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@ 4c96d763:80c3ee30
2025-02-25 20:49:59
# Changes
## Daniel D’Aquino (8):
- Add release process issue template
- Reduce swipe sensitivity on thread chat view
- Fix issue where a NWC connection would not work unless restarting the app
- Implement developer feature to avoid distractions
- Fix issue where a NWC connection would not work unless restarting the app
- Fix issue where note persisted after note publication
- Add development and testing tips
- Improve open action handling for notifications
## Terry Yiu (6):
- Export strings for translation
- Remove preview strings from translation and add missing period to duplicate string to avoid double translation
- Trim whitespaces from Lightning addresses
- Fix reposts banner to be localizable
- Add Conversations tab to profiles
- Remove mystery tabs meant to fix tab switching bug that no longer exists
## Transifex (23):
- Translate Localizable.strings in pt_PT
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- Translate InfoPlist.strings in nl
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## William Casarin (2):
- Revert "Update EventMenu.swift"
- prs: ensure PR always have a linked issue
## alltheseas (1):
- Update EventMenu.swift
pushed to [damus:refs/heads/master](http://git.jb55.com/damus/commit/935a6cae7a199871f06e42190919844c87266a1b.html)
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@ 9c565c1b:25f42470
2025-02-25 20:43:52
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@ 3ad01248:962d8a07
2025-02-25 20:35:10
It has almost been a month since the Bitcoin friendly Trump administration has been in power. The Bitcoin price was riding high days before and after the election with Bitcoin reaching a new all time high of 109k. It sure seem like surely once Trump got into office the price would skyrocket and everyone finally would have lambos and girlfriends.
Sadly for the number go up crowd this didn't happen. There are no lambos to be found and no girlfriends. All we get is some sideways price action and a promise to look at creating a Strategic Bitcoin Reserve (BSR) or some kind of sovereign wealth fund.
If you are in Bitcoin for the right reasons and understand what you hold, this is the perfect time to stack sats before the price goes parabolic. I say this because Bitcoin sure seems to be poised to make a massive run. If you look past the current price of Bitcoin you can see a storm of dollars flowing into Bitcoin from the traditional fiat economy. The signs are there if you start looking for them.
## US States Creating Bitcoin Strategic Reserves
Guess how many states are considering creating a state level Bitcoin reserve of their own? Lots. Here is a list of states that are thinking about creating a reserve for their state:
- [Alabama](https://crypto.news/the-list-us-states-embracing-bitcoin-reserves-growing/#alabama)
- [Arizona](https://crypto.news/the-list-us-states-embracing-bitcoin-reserves-growing/#arizona)
- [Florida](https://crypto.news/the-list-us-states-embracing-bitcoin-reserves-growing/#florida)
- [Kansas](https://crypto.news/the-list-us-states-embracing-bitcoin-reserves-growing/#kansas)
- [Illinois](https://crypto.news/the-list-us-states-embracing-bitcoin-reserves-growing/#illinois)
- [Iowa](https://crypto.news/the-list-us-states-embracing-bitcoin-reserves-growing/#iowa)
- [Massachusetts](https://crypto.news/the-list-us-states-embracing-bitcoin-reserves-growing/#massachusetts)
- [Michigan](https://crypto.news/the-list-us-states-embracing-bitcoin-reserves-growing/#michigan)
- [Missouri](https://crypto.news/the-list-us-states-embracing-bitcoin-reserves-growing/#missouri)
- [Montana](https://crypto.news/the-list-us-states-embracing-bitcoin-reserves-growing/#montana)
- [New Hampshire](https://crypto.news/the-list-us-states-embracing-bitcoin-reserves-growing/#new-hampshire)
- [New Jersey](https://crypto.news/the-list-us-states-embracing-bitcoin-reserves-growing/#new-jersey)
- [New Mexico](https://crypto.news/the-list-us-states-embracing-bitcoin-reserves-growing/#new-mexico)
- [North Carolina](https://crypto.news/the-list-us-states-embracing-bitcoin-reserves-growing/#north-carolina)
- [North Dakota](https://crypto.news/the-list-us-states-embracing-bitcoin-reserves-growing/#north-dakota)
- [Ohio](https://crypto.news/the-list-us-states-embracing-bitcoin-reserves-growing/#ohio)
- [Pennsylvania](https://crypto.news/the-list-us-states-embracing-bitcoin-reserves-growing/#pennsylvania)
- [South Dakota](https://crypto.news/the-list-us-states-embracing-bitcoin-reserves-growing/#south-dakota)
- [Texas](https://crypto.news/the-list-us-states-embracing-bitcoin-reserves-growing/#texas)
- [Utah](https://crypto.news/the-list-us-states-embracing-bitcoin-reserves-growing/#utah)
- [Wisconsin](https://crypto.news/the-list-us-states-embracing-bitcoin-reserves-growing/#wisconsin)
- [Wyoming](https://crypto.news/the-list-us-states-embracing-bitcoin-reserves-growing/#wyoming)
Each state is at some varying degree of interest in creating a reserve. Texas and Arizona are by far have made the most progress on making a Bitcoin reserve a reality. [Texas is currently holding a public hearing on this at the time of this writing](https://bitcoinworld.co.in/texas-senate-bitcoin-reserve-hearing/). There is strong political will to create a reserve so I definitely can see them being first movers on this and once Texas makes it a reality the other state will move in short order.
