Bitcoin In a Nutshell
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🇬🇧 Personal Property

🇬🇧 Personal Property

ALSO: Why Are Septembers So Terrible?, Japan’s Largest Power Company Are Mining, Bitcoin to $13m?, The number of non-zero addresses surpassed 50M.

September 13, 2024

Happy Friday, In A Nutshell this week:

🇬🇧 Bitcoin is Personal Property
🤔 Why Are Septembers So Terrible?
🇯🇵 Japan’s Largest Power Company Are Mining
…and much more

🚀⏰ Today’s news should be a ~3.69-minute read (592 words).

🧠 Quote Of The Week

“We cannot solve a problem by using the same kind of thinking we used when we created them.”

– Albert Einstein

🇬🇧 Bitcoin is Personal Property

The government of the United Kingdom has introduced legislation to assess whether Bitcoin and other cryptocurrencies can be classified as "personal property" under domestic law.

“It is essential that the law keeps pace with evolving technologies and this legislation will mean that the sector can maintain its position as a global leader in cryptoassets and bring clarity to complex property cases,” said Labour MP and Minister of State Heidi Alexander.

⚡️ What Does This Mean?

🏢 Official Gov Website

Source: bitwiseinvestments.com

🤔 Why Are Septembers So Terrible?

Since bitcoin started trading in 2010, the asset has fallen 4.5% on average during September. That’s by far the worst month, and one of only two months with a negative average return.

Things don’t get better when you look more closely. As a detailed analysis from NYDIG shows, bitcoin has traded down in 9 of 13 Septembers on record. September 2011 was its worst month ever, with a fall of 41.2%. So far this month, through Sunday, bitcoin is down 7%.

As the Green Day song goes, ”Wake me up when September ends.”

🇯🇵 Largest Power Company Are Mining

Japan's largest power company, TEPCO, is reportedly experimenting with using excess renewables for Bitcoin mining.

TEPCO, which serves over 27 million residential and business customers, established Agile Energy in 2022.

The subsidiary is now using excess renewable energy to power Bitcoin mining operations, with mining rigs installed near solar farms in Japan's Gunma and Tochigi prefectures.

🤑 Bitcoin to $13m?

On CNBC’s Squawk Box, Saylor stated that BTC would reach $13 million in 21 years and explained that, at some point in the future, bitcoin would trade at S&P 500 volumes plus 8% due to its open, global, and free approach to capital markets.

For Saylor, bitcoin will also grow from its current 0.1% of the world’s capital to 7%, with more institutions and banks providing bitcoin-related services.

“Bitcoin is an expression in this view that you want to invest in an asset without counterparty risk. It’s all about people wanting to not take risk,” Saylor concluded.

🍿 BC Backstage

We’re adding a new series of mini-masterclasses called ‘Explained in Five Minutes’ to our education platform Genesis and I’d love some feedback.

Problem:

😑Bitcoin content can be very serious

📲Attention spans are short

🤷‍♂️Overcomplicated for beginners

Solution:

🙋‍♂️Add in personality

🤝Make it relatable

🤪Simplify the heck out of it

I’ve created a first draft about why Bitcoin was created, I would appreciate any feedback about the style, format and content especially if you are a beginner.