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Dovish, Then Hawkish: What Fed Chair Powell Said That Crashed Markets
By Namcios

Once again, the Federal Open Markets Committe (FOMC), the U.S. Central Bank's governing body responsible for setting monetary policy, raised interest rates by 75 basis points. This marks the fourth consecutive raise, as they stubbornly battle inflation levels in the country.

The message began in a dovish way, hinting at the possibility of pivoting, or slowing down the unprecedented interest rate hike, as he mentioned they've been taking into account the lagging effect that the cumulative tightening of monetary policy has on the economic activity and inflation.

As the previous statement made markets move on an upward manner, Powell then highlighted that the "ultimate level of rates will be higher than previously expected," which immediately triggered an acute market drawdown.

Interestingly, even as bitcoin mirrored the markets, it ended up staying relatively stable, less volatile compared to the S&P 500 and the Nasdaq.

🌎 Nation State Adoption

The Competition For Bitcoiners Between Nation-States Is Heating Up
By Nazar Taras

Bitcoin Amsterdam took place last month, and Bitcoin adoption was the dominant topic. Experts on the subject and government representatives took center stage to present the evidence of how bitcoin adoption is changing their homelands for the better and how a sound money system can improve lives in every aspect. 

• Bitcoin is helping El Salvador with “peace, education and prosperity.” – Hector Enrique Celarie, Deputy Ambassador of El Salvador to the Kingdom of the Netherlands.
• Bitcoin eliminates the need to pay legacy transaction fees to the Bank of France. – Steve Tangoa, speaking on behalf of the Central African Republic.
• Bitcoin encourages people to maximize freedom. Many Bitcoiners are seeking to obtain a second passport. Katie Ananina, from Plan B Passport

These and many more interesting topics were discussed last month at the Bitcoin Amsterdam conference.

📰 The Daily Bits

🌊 Wasted Energy Consumers

Bitcoin Miners Are The Dung Beetles Of The Energy Sector
By Robert Warren

Climate extremists and Bitcoin skeptics (typically carrying a proof-of-stake torch) often preach that the Bitcoin mining industry uses a lot of energy — and they are right. But that doesn’t mean that the industry is damaging the environment. Their statement is just a half-truth. 

Bitcoin mining does use a lot of energy, but what they don’t want you to know (or they seem to not know) is what kind of energy the industry uses the most. Bitcoin miners are directly incentivised to search for the cheapest form of energy, and that is wasted energy. Energy that would be released to the universe anyways: the methane vented or flared from an oil well, the wind turbine that sits idle in a megafarm, the hydroelectric turbine that doesn’t spin.

Bitcoin mining is the ultimate waste-reduction tool, because as long as waste exists in the energy sector — and it always will — there will always be an incentive to mine bitcoin with that energy. Everything is designed around a single goal; the identification and utilization of the lowest priced energy in the most efficient way possible.

MEME OF THE DAY 

By Simply Bitcoin

The #FREEROSS Collection — Fine art prints of select paintings by Ross Ulbricht.

Available for purchase online and the Bitcoin Magazine Art Gallery. 100% of profits donated to @Free_Ross.