The Bitcoin Minimalist Week 7 - Markets Spook, Pro-Bitcoin Canadian Leader, And Tornado Cash

Macro updates and political rumblings in Bitcoinland

MitchKlee_

and

Bitbo.io

Sep 14, 2022

This week:

Hodlonaut trial with Craig Wright
Conservative party of Canada gets Pro Bitcoin advocate
August CPI and Inflation
US Treasury releases clarification on Tornado Cash Sanctions

To catch the weekly synopsis, consider subscribing to The Bitcoin Minimalist!

News

Hodlonaut v. Craig Wright Trial

@SpecificMills has been covering the trial of Hodlonaut vs. Craig Wright. The trial started when Hodlonaut tweeted that Craig was not Satoshi. Since then, Hodlonaut has been raising money for the trial in defense. The above is a thread of the covered trial.

CPI And Inflation Still Running Strong

Inflation numbers have come in August. Along with overall CPI hitting 8.3%, other metrics such as fuel, gas, and electricity are upwards of 69%. Couple this with Biden burning through the emergency oil reserves, suggesting energy price increases could be much worse.

Pierre Poilievre Elected Leader Of Canada’s Conservative Party

Supporter of Bitcoin and the Freedom Convoy, Pierre Poilievre has been elected the leader of Canada’s Conservative party. After Poilievre won his election, Trudeau tweeted this in response:

Justin Trudeau @JustinTrudeau

Telling people they can opt out of inflation by investing in cryptocurrencies is not responsible leadership. Fighting against life-saving vaccines is not responsible leadership. Opposing the pandemic supports that saved jobs and helped families is not responsible leadership.

Clarification For OFAC Sanctions Of Tornado Cash

The US Treasury Department has released more information regarding Tornado Cash. Some of this guidance is related directly to the dusting events where The US Treasury states they will not “prioritize enforcement.” However, this remains unclear if these addresses are immune to enforcement or not in the future. They also state interacting with these transactions or open source code in any way is prohibited, failing to mention anything about freedom of speech (Bernstein v. Department of Justice). For more information, visit the breakdown here.

Price

Bitcoin price has gone up and down this week (like most weeks). The difference this week is the subsequent drop in price after this month’s CPI numbers yesterday. This suggests the market was spooked, possibly expecting an ease in inflation or rates, and didn’t get it.

Below is a chart illustrating the base of the different cycles of the 4-year halving starting at the lowest price. According to the chart, Bitcoin is in a territory where it has bottomed in the past.

Tweets

Jobs

We have recently launched Bitcoinjobs.com! Looking for a job in the Bitcoin space? Here are three featured positions you might find interesting. Visit Bitcoinjobs.com for more job openings.