The Latest Bitcoin & Macro news: Weekly Recap 23.12.2024

🧠Quote(s) of the week:

‘Bitcoin is hyper volatile because its a $450T+ asset trading for less than $2T.’ - Joe Burnett

‘I love the energy in Bitcoin right now. Long-time HODLers are optimistic, focused, and ambitious. People new to Bitcoin are curious to get involved and grateful for any support. Communities are thriving! What a time to be alive.’ - Tuur Demeester

🧡Bitcoin news🧡

On the 16th of December:

➡️’In 13 days, EU Bitcoin exchanges are forced to store your personal Bitcoin address and your home address. In sum: they become lethal honey pots, making HODLers vulnerable to hacks, home invasions, and future aggressive taxation. In time, countries could exit the EU over this.’ -Tuur Demeester

The best response to this overreach is to sell all your KYC’ed Bitcoin, and repurchase what you need through peer-to-peer platforms that are KYC-free, such as Bisq, Robosats, Peach, and Hodlhodl. For more information, please visit: https://kycnot.me

I can personally attest to the seriousness of this issue, having had my name, home address, and phone number leaked in the Ledger hack.

➡️In other news, Bitcoin wallet developer Exodus is going public on the New York Stock Exchange this Wednesday, backed by a reserve of 1,900 Bitcoin. They also pay all salaries in Bitcoin.

On the 17th of December:

➡️’Overton Window shifting rapidly Only in 2023, EU media was still gaslighting Bitcoin. Now

No negative environmental coverage in mainstream EU media publications for over a year
many media outlets (Including The Independent, Bloomberg, Reuters, The Street, The Hill, and Forbes) have started documenting Bitcoin mining’s numerous environmental benefits (well documented in 13 peer-reviewed studies)
Germany’s largest Telco is using Bitcoin mining to monetize its stranded energy
Finland’s pioneering work obviating fossil-fuel heating by capturing the heat from Bitcoin mining rigs is being covered
6 sustainability periodicals covering Bitcoin’s environmental benefits
3 media outlets including Forbes in the last 2 days have recognized that Bitcoin mining is an integral part of solving not just EU’s Net Zero Emission Targets, but EU’s energy crisis.’ - Daniel Batten

➡️BlackRock has officially recommended a 2% allocation to Bitcoin. With global assets totaling $900 trillion, a 2% allocation would imply a Bitcoin valuation of $18 trillion, equating to approximately $900,000 per Bitcoin.

➡️Bitcoin Reserve bill for Ohio State put forward by Rep. Derek Merrin. Merrin: Today, I filed HB 703 to create the Ohio Bitcoin Reserve within the state treasury!

Provides state treasurer authority & flexibility to invest in Bitcoin. This legislation creates the framework for Ohio’s state government to harness the power of Bitcoin to strengthen our state finances. As the US dollar undergoes devaluation, Bitcoin provides a vehicle to supplement our state’s portfolio and preserve public funds from losing value.’

➡️Bitcoin-exposed convertible bonds comprise 6% of the total convertible universe and have produced 20% of the YTD Returns: Barclays Looks like Bitcoin slowly eating into the debt market. Bonds were dying until Bitcoin bonds were introduced!

➡️European MP Sarah Knafo has called on the EU to reject the digital euro and establish a strategic Bitcoin reserve, warning against “totalitarian temptations” from the European Central Bank. Are you paying attention? The world is waking up.

➡️A first draft of an Executive Order for a Strategic Bitcoin Reserve has been published.

https://x.com/DavidFBailey/status/1869098934754570305

➡️’The total assets in the spot Bitcoin ETFs are now 55% of the value of known gold ETF holdings. • Bitcoin ETF AUM: $120.69 billion • Gold ETF AUM: $218.81 billion Out with the old, in with the new - Joe Consorti

➡️’If you’re not saving in Bitcoin, you’re not saving at all.’ AnilSaidSo

On the 18th of December:

➡️Chinese car company Cango emerges as the third largest public miner. China? Mining? What about the ban? Guess the 100x banning did nothing.

