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Happy FRIDAY! This is Bitcoin Culture, and we are sending you into the weekend with the most recent updates about Bitcoin & financial markets. Here's what's going on:
Michael Saylor no longer CEO of MicroStrategy
BlackRock partnership w/ Coinbase
Galoy introduces Stablesats
MICHAEL SAYLOR STEPS DOWN AS MICROSTRATEGY CEO
Michael "GigaChad" Saylor steps down as CEO of Microstrategy (MSTR) to focus more time on the company's Bitcoin acquisition strategy.
Who is this Michael guy?
MIT graduate: studied aeronautics, astronautics, science, and technology
Started his software company (MSTR) in 1989 at age 24
Best selling author of "The Mobile Wave"
Inventor of 40+ patents
Bitcoin Maximalist
Although he has received a ton of criticism, Michael's conviction on the emerging asset class has not changed as MicroStrategy currently owns ~130,000 BTC.
He has surely become one of the most thought-provoking Bitcoin advocates in the industry and made sure to let the haters know how it's been going...
This news was shocking, but let's not forget we already saw this happen with Jack Dorsey. The founder of Twitter resigned late last year to focus more time on Bitcoin and his newly named fintech firm, Block, formerly known as Square. Jack has since gone BEAST MODE by launching:
BTC hardware wallet
â‚¿trust 500 Fund w/ Jay-z
BTC Legal Defense Fund
BTC tips on Twitter
Lightning on Cashapp
Open BTC mining system
Decentralized BTC exchange
The BTCulture Take:
Some of the smartest and most influential people are dedicating their time to Bitcoin...
I will certainly not be betting against them as they build to make sure the world's best monetary asset and monetary network become more widely adopted.
TODAY'S NEWSLETTER IS BROUGHT TO YOU BY TREZOR.IO
In a world of regulation and uncertainty, a hardware wallet is the safest and most secure way to store your digital assets.
Trezor has pioneered the crypto industry by developing the world's first hardware wallet and selling 1M+ units.
And remember..."not your keys, not your coins"
BLACKROCK PARTNERS WITH COINBASE
BlackRock and Coinbase are teaming up.
Yup, let me run that back:
The world's largest asset manager, BlackRock, and the largest publicly-traded crypto exchange, Coinbase, are combining forces to drive the institutional adoption of Bitcoin.
This partnership will allow BlackRock's institutional clients to have direct access to crypto and they're doing this by connecting the company's following platforms:
BTCulture's Three Takeaways:
1) BlackRock gives thumbs-up approval of Bitcoin. This is a huge signal that BTC is here to stay and has a place in diversified portfolios for all investors.
2) Institutional Investors aren't leaving the market. The price of Bitcoin has dropped 70% from its all-time high of $69,000, yet, there must be substantial demand for BTC services.
3) Starting with Bitcoin. This partnership is solely focusing on Bitcoin, which should highlight the role BTC plays in the digital asset ecosystem.
GALOY INTRODUCES STABLESATS
Galoy is an open-source Bitcoin banking platform that provides a seamless and stable Lightning Network experience for people living on Bitcoin.
They are responsible for the:
Bitcoin Beach Wallet in El Salvador
Bitcoin Jungle App in Costa Rica
Guatt wallet in Panama (coming soon)
Now for the real news: Galoy has introduced a new feature called Stablesats.
Stablesats (currently in beta) is an alternative to stablecoins, using derivatives contracts, that enables dollar-equivalent USD accounts inside Lightning wallets.
Why is this important?
Bitcoin brings digital transactions to unbanked communities in developing countries, but the volatility makes it difficult to manage financial obligations.
In fact, the short-term exchange rate volatility is one of the biggest problems for people using Bitcoin for everyday transactions.
By allowing Lightning users to transfer value between USD/BTC and choose their unit of account without ever leaving the network, Stablesats has shown potential to solve this issue.
APPETIZERS
-Digital Commodities Protection Act of 2022 proposed. Read more.
-River Financial launches zero-fees for recurring Bitcoin purchases. Read more.
-Bitcoin ASIC Maker, Canaan, to launch US operations. Read more.
-Mastercard is launching BTC and crypto rewards card in Australia. Read more.
-BTC and crypto ATMs are coming back to Japan after four years. Read More.
UPCOMING EVENTS
August 10th – Release of July CPI data August 26th – CME Bitcoin futures and options expiry September 21st – Next FOMC interest rate meeting
Enjoy the Friday - see you next week! Scott Bruner, BTCulture
Be your own bank....literally.
DISCLAIMER: Nothing in this email is intended to serve as financial advice. I am not a financial advisor. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets. Please be careful and do your own research.