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PLUS: US Dollar weakening
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GM to all you crypto nuts. Crypto Nutshell #420 drummin’ by… 🥁🥜
We're the crypto newsletter that's more powerful than justice served by a man with a mysterious past... ⚖️💥
What we’ve cooked up for you today…
📈 US dollar on the decline
♾️ It’s going up forever
🤔 Is this time different?
💰 And more…
MARKET WATCH ⚖️
Prices as at 4:25am ET
Only the top 20 coins measured by market cap feature in this section
US DOLLAR ON THE DECLINE 🏦
BREAKING: Good news means bad news? Bitcoin shrugs off weakest US dollar of 2024
How is this even possible?
The US Labor department just revised 12-month job growth lower by 818,000 jobs. (for the 12 months ended March 2024)
That’s crazy. 🤯
This revision is almost 30% lower than what was originally reported and it’s the largest revision since 2009.
The alteration comes after the unemployment rate increased to an unexpected 4.3% last month — the highest rate since October 2021.
Off the back of this news, the US dollar dropped to its lowest level of 2024.
Here’s the thing though…
When the US dollar index (DXY) drops, Bitcoin rips. 📈
Checkout the chart below.
When DXY loses support (red), the bull market takes off (green).
Even infamous Bitcoin critic, Peter Schiff, commented on the situation:
The weakening US job market is just another reason that the Fed has to begin cutting rates ASAP.
Which is also extremely bullish for Bitcoin and crypto…
In fact, we’ll find out today what the Fed plans to do with interest rates.
Fed Chairman Jerome Powell is set to give a speech at the Jackson Hole Economic Symposium 10am ET today.
Pretty much every single analyst out there is expecting the Fed to begin rate cuts in September of this year.
The setup is there for the bull run to resume…
KEEP YOUR CRYPTO SAFE 🤑
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IT’S GOING UP FOREVER ♾️
Owning zero Bitcoin right now is insane.
At this moment, Bitcoin has more asymmetry than any other investment in the world.
That’s the latest message out from investing legend, Larry Lepard.
For those of you who don’t know Larry, he’s:
Founder & Managing Partner of Equity Management Associates
Graduated from Harvard, with 40+ years of investing experience.
Huge sound money advocate (money that can’t be printed)
In his latest interview, Larry broke down why it’d be pure lunacy to own zero Bitcoin.
“I'm just saying that having zero Bitcoin is insane. Because it's got more asymmetry than anything else in the world right now, by a large measure.”
Larry then said this:
“I've never seen anything this good - even at at this price.”
Keep in mind, this is coming from a guy with 40+ years of investing experience.
He then warned to not make the most common Bitcoin investing mistake:
Fixating on price.
“A lot of people looking at [Bitcoin] make the mistake of fixating on older prices: ‘Well jeez! You bought it at $5,000, now it's at $60,000. How can I pay that much?’… You just have to get comfortable with the fact that what Saylor said is correct: it is going up forever.”
When Bitcoin is at $6 million per coin, you won’t care that you bought it at $60,000.
“If you bought it at $60,000 and it goes to $600,000 and then it goes to $6 million - both of which I think will occur over multiple years, you know you're going to be really glad you bought it at $60,000.”
It’s going up forever. ♾️
IS THIS TIME DIFFERENT? 🤔
Despite how “boring” the market feels right now.
Despite Bitcoin falling down from $70,000 in July.
Bitcoin is right around where it always is at this point in the cycle.
The chart below shows Bitcoin’s price performance since the cycle low.
And here’s how previous cycles compare at the point:
🔵 2015 to 2018 cycle: 368.88%
🟢 2018 to 2022 cycle: 336.25%
⚫️ 2022+ cycle: 373.25%
Isn’t that interesting…
This cycle is currently outperforming both the 2015 and 2018 cycles.
If history is anything to go by, then this is what we can expect going forward:
But…
Remember, the past isn’t a perfect predicator of what’s to come in the future.
However…
It’s hard to ignore how perfectly close prior cycles track each other.
And based of prior cycles, the “real” fun is only just getting started.
CRACKING CRYPTO 🥜
Coinbase exec confirms talks with Kamala Harris campaign on crypto policy direction. Vice President Harris' team reaches out to crypto leaders, signals policy change.
Grayscale launches investment fund for AVAX token. Grayscale launches investment fund for Avalanche's AVAX token, offering exposure to the smart contract platform focused on real-world asset tokenization.
Fed Chair Jerome Powell Expected to Set Stage for September Rate Cut. Bitcoin remains nearly 20% below its all-time high, while U.S. stocks and gold are at or within close shouting distance of record levels.
Donald Trump endorses crypto project 'The DeFiant Ones' spearheaded by two of his sons. Former U.S. president Donald Trump has endorsed the DeFiant project that's being spearheaded by two of his sons.
WHAT WE’RE READING 📚
Want to get even smarter? Check these out.
p.s. all completely FREE (one click subscribe link)
Raremints (link) - Daily crypto news
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Bullseye Trades (link) - Daily stock market tips
Crypto Pragmatist (link) - Actionable alpha 3x a week
The Hustle (link) - Get Smarter on Business and Tech
Your Next Breakthrough (link) - Personal growth with Mark Manson
The Neuron (link) - AI trends and tools to keep you ahead
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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”)
In what year did popular Bitcoin exchange Mt. Gox get hacked? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: D) 2014 🥳
BNB launched in July 2017
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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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