$1MM Bitcoin, 'FedNow' CBDC, Texas Pro-Bitcoin & Florida Anti-CBDC - Week 31

Mar 22, 2023

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News

Update On Bank Failures

What Dylan LeClair calls “the everything bubble” has been coming to a head.

More information has come to light indicating that the bank failures had to do with bonds and the Fed pushing rates to their limit, eventually causing cracks and busts in the system. Jesse Myers talks more about it here.

Dylan LeClair 🟠 @DylanLeClair_

The entire global economy is built on a foundation that promises risk free return in the form of sovereign debt, most specifically USTs. The truth is that the “risk free return” is actually return free risk, and every “bubble” is simply a second order effect.

Balaji Bets on $1 Million Bitcoin Price

Known for being a heavy influencer in the crypto industry, and former CTO of Coinbase, Balaji Srinivasan predicted that Bitcoin would hit $1 million USD late last week.

He would bet one person, 1 bitcoin, that bitcoin will hit an all-time high of $1 million per BTC in 90 days, indicating that he believes that massive bank failures would drive the price upwards.

Balaji @balajis

I will take that bet. You buy 1 BTC. I will send $1M USD. This is ~40:1 odds as 1 BTC is worth ~$26k. The term is 90 days. All we need is a mutually agreed custodian who will still be there to settle this in the event of digital dollar devaluation. If someone knows how to do this… https://t.co/tcuBNd679T

James Medlock @jdcmedlock

I'll bet anyone $1 million dollars that the US does not enter hyperinflation

Fed and The White House Attack Bitcoin

After a week of panic in the banking sector, the FED and The White House have publicly attacked Bitcoin. Some Bitcoiners say they will blame the eventual collapse on Bitcoin and use this to transition to a CBDC. But States are fighting back.

Late last year, the FED announced it would run its own CBDC trial in July 2023. This would mean that the Treasury Department will be one of the first users of the new CBDC.

A CBDC would mean the government could have direct exposure or control over users’ bank accounts.

Watcher.Guru @WatcherGuru

JUST IN: 🇺🇸 White House says #crypto assets do not offer "any fundamental value, nor do they act as an effective alternative to fiat money."

Texas is Pro-Bitcoin

Texas State Representative has proposed HCR 89 for an entire Pro-Bitcoin bill to be voted on in Texas.

The bill, as pictured below, covers code as speech, mining Bitcoin, individuals owning Bitcoin, and Bitcoin as Money/commodity. This is one of the few bills explicitly saying “Bitcoin,” not crypto. Read more about it here.

Florida is Anti-CBDC

Yesterday, Ron Desantis, the State of Florida’s governor, had a press conference specifically speaking about CBDCs.

“CBDC has no place in Florida & we are proud to lead the fight against it.”
- Ron Desantis

Watch the video below.

New World Odor™ @hugh_mankind

🔥 Ron DeSantis calls for a ban of CBDC. "Cash is king. The minute it's all digitized, somebody else is going to have control [over your life]." Mentions example of how the 🇨🇦 gov overstepped its bounds by freezing bank accounts during the Trucker Convoy. https://t.co/Ll2ENLYg7k

Price

Over the past week, Bitcoin has climbed from $23,000 USD to almost $29,000 at one point earlier today. It has outperformed everything in the last week, seemingly “de-coupling” from traditional finance. This is majorly bullish in a scenario where many banks are failing.

Many charts of banks look like the one below.

After the collapse of Silicon Valley Bank, other banks started dropping as well.

Tweets

Jobs

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What to read

#63 - March 2023: Monthly Update on Bitcoin & Macro - Jesse Myers

The Bitcoin Minimalist