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PLUS: Japan embraces crypto
Today’s edition is brought to you by RAREMINTS
GM to all you crypto nuts. Crypto Nutshell #433 hittin’ the lab… 🥼🥜
We're the crypto newsletter that's more enchanting than joining a band of dwarves on a quest to reclaim their mountain home... ⛰️🧝
What we’ve cooked up for you today…
🇯🇵 Japan embraces crypto
🛸 $13 Million
📈 Stablecoins are popping off
💰 And more…
MARKET WATCH ⚖️
Prices as at 3:30am ET
Only the top 20 coins measured by market cap feature in this section
JAPAN EMBRACES CRYPTO 🇯🇵
BREAKING: Metaplanet doubles down on Bitcoin amid Japan crypto boom
Metaplanet has done it again…
In a September 10 statement, Japanese firm Metaplanet announced that it has acquired an additional 38.46 Bitcoin valued at ~$2 million.
This purchase brings Metaplanet’s total Bitcoin holdings to 398.83 BTC.
And as a result of their Bitcoin strategy, Metaplanet’s stock price has shot up 600% year-to-date.
(Checkout this neat dashboard here for a complete breakdown of Metaplanet’s Bitcoin strategy)
Metaplanet has consistently increased its Bitcoin holdings as a direct response to Japan’s economic struggles, such as:
High government debt
Negative interest rates
Declining value of the yen
But they aren’t the only Japanese company making BIG movies in the crypto space…
Sony recently announced Soneium, an Ethereum layer 2 network.
Sony also announced plans to launch a stablecoin pegged to the Yen through Sony Bank.
Sony launching its own Ethereum layer 2 network is a HUGE deal.
And just last week…
Japan’s 3 largest banks—Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, and Mizuho Bank—backed Project Pax.
Project Pax is a stablecoin platform designed to facilitate cross-border business settlements.
But that’s not all…
Agile Energy X, a subsidiary of the Tokyo Electric Power Company (Tepco), revealed that it would begin Bitcoin mining with excess energy.
BIG things are cooking in Japan. 🧑🍳 👀
EASIEST WAY TO 10X YOUR CRYPTO 💎
No one in the crypto industry wants to admit this, but most retail traders lose money. 😱
While those late to the party finally get in, project founders, VCs and early investors sell their bags for millions.
That said, there are still hundreds of tokens with 10X potential, you just need to find the right ones.
Crypto is an alpha-driven industry, where those who are early gain outsized returns, often for FREE via airdrops.
If you want to join RAREMINT’S exclusive community where they break down trending crypto news, hand-pick new tokens with 10X potential and share ALL of their trades, click on THIS LINK here. Or keep scrolling, the choice is yours.
$13 MILLION 🛸
Right now, Bitcoin is 0.1% of the all the capital in the world.
Virtually nothing.
Over time, Bitcoin will go to 7% of all the capital in the world.
This would put 1 Bitcoin at $13 million dollars.
That’s the latest out from Michael Saylor.
Yesterday, Michael Saylor joined CNBC for an in-person interview.
During the segment, he was asked what percentage of Gold’s market cap Bitcoin will get to over time:
“You know, Bitcoin is 0.1% of the capital in the world right now. I think it’s going to go to 7% of the capital. My long term forecast is it’s going to go to $13 million over 21 years.”
If Bitcoin eventually gets to $13 million per coin, that puts it at a $253 trillion dollar market cap.
Gold’s current market cap is ~$13 trillion.
Meaning Saylor believes, over time, Bitcoin will get to 1,948% of Gold’s market cap. 🤯
Saylor actually revealed this price target back at Bitcoin Nashville.
The crazy part?
That’s just his base case. His bull case is a $49 million dollar Bitcoin in the next 21 years:
Saylor also gave some advice to investors regarding Bitcoin's latest dip:
“You buy Bitcoin. You hold it for more than 4 years. That’s my advice to everybody.”
Let's hope that the king of Bitcoin's base case is at least 10% correct. 🤞
None of us would be complaining at a $1.3 million dollar Bitcoin. 😉 🥂
STABLECOINS ARE POPPING OFF 📈
Today we’ll be taking a look at the stablecoin supply.
Stablecoin’s play an important role in the crypto market.
They are often used on centralized and decentralized exchanges to purchase other digital assets. And allow the instant transfer of money between borders.
By taking a look at the stablecoin market, we can gauge the demand for digital assets.
The chart below tracks the aggregate change in the total stablecoin market cap.
🟢 Increased stablecoin supply: increased demand and capital inflows into the digital asset space 🐂
🔴 Contractions in stablecoin supply: net capital outflows from digital assets 🐻
The last time we checked in on this metric, the stablecoin market cap was ~$158.48 billion. (28th of August)
Today the aggregate stablecoin market cap is ~$159.21 billion. 📈
That’s an increase of $730 million over the last two weeks.
And more importantly…
The stablecoin market cap is now “only” $3.74 billion away from surpassing it’s all-time high. ($162.95 billion)
Capital continues to flow back into the crypto space. 🌊
And this metric is almost certainly set to hit a new all-time high in the coming months.
CRACKING CRYPTO 🥜
Record $4.68 billion fines mark SEC's toughest year on crypto. The increase in enforcement follows a quieter 2023 when the SEC imposed $150.27 million in fines, resulting in a 3018% year-over-year rise.
6% want to hear Harris and Trump talk about crypto at debate. A poll among Benzinga readers suggested that crypto was a low priority for the US presidential debate.
Bitcoin ETFs Are Fine Despite Suffering Their Worst String of Outflows. Investors during late August and early September pulled roughly $1.2 billion out of the funds over eight consecutive days, the longest streak of exits so far.
Ethereum stablecoin volume hits record $1.46 trillion as DeFi demand surges. As on-chain activity continues to grow, stablecoins are proving to be the steady hand guiding users through turbulent market conditions.
WHAT WE’RE READING 📚
Want to get even smarter? Check these out.
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Raremints (link) - Daily crypto news
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Crypto Pragmatist (link) - Actionable alpha 3x a week
The Hustle (link) - Get Smarter on Business and Tech
Your Next Breakthrough (link) - Personal growth with Mark Manson
The Neuron (link) - AI trends and tools to keep you ahead
CAN YOU CRACK THIS NUT? ✍️
Select your answer below and you’ll be redirected to the results page. (answer explanation can be found after “Meme Corner”)
When was Coinbase founded? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: D) 2012 🥳
Coinbase was founded in 2012 by Brian Armstrong and Fred Ehrsam.
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DISCLAIMER: The content of this newsletter is not financial advice. This newsletter is strictly educational and is not investment advice. Please be careful and do your own research.
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