➡️Fellow Noderunner Bram Kanstein:

Open letter to the Dutch government regarding the establishment of a National Bitcoin reserve:

‘Geachte @Minister_FIN @eelcoheinen @KlaasKnot @DNB_NL Met deze brief wil ik uw aandacht vestigen op een urgente en strategisch kwestie: het opbouwen van een nationale Bitcoin reserve.

https://t.co/Wjdzf8xpDA

In English (to also copy and use in your own country): https://docs.google.com/document/d/1qCIbrGqYQeQNyiXRFMBJVZyRcePHWtdnWz__67NVuRo/edit?usp=sharing

➡️FED CHAIR J. POWELL: Fed is “not allowed to own Bitcoin”. They weren’t allowed to own Corporate Bonds before Covid either. Rules change…

➡️$11.5 trillion BlackRock said, “Bitcoin is no longer seen as the radical idea as it was 15 years ago.” “Bitcoin is an emerging global monetary alternative.”

➡️Rumor goes that the UAE has potentially already accumulated ~300K Bitcoin. If true, America is behind and needs to catch up quickly. Funny isn’t it? ‘We’ve gone from: Being concerned about the government killing Bitcoin in a 51% attack to Being concerned about the government buying tons of it.’ - Alex Gladstein

➡️IMF and El Salvador finally reached an agreement….and at first, it’s big yikes. El Salvador secured a $3.5 billion IMF financing package after agreeing to make accepting Bitcoin voluntary and unwinding the Chivo wallet. Not only are they eliminating Article 7 as previously reported, but they are also removing the ability for citizens to pay taxes in Bitcoin.

Meanwhile, President Bukele says: “The IMF, World Bank, FED, and mainstream media hate that we adopted Bitcoin.”

Wait for it (have a look at the 20th of December)

On the 19th of December:

➡️Bitcoin dipped. While some of you were scared, MARA bought $166 MILLION worth of Bitcoin. They have bought $3.2 BILLION Bitcoin in just 6 weeks!

➡️Hut 8 today announced the purchase of approximately 990 Bitcoin for approximately $100 million, or an average of approximately $101,710 per Bitcoin. Combined with the Bitcoin held before this purchase, Hut 8’s strategic Bitcoin reserve now totals more than 10,000 Bitcoins with a market value of more than $1 billion as of December 18, 2024.

➡️15 consecutive days of inflows for U.S. Bitcoin ETFs. $ in millions.

Spot Bitcoin ETFs purchased about 2,750 BTC yesterday while miners only mined 450 BTC. Absolute. Scarcity.

On the 20th of December:

➡️Metaplanet has issued ¥5.0 billion ($31m) in bonds to accelerate Bitcoin purchases originally slated for 2025. Issued against the 12th Series moving strike warrants, the bonds will be redeemed with the warrant exercise proceeds.

➡️’Just one day after the IMF agreed to a $3.3b loan in return for making Bitcoin acceptance voluntary, El Salvador buys $1m Bitcoin, more than 10x their usual 1 Bitcoin per day purchase. I guess the IMF won…’ -Bitcoin Archive

Bukele: “Thanks for the free money, lets 10x our Bitcoin buys, and create a strategic digital asset partnership with Argentina & 25 other nations.” Luke Mikic

Have a look at what they did on the 22nd of December.

➡️’Guys, this drawdown peak to trough was only 14.98%. It’s that tiny little red stalactite on the right that you can’t even see. Chill out.’ -Joe Consort

➡️Brian Brooks, former Acting Comptroller of the Currency under the Trump administration, has joined the MicroStrategy Board of Directors. As Comptroller, he oversaw the federal banking system. Here’s why this is a game-changing move for the company: https://x.com/btcspaceman/status/1870402056516952421

➡️$1.3 BILLION leveraged crypto positions WIPED OUT in just 24 hours. 1. don’t do leverage 2. don’t do shitcoins CrYpTo.

