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- 🥜 Here they come
🥜 Here they come
PLUS: Ethereum looking good
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We’re the crypto newsletter that’s more gripping than a lone survivor fighting mutants in a deserted city... 🧟♂️🏙️
What we’ve cooked up for you today…
🏦 America’s oldest bank has BTC
💸 Bitcoin is perfect money
⚖️ Ethereum exchange balance
💰 And more…
MARKET WATCH ⚖️
Prices as at 7:50am ET
Only the top 20 coins measured by market cap feature in this section
AMERICA’S OLDEST BANK HAS BTC 🏦
BREAKING: $2 trillion asset manager BNY Mellon discloses Bitcoin ETF exposure
BNY Mellon (the oldest bank in America) is investing in spot Bitcoin ETFs.
A quarterly SEC filing has revealed that BNY Mellon has exposure to the Bitcoin through the ETFs.
But which ETFs are they buying? 🤔
Well the filing reveals that they currently have 19,918 shares of BlackRock’s IBIT and 7,108 shares of Grayscale’s GBTC.
At current market prices, their total investment translates to ~$1.126 million ($723,000 in IBIT + $403,000 in GBTC)
For a firm with $2 trillion in assets under management, $1.126 million isn’t that large of an investment.
But the main point here is that institutions are just beginning to allocate to Bitcoin.
Remember…
Bitcoin has only been an institutional grade asset for 3 months.
(Plus it’s pretty big that the OLDEST bank in America has exposure to Bitcoin)
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BITCOIN IS PERFECT MONEY 💸
Bitcoin’s supply cap of 21 million makes it perfect money.
Never in human history have we had a commodity with a fixed supply.
That’s the latest out from Michael Saylor.
In his latest interview, Saylor explained a key reason for why Bitcoin is perfect money.
Firstly Saylor was asked:
If Bitcoin is just code, then can’t people just copy it and make their own?
The short answer is yes you can just copy Bitcoin’s code.
But good luck getting users…
And another unique property of Bitcoin is it’s completely anonymous creator (who has now vanished).
Here’s what Saylor had to say:
“In theory you can create other crypto commodities. But it’s very hard and if they are serving as money, you will tend to have all the money collapse to one.”
Saylor used the example of when people used gold they didn’t use silver. (for currency)
Bitcoin is the king crypto commodity…
And it’s difficult to dethrone it.
“The other thing that’s really beautiful about it is this brilliant leap from commodity to scarcity. It’s the first time in human history that we created a commodity with a hard supply. Every money in history… were uncapped. Every commodity… uncapped, we can create more of them.”
Bitcoin is the first time we’ve ever seen a fixed supply commodity.
“Bitcoin is the one commodity that you can buy and you can hold where it is absolutely capped at 21 million.”
The supply is capped at 21 million and no one can change that fact.
If the price goes up by a factor of 100, the supply remains the same.
With other commodities, if the price increases, so to does the motivation to increase the supply. (Think about copper, if the price rises, miners will increase production)
“There is no other commodity where the supply is invariant to the demand or price. That makes it perfect money. It makes it the best store of value asset.”
Bitcoin is an extremely unique commodity.
We’ve never seen anything quite like it. 😎
ETHEREUM EXCHANGE BALANCE ⚖️
Today we’ll be taking a look at the amount of Ethereum available for sale on exchanges.
This metric is super simple but extremely useful.
As always, here’s how to interpret the chart:
Decreasing exchange balances: Bullish indicator as it signals a shift towards long-term holding 🐂
Increasing exchange balances: Bearish indicator as coins being transferred to exchanges are more likely to be sold 🐻
Currently there is only 12,762,891 ETH available for sale on exchanges.
That’s ~10.67% of the entire circulating supply. And it effectively puts this metric at an all time low.
(it’s been hitting new all-time lows every week forever)
In fact, as a percentage there’s even less Ethereum on exchanges than Bitcoin.
That’s insane, considering Bitcoin’s exchange balances are already exceptionally low.
Similar to Bitcoin, there just isn’t that much ETH available for sale.
It just goes to show how good Ethereum’s supply dynamics are right now.🐂
Things are looking real good for Ethereum.
CRACKING CRYPTO 🥜
FBI warns US citizens against using 'unregistered crypto money transmitting services'. The FBI warned US citizens against using unregistered crypto services on April 25.
Phoenix and Wasabi exit US market amid self-custody wallet crackdown. Phoenix Wallet and Wasabi Wallet will cease services for U.S.
Warren Rival for Senate Race John Deaton Argues for Coinbase in SEC Challenge. Lawyer-turned-politician John Deaton further reinforced his credentials as an outspoken crypto ally on Friday.
Bitcoin Breaks Daily Transaction Record Days After Halving. The new record comes three days after the Bitcoin Halving, coinciding with the launch of Runes.
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”)
How much Bitcoin does Tesla currently hold? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: C) 9,720 BTC 🥳
Tesla currently holds 9,720 BTC.
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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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