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- The Bitcoin Minimalist Week 8 - White House CBDC, Encrypted Block Explorer, Rate Hikes
The Bitcoin Minimalist Week 8 - White House CBDC, Encrypted Block Explorer, Rate Hikes
More signs of Bitcoin adoption, as well as push-back from the White House.
This week:
White House Proposes CBDC Research
Expected FED Rate Hikes
Nasdaq Looks To Offer Bitcoin Custody
Colorado Accepts Bitcoin For Taxes
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News
White House Proposes “Responsible Development Of Digital Assets”
In this press release from The White House, the use of CBDCs are proposed. The WH claims that agencies should further track the environmental impact of digital assets. In summary, the community felt this misrepresented the impact of digital assets (since the report did not mention Bitcoin) and was not grounded in reality.
Fed (Expects) Rate Hikes
Another Fed rate hike is expected today at 2 PM EST as inflation continues at around 8.2%. Previously the yield curve has inverted in economic crises like the dot com bubble and the 2008 housing crisis. It was briefly inverted in 2019 pre-covid and is now inverted again. Bitcoin Magazine Pro covered this, quoting Stanely Druckenmiller on the topic.
Nasdaq Seeking To Offer Institutional Bitcoin Custody
According to The Block, Nasdaq is looking to launch Bitcoin and cryptocurrency custody platforms. This is on the heels of the news that it would partner with Brazil’s largest brokerage firm to offer a cryptocurrency exchange in South America.
Colorado Accepts Bitcoin for Taxes
The Colorado Governor shared these plans in February, but the ability to pay state taxes in Colorado is now live through PayPal.
Other States, such as Ohio, have made it possible to pay taxes in Bitcoin since as early as 2019.
New Encrypted Block Explorer
Spiral for BTC released a new Block explorer that uses holomorphic encryption, allowing a lookup of BTC addresses without revealing them to anyone.
Price
The Bitcoin price dropped briefly on the 19th in a flash crash down to $18,400, recovering back to $19,600. Price has been relatively steady the last three months moving within the $18,000 to $22,000 range.
Tweets
Bitcoin Is A Mathematical Monetary Policy
Only #Bitcoin has an independent monetary policy.
All other monetary policies are political.
— Pierre Rochard (@BitcoinPierre)
Sep 21, 2022
Short-Term And Long-Term Holder Cross
Short-term & Long-term Holder cost basis on track to cross September ~22nd.
2014 bottom: 6 days before cross.
2018 bottom: 4 days after cross.
Currently: ~3 days before cross.
#Bitcoin— Root 🥕 (@therationalroot)
Sep 19, 2022
Risk On Or Risk Off?
Bitcoin is a risk off asset for those who understand it
Bitcoin is a risk on asset for those that don’t
— Interstellar (@InterstellarBit)
Sep 20, 2022
Why Inflation Wouldn’t Increase Security
Succinct explanation why inflation in Bitcoin wouldn't increase the security.
h/t @HillebrandMax— zender ⬛🟨 bitcoinomad (@zndtoshi)
Sep 20, 2022
Homeless Man Mines Bitcoin In 2013
✨ Homeless man mining $100 #Bitcoin from a park bench in 2013
— RIZZO (@pete_rizzo_)
Sep 20, 2022
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
Bitcoin Transaction Fees: The Future Economics Of Settlement Finality. Joe and Pierre outline the current fees and efficiency in Bitcoin, exploring the future economics and its impact on Bitcoin.