Bitcoin’s Resilience and Adoption

Good afternoon, my degenerate friends. How are you doing today? I’m doing okay, though I’m still a bit under the weather. Today, Bitcoin is up 11%, while gold and silver are down. Gold is now at 16%. It’s interesting to see how they flipped. Previously, people dismissed Bitcoin as useless because it was cheap, while everything else was rising. Now, Bitcoin is holding up better than other assets. That’s just how it goes—buy the asset that’s cheap, as they all recover eventually.

Eric Trump recently revealed that Bitcoin’s adoption rate is scaling twice as fast as the internet did in its infancy, with 120 million global users now holding Bitcoin. I remember when the internet started; I was in college. Honestly, that was the only good thing that came out of college for me. I never attended classes; instead, I spent my time in the computer lab on chat networks. Back then, there were no graphics, just the first browsers like Mosaic and Netscape. I even made a website, and the rest is history. I got into internet stuff and eventually left college. Now, Bitcoin’s growth is even faster, which is crazy considering how rapid internet adoption was. It started slow but then exploded, dominating our lives. Remember when we had to use the yellow pages?

Stable Coins and Regulatory Developments

Crypto and bank representatives are heading to Capitol Hill to review a stable coin deal, though details remain under wraps. It feels like they’re stringing us along. Will they ever finalize the stable coin regulations? Just get it done already. Meanwhile, Setus rose 20% in one day, though I can’t recall why I bookmarked this. Ram Group’s hype stable coin supply doubled within a month, probably nothing significant. Overall, stable coins are growing rapidly. USDC is expanding quickly and might catch up to USDT. It seems like every bank will eventually have a stable coin. PayPal has one, and everyone is using them because they generate revenue.

Trump paused Iran strikes, causing the market to explode, but then Iran stated there was no deal, and the market dipped again. However, crypto remains up, which is good. There’s talk that altcoins are about to explode like never before. When you least expect it, they will go vertical. Altcoins have broken a multi-year downtrend and are gearing up for a rally. As with every altcoin season, it will be a surprise, so don’t get shaken out. We had an altcoin season at the end of 2023 and the beginning of 2024, but it didn’t last long. It’s been two and a half years since the market moved in that direction, and five years since a significant altcoin season. We’re due for something big.

Regulatory Clarity and Bitcoin’s Role

Wendyo reports that XRPL’s stable coin supply doubled in three months to 568 million as retail participation rises. Stable coins are everywhere, growing rapidly. Bitcoin’s status as a digital commodity is being cemented into US law. The SEC and CFTC are working together to define what constitutes a security and a commodity. If you’re raising capital with a token, it’s a security. But the asset itself, in most cases, is a digital commodity. This is part of the Clarity Act, which states that a startup is a security, and once established and safe, it’s a commodity. If you follow crypto, you already know this.

Bitcoin for Freedom mentions that if Bitcoin Core continues to open up space for arbitrary data, it will push Bitcoin towards something like Ethereum, whether people admit it or not. He suggests Bitcoin should be used as digital gold, a store of value. I remember when there was a lot of activity on Bitcoin.

For a while, people were exploring uses for Bitcoin beyond just holding it. I remember the Bitcoin ordinals, although I can’t recall exactly what they were. It was something like memes on Bitcoin, and it actually gained significant traction. However, it seems to have faded into obscurity now. This phenomenon significantly slowed down the Bitcoin network. The idea here is to avoid cluttering the Bitcoin network with unnecessary data. It’s not meant to function as a typical blockchain for applications; it should be used solely as a store of value. Otherwise, it loses its uniqueness.

Bitcoin Fear and Greed Index

The Bitcoin Fear and Greed Index has dropped to eight, indicating extreme fear. This is often seen as the best time to buy. Meanwhile, a public company has incorporated AVAC into its name, possibly signaling plans to invest heavily in AVAC. A publicly traded company has rebranded to AVX1 Technology and is channeling $300 million from its corporate treasury directly into the Avalanche ecosystem. This move is reminiscent of strategies used with Solana. When large corporations make such investments, it’s incredibly bullish for the bag holders, and I count myself among them.

Rumble’s New Wallet

There’s a note that Rumble is planning to introduce a Rumble wallet for Bitcoin, USDT, and Tether Gold tipping. Tether Gold is something I hadn’t heard of before. This development is similar to what X Money is doing, and it’s quite interesting.

The Lost Bitcoin Fortune

There’s a story about a man who accidentally threw away 8,000 Bitcoin in a landfill. He was a computer technician who cleaned his house in 2013 and discarded a drive containing the Bitcoin. Today, those coins would be worth hundreds of millions, but they’re buried under tons of trash in a landfill in Wales, with no luck in recovering them. It’s a tragic tale.

As a humorous note, there’s a meme about a child asking their mom how they became so poor, to which she replies that their father went all-in on crypto after President Trump took office. It’s a funny picture, and it resonates with many of us in the crypto world, especially after the Clarity Act passes. Well, that’s it for today. I’m heading to bed. I hope you all have a great day or night. Enjoy yourselves and stay happy.