Fake Gold, Hong Kong Independence and Bitcoin

Over 61% of Bitcoin's supply hasn't moved in over 1 year!

By BranBTC
As of this writing, over 61% of the total supply of Bitcoin has not been transacted on chain for over 1 year. This is the highest percentage of unmoved bitcoin in history, and it hints at the possibility that the number of sellers in the market might be decreasing.
What’s The Big Deal?
The last time over 60% of Bitcoin's supply had not moved in 1+ year was January of 2016, when 1 bitcoin was approximately $380. What followed was simply one of the largest, fastest bull markets in the history of the world.
This increase in "dormant" bitcoin coincides with what many believe to be a giant accumulation phase where hodlers and speculators who are expecting a new bull market are scooping up coins with vigor, not expecting to sell anytime soon. All of this, alongside fundamental supply changes like the recent halving, will eventually lead to a liquidity crunch where there isn't enough bitcoin to be sold to all of the buyers in the market. This market dynamic is believed to be the underlying force that fueled the 2017 bull market.
It will be interesting to see how this dormant bitcoin trend evolves. Will people begin to move their bitcoin as the price starts driving up?

Bitcoin News Roundup

Hong Kong has Begun Implementing Beijing's new Security Law
First, let's summarize how we've gotten here: The people of Hong Kong have been fighting for years to retain their economic and political quasi-independence from Beijing and mainland China. As that independence began to substantially erode a few years back, protests erupted in the city, mostly led by students.
Those protests eventually rose to a fever pitch when, in the summer of 2019, Hong Kong, at the behest of Beijing, introduced the "Fugitive Offenders Amendment". The bill enabled extradition of Hong Kong residents and visitors to mainland China and Taiwan, which led to concerns that Hong Kong residents and visitors would be subjected to the legal system of mainland China, thereby undermining Hong Kong's autonomy and infringing on civil liberties.
Those protests didn't really go away... until right around when Covid 19 emerged when they began to dwindle in the interest of public safety.
This brings us to today with the news of the new Hong Kong Security Law. The law sets up a vast security apparatus in Hong Kong, and it gives Beijing broad powers to crack down on a variety of political crimes, including "separatism" and "collusion".
A man was arrested on Wednesday after he unfurled a Hong Kong Independence flag during demonstrations. The police said (on Twitter of all places! Such painful irony here.) that he had been detained for violating the National Security Law. That made this the first official arrest in the name of the new law.
This is an important story for all Bitcoiners and freedom advocates to follow and understand. Centralizing and authoritarian forces always abound, and we must support the fight for freedom wherever it exists.
83 Tons of Fake Gold Seized
On a lighter, but nonetheless interesting note, 83 tons of gold bars were seized recently after it was discovered they were merely gold-plated copper bars. The bars were used by Kingold, one of the largest gold suppliers in Wuhan, China (of all places), as collateral for a $2.8 billion loan.
To give context of how much 83 tons is, the space shuttle Endeavor, weighs approximately 78 tons, and a hippopotamus weights around 5 tons. So picture a hippo flying a space shuttle, and that's about how much fake gold was seized from this one loan!
This should be fairly obvious, but just to hammer the point home, you cannot create fake Bitcoin. This is yet another one of Bitcoin's strengths that has been so clearly highlighted by something that has nothing to do with Bitcoin, and it makes the narrative around Bitcoin that much clearer. Thanks, Kingold, for nailing our messaging for us.