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🥜 Guess who just endorsed crypto
PLUS: Bitcoin Vs. Property
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What we’ve cooked up for you today…
🏦 How the presidential election impacts crypto
🤑 Simple Bitcoin strategy
🤔 Where are we in the cycle?
💰 And more…
MARKET WATCH ⚖️
Prices as at 6:45am ET
Only the top 20 coins measured by market cap feature in this section
HOW THE PRESIDENTIAL ELECTION IMPACTS CRYPTO 🏦
BREAKING: Trump’s potential return could catalyze major uptick in alt investments like Bitcoin
A recent report from Standard Chartered predicts that a Trump election victory would be beneficial for Bitcoin and crypto.
(Standard Chartered is the 44th largest bank in the world)
Here’s what the report had to say:
“We think that a second Trump administration would be broadly positive via a more supportive regulatory environment… In a scenario of U.S. fiscal dominance, we think Bitcoin would provide a good hedge against de-dollarization and declining confidence in the U.S. Treasury market.”
And, In a recent speech Trump mentioned that if you like crypto you “better vote for Trump.”
Looks like Trump is fully embracing crypto now…
Click to watch
Whats more is that Trump has begun to accept campaign donations in crypto…
Isn’t It wild to see how far crypto has come?
We’ve now got presidential candidates mentioning how they plan to integrate it…
(RFK jr. is set to speak at the Consensus 2024 crypto conference later this month)
Closing out the report, Standard Chartered reaffirmed there 2024 price target of $150,000.
They’re also predicting $200,000 by the end of 2025.
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SIMPLE BITCOIN STRATEGY 🤑
Just buy it.
Then hold it.
That’s all there is to it.
That’s the latest message out from Anthony Pompliano.
In his latest interview, Anthony Pompliano broke down his simple Bitcoin thesis and strategy.
Kicking the interview off, Pomp mentioned Bitcoin’s 200-day moving average recently set a new all-time high:
(We went over this the other day, check it out here)
“Over the long-run, Bitcoin is probably the most desirable asset in the world. People around the world continue to buy this thing and that’s why you’re seeing that 200-day moving average continue to go up.”
We all know that the approval of the Bitcoin ETF’s is a huge long-term tailwind.
But Pomp was asked “are there any other catalysts on the horizon?”
Here’s what he had to say:
“The federal reserve is the greatest Bitcoin proponent possible. Because they are going to continue to debase the dollar.”
The US government isn’t going to stop printing money anytime soon.
It’s the same thing with real estate.
Over the short-term, there may be some volatility…
But if you buy real estate and hold it for 20 years, very few places in the world have not seen the value of that real estate go up in value.
The continued debasement of the dollar causes all assets to increase in value over the long-run.
It just so happens that Bitcoin and crypto increase in value at a much faster rate than real estate.
“The dollar is losing value. And there’s only 21 million Bitcoin. Somebody is going to have to pay you more dollars in the future to buy that same Bitcoin. It really does incentivise long-term thinking.”
With this in mind, Pomp encourages a long-term strategy when it comes to Bitcoin.
The volatility that comes with Bitcoin makes it an extremely hard asset to trade successfully.
“Buying it, just holding it and waiting is one of the best strategies”
WHERE ARE WE IN THE CYCLE? 🤔
Today we’ll be taking a look at the MVRV Z-Score.
This metric simply compares the market value to the realized value.
Market Value (Market cap): current price of Bitcoin multiplied by the circulating supply
Realized Value: the value of all coins at the price they were last moved
A market top (red zone) is categorised by market value being significantly higher than the realized value.
A market bottom (green zone) is categorised by market value being significantly lower than the realized value. (also the best time to scoop up cheap Bitcoin)
The easiest way to use this metric is to think about it as a gauge of where we currently are in the cycle.
Since the cycle bottom in November 2022, MVRV has been rallying. With some dips along the way of course. (especially with the recent price action…)
Currently it’s at 2.07 (Two weeks ago it was at 2.31)
This puts MVRV in-between the green and red zones.
Meaning we’re roughly in the middle of the cycle.
This bull run still has plenty of steam left. 🚂
CRACKING CRYPTO 🥜
SEC calls Ripple's proposed stablecoin an 'unregistered crypto asset'. SEC labels Ripple’s proposed stablecoin as an “unregistered crypto asset” amidst an ongoing legal battle, seeking $2 billion in fines.
Tether scales crypto payments in Eastern Europe with new investment. Stablecoin firm Tether has invested additional capital in the Georgia-based crypto payment provider CityPay.io.
House Votes to Erase SEC Crypto Policy While President Biden Vows Veto. The House of Representatives voted in favor of a resolution to oppose the SEC's crypto accounting policy.
Vitalik rallies support for temporary smart wallets on Ethereum. The new EIP published by Buterin would resolve disagreements around the best path towards universal smart contract wallets.
WHAT WE’RE READING 📚
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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”)
Approximately, how often is the Bitcoin Halving? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: B) 4 years 🥳
The Bitcoin halving takes place every 210,000 blocks. With a block time of ~10 minutes, the halving occurs roughly every 4 years.
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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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