Dear Readers! The problem that I reported last week to Substack still exists. The numbering of the news still has not changed (it’s always “1.”), but happily the “double sending” problem has been resolved. Hope soon the numbering problem will resolve too.
Bitcoin News
TL;DR
Janet Yellen explains Bitcoin
Singapore High Court recognized Bitcoin as a property
Over a third of Nigerians invested in Bitcoin
Ubersmith partners with BitPay
Brazilian Senate announces incoming approval of the ‘Bitcoin law’
FIS is preparing to launch Bitcoin trading
Central Bank of Portugal grants country’s first Bitcoin license to a Bank
Janet Yellen explains Bitcoin
Do you believe this? At first I was sceptical with the following video, but after many confirmations I believe she really said those sentences. I still remember the 'Bitcoin guy’ who held the Buy Bitcoin sign behind Yellen's speech in 2017. Now after 5 years Yelen explains the work of Bitcoin. Crazy times!
Singapore High Court recognized Bitcoin as a property
In the end of March the Singapore High Court announced that when someone in January 2021 stole $7 million worth of Bitcoin and other shitcoin seeds it was a property theft. This decision literally said Bitcoin is a property in Singapore.
Over a third of Nigerians invested in Bitcoin
KuCoin conducted a report with multiple surveys that shows 35%, or 33.4 million, of its adults aged 18-60 owned or traded Bitcoin or some form of shitcoins in the last 6 months. This is big news when we know that only 51% of the entire population of Nigeria has access to the internet. Most of these hodlers want to increase their holdings within a short period of time. 7% of them want to hold for more than 6 months. This is huge knowing that the Nigerians are really poor people. They already know that Bitcoin is their only exit plan from poverty.
Ubersmith partners with BitPay
Ubersmith services over 100 companies across six different continents, and offers a variety of highly-customizable software and hardware solutions. They offer subscription management for cloud-based services. This means soon you will be able to pay with Bitcoin for your favorite cloud-based service.
“With the growing popularity of cryptocurrencies, we want to provide our users with this option in addition to other currencies we support,” said Kurt Daniel, CEO of Ubersmith, in the announcement. “As leaders in delivering a recurring and usage-based billing system, we are pleased to support cryptocurrency for our current and future customers.”
Brazilian Senate announces incoming approval of the ‘Bitcoin law’
“By joining the projects together, we accelerated the approval of this cryptocurrency milestone. There is a market demand for a safer business environment and the need for criminal classification to avoid fraud, in addition to adjusting Brazil to international agreements.” said by Senator Irajá Abreu
The regulator will be responsible for defining market guidelines and establishing norms in line with international standards to prevent money laundering and the concealment of assets.
The bill also proposes a penalty of four to eight years in prison, in addition to a fine for those who commit fraud in the provision of virtual asset services.
The import of ASICs to the country will be exempt from taxes. Miners will love this addition.
FIS is preparing to launch Bitcoin trading
The largest processing and payments company in the world FIS and Fireblocks are teaming up to provide for over 6,000 capital markets clients access to a full suite of financial services for enterprise-grade bitcoin and other shitcoin asset management services.
“As digital currencies become more mainstream, capital markets firms will greatly benefit from a single destination that helps them manage many classes of digital assets,” said Nasser Khodri, head of capital markets at FIS. “This exciting new agreement is a proof point of our commitment to invest in growing our digital asset capabilities for our global client base.”
“The strategic partnership with FIS will bring the Fireblocks technology to nearly every type of buy-side, sell-side and corporate institution in traditional assets,” said Michael Shaulov, Chief Executive Officer at Fireblocks. “Together, we will enable a quick way for existing and prospective FIS clients to onboard their digital asset operations and begin tapping into these fast-growing markets.”
Central Bank of Portugal grants country’s first Bitcoin license to a Bank
The Bison Bank, a Portugal-based financial institution, has received a license from the Portuguese central bank (Banco de Portugal) to operate as a virtual asset service provider (VASP).
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Global Economic News
TL;DR
France and Germany Debt to GDP
Correction or bust in the global bond market?
U.S. Inflation hit 40 year high with an 8.5% increase in March
The German Bond Index Rex10yP lost almost 15%
Japanese Yen has fallen to its lowest level in 20yrs
U.S. monthly producer prices had their biggest increase in >12yrs
The Euro is in worse position than the Russian Ruble
The ECB main rate stays 0
Volkswagen is a trader or a car maker?
