Hi friends,
As Bitcoin continues to break through ATHs and sits at about $27,500, I wanted to congratulate everyone who has held from the depths of $5,000 back in March. This week’s intro is a little longer but covers a few things. First off, this will be the final issue before the new year so wishing everyone a safe and happy holidays!
Second, this Issue #51 takes a look at next year and my bold predictions for Bitcoin in 2021. Over the past few weeks, I've run these by a few Bitcoin-or-nothing groups and received both good and bad feedback. So feel free to comment if you agree or even better if you disagree!
And third, overshadowed by the recent price action but arguably the most important thing this week is please take 30 seconds out of your day to email Secretary Munchin, urging him to remove most of the problematic parts of the AML regulation on non-custodial wallets. The initiative spearheaded by Coin Center is imperative to assist lawmakers in appropriately understanding the innovation that occurs in this ecosystem. There are a lot of great things that happen behind the scenes for this industry to grow and Coin Center plays a pivotal role in the majority of them.
And as usual, if you have any thoughts I'd love to hear from you. My goal is to shed a tidbit of info that I believe will get you thinking about the digital world around you. So if you know anyone who would be interested, please do forward this along, send them to the archive, or have them subscribe here. 👇
10 Bitcoin Predictions for 2021
Below are 10 predictions for 2021 in no particular order:
20 of the top-50 exchanges by volume will implement the Lightning Network for some combination of inter-exchange transfers or user deposits/withdrawals.
25 of Fortune-100 companies will support Square's Bitcoin Clean Energy Investment Initiative, committing over $100 million to companies working on green energy technologies within the bitcoin mining sector.
Bitcoin mining sheds its 'boiling the ocean' stigma and offers a lifeline to middle American workers with firms like Crusoe Energy, Great American Mining, Foundry and Upstream Data leading the charge.
One G20 Central Bank will announce they have taken a Bitcoin position.
Over 250 publicly traded companies (eg. Tesla, Oracle, Exxon) will allocate a portion of their balance sheet to Bitcoin. Over 2/3 of them will announce it during Q4 due to compliance.
We will see four industry-native IPOs before we see a Bitcoin ETF.
A U.S. pension fund with over 100 billion AUM will publicly announce a position in Bitcoin.
Bitcoin will eclipse 15% of gold’s market capitalization.
There will be more than 7% of Bitcoin’s floating supply on Ethereum (eg. wBTC, tBTC, renBTC)
Bitcoin will see $25k after seeing $100k
Threads🧵
Breakdown of long-form content into an easy to read and concise format.
Bitcoin is a Telecommunication Network to Secure Financial Information
News 📰
The top announcements in Bitcoin. All in one place.
ACINQ Phoenix v1.4.4.4 Released
UK FCA Grants Crypto Firms Temporarily Registration as it Deals with App Backlog
Kraken Announces Lightning Integration
Phoenix Wallet Enters Testing Phase
Coinbase files confidential S-1
MicroStrategy Announces Over $1B in Total Bitcoin Purchases in 2020
Unchained Capital's Caravan Implements Coldcard
Market Watch 💸
One-stop-shop Bitcoin market & network snapshot.
What I'm Reading 📕
Scowered the internet so you didn’t have to.
JoinMarket Guide from KISBitcoin
Nigeria Now the World's Second-Biggest Bitcoin Market After US
Bitcoin Optechs #129 Year in Review
Bitcoin is the Great Definancialization
Fighting to be STABLE: The Evolution of Stablecoins
Why I have Changed My Mind on Tokens
Mental Shift After Breaking $20k
What I'm Listening To 🔊
Give your eyes a break and pop in the earbuds.
Why 2020 Unlocked a New Generation of Investors
A Masterclass in Economic Calculation
Understanding the STABLE Act and the Push to Regulate Crypto
Pushing Back on FinCEN non-custodial Bitcoin Regulation
The Prospects for a Bitcoin ETF
What I'm Watching 📺
Take a break from Netflix and check these out.
Housekeeping 🏡
Who doesn’t like free money and information?
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Final Quote 🎩
Thanks for reading. Send me tips, stories I’ve missed, or comment below. And if you liked this piece, you can sign up here for more issues of the Bit Economy, a newsletter on something bitcoin related.
Until then, have a great week! See you in 2021.