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- 🥜 BlackRock is all in
🥜 BlackRock is all in
PLUS: Ethereum Supply Dynamics
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What we’ve cooked up for you today…
🏦 BlackRock all in on crypto
🗺️ Unchartered territory
💸 Ethereum supply dynamics
💰 And more…
MARKET WATCH ⚖️
Prices as at 8:45am ET
Only the top 20 coins measured by market cap feature in this section
BLACKROCK ALL IN ON CRYPTO 🏦
BREAKING: BlackRock sees Bitcoin as integral part of financial system – little interest in other crypto
BlackRock’s Head of Digital Assets, Robert Mitchnick recently spoke at the Bitcoin Investor Day conference.
Mitchnick believes that Bitcoin will become an integral part of the financial system.
“Eventually we expect there will be a convergence where the best of the old system and the new technology will become fused into a new infrastructure system in finance.”
BlackRock’s clients have shown minimal interest in other cryptocurrencies.
Bitcoin is the clear favourite, followed by “a little bit” of interest in Ethereum.
“For our clients, Bitcoin is overwhelmingly the number one priority. And then a little bit Ethereum, and very little everything else.”
And for all you memecoin & Dogwifhat (WIF) holders out there…
Don’t get your hopes up about BlackRock launching a Dogwifhat ETF anytime soon.
Mitchnick was asked if BlackRock was planning on launching a Dogwifhat ETF in the future…
His response?
He didn’t even know what it was. 😂
BlackRock’s is fully focused on Bitcoin and Ethereum.
For now… 💣
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UNCHARTERED TERRITORY 🗺️
We’re in unchartered territory right now.
No one really knows what’s going to happen next.
That’s the latest message out from Anthony Pompliano.
In his latest interview, Pompliano explained how the narrative surrounding Bitcoin is so easy for the average person to understand:
“The narrative is so simple. I can just save in an asset that isn’t debased. That protect’s or increases purchasing power. Very simple for them to understand.”
But now Wall Street has woken up to this narrative too…
And they want a piece of the pie. 🥧
“When you have individuals and institutions both doing that [purchasing BTC], that demand outstrips supply… If there’s more demand than supply, the price is going to keep going up.”
Pompliano was asked for his end of year price target.
But instead of giving a concrete prediction, this is what he had to say:
“We’ve never hit an all-time high before the Bitcoin halving… Being at all-time high going into a halving where the supply is going to get cut in half… People are like ‘oh this could be different’… We’re in unchartered territory.”
We’re well and truly in unchartered territory right now.
Never before has Bitcoin set a new all-time high before the halving.
Investors are optimistic that this will result in a super cycle.
But who really knows? 🤷♀️
Anything could happen from this point onwards.
However, all signs point one direction… 📈
ETHEREUM SUPPLY DYNAMICS 💸
Time for our weekly Ethereum check in.
Today we’ll be taking a look at the supply side dynamics.
One of Ethereum’s core features is it’s token burning mechanism.
When interacting with the Ethereum blockchain, users are required to pay a base fee. This base fee is then “burnt”, meaning it is permanently removed from the supply.
As of today 5,472,348 ETH have been burnt.
That’s over $18 billion at todays prices.
Due to this burning mechanism, the circulating supply continues to decrease.
The chart below shows Ethereum’s circulating supply since The Merge.
Currently it’s at 119,624,705 ETH and depreciating at a rate of -0.246% per year.
But here’s where it gets even better.
Another one of Ethereum’s core features is its ability to be staked.
This means users can “lock” it up and earn rewards for securing the network.
To learn more about how staking works, click here.
As of today 41,972,285 ETH has been locked for staking. (that’s an all-time high by the way)
And, that’s also ~35.09% of the circulating supply.
A testament to the long-term conviction in Ethereum from it’s holders.
What we’re getting at here is that Ethereum’s supply dynamics are insanely good:
Circulating Supply: 119,624,705 ETH
Ethereum Staked: 41,972,285 ETH (~35.09% of the circulating supply)
Exchange Balances: 13,530,678 ETH (~11.31% of the circulating supply)
Things are looking real good for Ethereum.
(Even better if the ETFs are approved in May)
CRACKING CRYPTO 🥜
Apple's legal woes mount as vulnerability threatening crypto security comes to light. Researchers have uncovered a significant flaw in Apple's M-series chips that poses major security threats for crypto-related applications.
Google quietly added ENS to Search. Google searches for an Ethereum Name Service (ENS) domain now yields on-chain information about its holdings.
Hospitality worker caught with $2.5B Bitcoin found guilty of money laundering. The Southwark Crown Court in the United Kingdom has reportedly found Jian Wen guilty of money laundering in connection with more than $2.5 billion worth of Bitcoin.
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”)
Approximately, how often is the Bitcoin Halving? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: B) 4 years 🥳
The Bitcoin halving occurs every 210,000 blocks which is approximately every 4 years.
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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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