What’s going on in the world of Bitcoin:
1. A lot of people are quite bullish right now…
With Bitcoin breaking its All Time High recently, we’re now in Q4 of the ‘bull phase’ of the current cycle – as determined by historical cycles. This has normally been a very exciting time for Bitcoiners of the past.
Nothing is certain, but if history proves itself in this quarter – expect nothing else but Bitcoin as the main topic at braais and dinners.
Some of the latest bullish indicators include:
1. ETFs have been deployed in the USA and are currently in post & pre-execution phase in Australia, Canada, Spain and a few other countries.
Keep a lookout for Grayscale’s Spot ETF launch in the near term – this is a big one. BlockFi, a Bitcoin loan provider, has also just filed for a Spot ETF.
2. Kevin O’Leary the famous investor from the Shark Tank US confirmed, ‘I have all my Bitcoin. I would never sell them. I have a large allocation.’
3. And lastly, the King of the Bulls, Michael Saylor believes ‘Trillions of Dollars’ will flow into the Bitcoin spot ETF.
So, to conclude, let’s look at previous patterns that played out in Q4 2013 and Q4 2017:
2. Zimbabwe is considering making Bitcoin a legal payment service
News released this week that Zimbabwe is consulting the private sector about legalising Bitcoin.
They are apparently considering adopting Bitcoin as a legal payment service due to inefficiencies of using the US Dollar and there’s no need to explain the nightmare that is the Zimbabwean Dollar.
They are apparently sceptical that Bitcoin may ‘externalize funds from the nation’ but luckily we have El Salvador to learn from. El Salvador, due to the recent profits from Bitcoin’s price increase, are busy building 20 schools, a pet hospital and Bitcoin mining infrastructure. So, the project seems to be going well, for now.
3. Taproot is activating soon
The final bit of news (the one we’re most excited about) is the upcoming activation of Taproot this month!
This is the biggest update to the network since 2017 and all updated nodes will be ‘in sync’ with this new update to the network and its underlying protocols.
The update was ‘voted in’ earlier this year by miners on the network with over 90% voting yes.
The update provides a newer and better signature type than the original Elliptic Curve Digital Signature Algorithm (ECDSA) which was originally chosen by Satoshi. To put this plainly, it means that multiple people can combine their keys, to create one aggregated private key in a more anonymous and secure manner.
Other features include ‘Pay-to-Taproot’ (P2TR) that enhances privacy and there will be more efficiency and lower costs on transactions.
To summarise, Bitcoin is close to becoming cheaper in transaction fees, more secure and more private.
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We’re going to have a very interesting discussion with Callum McArthur this week about the importance of multisig in South Africa. Callum recently went through a horrible experience where he lost a lot of possessions. The only thing that was safe was his Bitcoin because of multisig.
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Enjoy the rise in price, it looks like Q4 is going to be an interesting time. I hope you’re all getting ready for the $100,000 party.
Have a great week!