The Contagion Continues
Looking at the drama surrounding Digital Currency Group, GBTC and its related holdings, the FTX collapse is clearly continuing to impact institutions. The situation is reinforcing the necessity of holding your own bitcoin private keys. Long-term HODLers can set the tone of industry by continuing to stack sats. 
📝 Today's Rundown
  • 🧘🏼‍♂️ Hodlers Remain Calm: Looking at metrics that give more weight to bitcoin held for the long term, the conviction of holders is stronger than ever and only growing.
  • 💸 The Money Problem: Bitcoin is sound money because the blockchain makes its ledger tamper-evident, while proof-of-work ensures the blockchain is tamper-proof.
  • 🍊 Circular Economy: When viewed through the lens of necessity, we can better understand Bitcoin’s progression toward a broader, circular economy.
🧘🏼‍♂️ Hodlers Remain Calm

Data Suggests Bitcoin Holders Remain Steadfast
By Shane Neagle

Macroeconomic headwinds have continuously been creating a bearish narrative across all markets, including bitcoin. But there is a type of investor that has been steadily navigating this market — the long-term holder.

Using on-chain measures, the author walks us through how some of these metrics display values similar to previous bitcoin bottoms, as the sentiment and profit of the many players is down. 

While hash rate continues to ramp up, more than 66% of circulating bitcoin has been quietly and patiently waiting for more than a year sitting on their owner's wallets, waiting for better days to come.
Read Full Article

💸 The Money Problem

The Problem With Money, And The Solution Explained
By Arman The Parman

Money is and has always been an agreement. It is a human invention to simplify the exchange of energy. Today’s most agreed-upon form of money (the world’s reserve currency, USD) is one of the worst forms of money we have ever. It has nothing to do with capitalism and the free market.  Fiat money costs nothing to produce, is not scarce, and allows governments to avoid market forces.

To flourish, humankind needs to go back to free-market money. If history can teach us something, it is that, when money is scarce and trustworthy, humanity thrives.
Read Full Article

📰 The Daily Bits
1. Citizens of El Salvador still face certain obstacles in their bitcoin adoption journey, but still look forward to the future.

2. Dylan LeClair and Mark Moss break down the FTX implosion, the current GBTC discount and how the global macro environment will affect the bitcoin price.

3. Trading risky assets on centralized exchanges is the opposite of the saving Bitcoin incentivizes.

4. As governments around the world prepare for central bank digital currencies, it is imperative that we use bitcoin to solve challenges of the 21st century.

5. The recent U.K. pension fund crisis reveals the only option for such entities: adopting bitcoin as soon as possible.

6. Worldwide adoption of bitcoin could mean smoother, more equitable trade and more financial access for those currently excluded.

🍊 Circular Economy

Bitcoin’s Economy Is Already Circular
By Aleksandar Svetski

Money is arguably the most important invention of mankind. It is a social technology and a communications network. When you look at modern economics and fiat money, you will realize that money is no longer “money” in the true sense of the term. It has become a tool for slavery and theft through inflation. 

“We should be happier to have a job than to have our savings protected” — Christine Lagarde, President of the European Central Bank.

Bitcoin is fundamentally unlike anything that has ever existed. Bitcoin is the first asset that is truly scarce. It is the first ever decentralized monetary system ever created. It is the first ever monetary policy that can’t be corrupted by human greed. 
Read Full Article

MEME OF THE DAY 

By Dani

These last few months have showed that the key to navigating this market is being bitcoin-only.

With love,
Bam

Stack some sats with 21 Days of #Bitcoin by @BitcoinMagEDU!
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