The 51st Bitcoinomics Newsletter

16 January 2023 - 22 January 2023 week Bitcoin & Economic News

Jan 23, 2023

This newsletter contains charts and other interesting pictures too. Some Email clients auto-block pictures, so don’t forget to enable them!

Bitcoin News

TL;DR
$9 billion European bank N26 will launch Bitcoin trading
Texas lays down proposal to allow Bitcoin as an Authorized State Investment
The Governor of New Hampshire recommends Bitcoin mining
Samsung expands its mobile wallet app to 8 more countries
Mississippi and Missouri Introduce Bills for Bitcoin Mining and Node Protection

$9 billion European bank N26 will launch Bitcoin trading
N26 Crypto, the bank’s newly formed service, is set to roll out to Austrian clients over the next few weeks and initially include bitcoin and a number of shitcoins. Following its initial release, N26 plans to expand its service offering to clients in other markets over the course of the next six months.
The bank is charging a 2.5% fee on buy and sell orders for all cryptocurrencies, however clients looking to trade in bitcoin will only pay 1.5%. Additionally, if the client is signed up for N26’s Metal subscription account, the fee for cryptocurrencies drops to 2% while the fee for trading bitcoin drops to 1%.
However, users looking to leverage N26’s service should note that the bank does not support custodial wallet transfers, meaning users will not be able to move their bitcoin off of the platform.
Texas lays down proposal to allow Bitcoin as an Authorized State Investment
Texas has always been at the forefront in terms of blockchain and Bitcoin adoption. Even though many other states and countries have shown skepticism revolving around Bitcoin, Texas has never failed to show its support. The state has also been a hub for several Bitcoin mining companies. Texas is promoting, advancing, and providing a platform for Bitcoin and considers it to be a cutting-edge innovation.
The Texas government releasing an 84-page report on developing the blockchain industry is itself a prime example of how forward-thinking the state is in terms of understanding and adopting the technology.
The proposal to allow Bitcoin as an authorized investment for the state will be a game changer. It will definitely attract global attention and portray the state as an avid Bitcoin supporter.
The Governor of New Hampshire recommends Bitcoin mining
Governor of New Hampshire recommends the Department of Energy to review how Bitcoin mining can help stabilize the electricity grid, build more sustainable generation projects, and lower costs for consumers!
“This report is comprehensive and timely, providing specific recommendations that would establish New Hampshire as a leading jurisdiction for the development of sound and effective applications of blockchain technologies, including proposals to clarify current laws and to support law enforcement in its efforts to protect New Hampshire consumers and investors. I would like to thank commission members for their diligent efforts in this undertaking.” said Governor Chris Sununu
Samsung expands its mobile wallet app to 8 more countries
Samsung launched the wallet app in 2022, with support since its unveiling in June having increased from an initial seven countries to 21 countries by the date of the latest announcement.
More than a payments platform, the app also integrates with the Samsung Blockchain Wallet and comes with safety features enhanced by Samsung Knox, an inbuilt proprietary security platform.
Currently, the Samsung Wallet app is available for Samsung Galaxy users in Korea, UK, the US, Bahrain, China, Denmark, Spain, Finland, France, Germany, Italy, Kazakhstan, Kuwait, Norway, Oman, Qatar, South Africa, Sweden, Switzerland, Vietnam, and the United Arab Emirates.
The South Korea-based tech giant revealed it would be rolling out the Samsung Wallet app across Singapore, Australia, Brazil, Hong Kong, Canada, India, Malaysia and Taiwan. Support for the Samsung Wallet in these countries will go live by the end of January.
Mississippi and Missouri Introduce Bills for Bitcoin Mining and Node Protection
Senator Josh Harkins (R) and Representative Jody Steverson (R) are leading the campaign in Mississippi while Phil Christofanelli (R) filed the relevant bill in Missouri. The language of each bill is taken from the Satoshi Action Fund.
In addition to the clear rights for nodes and mining, the proposals also forbid:
Political subdivisions of the state modifying Bitcoin miner zoning without giving miners adequate notice and setting regulations that are inconsistent with other data center laws.
Prohibiting energy rates that are unfairly applied to Bitcoin miners.
Sound laws directed at mining sites that are not consistent with other sound laws in the community.
Classifying the act of using nodes or miners as money transmitting.
If the bills are passed, state governments may become increasingly interested in Bitcoin.
Director of Policy at the Satoshi Action Fund Eric Peterson states that “even if states don’t get behind the industry they need to have a working regulatory structure for it and ensure that businesses who operate in this state can do so long term in their state.”