➡️$108 billion VanEck subsidiary Market Vector accepts #bitcoin as payment for the first time.

➡️Swiss company Relai purchases 13 Bitcoin for $1.2 million for their balance sheet. Relai now holds 30 BTC.

➡️Michael Saylor publishes the Bitcoin framework so the “United States can lead the global digital economy. “A strategic digital asset policy can strengthen the US dollar, neutralize the national debt, and position America as the global leader in the 21st-century digital economy—empowering millions of businesses, driving growth, and creating trillions in value.’

https://www.michael.com/digital-assets-framework

➡️’France’s 5th largest bank, the €863 billion BPCE Group, to launch Bitcoin purchases for its 35 million customers in 2025.’ -Bitcoin News

On the 21st of December:

➡️’MARA’s announcement that recycling heat from Bitcoin mining rigs to heat the homes of almost 80,000 residents (1.4% of Finland’s population) is the largest application yet for heat recycling. Here’s why it’s significant.’ -Daniel Batten

Read the whole thread/post here: https://x.com/DSBatten/status/1870250495895302177

➡️Someone just mined a whole Bitcoin block by himself, claiming $311,000 in reward.

➡️Spot Bitcoin ETFs took in 4,349.7 BTC worth $423.6 MILLION this week despite the price of bitcoin falling. Miners only mined 2,250 BTC this week.

On the 22nd of December:

➡️El Salvador makes another purchase of 11 Bitcoin, pushing towards the recently announced goal of 20,000 BTC. Classic! They now have bought 25 Bitcoin worth over $2.4 million since securing its loan from the IMF. Bukele wasn’t joking around!

➡️’When there’s not enough Bitcoin for sale, billionaires will offer ANYTHING to own some. You’ll be able to get:

Houses for 0.01 BTC
Cars for 0.001 BTC
A month of groceries for 0.00001 BTC They will give you everything you need… Because YOU have what THEY want.’ -Rajatsonifnance

Regarding that a month of groceries for 0.00001 BTC,’ everything is falling (price) against Bitcoin. What about fiat?

This is the single best long-run measure of food inflation. And it’s gone vertical. Now you do the math and ask yourself, go long Bitcoin or go long fiat?

You know what I will give you one more example, ‘houses for 0.01 BTC’

Are you paying attention?

➡️Vancouver Mayor Ken Sim: Bitcoin is the top-performing asset of the past 16 years. It’s better than gold. It can’t be captured by a military force. It can put Vancouver on the map as a world leader in Bitcoin innovation.

On the 23rd of December:

➡️MicroStrategy has acquired 5,262 BTC for ~$561 million at ~$106,662 per Bitcoin and has achieved a Bitcoin Yield of 47.4% QTD and 73.7% YTD. As of 12/22/2024, they hodl 444,262 Bitcoin acquired for ~$27.7 billion at ~$62,257 per Bitcoin.

➡️Japanese public company Metaplanet buys 619.7 Bitcoin for ¥9.5 billion. As of December 23, Metaplanet holds 1,761.98 BTC acquired for ~¥20.87 billion.

➡️Publicly traded La Rosa Holdings Corp. now accepts Bitcoin as a payment option for its real estate agents.

➡️Bitcoin is the best-performing asset in 11 of the last 14 years. Jesse Myers: ‘The only speculation about Bitcoin is how long until the mainstream realizes: -Bitcoin is the invention of absolute scarcity -Absolute scarcity is a once-in-a-species event (irreproducible) -Absolute scarcity is a black hole on the world’s balance sheet, eating all SoV’

💸Traditional Finance / Macro:

On the 16th of December:

👉🏽’11 consecutive days of more decliners than advancers in the S&P500. First time since Sept 11, 2001.’ - ZeroHedge

On the 18th of December:

👉🏽The S&P 500 falls over 3% in its largest post-Fed drop since March 2020.

