In this issue:

Hello friends! Thank you all for reading my thoughts and sending me yours. I wanted to share a bit of personal news: my family is expecting the arrival of our second daughter and our induction is scheduled for tonight! That probably means that my publication rate will be a little erratic over the next few weeks. You will probably also see more rough edges than usual since my lovely wife is also the Something Interesting Editor-in-Chief and the first line of defense against my bad habits as an author. In the meantime I respectfully ask that everyone hold off on any significant cryptocurrency news or developments for a month or two while I get my feet under me again. Thank you and wish us luck!

• The fastest way up is slowly

• Bitcoin is a machine that eats pollution

• A "healthy" regulatory environment

The fastest way up is slowly

For the last two weeks or so the price of Bitcoin has been climbing steadily, rising around ~26% from ~$38k/BTC to ~$48k/BTC at time of writing. Part of the price movement is because of the broader macroeconomic response to sanctions and war and part is because Terra’s LFG acquired ~0.5B BTC earlier this month — but in my opinion the majority of the story is simpler. The price is going up because the supply is going down. The ratio of coins held by long-term-holders (i.e. addresses that have a long history of acquiring and not spending) has been growing since early last year: