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- 🥜 Bitcoin's massive week
🥜 Bitcoin's massive week
PLUS: SBF Pic Leaked
Today’s edition is brought to you by Animus Technologies.
GM to all 45,663 of you. Crypto Nutshell #242 keepin’ watch. 🦉 🥜
We’re the crypto newsletter that's as exciting as a group of rebels fighting against an oppressive empire... 🌌🚀
What we’ve cooked up for you today…
👮 SBF Jail pic revealed
🤑 Bitcoin to $100,000
🌊 Biggest week yet
💰 And more…
MARKET WATCH ⚖️
Prices as at 4:10am ET
Only the top 20 coins measured by market cap feature in this section
SBF JAIL PIC REVEALED 👮
BREAKING: FTX founder, Sam Bankman-Fried’s first photo from jail surfaces
FTX founder, Sam Bankman-Fried, has been spotted with a beard and looking noticeably slimmer in a newly surfaced pic.
Crypto reporter Tiffany Fong first shared the picture of SBF to Twitter.
This is the first and only picture the public has seen of SBF since he was imprisoned in August 2023.
Fong obtained the photo from an interview with SBF’s inmate, G Lock.
The full interview has not been released yet, but a snippet of it can be viewed here.
G Lock spent some time with SBF whilst he was in prison himself.
And he had some pretty funny things to say…
“Sam had a belly when I met him. He was eating good. Now he’s skinny, like a toothpick. He’s not getting in the shower, he’s not doing anything”
G Lock also compares SBF to popular rapper Tekashi 6ix9ine who famously snitched on gang members in prison.
Whereas, SBF has kept to himself, snitching on no one.
“Sam is more gangster than Tekashi 6ix9ine”
Closing it out, G Lock says:
“He’s a good guy, he really is. He’s weird as shit, he’s strange but he’s a good guy.”
SBF’s sentencing is scheduled to take place on March 28, 2024.
Stay tuned for more. 👀
TOGETHER WITH ANIMUS 👾
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In the run-up to the Bitcoin ETFs, the price of Bitcoin went from $27,000 to $48,000.
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BITCOIN TO $100,000 🤑
A $100,000 Bitcoin is possible but it might not mean much to those holding it.
At least according to Peter Schiff…
For those of you who don’t know Peter Schiff, here’s a quick rundown on some of his credentials:
Founder of Schiff Gold
Chief Market Strategist of Euro Pacific Asset Management
Dubbed “Dr. Doom” by CNBC for correctly calling the 2008 financial crisis
Peter’s a smart guy when it comes to finance, but he’s also a notorious Bitcoin critic.
And he’s become somewhat of a meme on crypto Twitter.
Let’s take a look at what he had to say on Anthony Pompliano’s podcast.
“Can Bitcoin rally to a $100,000 or more? Sure it can, but I don’t even think it’s worth betting on it because it’s not even that big of a rise… I just don’t think there’s enough upside anymore for it to be interesting to anybody.”
So he believes a $100,000 Bitcoin is possible…
But like always, he sprinkled some criticism on top. (salty much? 🤣)
Going further, the only way Schiff sees Bitcoin hitting $1 million is if the US dollar experiences hyperinflation.
Here’s how Schiff explained it:
“If we have a situation like Weimer Republic Germany and we have hyperinflation. Well then I guess Bitcoin can go to a million, but so will everything else. I mean if a loaf of bread is $10 million a loaf, does it matter if Bitcoin is $1 million?”
But here’s the cherry on top:
“If Bitcoin is a million, you know, gold is probably going to be higher than that.”
That’s a pretty wild statement to make.
Checkout the relative price performance below…
It’s always good to check in what the other side is saying every now and then.
But hyperinflation being the only way Bitcoin experiences exponential price action?
And gold overtaking Bitcoin in terms of price?
We’re not so sure about that. 😎
BIGGEST WEEK YET 🌊
Time for our weekly check in on digital asset fund flows. (globally, not just the US ETFs)
And what a week it was.
Last week saw net inflows of $2.45 billion.
This brings year-to-date net inflows to $5.2 billion.
What’s more is that assets under management is at its highest point since December 2021 at ~$67 billion.
You probably guessed it…
Bitcoin dominated weekly flows again accounting for over 99% of total inflows.
Last week Bitcoin saw $2.42 billion in net inflows. 🤑
Ethereum also had a decent week with $21.1 million in inflows.
Solana’s recent network outage seemed to impact investor sentiment with $1.6 million in outflows.
No surprise here…
Since the Bitcoin ETFs have been all the talk recently, the United States took in 98% of weekly inflows.
That’s $2.4 billion. 😱
Flows into the US have more than doubled since the week prior.
It’s insane to see the ETFs picking up steam.
Normally ETF inflows tend to slow down not increase exponentially. 😂
Plus, according to CoinShares, outflows from Grayscale have slowed considerably.
As we said before, the ETFs have awoken a monster. 😈
CRACKING CRYPTO 🥜
Japan greenlights bill allowing investment firms to hold crypto. The Japanese government approved a bill that permits Investment Limited Partnerships to acquire and hold crypto.
Worldcoin soars 140% in a week as wallet app hits 1M daily users. The price of Worldcoin has soared as its wallet app tops one million daily users.
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”)
How much did Beeple's record breaking NFT sell for? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: D) $69 million 🥳
An NFT titled EVERYDAYS: THE FIRST 5000 DAYS by Mike Winkelmann—the artist known as Beeple—sold at Christie's for $69 million.
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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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