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- 🥜 Crypto Expert: A collapse is coming...
🥜 Crypto Expert: A collapse is coming...
PLUS: Kevin O'Leary leaked deals
GM to all 13,642 of you. Crypto Nutshell flyin’ by. ✈️🥜
The crypto newsletter that won't deceive you like a prestigious magician with a dangerous rivalry... 🎩✨
Today, we’ll be going over:
💧 FTX endorsement deals leaked
📅 A collapse is coming
📉 This time is different
💰 And more…
MARKET WATCH ⚖️
Prices as at 5:40am ET
Only the top 20 coins measured by market cap feature in this section
FTX ENDORSEMENT DEALS LEAKED 💧
BREAKING: Kevin O’Leary was paid $15.7 million to promote FTX
So now we know why Kevin O’Leary was FTX’s biggest shill…
Michael Lewis (author of The Big Short) has released his new book, "Going Infinite". This book gives us behind the scenes access to what was going on at FTX. One of the juicier details was the endorsement deals they were handing out...
The book reveals that O’Leary was paid $15.7 million by FTX. What exactly did he have to do? “20 service hours, 20 social posts, one virtual lunch and 50 autographs.”
That is absolutely insane. Almost $1 million an hour to shill FTX…
Even some FTX executives questioned the usefulness of O’Leary.
Ex Chief Operating Officer Constance Wang had this to say:
“I tried to question it… But I thought they were using the profit from Alameda. Or that Sam’s investments were making a ton of money”
Now we know why Kevin O’Leary likes SBF so much. He was paid nearly $1 million per hour to shill for Sam. All time grifter.
— Coffeezilla (@coffeebreak_YT)
4:48 PM • Oct 3, 2023
For the full article click here.
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A COLLAPSE IS COMING 🥲
Continuing our Kevin O’Leary coverage, yesterday, the Shark Tank Star made some shocking predictions.
Joining CoinDesk, O’Leary predicted that Binance is going to collapse. 😳
“Binance is on its way out too. All the crypto cowboys that were the founders of this industry - they're all going to be gone soon. The CZ’s and the Sam Bankman-Fried’s? They were the great pioneers but now they just have arrows in their backs.”
Some big calls from a guy who couldn’t see a ticking time bomb right under his nose… 💣
He also made a prediction that Abu Dhabi is going to emerge as a Crypto hub. Apparently, Abu Dhabi has been working on a major crypto exchange called M2.
O’Leary claims the exchange is:
Backed by billions of dollars 💰
Totally transparent 💎
100% compliant 🔍
We’ll see how that prediction turns out. Fool me once…
One prediction O’Leary made that we agree with was about the future of crypto itself.
“The promise of crypto still remains. It's still there. Digital payment systems, the promise of Bitcoin as a store of value in itself is still there… Institutional interest? Still there. Nothing's changed because of FTX.”
Bottom line: Although we agree with O’Leary on the future of crypto, we’d recommend steering clear of his exchange predictions.
Just a reminder, this is a direct quote from O’Leary in 2022…
“I’m a paid spokesperson to FTX and a shareholder there too. Big advocate for Sam because he has 2 parents that are compliance lawyers. If there's ever a place I could be that I'm not going to get in trouble, it's going to be an FTX.”
THIS TIME IS DIFFERENT 📉
Bitcoin’s recent price rally has seen the balance of Bitcoin on exchanges continue to shrink.
The amount of Bitcoin on exchanges peaked at 3,215,433 in March 2020. Since then it has declined by almost 1 million BTC to 2,289,859.
The last time we saw exchange balances this low was March 2018.
What this metric tells us:
Increasing: Investors are depositing coins onto exchanges to sell. Short term bearish signal 🐻
Decreasing: Investors are withdrawing coins from exchanges. Indicates accumulation and is a bullish signal 🐂
During past bear markets we’ve always seen the number of coins on exchanges go up. Take a look at the bear markets of 2015 and 2018.
Why is Bitcoin leaving exchanges? 🤷
The biggest reason is that investors have lost confidence in the safety of exchanges. The collapse of FTX was a huge wake up call to many (us included).
Investors have realised that if they are in it for the long-run they may as well look after their own coins. The best way to do this?
Cold wallets such as Ledger (shameless plug). 🥶
Always remember: Not your keys, not your coins…
Another reason? Sending coins to cold storage is a great indication that investors are not looking to sell their coins any time soon. You can’t sell your coins in cold storage. This means less coins on exchanges signals higher conviction across the holder base.
Bottom Line: This is a clear bullish signal for Bitcoin. With the upcoming Halving, we will see a major uptick in demand. And with the supply available for sale reaching super low levels.
The price has no choice but to go up… 🚀
CRACKING CRYPTO 🥜
WHAT WE’RE READING ✍️
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CAN YOU CRACK THIS NUT? ✍️
What was the first altcoin?
A) Ethereum
B) Cardano
C) Namecoin
D) Bitcoin
Find out the answer at the bottom of “Meme Corner” below 😀
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: C) Namecoin 🥳
The first altcoin, Namecoin (NMC), was released in April 2011, three years after Bitcoin; it was designed to be an alternative currency to Bitcoin.
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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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