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Bitcoin Has Settled Almost $10 Trillion

40,000 Usd! Incredible.

Many headlines this week in the Bitcoin space. And because of demand Kraken, Gemini, Coinbase and Binance have been all down. Is this fast price increase in the last days healthy anymore? Not sure. We had a lot of announcements like the one of Strike to new regulatory guidelines to the usual FUD stories in mainstream media. (FUD stands for fear, uncertainty and denial: topics are for instance: chinese mining dominance, the madness of bitcoin mining electricity demand, the tulip bubble). And I did an interview with Lightning Labs about the outlook for Lightning in 2021.

Thought of the Week by Anita Posch

Seeing the events in Washington this week, people storming and looting the Capitol, I was really hoping that nobody is tweeting Bitcoin fixes this.” Because it can not fix this. Not now. Maybe Bitcoin is the beginning of new forms of governance, where we will have more algorithms that can be agreed upon, like the consensus mechanism in the Bitcoin network. Which will lead to less corruption, less power grabs by individuals and more fairness. At least that is my optimistic outlook for the world. First we have to tackle all the difficulties that we are facing at the moment. Stay strong and healthy.

Quote of the Week

A Lightning balance and a Bitcoin balance, will be viewed in the future as like having a checking account and a savings account. It’s just that your money that’s in your lightning balance is much easier and more accessible to be sent and paid for stuff. And it’s very cheap. It’s very quick. It works really well. And you don’t have to ask permission or wait for the bank to be open.” — Ryan Gentry

Top Stories

Strike Is Enabling Global Payments

What it does: Strike as a company has partnered with Bittrex exchange to be able to operate in 200 countries. With the Strike app it is possible to send money from your local bank account to someone elses bank account in another country in another currency. The currency exchange is done automatically and Strike is facilitating the Lightning Network for these transactions. The founder is 26 year old Jack Mallers, who is saying that these transactions come at no cost (which I can not believe). The Strike Card will be available in Q1 in the US and in Q2 in the EU and UK. With the Strike Card you can pay with bitcoin or USDT/USDC in your local store, that is receiving the amount in local currency. Read more about Strike Global

My opinion: It is a big improvement for the banking system. Strike is using the open, permissionless Bitcoin and Lightning network to send payments globally. Its software is doing currency swaps automatically. Remittances will get much cheaper and faster. Users can spend bitcoin or USDT, USDC as local currency or pay it out for cash at a Bitcoin ATM. But: Strike is basically a bank account. It’s KYC’ed and therefore it is not permissionless and not censorship resistant. It does not have the unique properties of Bitcoin. It is enabling fast, borderless, cheap payments, which is great, but within the legacy system. I know Jack Mallers is a true Bitcoiner, maybe his grand plan is to break the banking system from inside. Don’t know. I guess Strike will be helping a lot of people to save money when sending it to their families etc. That makes it a great improvement and maybe it helps for mass adoption. But it’s not Bitcoin.

Insights 2020 by Jameson Lopp

If you are interested in a 2020 recap with lots of statistics, Jameson Lopp’s annual review is the way to go.

New Us Regulations

The US Treasury OCC, the largest US banking regulator is allowing US banks to use public blockchains and dollar stablecoins as a settlement infrastructure in the US financial system.

Bitcoin Has Settled Almost $10 Trillion

For all the non-believers, the people who tell you Bitcoin is a speculative asset only. No, it ain’t. Since its inception in 2009 almost 10 Trillion USD have been sent in on-chain transactions. Expect that to grow.
Before I forget: I deleted WhatsApp this week, Facebook is long gone from my mobile and Instagram will follow. I am using Signal instead:

Podcast of the Week Audio Only

Desiree Dickerson, Ryan Gentry: Lightning is Bitcoin

Video


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