GM and welcome to The Crypto Nutshell! 🫶 🥜 

The crypto newsletter that's less mysterious than solving crimes with your unique deductive reasoning in Victorian London... 🔍🎩 

Today, we’ll discuss:

• Recapping the last 24 hours in the world of crypto 🌏

• Is Bitcoin To $1 million by 2030 realistic!? 🤑

• Checking in on the health of the Bitcoin Network 🏥 

• And more…

MARKET WATCH ⚖️

BTC Dominance is currently at 49.30% and the current crypto market cap is $1.07T ▲1.80%

Biggest Winners of The Day 🤑

• Solana (SOL) ▲5.73%

• Cardano (ADA) ▲2.99%

• Toncoin (TON) ▲2.66%

Biggest Losers of The Day 😭

• Everyone’s a winner! 🍾

Only the top 20 coins measured by market cap feature in this section

All price data as of 8:00am ET

SHOPIFY ENTERS THE CRYPTO GAME 🛍️

JUST IN: Shopify integrates with ‘zero-fee‘ Solana Pay, prompting businesses to adopt crypto transactions.

Another BIG company has announced a major crypto integration… 👀 

Shopify the ecommerce giant makes up 10% of total U.S. e-commerce stores and does $444 billion in global economic activity.

Safe to say - they’re one of the big boys.

Shopify has decided to team up with Solana Pay, the decentralized payment protocol developed by Solana Labs. This partnership allows millions of businesses built on Shopify’s platform to accept and use crypto transactions.

An added bonus is that the transaction fees (already super small) will be zero for the rest of 2023.

Take a look at this payment fee comparison by Velvet Capital:

• PayPal: 2.5% - 3.5% + $0.49

• Venmo Business Accounts: 1.75%

• Stripe: 2.9% + $0.30

• Square: 2.6% + $0.10

• Solana Pay: $0.00025 per transaction

This is a win for not just Solana but cryptocurrency adoption in general. 🙌 

EXPERT OF THE DAY 💰

Macroeconomic expert and founder of Real Vision Raoul Pal is well known for his bullish stance on Ethereum. 🐂 

However, Raoul was actually one of the first analysts in the world to cover Bitcoin. He wrote one of the first research reports on it back in 2013. 🕰️

Within the report, Raoul estimated that Bitcoin is worth ~$1 million dollars per coin.

It contributed greatly to his decision to buy Bitcoin way back then.

Since then, Raoul has moved the majority of his portfolio in Ethereum. He now believes ETH represents the best risk to reward in the space.

As of his last revelation into his portfolio it made up ~90% of his total holdings.

In a recent X spaces, (formerly known as twitter) Raoul got asked an interesting question:

Despite his love for Ethereum, does he still stand by his $1 million dollar price prediction for Bitcoin?

He does. 😎

By what date?

Around 2030.

Despite his love for Ethereum, it doesn’t take away any of his conviction for Bitcoin.

Raoul believes there’s 3 HUGE tailwinds going for BTC. These are:

1. Cryptocurrency is still growing at a faster pace than the internet at the same point in its adoption cycle. It looks like there will be ~5 billion users by 2030. 📈

2. The 4 year liquidity cycle. The interest due on government debt for all the money printed during the pandemic is going to come due in 2024. This means interest rates are going to have to drop & more money printed. More liquidity = higher Bitcoin prices. 💰

3. The Bitcoin halving in April 2024. The supply of Bitcoin being cut in half will have an obvious upwards pressure on the Bitcoin price. Simple supply & demand.

Combine all these and Raoul is still standing behind his 2013 $1 million dollar price prediction.

TOGETHER WITH LEDGER 🪙

ON CHAIN DATA DIVE 📊

Today we’ll be taking a look into the health and momentum of the Bitcoin network. Think of it like a doctors check up. 👨‍⚕️

An easy way to asses this is taking a look at:

• New Address Momentum

• Number of Addresses with a Non-Zero Balance

A healthy network is an expanding network. The amount of new users joining the network each day is a useful stat to keep track of. But it’s even more useful to compare the Monthly Average 🔴 vs the Yearly Average 🔵.

• When 🔴 is above 🔵 there is an expansion of on-chain activity, improving network fundamentals and a growing network utilization.

• When 🔴 is below 🔵 there is a contraction in on-chain activity, decreasing network fundamentals and declining network utilization.

• Today the Monthly Average is: 486,285 new addresses per day

• Today the Yearly Average is: 439,096 new addresses per day

Simple conclusion to make from this is that the Bitcoin Network is experiencing a period of on-chain expansion despite the recent price dip.

Now, let’s look at: Number of Addresses with a Non-Zero Balance. This chart simply tracks the total amount of addresses holding a positive (non-zero) amount of Bitcoin.

This metric shows us longer-term network adoption trends and can considered in the following way:

• Uptrends ↗️ indicate increased adoption levels, this goes hand in hand with expanding on-chain activity

• Downtrends ↘️ indicate users are purging their entire wallet balance

From the chart we can see that this metric has virtually always been trending upwards and very rarely has a downwards movement (when these do happen they are very small).

As of today there are 48,111,238 wallet addresses with a Non-Zero Balance. This is an all time high by the way (this metric hit’s ATHs what feels like every other day).

Nutty’s Takeaway: Some good news for today. The Bitcoin network has continued to expand even in these less then desirable market conditions.

Day after day we are seeing more people join the network.

Things are looking good. 😎

CRACKING CRYPTO 🥜

TRIVIA TIME ✍️

What hash function does Bitcoin use?

• A) MD-5

• B) SHB-263

• C) SHA-256

• D) Argon2

Find out the answer at the bottom of this newsletter 😀

MEME CORNER 😂

Because what would the crypto world be without its share of memes?

Trivia Answer: C) SHA-256 🎉

SHA-256 is a type of hash function and the one used by Bitcoin. To learn more about SHA-256 click here.

NUTCASE REVIEW OF THE DAY 🔍

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.