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GM to all 64,612 of you. Crypto Nutshell #314 keepin’ it clean... 🧼 🥜

We’re the crypto newsletter that’s more magical than a boy's discovery of his wizarding heritage... ⚡🏰

What we’ve cooked up for you today…

• 🤑 Public company Bitcoin adoption

• 🏦 Exponential returns are back

• 💪 Supply breakdown

• 💰 And more…

MARKET WATCH ⚖️

Only the top 20 coins measured by market cap feature in this section

PUBLIC COMPANY BITCOIN ADOPTION 🤑

BREAKING: Jack Dorsey’s Block is ‘DCA’ing’ into Bitcoin every month

Twitter co-founder Jack Dorsey has announced that his fintech firm Block will be DCA’ing into Bitcoin.

10% of its gross profit from Bitcoin products will now be used to purchased BTC every month.

Jack Dorsey had this to say in a shareholder letter:

Block was one of the first public companies to put Bitcoin on their balance sheet.

Back in 2020, they purchased $220 million worth of BTC.

Currently Block holds 8,027 Bitcoin, valued at ~$476 million.

(8th largest publicly traded company holdings)

AND, they even released the blueprint so other companies can follow.

Could this kick off domino effect? Who will be next?

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EXPONENTIAL RETURNS ARE BACK 💸

A $100,000 Bitcoin this year is inevitable.

That’s the latest bullish prediction out from PlanB.

For those of you who don’t know PlanB, he is arguably the most famous on-chain Bitcoin analyst.

With over 1.9 million followers on Twitter, he is most well known for his Stock-to-Flow model and spookily accurate price predictions.

So let’s break down his latest market update.

With the latest halving, PlanB’s stock-to-flow model puts Bitcoin’s average price at $500,000.

But the actual price doesn’t just instantly jump to this level…

PlanB believes it’ll slowly increase over the months and get there between 2024 - 2028:

But what price does PlanB think Bitcoin will reach this year?

$100,000…

Easily…

PlanB’s reasoning is simple.

Due to the halving, the entire mining industry’s revenue dropped by 50%.

(Daily Bitcoin issuance was cut from 900 to 450 BTC)

That revenue has to recover:

And with the price hovering around $59,000, that puts us well above PlanB’s target of $100,000 this year.

PlanB’s stock-to-flow model has received some criticism in the past for being a little off at times…

But he’s still confident that it’s valid.

And if he’s right, we’re all set to benefit greatly. 😎

SUPPLY BREAKDOWN 💪

It’s time to check in on the supply of Bitcoin last active 1+ years ago.

We love this chart. It’s so simple to understand and it’s extremely useful.

It categorises coins based on how long it’s been since they last moved on-chain. (as a percentage of the circulating supply)

• Metrics rising: long-term holders are accumulating coins 📈

• Metrics declining: long-term holders are selling coins 📉

Taking a look at the chart below you’ll notice significant dips in these metrics when Bitcoin reaches new all-time highs. (especially with the 1+ year age band)

Here’s the breakdown for each cohort (compared to what it was 2 weeks ago):

• 🔴 Supply last active 1+ years ago: 65.68% (down from 65.79%)

• 🟠 Supply last active 2+ years ago: 54.65% (up from 54.32%)

• 🟢 Supply last active 3+ years ago: 45.69% (up from 45.21%)

• 🔵 Supply last active 5+ years ago: 31.22% (up from 31.17%)

Over the last two weeks, the 2+, 3+ and 5+ age bands experienced a slight increase.

BUT, the 1+ age band slightly decreased…

Take a look at the 1yr+ age band 🔴, it always dips as Bitcoin’s price increases throughout the bull run.

This is perfectly normal for a bull run as long-term holders eventually decide to take profits.

But it does appear to be bottoming out…

(the younger age bands are more price sensitive)

Whereas the 3+ and 5+ age bands continue to push/break new all-time highs.

Just goes to show the strong conviction that long-term holders have in Bitcoin. 💪

CRACKING CRYPTO 🥜

Saylor predicts SEC will designate Ethereum as a security and deny spot ETF applications this summer. MicroStrategy executive chairman and co-founder Michael Saylor predicted regulatory issues around Ethereum on May 2.

Jack Dorsey’s Block to use 10% of Bitcoin profit to buy BTC every month. Block, Inc. co-founder and chair Jack Dorsey will use 10% of the firm’s Bitcoin product-derived profits to buy the cryptocurrency.

Crypto Market Sell-Off Was Driven by Retail Investors, JPMorgan Says. Crypto markets have seen significant profit taking in recent weeks with retail investors playing a bigger role than institutions, the report said.

Coinbase earnings show a bullish start to the year. Over the past month, COIN is in the red — down roughly 8% — though it’s still posted impressive gains over the last year, up over 360%.

WHAT WE’RE READING 📚

Want to get even smarter? Check these out.

p.s. all completely FREE (one click subscribe link)

• Bitcoin Breakdown (link) - Weekly Bitcoin recap

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• Your Next Breakthrough (link) - Personal growth with Mark Manson

• Wild Golf (link) - Twice weekly Golf insights & tips

• 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”)

MEME CORNER 😂

Because what would the crypto world be without its share of memes?

Trivia Answer: D) 2021 🥳 

China banned Bitcoin mining in May 2021

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HOW DID WE DO? 🤷

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NUTCASE REVIEW OF THE DAY 🔍

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.