To catch the weekly synopsis, consider subscribing to The Bitcoin Minimalist!

News

Texas Governor Says Bitcoin is Good for Texas Grid

It has been known that Governor Greg Abbott of Texas is pro-bitcoin. At the Texas Blockchain Summit in Austin, Governor Abbot mentioned:

Although he said the word Blockchain within his statements, Gov. Abbott seems to understand the implications Bitcoin mining can have to create a more stable independent power grid. Something Texas is incredibly proud of, given they are the only genuinely deregulated market in the US.

BlockFi Files for Bankruptcy

BlockFi filed for Chapter 11, releasing information to its customers on Monday. This was in connection to FTX and the company’s practice of rehypothecation.

Bitcoin Core 24.0 Released

A new version of Bitcoin core is available. @Namcios breaks down the release of the new version and its features here.

Fidelity Opens Retail Bitcoin and Crypto Accounts

Fidelity has finally opened trading accounts to the public. Although this seems to be another step towards mass adoption, users cannot yet withdraw actual bitcoin, making them paper claims and IOUs.

Price

After Monday’s news of BlockFi filing for Chapter 11, Bitcoin’s price plummeted and rebounded to $16,800 today. A continuation of the sideways bear market trend.

Looking at the weekly chart is fun, but sometimes it pays to zoom out. Arcane Research noted in their blog the percent drop from the top, compared to days in the current bear market. Price seems to be closing in on historic bottoms. (Context is the four-year cycle.)

Tweets

ECB Calls the Bottom?

Evolution of Bitcoin

US Financial Committee Demands

Bitcoin Only

Block Reward Time Scale

Jobs

Looking for a job in the Bitcoin space? Visit Bitcoinjobs.com for openings.

What to read

Structural Adjustment: How the IMF and World Bank Repress Poor Countries and Funnel their Resources to Rich Ones

- Alex Gladstein

Bitcoin’s Last Stand

- ECB