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š„ BlackRock is all in
PLUS: Ethereum Supply Dynamics
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What weāve cooked up for you todayā¦
š¦ BlackRock all in on crypto
šŗļø Unchartered territory
šø Ethereum supply dynamics
š° And moreā¦
MARKET WATCH āļø
Prices as at 8:45am ET
Only the top 20 coins measured by market cap feature in this section
BLACKROCK ALL IN ON CRYPTO š¦
BREAKING: BlackRock sees Bitcoin as integral part of financial system ā little interest in other crypto
BlackRockās 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.
āEventually 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.ā
BlackRockās clients have shown minimal interest in other cryptocurrencies.
Bitcoin is the clear favourite, followed by āa little bitā of interest in Ethereum.
āFor our clients, Bitcoin is overwhelmingly the number one priority. And then a little bit Ethereum, and very little everything else.ā
And for all you memecoin & Dogwifhat (WIF) holders out thereā¦
Donāt 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 futureā¦
His response?
He didnāt even know what it was. š
BlackRockās is fully focused on Bitcoin and Ethereum.
For nowā¦ š£
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UNCHARTERED TERRITORY šŗļø
Weāre in unchartered territory right now.
No one really knows whatās going to happen next.
Thatās 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:
āThe narrative is so simple. I can just save in an asset that isnāt debased. That protectās or increases purchasing power. Very simple for them to understand.ā
But now Wall Street has woken up to this narrative tooā¦
And they want a piece of the pie. š„§
āWhen you have individuals and institutions both doing that [purchasing BTC], that demand outstrips supplyā¦ If thereās more demand than supply, the price is going to keep going up.ā
Pompliano was asked for his end of year price target.
But instead of giving a concrete prediction, this is what he had to say:
āWeāve never hit an all-time high before the Bitcoin halvingā¦ Being at all-time high going into a halving where the supply is going to get cut in halfā¦ People are like āoh this could be differentāā¦ Weāre in unchartered territory.ā
Weāre 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? š¤·āāļø
Anything could happen from this point onwards.
However, all signs point one directionā¦ š
ETHEREUM SUPPLY DYNAMICS šø
Time for our weekly Ethereum check in.
Today weāll be taking a look at the supply side dynamics.
One of Ethereumās core features is itās token burning mechanism.
When interacting with the Ethereum blockchain, users are required to pay a base fee. This base fee is then āburntā, meaning it is permanently removed from the supply.
As of today 5,472,348 ETH have been burnt.
Thatās over $18 billion at todays prices.
Due to this burning mechanism, the circulating supply continues to decrease.
The chart below shows Ethereumās circulating supply since The Merge.
Currently itās at 119,624,705 ETH and depreciating at a rate of -0.246% per year.
But hereās where it gets even better.
Another one of Ethereumās core features is its ability to be staked.
This means users can ālockā 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. (thatās an all-time high by the way)
And, thatās also ~35.09% of the circulating supply.
A testament to the long-term conviction in Ethereum from itās holders.
What weāre getting at here is that Ethereumās 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 š„
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 WEāRE READING š
Want to get even smarter? Check these out.
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CAN YOU CRACK THIS NUT? āļø
Select your answer below and youāll be redirected to the results page. (answer explanation can be found after āMeme Cornerā)
Approximately, how often is the Bitcoin Halving? |
MEME CORNER š
Because what would the crypto world be without its share of memes?
Trivia Answer: B) 4 years š„³
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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