The Bitcoin Minimalist - Week 3

Blackrock, German electricity prices, and open source developers arrested

This week:

  • More BlackRock Bitcoin News

  • Developers arrested for mixer protocols

  • Comparing Bitcoin to other countries

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BlackRock Announces Private Trust For Bitcoin

After calling Bitcoin an “index of money laundering” 5 years ago, BlackRock allows direct access to Bitcoin. In Week 1 on the Bitcoin Minimalist, the news broke, and this week they announced they will be running a private trust giving users direct access to spot bitcoin.

Netherlands Arrest Tornado Cash Developer

In Week 2, we covered the tornado cash mixing sanction. This week, a developer of tornado cash was arrested. It is unclear if there was any connection to money laundering other than writing code that allowed people to mix coins.

Riot Q2 Earnings Update

Riot released its Q2 production and earnings report with more hints at the state of the current bear market. They have performed very well with curtailment while adding 44,000 miners to their fleet and growing production by 106% YoY.

BitBlockBoom next week

Gary Leland, “The Bitcoin Boomer,” is putting on BitBlockBoom in Austin, Texas, next week starting Thursday. Events will range from Bitcoin dinners to conference and satellite events. Unchained Capital is hosting several events for BitBlockBoom at The Bitcoin Commons, so look out for those if you are in town.

Price Analysis

Yesterday, Bitcoin's price hit $25,000 after a spike in the middle of the night. The channel has been consistently moving upward after its bottom of $17,600. The macro-environment continues to show bullish signs, hoping the fed will lower rates.

200-Week Moving Average

Throughout Bitcoin’s history, it hasn’t spent much time under its 200-week moving average. Each moment has been in the depths of the bear market and subsequently marked the bottom.


Tweets Of The Week

Noteworthy Thread By @InterstellarBit

Unrolled - here

What to read

Researchers discover vulnerabilities in Bitcoin layer-2 Lightning Network: “Researchers at the University of Illinois have discovered vulnerabilities in the Bitcoin (BTC) Lightning Network that could result in the theft of 750 BTCs (roughly $18 million).” - 


Fed to keep hiking blindfolded, commodities suggest peak inflation: “Slowing inflation indicates that the Fed’s tightening is working and the economy is decelerating. Will the Fed stop at the right time or overshoot into the restrictive territory and cause a deflationary event?” - The Bitcoin Layer 


The Structure of Cyclical Markets: “It is our view that Bitcoin is a debasement hedge, not a CPI inflation hedge.”- Blockware Solutions 


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