Bitcoin is cooling down Face Melting Run

Last Week In Bitcoin is a series that discusses the previous week’s events in the Bitcoin industry and covers all the major news and analysis.

Summary of the week

The week got off to a great start with Bitcoin breaking the $ 50,000 mark on Monday, but it appeared to be stagnating as the days progressed. While many complained, Bitcoin was already 60% up on the previous month and a brief cool-down is nothing new. During the week, MicroStrategy stacked up and continued with HODL, more billionaires joined the Bitcoin club, and both Ray Dalio and Facebook took some ill-considered moves. Here is the last week in Bitcoin:

Bullish news

The week got off to a great start with Bitcoin topping $ 50,000 for the first time since May in what appeared to be the start of a bullish week. Unfortunately, the price struggled to stay above $ 50,000 and fell a little. Many cried badly, but quickly forgot that Bitcoin was up over 60% in the month leading up to Monday.

❷ On Tuesday, Bitcoin infrastructure firm Blocksteam raised $ 210 million in funding at a valuation of $ 3.2 billion as the company plans to expand its mining initiatives to include its own ASIC miners Bring to market. Blockstream is led by Adam Back, the founder of Hashcash, which is used in Bitcoin mining, and the fundraising confirms market interest in Bitcoin infrastructure investments.

❸ Also on Tuesday, Michael Saylor announced that MicroStrategy had purchased an additional 3,907 BTC, bringing the company’s total inventory to 108,992 BTC. Saylor reiterated the company’s intention to HODL and confirmed that the company is maintaining self-custody with no intention of loaning it.

❹ The news on Tuesday was rounded off by Mexican billionaire Ricardo Salinas Pliego, who labeled fiat currency a fraud and found that his bank, Banco Azteca, was working to become the first in Mexico to accept bitcoin. It also operates in Panama, Guatemala, Honduras, Peru and El Salvador. This is overly optimistic considering that Bitcoin is becoming a big talking point in South America, with El Salvador just over a week away from the start of bitcoins’ nationwide rollout.

❻ On Wednesday, Holly Kim became the first female politician in Illinois to accept bitcoin donations, saying, “It seems like the way people want to donate. I feel like it’s a new frontier. ”As more and more politicians become familiar with the idea of ​​Bitcoin and its potential, it is likely that they will advocate pro-Bitcoin legislation in the future.

❼ Also on Wednesday, NYDIG partnered with SIMON, which serves over 100,000 asset managers with assets of over $ 5 trillion, to provide Bitcoin custody services. SIMON has also introduced a Bitcoin education platform especially for asset managers.

As of Thursday, Morgan Stanley funds held more than 1 million shares in the Grayscale Bitcoin Trust.

❿ Also on Thursday, Bloomberg reported that billionaire Simon Nixon was seeking bitcoin exposure after following in the footsteps of Ricardo Salinas Pliego earlier this week. Nixon is a co-founder of the price comparison website MoneySuperMarket, which was founded in 1993.

Other optimistic news to round off the week was that Fidelity predicted Bitcoin would hit $ 1 million in 2026, Billionaire Samih Sawiris started accepting Bitcoin at his luxury hotel in Switzerland, Wyoming Senator, Chris Rothfuss made it clear that the state is pro-Bitcoin and the Venezuelan airline Turpial wants to accept Bitcoin as a hedge against hyperinflation.

Bearish news

❺ On Tuesday, Ray Dalio, who a few weeks ago claimed to be heavily invested in Bitcoin, claimed that gold was still superior. With his posture fluttering out of the water like a fish, one can misinterpret that he has completely changed it, but that still remains unclear. He is Co-CIO at one of the largest hedge funds in the world, so his word for no-coiners has some weight for the time being.

❽ On Wednesday, Facebook reiterated its commitment to stablecoins and NFTs instead of bitcoin. While it is entirely their choice, the company that controls the voices of billions across its platforms has a clear stance that it will prioritize other crypto assets over Bitcoin – a slap in the face for Bitcoin and Bitcoin users worldwide.

verdict

In the last week I have noticed that the longer you are active in the Bitcoin space, the more desensitized you become. Billionaires love to invest in Bitcoin, asset managers and banks launch new Bitcoin-friendly products almost every week, and more and more institutions are starting to invest their resources massively in Bitcoin, but the markets seem unresponsive. On the other hand, as I said earlier, Bitcoin’s fiat price shouldn’t be an indication of its strength.

We are at the beginning of an asset that will change the status quo and put financial control back in the hands of the masses. Clearly, if you buy bitcoin because a billionaire does it, you don’t understand what bitcoin is, how it works, or what it stands for. However, more and more adopters should be welcomed, and those who have a podium to preach from are welcome to join the “Diamond Hands Army.”

Bitcoin exceeded $ 50,000 for the first time in several months and that’s a good sign. It’s slowly but surely going up, and if you weren’t stacking at $ 30,000 by the end of July, now is your second best stacking opportunity. In just over a week, El Salvador will begin adopting Bitcoin as legal tender, millions of citizens will receive $ 30 each in Bitcoin, and the country is poised to pave the way for further adoption by countries that have been For centuries it has been called the “Third World”. but they know little …

I am confident that Bitcoin will still soar above $ 100,000 in the coming months, whether there will be a major catalyst driving that growth remains to be seen, but then again, the idea is not the biggest growth catalyst that Bitcoin is in will bring financial freedom and, above all, financial security in the coming decades?

This is a guest post by Dion Guillaume. The opinions expressed are solely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.

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