The German 10yr inflation expectation jumped to a new ATH
Wheat was never so expensive like today
France and Germany Debt to GDP
This is election month in France and the citizens need to decide whether they want to grow the debt bigger or choose another path?! Of course this is only my question, the average citizen does not know the numbers below.
Correction or bust in the global bond market?
“The biggest bond bubble in 800yrs continues to deflate after the start of the Fed's rate-hike cycle, ahead of next week's ECB meeting & as rising inflation shakes up bond mkts. Value of global bonds has dropped by another $960bn this week, bringing total loss from ATH to $6tn.” by Holger Zschaepitz
U.S. Inflation hit 40 year high with an 8.5% increase in March
While the inflation rose 8.5% in March the real worker earnings fell by another 0.8% during the month as the cost of living outpaced otherwise strong pay gains. Something major is changing because the trend of the CPI and 10Y Yield broke out of the 40 year downward channel:
The German Bond Index Rex10yP lost almost 15%
“The turmoil in the bond market has caused the German bond index Rex10yP to lose almost 15% from its peak, the most since the index was launched in the 1990s.” by Holger Zschaepitz
Japanese Yen has fallen to its lowest level in 20yrs
“Looks like the biggest monetary experiment in monetary history isn't going so well right now. Japan's Yen has fallen to its lowest level in 20yrs as the Bank of Japan continues to print money like crazy to keep 10y interest rates low, while Fed has done some monetary turnaround.” by Holger Zschaepitz
U.S. monthly producer prices had their biggest increase in >12yrs
“U.S. monthly producer prices had their biggest increase in >12yrs in March amid strong demand for goods & services, the latest sign of persistently high inflation. And inflation may not have peaked yet as many hoped. US PPI jumped 1.4% MoM, 11.2% YoY.” by Holger Zschaepitz
The Euro is in worse position than the Russian Ruble
“The Euro depreciated by almost 10% against the dollar in the past 12mths due to an inactive ECB. This puts the Euro in a worse position than the Russian Ruble, which has lost only 8%.” by Holger Zschaepitz
The ECB main rate stays 0
ECB Lagarde: “We are very much in a normalization process.” Are we really?
Volkswagen is a trader or a car maker?
In today's abnormal financial market it is possible that in the first quarter of the year Volkswagen made nearly as much money selling cars than it did thanks to its commodity trading positions. VW operating profits was €8.5 billion, of which €3.5 billion came from commodities (nickel was probably the big earner!)
The German 10yr inflation expectation jumped to a new ATH
“Germany where 10y inflation expectations (derived from linkers) jumped to a fresh ATH of 2.91% after the inactive ECB. The market reaction shows that investors had expected a tougher stance against inflation.” by Holger Zschaepitz
“Easter is significantly more expensive this year. Food & energy prices have risen more than the general cost of living.” by Holger Zschaepitz
Wheat was never so expensive like today
“The Arab Spring of 2011 was for amateurs: the Hunger Games of 2022 will be lit.” by Zerohedge
Thank you for reading Bitcoinomics Newsletter. This post is public so feel free to share it.
These are just speculations, no investment advice!
“Not only is the bitcoin trailing year active supply at an all time low 🧵 ¼” by ChartsBTC (more charts here)
“take a deep breath, everything will be okay bitcoin” by ChartsBTC
“For the 4th time in Bitcoin's history we have left the blue zone. The last 3 times this occurred the #BTC bottom was already in and a massive bullish uptrend followed. Probably a coincidence…” by @TheRealPlanC
“Only a few other times has Bitcoin reached the zone of heavy opportunity. (green) This is also the longest time Bitcoin has ever spent in the zone.” by Will Clemente
“Bitcoin supercycle.” by @nihkalowz
I know now we are living in hard times, so you can subscribe to my weekly Bitcoinomics newsletter for FREE!
Bitcoin Shorts
Funny Bitcoin short stories
“Bitcoin will "fall" below $400,000 next.” by Documenting Bitcoin
The New York Post just said we are all Psychopaths. Good to know.
"There's only 21 million coins for the whole world." ~ Satoshi Nakamoto on Bitcoin exactly 13 years ago” by RIZZO
“We have officially reached an all-time of bitcoin supply that has not moved in the last 12 months. Bitcoin bulls aren't selling.” by Pomp
