Weekly recap:
🧠Quote of the week:
"The virtue of Bitcoin's decentralized nature is that power should not be monopolized. This prevents the undue influence of any one corporation or government over economic activity. In particular, preventing arbitrary money production protects the people’s property, their savings." - Pierre Rochard
🧡Bitcoin news:
➡️The SEC suing Binance & Coinbase of Breaking US Securities Rules.
I tried to pretend to be shocked, I am not!
Next to that, the SEC confirmed that Solana, Cardano, and 99% of other cryptos are securities. The majority of altcoins are already delisted from platforms like Robinhood. This means when exchanges like Bitvavo here in Europe or Coinbase in the U.S. are forced to delist them, most people will have no option but to swap their shitcoins for Bitcoin.
What do we learn from this?
Don't F around with shitcoins. Get your Bitcoin off all centralized exchanges! If you have any Bitcoin in Binance etc., move it out. Not worth the risk. You should have done this yesterday.
Don't use centralized exchanges! Please use a Bitcoin-only platform.
"The SEC is suing 2 of the largest crypto exchanges in the world, and Bitcoin is still up 8x from its previous bear market low in 2018/19. If you’re not paying attention, you probably should be." - Joe Burnett
The sooner everyone accepts the fact that Bitcoin is the king and detaches themselves from the fantasy called altcoins, the sooner we can start making history!🧡
➡️On the 6th, 96,446 unique Bitcoin addresses withdrew from exchanges. An all-time high. And $1.2 billion Bitcoin was taken off exchanges.
➡️Bitcoin Network Hashrate & emissions are, for the first time decoupling & in divergence. Now where are the so-called experts who said emissions only go up with hashrate?
I quote Daniel Batten: "Without fanfare, Bitcoin has become arguably the 1st global industry where network growth rockets while emissions plummet The data says: Policymakers should consider Bitcoin an example to other industries; institutional investors should feel comfortable with its ESG status."
Talking about hashrate:
"A massive boom Bitcoin hash rate since China banned Bitcoin mining:
The network hash rate is currently around 370 EH/s compared to 100 EH/s after China's attempt to ban Bitcoin mining in May 2021. The China ban serves as an excellent example of what happens when you try to attack the Bitcoin mining network; it just gets stronger."
—Mark Harvey
The Bitcoin hashrate will continue to grow until the cost to mine a block is nearly the value of the bitcoin in that block, then it will grow/migrate to cheaper and cheaper energy until all stranded and wasted energy sources are in use. It's that simple!
➡️Daniel Batten, ESG Analyst, climate technology investor, and activist, released his latest research in which there is strong reason to believe that the Bitcoin network’s true energy consumption is at least 23.7% less than CBECI suggests. See for more info in my post on the 9th of June.
➡️Over 400 small businesses in the Philippines are now accepting Bitcoin.
Pouch.ph, a Bitcoin payment firm launched in 2021, has announced that it enables over 400 small businesses to accept and process Bitcoin payments in the Philippines. According to a press release shared with Bitcoin Magazine, the platform aims to tap into the vast pool of merchants in the country, ranging from mom-and-pop stores to boutique hotels.
➡️ARK Invest released a report suggesting Bitcoin will likely scale into a multi-trillion dollar market. "The more uncertainty and volatility in the global economies, the more our confidence in Bitcoin increases. It's a hedge against inflation", explains Cathie Wood.
➡️Prime Trust got absorbed by BitGo...stability instead of bankruptcy?
Prime Trust had been the subject of some speculation with people online suggesting the firm was facing bankruptcy.
BitGo signed a term sheet to acquire the equity of Prime Core Technologies, Inc., the parent company of Prime Trust, bringing business continuity, long-term stability, and regulated, secure solutions to valued Prime Trust clients. This acquisition makes BitGo the first global digital asset company to provide a full suite of solutions for institutions and fintech platforms. Keep in mind, this is just a letter of intent and not an actual acquisition.
Credit: I have used multiple sources!
@21jclp picture credit 