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- 🥜 Banks are banning crypto...
🥜 Banks are banning crypto...
PLUS: Bitcoin miners are struggling
GM to all 12,179 of you. Crypto Nutshell comin’ at ya. 🥜 🏍️
We’re the crypto newsletter that won't abandon you like waking up alone on a deserted planet with only your trusty rover... 🚀🪐
Today, we’ll be going over:
😱 Chase Bank bans crypto
👾 What’s in store for the future of crypto?
🤔 Bitcoin miners are struggling
💰 And more…
MARKET WATCH ⚖️
Prices as at 7:05am ET
Only the top 20 coins measured by market cap feature in this section
UK BANK BANS CRYPTO 😱
JUST IN: Chase to block UK customers crypto-related transactions from October 16
If you use Chase it may be time to change banks…
Chase U.K has just emailed customers stating that it will decline crypto-related payments made by users starting October 16.
The bank has imposed this restriction in order to keep their users “money safe from frauds and scams”.
Here’s a snippet from the email that Chase customers received:
“If you’d still like to invest in crypto assets, you can try using a different bank or provider instead – but please be cautious, as you may not be able to get the money back if the payment ends up being related to fraud or a scam.”
This decision to restrict crypto payments came as a surprise to many as Chase U.K is a subsidiary of J.P Morgan.
J.P Morgan recently launched their own blockchain-powered payment platform for European transactions and has been crypto friendly in the past.
Isn’t it weird that their subsidiary is now against crypto? 🤔
JUST IN: 🇬🇧 Chase Bank to ban crypto-related payments for UK customers.
— Watcher.Guru (@WatcherGuru)
12:49 PM • Sep 26, 2023
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THE FUTURE OF CRYPTO 👽
Brian Armstrong is one of the few very clearly good actors in the crypto space. Right now he’s fighting tooth and nail with the SEC to protect crypto’s future. 🥊
Brian is the CEO and founder of Coinbase, the largest and first public cryptocurrency exchange in the U.S.
This week he appeared at the All-In Summit and spoke on Crypto regulation & the future of the space.
The entire interview was filled with juice, here’s the nutshell:
Brian believes there’s two people don’t want crypto to exist at all in the United States. Gary Gensler & Elizabeth Warren.
Why are they anti-crypto? Brian believes they don’t want to lose power. The government has a monopoly over money and crypto is a major risk to this.
The good news? Outside of Gary Gensler & Elizabeth Warren, crypto has major support from both parties. The SEC is losing lawsuit after lawsuit. This bodes well for Coinbase and their fight against the SEC.
Brian also spoke on what he believes will fuel the next bull run. These were:
Decentralised Identities
Layer 2 solutions scaling transactions to a cost >$0.01c
Regulatory clarity
One thing was clear from Brian’s talk. A LOT of building is going on in the background.
He ended his talk asking for a favour, if you care about crypto in the U.S, make sure your voice is heard. 🗣️
Coinbase has set up a non-profit website to help protect the future of crypto. We think it’s a good idea. If you live in the U.S, you can get your voice heard here.
Bottom Line: There’s lots of building happening behind the scenes in the crypto space. With industry behemoths like Coinbase fighting for crypto’s future, the future is bright. 🌅
BITCOIN MINERS STRUGGLING? 🤔
We’ve talked about the upcoming Halving a lot recently…
But how does the Halving actually impact Bitcoin miners?
The chart below shows us the daily miner income relative to how much hash power they contribute to the Bitcoin Network. Calculated by simply taking the total income (transaction fees + block rewards) and dividing by the hash rate.
🟠 Miner revenue in BTC
🔵 Miner revenue in USD
First glance at the chart above and you may be thinking: “Damn! Miners must be struggling…” They’re currently earning the least they’ve ever earnt, on a USD and BTC basis. 😱
The main reason this chart continues to decline is due to the Bitcoin Halving which cuts block rewards in half every 4 years.
Another reason for this decline is that the Hash Rate continues to break all time highs.
Since February 2023, the Hash rate has increased by 52% 🤯
If you’re note sure what the Hash Rate is, it’s the total processing power of the Bitcoin Network. The more it goes up, the more Miners there are in the Bitcoin Network.
So what is this data telling us?
Quite a few things:
Bitcoin Miners are expanding operations 📈
Bitcoin Miners are investing in more & more efficient rigs ⛏️
Bitcoin Mining is becoming increasingly competitive (daily revenue dropping) ⚔️
With the Halving approaching it’ll be interesting to see how this impacts miners profitability.
Combine the Halving with increased competition and it looks like we’ll see some miners profitability being tested.
The price of Bitcoin will have to double to make up for the cut in supply…
CRACKING CRYPTO 🥜
WHAT WE’RE READING? ✍️
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CAN YOU CRACK THIS NUT? ✍️
Following on from yesterday’s question.
What is Bitcoin’s current circulating supply?
A) 21 million
B) ~20.23 million
C) ~19.50 million
D) ~18.63 million
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) ~19.50 million 🥳
The current circulating supply of Bitcoin is ~19.50 million. Data sourced from Glassnode.
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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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