2. Bitcoin Optech: Should the “dust limit,” which denies Bitcoin transactions below a certain output value, be removed?
3. The defendant faces 20 years in prison, had previously argued he was not guilty because bitcoin is not money for U.S. law, but the judge rejected it.
4. Worldline, the payment services giant joined a major bitcoin solutions provider to increase BTC usage in Switzerland as a medium of exchange.
5. The moral authority of the U.S. has been lost. Instead, choose Bitcoin and other open systems that respect freedom in the digital age.
6. Digital Currency Group’s flagship Grayscale Bitcoin Trust is trading at about 16.52% below the Bitcoin spot price, marking the largest discount since bitcoin’s may price decline.
7. Coinbase is launching in Japan through a new partnership with one of the largest banks in the country, Mitsubishi UFJ (MUFG) Financial Group. |
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Wells Fargo And JPMorgan Both File For Passive Bitcoin Funds
By Alex McShane After a long history track of banks closing accounts for Bitcoiners, Wells Fargo and JPMorgan, two of the largest North American Banks, have filed for Passive Bitcoin Funds for their wealthy clients. This will be an entirely new product, freshly launched through the bank's partnership with NYDIG.
The narrative has changed and what was once criminalized is now enticing for wealthy individuals. Banks want your bitcoin — do not let them go easily.
"Digital assets are only going to become more embedded in global markets in the years ahead and this collaboration accords with BNY Mellon’s wider strategy to develop a digital asset capability for clients across the entire trade life cycle.” - Jason Vitale, Global Head of Foreign Exchange at BNY Mellon |
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On-Chain Bitcoin Volume At Five-Year Low
By Dylan LeClair But the change-adjusted volume transfer of the network in dollar terms shows just how effectively bitcoin is scaling.
The amount of bitcoin passing hands over the last 7 days has recorded a 5 year low. Quite interesting, as the same chart converted to U.S. dollars, doesn't tell the same story. Scaling is happening in two ways: - More value is being transferred as Bitcoin value goes up.
- On the Lightning Network, which has been experiencing explosive growth.
"With the block subsidy trending to zero over time as supply issuance is programmatically reduced in quadrennial fashion over the next 120 years, fees will eventually make up 100% of miner revenue. However, currently, with miner profit margins extremely large, this is not a worry and competition is extremely strong as miners are pulling in near-record revenue across 2021 (in dollar terms)." Dylan LeClair |
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| We're excited to be celebrating our 10th Twitter anniversary in August by giving away 10 Bitcoin 2022 conference tickets. The giveaway will start Sunday, August 1 at 12:00 p.m. ET and run until August 31 at 12:00 p.m. ET. The winner will be contacted by email on Wednesday, September 1. To enter, go to: http://www.rafflecopter.com/rafl/display/b28baf753/ |
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By Unknown Artist
At some point in our lifetime, bitcoin will be recognized as money globally, and people will not only accept it, but desire to be paid in bitcoin as it is the hardest money on earth.
Keep stacking! |
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