The Bitcoin Minimalist Week 12 - USAG Bitcoin Seizure, Hodlonaut, Lightning on Cashapp, and UK Prime Minister CBDC
The Bitcoin Minimalist Week 12 - USAG Bitcoin Seizure, Hodlonaut, Lightning on Cashapp, and UK Prime Minister CBDC
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News
Biden Admin Wants To Bolster Laws To Seize Bitcoin
In a report from Forbes, the US Attorney General and Biden Administration are looking to change the laws under criminal and civil forfeiture to include Bitcoin and Crypto Assets, lifting the limit to higher than $500,000.
Read more at No BS Bitcoin.
Hodlonaut Wins Court Case Against Craig Wright
“Against this background, the court believes that (Hodlonaut) had sufficient factual grounds to claim that Craig Wright is not Satoshi Nakamoto in March 2019,” - Court transcript.
Bitcoin Magazine covers it here.
Cashapp Enables Lightning Payment For 40 Million Users
Cash App has enabled the deposit and sending of Bitcoin using lightning through Cash App. This brings the company closer to using Bitcoin as its backend payment rails, a use case that can save on time and money through instant settlement.
Strike currently implements these rails in an instant exchange with dollars. In the future, it may be possible to send dollars on Cashapp, convert them to bitcoin, send over lightning, and convert them back to dollars instantly.
Public Miners In The US Own 20% Of Total Hashrate
According to Hashrate Index, public miners disclosed their total hashrate. The total came out to 20%, a growth of 295% compared to one year ago. The enormous growth of US hashrate transpired after the ban on Bitcoin mining in China.
UK New Prime Minister and Votes To Regulate Bitcoin
Rishi Sunak is the new British Prime minister who is pro-Bitcoin. Shortly after taking the position, the UK passed a vote to regulate Bitcoin. He has also been pushing for CBDCs in the UK, looking to regulate and control money from the top down.
Price
After a flat week, Bitcoin has spiked from a low of $19,200 to $20,800. Some are calling for the end of the bear market, and others are saying it is a bull trap to move lower. Regardless, Bitcoin’s monetary properties stay the same.
Miner Public Holdings
A chart from Sam J Rule shows how much Bitcoin public companies hold on their balance sheet month over month. One might think that instead of selling Bitcoin, they would unplug their miners. But most public miners have power agreements locking in power rates for longer periods to help with financials. Miners will stay running, but if the overhead cost exceeds the revenue, public miners will need to sell bitcoin to cover it. This may introduce more sell pressure if hashrate continues to drive up.
Tweets
New British Prime minister pro-CBDC
Nigeria Rejects CBDC In Free Market Experiment
Saylor: Bitcoin & Energy
Separation Of Money And State
Hope For Gen Z
Jobs
We have recently launched Bitcoinjobs.com! Looking for a job in the Bitcoin space? Visit Bitcoinjobs.com for more job openings.
What to read
The public miners are gaining an increasing share of Bitcoin’s hashrate
Biden Administration Wants To Make It Easier To Seize Bitcoin Without Criminal Charges
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