Russian Stable Coin, 3AC Raise, Nashville Mining Summit - Week 23

January 18, 2023

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News

Russia Gold-Backed Stablecoin Project

On Monday, news broke that Russia and Iran are exploring a gold-backed stablecoin. After the invasion of Ukraine, Russia was banned from using the SWIFT system. Iran is also banned, and as more countries get excluded from the world's largest financial network (the US dollar system), more will look to join a new network. Russia looks to be thinking ahead and creating a new Bretton Woods.

New Hive Miner Released

Intel entered the miner production game last year, saying they would start producing chips for Bitcoin ASICs. These chips will be modular so that other manufacturers can create their miner units. Hive has done just that and announced its new miner.

FTX Update

  • 196 Members of Congress, or almost 1/3, took money from FTX, looking to win favor for “crypto regulation.”

  • A New York Oil conglomerate, which was connected with Bernie Madoff, took money from FTX

3AC Raising Capital Again

3 Arrows Capital, the fund that caused the large crypto cascade and crash last year, is raising capital again. The fund's founders are now looking to start a new fund and raise capital with an asset called GTX.

Mining Summit In Nashville

Bitcoin Park this past week put on a mining summit for leading industry players to connect. The event spanned two days, with Bitdevs on Tuesday and a Mining Meetup on Wednesday. Thursday and Friday were reserved for ticket holders and sponsors, showcasing all-day events and panels with some of the most knowledgeable miners in the space.

Price

Bitcoin is up almost 27% year to date. After a rise of around 6% in the stock market and potential cooling down of the growth in inflation, the market seems to have taken a breather.

Past results do not predict future performance, although there most certainly are patterns regarding Bitcoin. Previous 4-year cycles show us that scarcity plays a big factor in price. In 2019, Bitcoin rose from its bottom by almost 260% in only six months. If this is the bottom, this could mean the beginning of a large climb and the start of a bull run.

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Tweets

Thread on LukeDashJr’s Lost Coins

Bitcoin’s Second Biggest Streak In History

First Bitcoin Lecture at TAMU

WEF Calls For “Urgent” Regulation On Bitcoin

Jobs

We have recently launched Bitcoinjobs.com! Looking for a job in the Bitcoin space? Visit Bitcoinjobs.com for more job openings.

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