GM to all 62,429 of you. Crypto Nutshell #288 singin’ in the... 🌧️ 🥜

We’re the crypto newsletter that's more captivating than a team of detectives solving crimes in the bustling streets of New York City... 🕵️‍♂️🌆 

What we’ve cooked up for you today…

• 🇰🇷 South Korea makes a move

• 🤔 Has everyone got this wrong?

• 💸 Ethereum wallet check

• 💰 And more…

MARKET WATCH ⚖️

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

SOUTH KOREA MAKES A MOVE 🇰🇷

BREAKING: South Korean party bets on US Bitcoin ETF access for votes

South Korea will go to the polls in a general election on April 10.

All 300 seats in the National Assembly are up for grabs.

The players in the election are:

• The Democratic Party Korea (DPK) - opposition

• People Power Party (PPP) - currently in power

And both parties have pledged crypto-related incentives to attract voters.

The Democratic Party has vowed to remove restrictions on domestic and international crypto ETFs (including the US Bitcoin ETFs).

Whereas, President Yoon Suk Yeol’s People Power Party pledged to delay taxes on digital asset profits.

This is significant for South Korea.

According to Bloomberg, over 6 million South Koreans participated in the crypto market in the first half of 2023.

That’s over 10% of the population.

It also represents a sizeable pool of potential voters… and investors…

It’s interesting to see crypto and the Bitcoin ETFs being used to incentivise votes in elections.

A trend that we’ll likely see continue throughout the year.

(In case you didn’t know, 2024 is the largest global election year in history. 60 countries representing half the worlds population will be going to the polls throughout the year!)

TOGETHER WITH THE PHENOM CRYPTO ♟️

One reason we love crypto? The returns. 😍

In a bull market? No other asset can compete. It’s not uncommon to see 5x, 10x or even 100x plus returns.

With the Bitcoin Halving coming up, the next crypto bull-run is just around the corner.

That’s why we read The Phenom Crypto.

They share the best kept secrets on the latest DeFi & small-cap crypto trends. 🤫

The best part?

Just like us, they’re completely free.

Slam that big subscribe button and it’ll automatically add you to their list.

If you’re not a fan, you can always unsub. Nothin’ to lose. 🎉

HAS EVERYONE GOT THIS WRONG? 🤔

Everyone thought the ETFs were priced in.

They were wrong.

Now they think the halving is priced in.

They’re wrong again.

That’s the latest out from Anthony Scaramucci.

For those not familiar with Scaramucci, he’s a well-known American investor.

He’s the founder of SkyBridge Capital, an investment firm with over $2 billion under management.

Speaking with CNBC, Scaramucci broke down the unexpected success of the Bitcoin ETFs:

It took BlackRock just seven weeks to reach $10 billion in assets.

For comparison, it took GLD (the first US gold ETF) more than two years to reach this milestone…

The Bitcoin ETFs have blown everyone’s expectations out of the water.

Scaramucci also gave his prediction on what’s to come for Bitcoin:

Continuing on, Scaramucci gave his “conservative” price prediction:

$170,000 would “only” be a ~2.5x from where we are today.

Can’t really complain about gains like that…

(Although that does feel a little underwhelming for Bitcoin post halving)

But where do you see Bitcoin going this cycle?

Let us know in the poll at the bottom of this newsletter. 👇

ETHEREUM WALLET CHECK 💸

Yesterday we took a look at the number of Bitcoin addresses with a non-zero balance.

So it’s only fair that we see what’s happening on the Ethereum side today.

In case you missed yesterday’s newsletter, here’s a quick rundown on this metric.

It provides a high level overview of Ethereum’s user base/activity.

• Increasing number of addresses: increasing adoption levels 📈

• Decreasing number of addresses: indicates users are selling their entire balance or consolidating wallets 📉

Compared to Bitcoin, this one’s a little more insane…

It’s only ever experienced one period of decline (June - August 2021).

And currently, it’s at an all-time high of 118,860,116 wallets.

But it’s important to keep in mind that this metric doesn’t track contract addresses. (if it did, it’d be MUCH higher)

The Ethereum network is growing at a rapid rate.

Year-to-date this metric has increased by 7,187,004 wallets.

Over the course of 2023, this metric increased by 19,591,140 wallets.

The trend is obvious isn’t it?

Ethereum has been growing every year and it’s only getting faster. ⚡

CRACKING CRYPTO 🥜

Policymakers must think outside of currently accepted norms to understand crypto. US lawmakers and regulators face the challenge of regulating emerging technologies across blockchain and AI.

Genesis purchases $2.1B of Bitcoin following GBTC sell-off. Bankrupt crypto lending firm Genesis reportedly sold 36 million GBTC shares to purchase 32,041 Bitcoin as part of its efforts to pay back creditors.

If elections were settled with memecoins, Biden would win by a landslide. They say art reflects culture, and PolitiFi is a super serious digital asset class.

What Does Ripple’s Stablecoin Mean for XRP? XRP has plenty of internet fans but Ripple has struggled to win real enterprise customers.

WHAT WE’RE READING 📚

Want to get even smarter? Check these out.

p.s. all completely FREE

• Bitcoin Breakdown (link) - Weekly Bitcoin recap

• The Hustle (link) - Get Smarter on Business and Tech

• Crypto Pragmatist (link) - Actionable alpha in 5 minutes

• Techpresso (link) - Get smarter about tech in 5 minutes

• Wild Golf (link) - Twice weekly Golf insights & tips

CAN YOU CRACK THIS NUT? ✍️

Select your answer below and you’ll be redirected to the results page. (answer explanation can be found after “Meme Corner”)

MEME CORNER 😂

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

Trivia Answer: D) July 2017 🥳 

Binance Coin (BNB) was launched with an initial coin offering (ICO) in July 2017.

GET IN FRONT OF 62,000+ CRYPTO INVESTORS

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HOW DID WE DO? 🤷

We read every comment submitted in this poll and love to hear what you guys have to say. 😁 (bonus points for suggestions 🍪)

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.