Last Week In Bitcoin is a series that discusses the events of the previous week that occurred in the Bitcoin industry, covering all important news and analysis.
Summary of the week
The week started off very well with Bitcoin defaulting to $ 50,000 on Monday, but it seemed to stagnate as the days went by. While many complained, Bitcoin has already risen 60% over the previous month and a short period of relaxation is nothing new. The week, MicroStrategy piled up and continued on to HODL, more billionaires joined the bitcoin club and Ray Dalio and Facebook made some inadvisable moves. Here is the last week in bitcoins:
Bullish news
❶ The week started off very well, as Bitcoin topped $ 50,000 for the first time since May, in what appeared to be the start of a bullish week. Unfortunately, the price struggled to stay above $ 50,000 and dropped a bit. Many cried for lack of it, but quickly forgot that Bitcoin rose more than 60% during the month before Monday.
❷ On Tuesday, bitcoin infrastructure firm Blocksteam raised $ 210 million in a $ 3.2 billion valuation as the company plans to expand its mining initiatives and launch its own ASIC miners. Blockstream is led by Adam Back, founder of Hashcash, which is used in bitcoin mining, and fundraising confirms the market’s interest in investing in bitcoin infrastructure.
❸ Also on Tuesday, Michael Saylor announced that MicroStrategy bought an additional 3,907 BTC, bringing the company’s total stake to 108,992 BTC. Saylor reiterated the company’s intent to HODL and confirmed that the company maintains self-custody with no intention of lending it.
❹ Mexican billionaire Ricardo Salinas Pliego completed Tuesday’s news and said the fiat currency was a fraud and noted that his bank, Banco Azteca, was working to become Mexico’s first to accept bitcoin. It also operates in Panama, Guatemala, Honduras, Peru and El Salvador. This is too bullish considering that bitcoin is becoming a big point of discussion in South America, with El Salvador just over a week away from starting its bitcoin launch nationwide.
❻ On Wednesday, Holly Kim became the first politician from the state of Illinois in the United States to accept bitcoin donations, saying “It seems like it’s how people want to give. I think it’s a new frontier.” As more and more politicians warm up to the idea of bitcoin and its potential, it is likely that in the future they will be in favor of pro-bitcoin legislation.
❼ Also Wednesday, NYDIG partnered with SIMON, which serves more than $ 100,000 wealth managers with assets in excess of $ 5 trillion, to provide bitcoin custody services. SIMON also launched a bitcoin education platform specifically aimed at wealth managers.
❾ Until Thursday, Morgan Stanley finances had more than a million shares in the grayscale Bitcoin trust.
❿ Also Thursday, Bloomberg reported that billionaire Simon Nixon was looking for exposure to bitcoins, following in the footsteps of Ricardo Salinas Pliego earlier in the week. Nixon is the co-founder of the price comparison website, MoneySuperMarket, founded in 1993.
Other bullish news with which to round out the week was The prediction of Bitcoin loyalty would reach $ 1 million in 2026, the billionaire Samih Sawiris began accepting bitcoin in its luxury hotel in Switzerland, Wyoming Senator Chris Rothfuss made it clear that the state was pro-bitcoin and Venezuelan Turpial airlines plan to accept bitcoin as a barrier against hyperinflation.
Bass news
❺ On Tuesday, Ray Dalio, who a few weeks ago claimed to invest heavily in bitcoin, claimed that gold is still higher. With his stance falling out of the water like a fish, it can be misinterpreted that he has changed it completely, but that is still unclear. He’s co-CIO in one of the largest hedge funds in the world, and so his word carries some weight for non-minters, for now.
❽ On Wednesday, Facebook reaffirmed its commitment to stablecoins and NFT, rather than bitcoin. While it is entirely his choice, the company that controls the voices of billions across its platforms takes a clear stance that prioritizes other cryptographic assets over bitcoins: a slap in the face to bitcoin and bitcoin users around the world. the world.
Verdict
Over the past week, I’ve noticed that the longer you’re active in the bitcoin space, the more you’ll become insensitive to overly bullish news. Billionaires are eager to invest in bitcoins, wealth managers and banks are launching new bitcoin-compatible products almost weekly and more and more institutions are starting to invest heavily in bitcoin resources, but markets don’t seem to react. . Again, as I said before, the fiat price of Bitcoin should be no indication of its strength.
We are in the early days of an asset that will change the status quo and put financial control back in the hands of the masses. If you buy Bitcoin because some billionaire does, you don’t clearly understand what Bitcoin is, how it works, or what it means. Although more adopters should always be welcomed and those with a podium from which to preach are welcome to join the army of “diamond hands”.
Bitcoin defaulted on $ 50,000 for the first time in several months, and that’s a good sign: it’s rising slowly but surely, and if it didn’t pile up to $ 30,000 in late July, the second best chance to stack is now. In just over a week, El Salvador will begin deploying bitcoin as a legal tender, millions of citizens will receive $ 30 in bitcoins each and the country is ready to pave the way for a new adoption by countries that during centuries have been described as the “third world”. but they know little …
I’m sure Bitcoin is still on the verge of surpassing $ 100,000 in the coming months, although there is one major catalyst that drives this growth, it remains to be seen, but again, it is not the main catalyst for growth. that Bitcoin will provide financial freedom and, above all, financial security in the coming decades?
This is a guest message from Dion Guillaume. The views expressed are wholly their own and do not necessarily reflect those of BTC Inc. o Bitcoin Magazine.