Global Economic News

TL;DR
The US housing market is dead and the mortgage rates are already unbearable
The US debt ceiling is just a joke

The US housing market is dead and the mortgage rates are already unbearable
US Existing Home Sales decrease - largest ever annual decline
“KB Homes, a large home builder, just reported a 68% CANCEL RATE. Meaning that over 2/3 of Homebuyers walked away from their contracts in the quarter. Leaving KB Homes with a massive pile-up of inventory. Last year the Cancel Rate was only 13%.” by Nick Gerli, CEO & Founder of Reventure Consulting
“The only chart that matters for the housing market in 2023. Who is the marginal buyer here?” by Alf, Founder & CEO of TheMacroCompass.com
“US Savings rate vs credit card debt” by Zerohedge
The US debt ceiling is just a joke
“Janet Yellen says US begins extraordinary measures to avoid debt default. W/federal govt about to run up against debt limit, which Congress set at roughly $31.4tn in 2021, the Treasury Department has said it expects to start deploying so-called extraordinary measures.” by Holger Zschaepitz, journalist at Welt
“Where are the fiscal conservatives?” by Jameson Lopp, Insights on security, privacy, technology, & money · Co-founder & CTO CasaHODL
“In the last 53 years the combined US surplus was $660 billion. The point of no return has long been reached. When the US inevitably loses global reserve currency status the house of cards comes crashing down. Soon.” by Kim Dotcom
Meanwhile the Producer Price Index (PPI) Biggest drop since April 2020 when the US was shut down.

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These are just speculations, no investment advice!

“BITCOIN BEARS ARE FUCKED!!!!” by @rovercrc

“My bitcoin price forecast from September 2019, with new data in red. The lowest price currently allowed by the price corridor is about $13k, increasing to about $14.5k at the end of this year. The current price is not that "special" when seen this way.” by @hcburger1

“Bullish scenario: we're exiting disillusionment, getting ready for next year's halving, Bitcoin doing its own thing regardless of macro. Bearish scenario: this is a big bart / bull trap, more pain ahead with severe recession, Bitcoin can not escape macro headwinds.” by @BitcoinPierre

“Bitcoin Weekly Supertrend has flashed Green for the first time in a year!Its history speaks for itself” by @MatthewHyland_

“The best is yet to come” by @StockmoneyL

“WOW! Bitcoin price above short term holder (STH) and realized price. AND .. STH, realized and 2Y realized price are all increasing again. Further proof that the bear is over and the bull market has started” by PlanB

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Bitcoin Shorts

Funny Bitcoin short stories

29% of American millennials own Bitcoin
Bitcoin could "easily" reach $100,000 in 2-3 years - Anthony Scaramucci
Latin America received $562,000,000,000 worth of Bitcoin and shitcoins last year
Block CEO Jack Dorsey funds Bitcoin education program in El Salvador
Africa leads the world in Bitcoin adoption
Spanish Airline Vueling to accept Bitcoin for payments.
Bitcoin mining computers are now made in America for the first time! (video)
Bitcoin processed $72,940,383,099 worth of transactions this weekend while banks and the stock market were closed.
13% of Canadians own Bitcoin reports the Central Bank of Canada
Watch the global Bitcoin network of computer nodes verify the next block of transactions in the chain. (video)
85% of Bitcoin is held by “long-term” users that have never sold. This indicates growing confidence in Bitcoin
Cash App adopts free and instant (LN) Bitcoin payments!
A solo Bitcoin miner with only 10TH just won a block reward worth 6.25 $BTC (over $130,000).
The price of Bitcoin has now been above $10,000 for over 1,000 days.
Nuclear energy and Bitcoin mining:
The 2.5 gigawatt Susquehanna nuclear power facility in Pennsylvania is using Bitcoin mining to help balance the supply and demand of energy.