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GM to all 24,860 of you. Crypto Nutshell #168 ridin’ forth. 🐎 🥜

We’re the crypto newsletter that's less chaotic than a world ruled by post-apocalyptic warlords... 🌆 🚗

What we’ve cooked up for you today…

• 👩‍⚖️ Elizabeth Warren voices crypto concerns

• 🧐 Bitcoin To $1.3 Million, Ethereum to $…

• 💎 Record amount of HODLing

• 💰 And more…

MARKET WATCH ⚖️

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

ELIZABETH WARREN VOICES CRYPTO CONCERNS 👩‍⚖️

Breaking: Senator Elizabeth Warren calls crypto a ‘new threat’

Yesterday, JPMorgan CEO Jamie Dimon voiced his criticism of crypto (spoiler: he wants it cancelled).

Today, it was US senator Elizabeth Warren's turn.

On CNBC, Warren mentions that crypto's main purpose is the funding of terrorism.

However, data from Chainalysis reveals that only 0.24% of crypto transactions are linked to illicit finance.

But supposedly cryptos primary use case is criminal activity?

Wrong.

Fiat is still the preferred currency for criminal activity…

Warren later mentions that numerous bank CEOs also share her view on crypto. Which is surprising to no one.

Banks view Bitcoin as threat to their market dominance and control over financial activity.

BUT, not all politicians are against crypto.

Checkout Congressman Tom Emmer’s interview on the Thinking Crypto podcast below, where he discusses his views on the SEC and crypto regulation.

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BITCOIN TO $1.3 MILLION, ETH TO … 🧐 

Cathie Wood and ARK Invest are some of the biggest crypto bulls on Wall Street. 

Cathie believes crypto will go from $1 trillion dollars today, to $25 trillion dollars by 2030.

A chill 25x. No biggie. 🤷

ARK Invest & Cathie are so bullish, they are launching 5 seperate crypto ETF’s.

This includes both a spot Bitcoin ETF and a spot Ethereum ETF. 

By now, you’ve most likely seen ARK Invest’s 2030 Bitcoin price target.

But if you haven’t, detailed in their 2023 Big Ideas Report, they lay out 3 scenarios:

In the bear case, Bitcoin goes to $258,500. 🐻

In the base case, Bitcoin goes to $682,800. 🐝 

In the bull case, Bitcoin goes to $1.48 Million dollars. 🐂 

Missing from the 2023 report is any price target for Ethereum.

However, if we go back to their 2022 Big Ideas Report, all is revealed. 🥷

Within the 2022 report, they predict Ethereum’s market cap could exceed $20 trillion by 2032.

Breaking this down, this would value 1 Ethereum at just over $166,000 per ETH. 

Insane. 

However, this doesn’t factor in Ethereum’s deflationary nature. 🔥 

If ARK’s scenario were to play out, the actual price would be even higher.

Cathie is known for making extremely bold bets that pay off.

Let’s hope this is one of those bets. 🤞😎

RECORD AMOUNT OF HODLING 💎

Today we’ll be taking a look at the supply of Bitcoin last active 1+ years ago.

This metric simply categorises coins based on how long it has been since they last moved on-chain.

As long-term investors begin to sell their coins this metric will decline. This is due to ‘older’ coins once again becoming ‘young’.

The amount of Bitcoin that hasn’t moved in over a year continues to break through it’s all time high. 📈

Currently that number is at an absolutely insane 70.37% of the Bitcoin supply…

And we expect it to keep rising as we head into the Bitcoin ETF approvals and halving.

Here’s the breakdown for each cohort:

• 🔴 Supply last active 1+ years ago: 70.37%

• 🟠 Supply last active 2+ years ago: 57.35%

• 🟢 Supply last active 3+ years ago: 41.51%

• 🔵 Supply last active 5+ years ago: 31.32%

Going beyond the 1+ year age band, every other cohort is also at an all-time high.

It's safe to say that 2023 has been the year of HODLing.

Long-term holders are refusing to give up their coins.

And with recent price movements it's definitely paying off.

Long-term conviction in Bitcoin has literally never been stronger. 😎

CRACKING CRYPTO 🥜

WHAT WE’RE READING ✍️

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With Bitcoin’s recent price movements, almost all short-term holders are currently in profit. Checkout the full breakdown here.

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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.