[Arizona's strategic reserve bill passed the senate finance committee ](https://www.coinspeaker.com/arizona-senate-approves-strategic-bitcoin-reserve-bill/)on a 5-2 which is a big deal in itself but still has a long way to go before it becomes policy. If it passes the Senate it still has to pass the Arizona House of Representatives and signed by Democrat Governor Katie Hobbs, so the odds of this becoming law is slim. Arizona Democrats seem to be anti-Bitcoin in general and any bills coming from Republicans will likely be shoot down or watered down.
[Analysts believe that $23 billion could flow into Bitcoin](https://cryptopotato.com/us-state-strategic-bitcoin-reserves-could-buy-23b-in-btc-vaneck/) from government reserves which equates to 247k Bitcoin going into government cold storage. I have reservations about governments creating BSR's but if we are going to have them I much rather them be at the state level where it can benefit citizens the most. Especially state pension funds that so many of our firefighters, police and first responders depend on for retirement.
We will probably see a state level BSR created by the end of the year if not sooner. Time will tell.
### SAB 121 Repeal
What is SAB 121? SAB 121 or Staff Accounting Bulletin 121 made it problematic for financial institutions to custody digital assets such as Bitcoin for their customers. SAB 121 required institutions to record their holdings as a liability and not an asset.
Naturally banks and other financial institutions didn't see an upside to custody digital assets if it meant taking on liability and having an administration that was hostile to crypto in general. Why take the chance to piss off the government and give them a reason to go after you is probably the reasoning of most bank executives. SAB 121 achieved the goal the Biden administration set out to accomplish, namely stymie Bitcoin adoption by banks and individuals as long as possible.
[President Trump swiftly issued a executive order rescinding SAB 121](https://www.fireblocks.com/blog/the-repeal-of-sab-121-a-new-chapter-for-u-s-leadership-in-crypto/) and with that ushering a new era in the realm of Bitcoin and digital assets in general. Financial institutions now have the ability to explore Bitcoin custody solutions that fit their customer's need without fear of having to record a liability on their books.
As more and more people and business learn about Bitcoin third party custody options are going to be popular. Think about it from a small business owner perspective for a second. They are in the business of selling their widgets for Bitcoin but they don't want to manage the complexity that comes with accounting, taxes etc.. In steps in their local bank that they have been with for years if not decades and starts providing Bitcoin management services. Small business owners would be all over that idea. In the long run I think the repeal of SAB 121 is going to be a bigger deal than states creating Bitcoin strategic reserves.
### FASB
Financial Accounting Standards Board or FASB for short has applied fair value accounting rules on Bitcoin and other digital assets. This is a huge deal because it will allow business to realize profit and losses of Bitcoin based on market prices. It also makes it easier for investors who evaluate businesses that hold Bitcoin on their balance sheet. Overall it treats Bitcoin like any other asset that a business would hold.
This accounting rule change will pave the way for more businesses to put Bitcoin on their balance sheet further driving demand for Bitcoin.
#### Lightning Companies Leading The Way
We all know that L1 Bitcoin can not scale to the entire world and that in order to bring more people into Bitcoin that layer two solutions would have to be built. This has largely been done with the creation of the lightning network which enables seamless peer to peer micropayments in the blink of an eye.
Base layer Bitcoin will certain not be used to buy your daily coffees or gym memberships but lightning will be used for that purpose. Businesses small and large will demand one click on demand solutions to help them accept Bitcoin payments for their businesses. There are plenty of Bitcoin business ready to help business adopt a Bitcoin standard.
Businesses such as [Opennode,](https://opennode.com/) [Zaprite](https://zaprite.com/), [Voltage](https://www.voltage.cloud/), [Breez](https://breez.technology/) make switching over to a Bitcoin standard easy for businesses to do.
So when you take a step back and really look at the Bitcoin ecosystem it is a lot more mature than most give it credit for and will slowly eat away at fiat currency dominance around the world.
The best thing that you can do is be patient, stack as many sats as you can and educate others about Bitcoin. We all know how fiat currencies end. Our time will come.