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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:
New inflation numbers are out - higher than expected
NY Yankees partner with NYDIG
FED Bank of Cleveland recognizes Bitcoin
Protests heard around the world
HIGHEST INFLATION NUMBER IN OVER 40 YEARS!
The CPI print was announced Wednesday morning and it came in at a WHOPPING 9.1%.
With a 9.1% inflation rate, it now only takes 6.5 years to lose half of your purchasing power. Time for everyone to re-evaluate their investment strategies.
And it's not just the United States - global inflation rates are spiking all over. Peep this: Charlie Bilello's tweet
Fun? Fact: At the time of this post, the value of the EURO has fallen below the USD for the first time in 20 years.
THE NEW YORK YANKEES PARTNER WITH BITCOIN COMPANY
The most valuable MLB franchise, the New York Yankees, has partnered with Bitcoin company, New York Digital Investment Group (NYDIG), to enable their employees to allocate a portion of their paycheck to Bitcoin.
The Yankees are the first MLB team to do this.
NY Yankees Company Highlights:
$6+ billion valuation
1000+ employees
27 World Series Titles
I'll never root for the Yankees on the field, but I'll admit this partnership is pretty damn cool.
I'll also take this time to mention that the Orioles are on a 10-game winning steak!
THE FEDERAL RESERVE BANK OF CLEVELAND ACKNOWLEDGES BITCOIN
The Federal Reserve Bank of Cleveland published an 18 page paper on Tuesday titled, "The Lightning Network: Turning Bitcoin into Money"
Don't worry. We read it so you don't have to.
1) Introduces Bitcoin's Lightning Network
They describe the efficiency of the Lightning Network (LN), which is bitcoin's layer 2 protocol, as a means for settling bitcoin payments outside of the blockchain.
They mention El Salvador's decision to make Bitcoin legal tender and their citizen's involvement with their Chivo Wallet.
2) Bitcoin's Lightning Network Reduces Mempool Congestion
The mempool is where transactions wait to be confirmed by the Bitcoin network.
A high mempool size indicates heavy network traffic, which can result in longer confirmation times and higher fees.
The Lightning Network helps reduce that congestion.
3) Time Period Data (2017-2019)
The one caveat from this document is that they pulled most of their data from 2017-2019, so the very early stages of the LN protocol.
In the last few months, the Lightning Network capacity has hit numerous all-time high's and will scale over time.
The BTCulture Perspective: One thing is for sure...the Bitcoin innovation is real and continues to becoming increasingly recognized.
Speaking of lightning network, check out Strike: the world's leading digital payments platform built on Bitcoin's Lightning Network.
They're one of my favorite companies and allow people to buy bitcoin with ZERO fees.
Oh, and their CEO is a baller. Yo Jack!
PROTESTS, REVOLUTIONS, AND REBELLIONS HEARD AROUND THE WORLD
Economic protests are growing in frequency around the globe due to soaring inflation and the lasting impact of the coronavirus pandemic.
1) Citizens Storm Bank of China
Since April, four local banks have frozen millions of dollars worth of customer deposits
1000+ protestors gathered in front of the country's central bank
Authorities plan to address this issue ASAP
2) Sri Lanka Protestors Storm Presidential office
Sri Lanka on brink of economic collapse
Inflation has soared over 50%
President Rajapaksa resigned and fled to Singapore
3) Albanians Demand Government Removal
Albanians struggle with massive increase in consumer prices
Thousands gathered to protest the cost-of-living crisis and alleged corruption
Extreme inflation and hurting economies are becoming more prevalent around the globe. It's not just happening in the three countries listed above: Read more about it here
The BTCulture Perspective: This does not look good by any means, but there seems to be a reoccurring theme of centralized systems failing.
Bitcoin might be considered "volatile", but at least your assets and transactions can't be frozen. Bitcoin is open-source, transparent, trustless, and tradable 24-hours a day.
QUICK HITTERS
Anthony Pompliano's cryptocurrency recruitment firm, Inflection Points, raises $12.6mil in funding and buys rival, crypto-focused company, Proof of Talent. Read more.
Twitter is suing Elon Musk in hopes of forcing him to go through with the purchase. Read more.
PicPay, a Brazilian-based fintech app, plans to launch a crypto exchange to it's 65 million users. Read more.
Spanish football team, Atletico Madrid, has signed a sponsorship deal with Bitcoin and crypto platform, WhaleFin. Read more.
Manchester City Football Club signs with one of the world's leading cryptocurrency platforms, OKX, as their official training kit sponsor. Read more.
That's all for today folks - see you next week!
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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.
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