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🥜 Official: BlackRock is buying Bitcoin...
PLUS: Elon On Bitcoin
GM to all 29,726 of you. Crypto Nutshell #183 shinin’ through. ☀️ 🥜
We’re the crypto newsletter less stressful than managing a paper supply company with a diverse group of personalities... 📄🤪
What we’ve cooked up for you today…
💸 BlackRock plans to seed ETF
🚗 Elon Musk speaks on Bitcoin
😁 Checking in on our favourite on-chain metric
💰 And more…
MARKET WATCH ⚖️
Prices as at 12:05am ET
Only the top 20 coins measured by market cap feature in this section
BLACKROCK PLANS TO SEED ETF 💸
BREAKING: BlackRock plans to seed it spot Bitcoin ETF with $10 million
Spot Bitcoin ETF approval hype is increasing every single day as we approach January 10.
Shortly after meeting with the SEC, BlackRock has amended its spot Bitcoin ETF application.
This new filing highlights BlackRock’s plan to seed $IBIT (the ticker they’ve chosen for their Bitcoin ETF).
Per the filing, BlackRock is expecting to seed its ETF with $10 million. This is a 100x jump from the initial $100,000 seeding we saw in October.
The $10 million seeding round is set for January 3, 2024,. Exactly one week before the expected approval.
Seeding is the initial investment that takes place which allows an ETF to launch and start trading.
However, ETF analyst James Seyffart made it very clear that this is not an indication that the ETFs have already been approved.
All of this information is subject to change.
Once the news broke, crypto twitter began to question why only $10 million. 🤔
Surely BlackRock who has ~$9.4 trillion AUM would be going a little harder?
Only time will tell…
As an added little bonus, January 3rd is the date of the Bitcoin genesis block (when the Bitcoin network started).
Is BlackRock teasing us with this? 🤣
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ELON MUSK SPEAKS ON BITCOIN 🚗
Elon Musk has a varied history with Bitcoin.
In early 2021, Tesla followed in the footsteps of Michael Saylor. They converted $1.5 billion dollars of cash on their balance sheet into Bitcoin.
They bought the Bitcoin at ~$35,000.
Tesla also announced they would start accepting Bitcoin as payment.
The market went crazy. Bitcoin pushed to a new all-time high.
Then in 2022, Tesla sold 75% of their Bitcoin at a loss. And they stopped accepting Bitcoin as payment for their products.
The reason?
Concerns over the energy usage of the Bitcoin network.
Today they hold just under 10,000 Bitcoin, worth ~$425 million dollars.
Ironically, if they had held their entire stash until now, they would be back in a healthy profit.
Since selling, Elon Musk hasn’t spoken much about Bitcoin or crypto.
Until now.
This week, ARK Invest CEO & Founder Cathie Wood interviewed Elon on X.
Within the interview, Cathie asked Elon for his updated thoughts on Bitcoin & crypto.
His answer?
“Well I have to say, I don't spend a lot of time thinking about cryptocurrency. Hardly any at all.”
😂
However, Elon did note the inevitable problem with fiat money.
“Some amount of of abuse is almost guaranteed to happen. The temptation over the ages to debase money - it goes back to the ancient Sumerians. There was the unavoidable temptation to debase the money supply.”
Elon stated for money to work properly, it needs the following characteristics:
“If you have a predictable money supply and it doesn't get inflated or deflated too much. Provided the government doesn’t abuse the privilege to create more money…”
Elon recognises that throughout history, fiat money is inevitably debased.
Bitcoin fixes this.
Elon also confirmed in the interview his plans to transform X into a financial platform.
They are just waiting for approval on needed licenses:
“We'll probably get our approvals early next year. I would be surprised if it takes us longer than the middle of next year to roll out payments.”
In the past, Elon has made his love for Dogecoin clear.
We believe there’s a high likelihood that Bitcoin, Ethereum, and Dogecoin will be integrated as payment options into X in 2024.
Watch this space. 🐕 👀
OUR FAVOURITE METRIC 😁
Today we’ll be checking in on our favourite on-chain metric.
The Realized Cap HODL Waves (RHODL) visually breaks down the balance of wealth in the Bitcoin Network.
RHODL builds upon the classic HODL waves by weighing each age band by the price at which each coin last moved. This removes Satoshi era coins from the data as they have never moved (realized price is $0).
Here’s what the colours mean:
Warmer colours (reds, oranges, yellows): represent coins held for less than 12 months
Cooler colours (greens and blues): represent coins held for longer than 12 months
During peak bull markets, long-term holders begin to take profits. This means they sell their coins to newer investors, which makes these coins “young” again.
When the price of Bitcoin peaks, you’ll notice that it coincides with spikes in reds and oranges. (newer investors join in on the craze)
That’s why we like to think of this metric as a FOMO indicator. 😨
These red spikes are also when absolutely everyone is talking about Bitcoin.
Think back to last bull run when your Grandma suddenly became interested in Bitcoin… 👵
Taking a look at where we are today, the market is still completely dominated by HODLers.
But the amount of short-term holders is starting to increase (slightly).
We have a long way to go before we’re in peak bull market mania mode. (ideal time to take some profits)
We’re only just getting started. 😎
CRACKING CRYPTO 🥜
WHAT WE’RE READING ✍️
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Dogecoin is an example of a... |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: B) “Meme coin” or altcoin 🥳
Dogecoin was originally created as a joke in late 2013, branded after the viral Doge meme that features a Shiba Inu dog.
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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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