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Introducing "The Bitcoin Minimalist"
A weekly published Bitcoin-only newsletter with the week's highest profile news, analysis, tweets and articles.
The Bitcoin Minimalist is a weekly “Bitcoin-only” newsletter synthesizing information and major events. The newsletter explains everything you need to know, from news, to price, to protocol and industry updates.
This week we’re covering…
Price
Biggest news
Tweets of the week
Top articles
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News This Week
Bitcoin Independence Day
Monday, August 1st, the Bitcoin community celebrated Bitcoin independence. August 1st, 2017, is considered “Bitcoin Independence Day” after Bitcoiners won the blocksize wars through User Activated Soft Fork (UASF).
Craig Wright, not Satoshi
UK Justice issued minimal damages to Craig Wright of £1 after “deliberate false evidence…”. Compared to £0, this seems like a slap in the face. The trial is not yet complete, according to Peter McCormack.
Saylor is no longer CEO
Michael Saylor, formerly CEO of Microstrategy, is transitioning to Executive Chairman. Transitioning from CEO to Executive Chairman allows Saylor to have control of the company while freeing up more time to focus on Bitcoin.
BlackRock partners with Coinbase for clients
BlackRock now offers direct access to Bitcoin for its institutional clients through Coinbase. The Investment Management Corporation has over $10 Trillion under management. A 1% allocation would mean nearly 23% of Bitcoin’s current market cap.
Price Analysis
Monthly Price
In June, Bitcoin hit a local bottom of ~$17,600. Since then, the price has been grinding upward, making higher highs and higher lows. The current price is stabilizing at around $23,000.
Cycle Low Multiple
The “Cycle low Multiple” shows what Bitcoin lows might look like compared to other halving cycles. Bitcoin is currently around 92,000 blocks away from its halving, or 638 days until the next halving (red line).
According to other cycle lows, Bitcoin is at or near where it usually bottoms on the halving cycle scale. Not to say we can’t go lower, but other indicators like the Mayer Multiple show we are at historical buying opportunity levels.
Tweets of the week
NY Times first Bitcoin maximalist article:
“Cory Klippsten differs from most crypto haters in one crucial respect: He runs a Bitcoin company”
First @nytimes profile of Bitcoin maximalism
— Alex Gladstein 🌋 ⚡ (@gladstein)
2:15 PM • Aug 2, 2022
Riot earns $9.5M in arbitrage on energy credits for curtailment:
Riot participates in demand response programs in Texas that require them to curtail energy consumption for significant periods during this summer.
Riot curtailed 8,648 MWh in July to alleviate grid congestion. For this Riot earned $9.5M in power credits, worth 439 BTC.
— Jaran Mellerud 🟧⛏️ (@JMellerud)
2:49 PM • Aug 3, 2022
Single-family home prices biggest drop since GFC:
Median single-family home prices just experienced the largest two-month drop in recorded history at -11.9%, topping even the Great Financial Crises.
On a related note, here's NAHB Housing Market Index & the unemployment rate. The labor market has just barely begun to turn over.
— Dylan LeClair 🟠 (@DylanLeClair_)
3:58 PM • Aug 1, 2022
Fees are useful, thread by Tuur Demeester:
Fees are useful! The blockchain = final settlement layer for the global BTC financial system.
Works like a court: disputes on more centralized layers can be prevented or at least settled on the main chain. Every 10 minutes, ~3,000 global settlements per second are on auction.— Tuur Demeester (@TuurDemeester)
8:24 PM • Aug 1, 2022
What to Read
“It was never about block size or transactions per second. It was always about control and extraction of value.” - The Battle For Bitcoin: The Network’s First Major Civil War.
“In addition to its new bitcoin-backed U.S. dollar balance on Lightning, Galoy also announced a $4 million raise.” - Galoy Brings U.S. Dollars To Bitcoin’s Lightning Network.
Senate bill to classify Bitcoin as a digital commodity - Senate Bill Classifying Bitcoin As A Digital Commodity To Be Introduced Today: Report.