In times of change, your ability to adapt is key. If you understand bitcoin, you will be able to gracefully navigate and prosper in our new reality.

Interest rates suddenly spike. Stocks plunge, then rally.

In the culture wars, momentum swings wildly from one extreme to the other.

On the one hand, it seems like we live in a time of unprecedented change. But if you think about it, things have been getting weirder and weirder for years as people have diverged in their understanding of how the world is and how it should be.

Yet, through it all, blocks of bitcoin transactions are mined and added to the blockchain every 10 minutes. Like a rocky island, bitcoin withstands external forces as waves wash over it and ebb away.

It withstands the waves because it is stronger than them. It is distributed and cryptographically secure, and perfectly adapted to an environment full of fickle humans.

In the coming decade, we can't expect change to stop, or even slow. What we can do is anchor ourselves to something solid. Mooring ourselves to bitcoin means we don't need to get caught up in the crises of the moment. Instead, we can think long term and build for the future.

Bitcoin News

🙃  Buffet builds a straw man and kicks the hell out of it... again

At Berkshire Hathaway's annual meeting, Buffet and Munger couldn't resist talking about bitcoin. Munger called it "evil" because it undermines the Federal Reserve. Then he praised communist China for banning mining. Buffet said he is confused as to why bitcoin is valuable since it doesn't produce anything.

As years go by, bitcoin brings value to more people, from the middle classes to the most vulnerable. To the old guard, there's not much more we can say than "I can explain it to you, but I can't understand it for you."

🐳  Bitcoin whales fight fears about carbon

Prominent bitcoiners sent the EPA a letter debunking claims made by congressional representatives about how proof-of-work is bad for the environment. It also noted that mining facilities are not much different from data centers like those owned by Apple, Amazon and Google.

💸  Interest rates increase by a half percent, the largest increase since 2000

Federal Reserve Chairman Jerome Powell said the Fed will stay focused on reducing inflation, even if the results is a recession. Powell cited the pandemic, war in Ukraine, supply chain issues, and current lockdowns in China as continued challenges for the global economy.

Bitcoin adoption continues

• Goldman's new bitcoin-backed loan allows bitcoin holders to make cash purchases without selling their bitcoin.
• The two largest private banks in Argentina will offer cryptocurrency to their customers, responding to demand as Argentinians look for shelters from crushing inflation. Data shows a staggering 55% inflation rate in April alone.  
• According to NBC News, 100,000 Cubans use crypto to avoid US sanctions. Many payment providers like PayPal and Zelle are prohibited from doing business in Cuba, which is creating crypto-friendly laws in response.
• Bentley University now accepts bitcoin for tuition. Its president said, “We’re proud to embrace this technology that our students are learning about, which will soon transform the global business landscape they’re about to enter.”

Bitcoin Roundup Live

Join us for a fun weekly Q&A where you can hang out with other bitcoiners and talk about current events. It takes place every Thursday from 8pm to 9pm Eastern Time.

Register here.

How bitcoin works

Learn one key idea about bitcoin each week. This week: Money is whatever we choose to use.

Virtually every country today uses fiat money as their national currency. Fiat is an old term that has resurfaced lately in response to the birth of crypto. It is Latin for "it shall be," essentially meaning because we said so.

As its name implies, fiat money is not backed by a physical commodity, but is instead backed simply by the word of the government that issues it.

This hasn't always been the case. In fact, it's an exception. Historically, the free market chose what objects to use as money, not the government.

Some notable forms of money throughout human history have been: salt, cattle, seashells, glass beads and hard metals such as gold, silver or copper.

In America, the fiat money experiment has only been running for 50 years. Prior to 1971, dollars were convertible to gold at a fixed rate of $35.

The dollar has lost more than 90% of its value since 1971. You have to wonder if that's part of the reason the world is choosing bitcoin.

Coin check

What year did the US leave the gold standard?

1. 1914
2. 1894
3. 2008
4. 1971

Check your answer at the end of the page.

What to do next

➡️  Want bitcoin? Sign up for Coinbits.

➡️  Was this newsletter forwarded to you? Sign up here.

➡️  Follow us on Twitter

➡️  Need coffee? Shop Queen City Coffee Roasters and get 15% OFF your order with promo code BITCOINROUNDUP

➡️  Want to work with us? Explore careers at Coinbits.

Answer: 4. 1971