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- 🥜 Bigger than Bitcoin
🥜 Bigger than Bitcoin
PLUS: GameStop makes a move?
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What we’ve cooked up for you today…
🏦 The next MicroStrategy?
🌍 Bigger than Bitcoin
📉 Falling off a cliff
💰 And more…
Prices as at 2:30am ET
THE NEXT MICROSTRATEGY? 🏦
BREAKING: GameStop rises 18% after hours on reports it’s considering investing in Bitcoin
It was only a matter of time…
According to CNBC, video game retailer and well known meme stock, GameStop, is considering a Bitcoin investment.
Here’s what the report had to say:
“GameStop is exploring investments in alternative asset classes, including crypto and bitcoin in particular, three sources said… The company is still in the process of figuring out if this makes sense for GameStop’s business.”
As soon as this news broke, GameStop’s stock surged 20%. 📈
While CNBC’s information comes from anonymous sources, there have been some clues recently.
Just last weekend, GameStop CEO Ryan Cohen posted a photo on X with Michael Saylor. 🤔
GameStop CEO Ryan Cohen & Michael Saylor
However, CNBC’s sources claim that Saylor isn’t directly involved in GameStop’s discussions about crypto investments.
The other interesting detail?
This also wouldn’t be GameStop’s first move into the crypto space.
Back in 2022, GameStop launched an NFT marketplace, but it later shut down due to “regulatory uncertainty.”
And check this out…
GameStop is sitting on a MASSIVE pile of cash.
Right now, GameStop has ~$4.6 billion in cash on its balance sheet.
If they decide to pull the trigger on Bitcoin, it would likely be a significant purchase.
Keep in mind, this is pure speculation at the moment.
GameStop has not made an official statement addressing their potential Bitcoin investment.
But it sounds like there’s a real possibility that GameStop will be the next major public company to venture into Bitcoin… 😎
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BIGGER THAN BITCOIN 🌍
Bitcoin will do well this year.
But other coins will probably do 3x better.
That’s the latest take from mathematician Fred Krueger.
Who is Fred Krueger?
A mathematician, with a P.H.D from Stanford University 📚
Worked on Wall Street for 10+ years 💼
Extremely successful entrepreneur - has exited 10 companies, with some exits in the tens of millions 💰
He’s also a well-known Bitcoin maxi.
(A Bitcoin maxi is someone who only buys & believes in Bitcoin)
But this week, Fred had something different to say:
Bitcoin will probably double this year.
But Solana will probably do a 3x.Tokenization, and crypto projects are coming back, stronger than ever.
The idea that all other coins are going to zero soon is just incorrect.
— Fred Krueger (@dotkrueger)
1:31 AM • Feb 10, 2025
This is part of a growing 2025 trend—notorious Bitcoin maxis starting to open their minds to altcoins.
Including Michael Saylor:
Notice the wording: ‘Crypto Renaissance’ not ‘Bitcoin Renaissance’
Fred then followed up with this:
“I am still entirely in Bitcoin because its the least risky of the alternatives. And even then, still massively volatile. But I think the maxi-playbook needs updating.”
When some of the smartest minds in the space - like Fred Krueger & Michael Saylor- start rethinking their stance, it’s a signal worth paying attention to.
If you haven’t already, now might be the time to keep an eye on altcoins. 👀
FALLING OFF A CLIFF 📉
Today we’ll be checking in on the amount of Bitcoin available for sale on exchanges.
Here’s how to interpret this metric:
Decreasing exchange balances: Bullish indicator as it signals a shift towards long-term holding 🐂
Increasing exchange balances: Bearish indicator as coins being transferred to exchanges are more likely to be sold 🐻
Currently, 2,728,384 BTC is available for sale on exchanges.
That’s only ~13.76% of Bitcoin’s total circulating supply!
Year-to-date, exchange balances have dropped by 72,393 Bitcoin. (That’s ~$7 billion at today’s prices)
Complete free fall…
Historically, Bitcoin balances on exchanges have increased throughout bull markets as traders move coins to sell.
But this times different…
This time investors are holding out for MUCH higher prices before letting go of their coins.
And we’re seeing Bitcoin being taken off of exchanges at an accelerating rate. 🚀
CRACKING CRYPTO 🥜
Tether refutes JPMorgan's suggestion it will sell Bitcoin to navigate regulation. Tether critiques JPMorgan's Bitcoin analysis amid looming US stablecoin laws, emphasizing its robust $20 billion liquidity.
Coinbase Q4 revenue surges 88% as Trump’s election boosts crypto prices. Crypto exchange Coinbase reported a net income of $1.29 billion in the fourth quarter, while its $2.2 billion net revenue comfortably beat industry estimates.
U.S. January PPI Rose a Faster Than Expected 0.4%; Annual Pace Jumped to 3.5%. Under pressure this morning ahead of a coming Trump tariff announcement, the price of bitcoin didn't immediately react to the data.
Judge agrees to pause legal dispute between Binance and SEC until April. A Washington D.C. district judge has allowed Binance and the U.S. Securities and Exchange Commission to stay their legal dispute for the next 60 days.
WHAT WE’RE READING 📚
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Techpresso (link) - Daily tech news and insights
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
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MEME CORNER 😂
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Trivia Answer: C) KYC 🥳
Crypto KYC, or Know Your Customer, is a legal requirement for centralized exchanges to verify their users' identities.
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