- Bitcoin Minimalist
- Posts
- $1MM Bitcoin, 'FedNow' CBDC, Texas Pro-Bitcoin & Florida Anti-CBDC - Week 31
$1MM Bitcoin, 'FedNow' CBDC, Texas Pro-Bitcoin & Florida Anti-CBDC - Week 31
To catch the weekly synopsis, consider subscribing to The Bitcoin Minimalist!
News
Update On Bank Failures
What Dylan LeClair calls “the everything bubble” has been coming to a head.
More information has come to light indicating that the bank failures had to do with bonds and the Fed pushing rates to their limit, eventually causing cracks and busts in the system. Jesse Myers talks more about it here.
The entire global economy is built on a foundation that promises risk free return in the form of sovereign debt, most specifically USTs.
The truth is that the “risk free return” is actually return free risk, and every “bubble” is simply a second order effect.
— Dylan LeClair 🟠 (@DylanLeClair_)
Feb 24, 2021
Balaji Bets on $1 Million Bitcoin Price
Known for being a heavy influencer in the crypto industry, and former CTO of Coinbase, Balaji Srinivasan predicted that Bitcoin would hit $1 million USD late last week.
He would bet one person, 1 bitcoin, that bitcoin will hit an all-time high of $1 million per BTC in 90 days, indicating that he believes that massive bank failures would drive the price upwards.
I will take that bet.
You buy 1 BTC.
I will send $1M USD.
This is ~40:1 odds as 1 BTC is worth ~$26k.
The term is 90 days.
All we need is a mutually agreed custodian who will still be there to settle this in the event of digital dollar devaluation.
If someone knows how to do this… twitter.com/i/web/status/1…— Balaji (@balajis)
Mar 17, 2023
Fed and The White House Attack Bitcoin
After a week of panic in the banking sector, the FED and The White House have publicly attacked Bitcoin. Some Bitcoiners say they will blame the eventual collapse on Bitcoin and use this to transition to a CBDC. But States are fighting back.
Late last year, the FED announced it would run its own CBDC trial in July 2023. This would mean that the Treasury Department will be one of the first users of the new CBDC.
A CBDC would mean the government could have direct exposure or control over users’ bank accounts.
JUST IN: 🇺🇸 White House says #crypto assets do not offer "any fundamental value, nor do they act as an effective alternative to fiat money."
— Watcher.Guru (@WatcherGuru)
Mar 21, 2023
Texas is Pro-Bitcoin
Texas State Representative has proposed HCR 89 for an entire Pro-Bitcoin bill to be voted on in Texas.
The bill, as pictured below, covers code as speech, mining Bitcoin, individuals owning Bitcoin, and Bitcoin as Money/commodity. This is one of the few bills explicitly saying “Bitcoin,” not crypto. Read more about it here.
Florida is Anti-CBDC
Yesterday, Ron Desantis, the State of Florida’s governor, had a press conference specifically speaking about CBDCs.
“CBDC has no place in Florida & we are proud to lead the fight against it.”
- Ron Desantis
Watch the video below.
🔥 Ron DeSantis calls for a ban of CBDC.
"Cash is king. The minute it's all digitized, somebody else is going to have control [over your life]."
Mentions example of how the 🇨🇦 gov overstepped its bounds by freezing bank accounts during the Trucker Convoy. twitter.com/i/web/status/1…
— New World Odor™ (@hugh_mankind)
Mar 20, 2023
Price
Over the past week, Bitcoin has climbed from $23,000 USD to almost $29,000 at one point earlier today. It has outperformed everything in the last week, seemingly “de-coupling” from traditional finance. This is majorly bullish in a scenario where many banks are failing.
Many charts of banks look like the one below.
After the collapse of Silicon Valley Bank, other banks started dropping as well.
Tweets
Janet Yellen Testifying on Bank Failures
The emperor has no clothes.
— Dylan LeClair 🟠 (@DylanLeClair_)
Mar 17, 2023
Fed Printed $300 Billion Last Week
Fed recklessly prints $300 Billion last week in their effort to bail out the Banking System. 💵
Make no mistake: this IS inflationary. Money Supply will expand.
Very bad look for Powell / Fed. They have lots of explaining to do next week.
— Nick Gerli (@nickgerli1)
Mar 17, 2023
Yield Curve Control
I've been telling people Yield Curve Control (YCC) was coming, and make no mistake, the BTFP is a version of YCC. All these bonds were trading at a discount to par and this facility prompt-up their prices to par (for a year...which can be completely extended if needed).
— Preston Pysh (@PrestonPysh)
Mar 21, 2023
#BankingCollapse
Me and the boys sorting through memes and screenshots of CDS prices on Twitter to figure out which bank is failing today
— Dan Webb (@hrtlndbitcoin)
Mar 21, 2023
Jobs
We have recently launched Bitcoinjobs.com! Looking for a job in the Bitcoin space? Visit Bitcoinjobs.com for more job openings.
What to read
#63 - March 2023: Monthly Update on Bitcoin & Macro - Jesse Myers