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- 🥜 This is Bitcoin's Most Important Year
🥜 This is Bitcoin's Most Important Year
PLUS: ETF FUD Unleashed
GM to all 34,857 of you. Crypto Nutshell #198 ridin’ by. 🚴 🥜
We’re the crypto newsletter that's less complicated than navigating the politics of a fantasy realm with dragons and noble families... 🐉🏰
What we’ve cooked up for you today…
😱 Bitcoin ETF FUD
🚀 Most important year for Bitcoin
📈 Ethereum network fundamentals
💰 And more…
MARKET WATCH ⚖️
Prices as at 4:30am ET
Only the top 20 coins measured by market cap feature in this section
BITCOIN ETF FUD? 😱
BREAKING: Bitcoin ETF approval would be a ‘historic mistake’, says Better Markets CEO
Dennis Kelleher, CEO of Better Markets, has urged the SEC to not approve the Bitcoin ETFs.
In a letter addressed to the SEC, Kelleher is strongly against the Bitcoin ETFs. He believes their approval would put investors at significant risk of fraud.
“We submit this supplemental comment letter (which Better Markets very rarely does) because it would be a grave if not historic mistake almost certainly leading to a massive investor harm if the SEC approves the pending rule change.”
Continuing on, Kelleher notes that:
“The approval of these spot Bitcoin-based ETPs would not only expose investors to a market thoroughly contaminated with fraud and manipulation, it would also enable the crypto industry to claim or imply that their products are now approved by the United States government.”
Shortly after this letter was posted, crypto twitter began to pick it apart.
Dennis Kelleher is mates with Gensler…
Here’s the funny part though.
This letter is full of false statistics and typos.
The price of Bitcoin dramatically rose at the end of 2002???
7 years before it even launched???
To make matters worse, this sentence still features in the revised letter they posted which corrected a few of the other errors. 🤣
A very poor attempt at FUD…
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MOST IMPORTANT YEAR FOR BITCOIN 🚀
Chamath Palihapitiya is an extremely successful entrepreneur and investor.
Not only was he an early senior executive at Facebook, he’s had huge success as an investor.
Some of his best early investments are now worth:
Slack - $26.51 billion
Palantir - $34.76 billion
Golden State Warriors - $8.28 billion
Virgin Galactic - $1 billion
In his latest podcast, Chamath revealed what he thinks will be the biggest trend of 2024:
Bitcoin.
Chamath was a very early investor into Bitcoin.
He was introduced to Bitcoin in 2012 by 2 close friends.
At one point, between the 3 of them, Chamath claims they owned 5% of the total Bitcoin supply. (For reference, Michael Saylor owns 0.901%)
Chamath’s average buy price? Close to $100 dollars.
In his latest podcast, Chamath explained that 2024 is the most important year for Bitcoin since it's creation.
“I think this is the most important year for Bitcoin that has ever existed.”
Chamath believes 2024 is the year that Bitcoin truly sees mainstream adoption.
“This is the moment for Bitcoin to cross the chasm and really see mainstream adoption. Where our parents and our grandparents understand what it is.”
Chamath then predicts Bitcoin will be integrated into traditional finance by the end of the year.
“Bitcoin will be a part of the traditional financial lexicon by the end of 2024. That is my most anticipated trend of the year.”
Chamath is at the forefront of technology and artificial intelligence.
Yet even so, he still believes Bitcoin is going to be the biggest trend of 2024.
Everyone is beginning to pay attention to Bitcoin.
Yet it’s only just begun. 🚀
ETHEREUM NETWORK FUNDAMENTALS 📈
Today we’ll be going over Ethereum’s network fundamentals.
To do this we’ll be taking a look at both New Address Momentum and Active Address Growth.
The number of new addresses is an effective way to gauge the trend of activity across the network.
Is it growing or declining? 🤔
The chart below compares the monthly average 🔴 of new addresses against the yearly average 🔵
Monthly🔴 > Yearly🔵: indicates growing network utilization 🐂
Monthly🔴 < Yearly🔵: indicates declining network utilization 🐻
Since early December 2023, the monthly average (86,887) has been outpacing the yearly average (74,589). Indicating that we’ve entered a period of network expansion. 🐂
We’ve also witnessed a similar trend with the number of active addresses.
Here’s how to interpret the chart below:
🟩 Growth in the number of active addresses: network expansion
🟥 Decline in the number of active addresses: network contraction
🔵 Number of active addresses
Over the last 30 days, the number of active addresses has grown by more than 22,700.
Combining these two metrics, it’s clear that the Ethereum network is currently expanding.
However it is still early days. These metric’s have only recently shifted into the positive.
Regardless things are looking good for Ethereum. 😎
Stay tuned for more.
CRACKING CRYPTO 🥜
Coinbase is planning a pivotal acquisition that will allow it to launch crypto derivatives in the EU. Coinbase told CNBC exclusively that it entered into an agreement to buy an unnamed holding company which holds a Mifid II license.
Bitcoin’s first wallet receives $1.17M in surprise transaction. An unidentified user sends 26.9 BTC to the Bitcoin genesis wallet.
Web3 is our best safeguard of public liberty. It’s time to defend it. Opinion: It is vital that we defend Web3 and push for its correct use to realize its full benefits.
‘It’s done,’ says Scaramucci as Bitcoin ETF hopes fly high. Just days before the SEC needs to offer up an official ruling on a suite of Bitcoin ETF applications, Twitter pundits seem sure it’ll be approved.
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 the maximum amount of Ethereum that can ever exist? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Click to watch 😂
Trivia Answer: D) Infinite 🥳
The Ethereum supply is technically infinite. However it is regulated by it’s burn mechanism which has resulted in deflation.
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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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