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đ„ Don't underestimate this
PLUS: Leaked Satoshi Emails
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Weâre the crypto newsletter that's more adventurous than a journey to find a lost city of gold... đșïžđŽââ ïž
What weâve cooked up for you todayâŠ
đ€ New Bitcoin lore just dropped
đ Donât underestimate this
đ€ How many Bitcoin users are there?
đ° And moreâŠ
MARKET WATCH âïž
Only the top 20 coins measured by market cap feature in this section
NEW BITCOIN LORE JUST DROPPED đČ
BREAKING: Never-before-seen Satoshi Nakamoto emails add several details to Bitcoinâs origin lore
New emails from anonymous Bitcoin creator, Satoshi Nakamoto have just been released.
The emails were shared by Martti Malmi, an early Bitcoin contributor.
We donât have enough time to go through all of them, thereâs 120 pagesâŠ
But letâs break down some of the highlights
Bitcoin doesnât waste energy
Satoshi acknowledged that the Bitcoin network would consume a significant amount of energy.
But Satoshi argued that not having a currency like Bitcoin would be a bigger waste.
âIf it did grow to consume significant energy, I think it would still be less wasteful than the labour and resource intensive conventional banking activity it would replace. The cost would be an order of magnitude less than the billion in banking fees that pay for all those brick and mortar buildings, skyscrapers and junk mail credit card offers.â
Satoshi didnât come up with the term âcryptocurrencyâ
In an email exchange with Martti, Satoshi mentions that they should start using the term âcryptocurrencyâ.
Itâs not clear who this âsomeoneâ was.
âSomeone came up with the word âcryptocurrencyâ⊠maybe itâs a word we should use when describing Bitcoin, do you like it?â
Uncomfortable with labelling it an investment
Satoshi was against the idea of labelling Bitcoin as an âinvestmentâ.
Interestingly Satoshi wasnât opposed to the community coming to that conclusion on their own.
âIâm uncomfortable with explicitly saying âconsider it an investmentâ. Thatâs a dangerous thing to say and you should delete that bullet point. Itâs OK if they [Bitcoin users] come to that conclusion on their own, but we canât pitch it as that.â
Removed âanonymousâ wording from Bitcoin.org
Satoshi was the one to point out that Bitcoin isnât completely âanonymousâ.
By stating this it was âanonymousâ, Satoshi worried that it made Bitcoin sound âshadyâ.
âI think we should de-emphasize the anonymous angle ⊠we canât give the impression [Bitcoin is] automatically anonymous. Itâs possible to be pseudonymous, but ⊠If someone digs through the transaction history and starts exposing information people thought was anonymous, the backlash will be much worse if we havenât prepared expectations.â
Isnât it crazy that Satoshiâs identity hasnât been revealed yet?
Itâs cool that in 2024 weâre still finding out new details of Bitcoinâs origin story.
Who knows if weâll ever find out who Satoshi was/is. đ€·ââïž
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DONâT UNDERESTIMATE THIS đ
Yesterday Mark Yusko made a BIG call.
$300 billion is coming for BitcoinâŠ
This yearâŠ
For those of you who donât know Mark Yusko, hereâs some of his credentials:
Founder and CEO of Morgan Creek Capital ($1 billion AUM)
30+ years of financial market experience
One of the first institutional investors to invest in Bitcoin
(Two weeks ago we had the opportunity to interview Mark ourselves, checkout that interview here)
Mark believes that everyone is underestimating the long-term impact these ETFs will have.
âThis is a monster development. WAY bigger than people think. We just shifted the aggregate demand curve. Which means the price goes up. Fundamentally the price has to go up.â
The demand that these ETFs has generated has been MASSIVE.
And itâs not going away anytime soon.
In fact, Mark believes this demand is going to keep ramping up.
To the point where weâll see $300 billion flow into Bitcoin over 2024. đ±
âI believe, this year [2024], which is the first year of this epic blockchain era. I believe more money will be converted from fiat to Bitcoin than the previous 15 years of Bitcoinâs existence. I think upwards of $300 billion is going to get converted into Bitcoin this yearâ
That is definitely a BIG statement to make.
2024 is set to be quite the year for Bitcoin:
Increased demand from the ETFs
Decreased supply from the halving
Thatâs a recipe for rocket fuel. đ
HOW MANY BITCOIN USERS ARE THERE?đ€
Today weâll be taking a look at the number of addresses with a non-zero balance.
This metrics provides a high level overview of the Bitcoin networkâs user base/activity.
But itâs important to understand that one wallet does not equal one user. A user can have many wallets.
What matters here is the trend of the chart.
Increasing number of addresses: indicates increased adoption levels
Decreasing number of addresses: indicates that users are selling their entire balance or consolidating wallets
Notice how this chart has always been trending upwards?
A clear sign that the Bitcoin Network has expanded every single year.
But that doesnât mean there wonât be bumps along the way. Every now and then this metric dips.
With the most significant dip occurring during the 2018 crash.
As of today there are 51,133,097 addresses with a positive balance. And for this metric, even a wallet holding a single satoshi counts.
Even though this metric has decreased over the last two weeks, itâs pretty insignificant. (you can barely even see the dip in the chart above)
For these kinds of metrics we always like to zoom out and look at the long-term trend.
And that trend is clearly an expanding Bitcoin Network. đ
CRACKING CRYPTO đ„
Donald Trump can now 'live with' Bitcoin accepting growing demand, suggests further regulation. Former US President Donald Trump warms up to Bitcoin amidst growing popularity, suggests regulatory considerations.
Kraken files to dismiss SEC suit â âDangerous precedentâ for overreach. Kraken asked a federal court to dismiss the SECâs suit against it, saying the agency is overreaching its authority.
How the halving could impact bitcoinâs price. The halving officially takes place on April 19, meaning there are roughly 8,600 bitcoin blocks until the event.
WHAT WEâRE READING đ
Want to get even smarter? Check these out.
p.s. all completely FREE
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CAN YOU CRACK THIS NUT? âïž
Select your answer below and youâll be redirected to the results page. (answer explanation can be found after âMeme Cornerâ)
What is the maximum amount of Ethereum that can ever exist? |
MEME CORNER đ
Because what would the crypto world be without its share of memes?
Trivia Answer: D) Infinite đ„ł
There is no max supply of Ethereum. Theoretically, an infinite amount of ETH could exist, but only a limited amount of ETH is issued each day and ETH coins are also constantly being burned through EIP-1559.
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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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