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- 🥜 Why Bitcoin is inevitable
🥜 Why Bitcoin is inevitable
PLUS: Trump speaks on crypto
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What we’ve cooked up for you today…
🏦 The future of Bitcoin
🐓 This is getting out of hand
⚖️ Ethereum exchange balances
💰 And more…
MARKET WATCH ⚖️
Only the top 20 coins measured by market cap feature in this section
THE FUTURE OF BITCOIN 🏦
BREAKING: Donald Trump vows to end Joe Biden's ‘war on crypto’
Now before you say anything…
We aren’t here to pick sides.
Who you vote for is up to you, we’re just presenting the facts.
During a recent speech, Trump promised to end Biden’s “war on crypto”.
Here’s what he had to say:
“I will end Joe Biden’s war on crypto and we will ensure that the future of crypto and the future of Bitcoin, will be made in America, we’re going to keep it right here, and a lot of it is going to be done right here in Florida,”
With comments like these, Trump is clearly winning the support of the crypto community.
BUT…
According to reports from Bitcoin Magazine, the Biden administration is also set to attend a Bitcoin roundtable with key congress officials in DC.
The roundtable is expected to feature officials from the Biden Administration, House, Senate, and American businessman Mark Cuban.
“The primary objective of this meeting is to strategize on how to keep Bitcoin and blockchain innovation in the United States."
Here’s the interesting part though.
According to the report, this meeting is seen as a response to Trumps recent endorsements of the Bitcoin industry.
Every single day the Bitcoin/crypto political debate continues to heat up. 🔥
Either way this is very bullish for the future of crypto.
We’ll keep you updated.
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THIS IS GETTING OUT OF HAND 🐓
The US government debt is getting out of hand…
That’s the latest message out from Mike Novogratz.
Mike Novogratz is the CEO of Galaxy Digital, one of the Bitcoin ETF issuers.
In his latest interview, Mike broke down current US economic conditions.
And it’s not looking good…
Here’s what Mike had to say:
“Federal spending as a percentage of GDP is roughly 26%. That’s 6% more than it should be.”
The government debt is spiralling out of control.
Currently its at $34.8 trillion and growing by $1 trillion every 100 days.
“We are in the middle of a debt death spiral and no ones talking about it. Part of the reason that the fed wants to cut rates is less debt service. The fed is losing a fortune every year.”
That’s not sustainable…
The chart below shows just how insane the governments interest payments have gotten and why rate cuts are necessary.
Source @MichaelAArouet
They essentially have no choice but to print more money.
And this debasement is why every asset continues to go up in price.
Here’s a perfect example.
Which stock do you think has performed better over the last 20 years, Google or Dominos? 🤔
Well, if you said Google you’d be wrong…
And notice how they basically follow the exact same pattern?
Every asset goes up with continued monetary debasement.
It’s all correlated.
Some just go up more than others (Bitcoin and crypto being the best).
With this in mind, Novogratz believes Bitcoin will match the market cap of gold within the next 15 years.
“Right now we’re one tenth of gold… I would bet in 10 years we’re 100% of gold in 15 years. This trend isn’t going away.”
The money printing is not slowing down anytime soon.
Bitcoin is inevitable.
ETH EXCHANGE BALANCES ⚖️
Today we’ll be taking a look at the amount of Ethereum available for sale on exchanges.
This metric is super simple but extremely useful.
As always, here’s how to interpret the chart:
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 there is only 12,227,572 ETH available for sale on exchanges.
That’s ~10.21% of the entire circulating supply. And it effectively puts this metric at an all time low.
But, here’s a crazy stat for you.
Over the last two weeks, 401,820 ETH has been withdrawn from exchanges.
That’s $1.43 billion at todays prices.
In fact, as a percentage there’s even less Ethereum on exchanges than Bitcoin.
That’s insane, considering Bitcoin’s exchange balances are already exceptionally low.
And like Bitcoin, there just isn’t that much ETH available for sale.
It just goes to show how good Ethereum’s supply dynamics are right now.
And once the Ethereum ETFs finally launch, things will get even crazier. 🚀
CRACKING CRYPTO 🥜
SEC commissioner Uyeda acknowledges benefits of securities tokenization. The tokenization of securities, carries potential benefits.
Bitcoin bounces at 1-month lows — Watch these BTC price levels next. Bitcoin realized price levels come back into play after another 3.5% BTC price rout.
Nigeria Drops Tax Charges Against Binance Executives. The executives, Tigran Gambaryan and Nadeem Anjarwalla, are still named in a money-laundering case.
Spot Ethereum ETFs may begin trading by July 2. Bloomberg ETF analyst Eric Balchunas suggests that the “pretty light” comments on the S-1 applications suggest the possibility of Ether ETF trading starting before July 2.
WHAT WE’RE READING 📚
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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”)
What is considered the first altcoin? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: D) Namecoin 🥳
The first Altcoin was Namecoin, based on the code of Bitcoin and released in April 2011.
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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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