🏦Banks:

👉🏽’This is the first time in the history of the data that over 40% of banks were tightening credit standards, and then went back to not tightening, without a recession having occurred.’ - Lyn Alden One word: “Fiscal dominance” https://www.lynalden.com/september-2024-newsletter/

🌎Macro/Geopolitics:

On the 17th of December: BowTiedMara: ‘Last 8 months of Massa (WITH PRICE CONTROLS):

6.6%

5.8%

6.3%

15.6%

14.3%

7.7%

15.7%

29.7%

Last 8 months of Milei (WITHOUT PRICE CONTROLS):

4.8%

3.2%

3.6%

2.3%

1.2%

0.9%’

What do we learn from this? Socialists want you dependent on them and price controls never work.

On the 18th of December:

👉🏽’SUMMARY OF FED CHAIR POWELL’S STATEMENT (12/18/24):

Inflation is “much closer” to 2% Fed target
Activity in the housing market has been weak
Wage growth in the United States has eased
The labor market is not a source of inflation pressures
The Fed can be more cautious in reducing interest rates
Inflation expectations remain “well anchored” The “Fed pivot” is taking another pause.’ -TKL

👉🏽’The S&P 500 falls sharply after the Fed cuts rates by 25 basis points, but raises inflation forecast. The Fed reduced its outlook from 3 to 2 rate cuts in 2025 and raised inflation expectations from 2.1% to 2.5%. Inflation is back.’ _TKL

👉🏽ZeroHedge: POWELL: ECONOMY GREW FASTER THAN EXPECTED IN SECOND HALF OF ‘24’. Maybe this had something to do with it?

👉🏽’Very rare: the Fed just lowered the overnight reverse repo rate (RRP) by 30 basis points, not 25 bps (the norm) So RRP rate is now at the floor of Fed Funds (no longer 5 bps above). This could ease money market rates & accelerate money flowing out of the Fed’s RRP facility.’ - Jack Farley In other words: Another liquidity injection.

On the 20th of December:

👉🏽’November PCE inflation, the Fed’s preferred inflation measure, RISES to 2.4%, below expectations of 2.5%. Core PCE inflation was 2.8%, below expectations of 2.9%. However, this means CPI, PPI, and PCE inflation are all back on the rise.’ -TKL

👉🏽’The new government funding bill would allow for ~$1.565 trillion in new borrowing before the debt ceiling binds again next March. +$1.5 trillion to the national debt… IN 3 MONTHS. If the government were a business, nobody would give them a dime. They’d be bankrupt tomorrow.’ -Joe Consorti

On the 22nd of December:

👉🏽The global Fed pivot continues: 74% of world central banks have cut rates this year, the biggest share since 2021. The Bank of Canada has cut rates 5 times by 175 basis points, marking the most aggressive rate cut cycle among major central banks. The European Central Bank and the Swiss National Bank have lowered rates 4 times by 100 and 125 basis points, respectively. The Bank of England has cut twice by 50 basis points. As inflation rebounds, the pivot is at risk.’ -TKL

🎁If you have made it this far I would like to give you a little gift:

Some fountain of Lyn Aldens wisdom:

https://www.lynalden.com/december-2024-newsletter/

Credit: I have used multiple sources!

My savings account: Bitcoin The tool I recommend for setting up a Bitcoin savings plan: PocketBitcoin especially suited for beginners or people who want to invest in Bitcoin with an automated investment plan once a week or monthly. Use the code BITCOINFRIDAY

Get your Bitcoin out of exchanges. Save them on a hardware wallet, run your own node…be your own bank. Not your keys, not your coins. It’s that simple.⠀⠀⠀⠀ ⠀ ⠀⠀⠀

Do you think this post is helpful to you? If so, please share it and support my work with sats.

▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃

⭐ Many thanks⭐

Felipe -Bitcoin Friday!

▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