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- 🥜 Keep Calm
🥜 Keep Calm
PLUS: Sell-off continues...
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What we’ve cooked up for you today…
🏦 The crypto council
🧘♂️ Keep calm…
📉 The sell-off continues
💰 And more…
Prices as at 3:10am ET
THE CRYPTO COUNCIL 🏦
BREAKING: Trump appoints former college football player, GOP House nominee Bo Hines to head crypto council
Trump just announced the latest member of his “Crypto Council”.
In a Truth Social post, Trump announced Bo Hines as the Executive Director of the Presidential Council of Advisers for Digital Assets. (Now that’s a mouthful…)
Here’s what Trump had to say:
“Bo Hines will be the Executive Director of the Presidential Council of Advisers for Digital Assets (the "Crypto Council"), a new advisory group composed of luminaries from the Crypto industry, and chaired by our Crypto Czar, David Sacks.”
Continuing on, Trump explains that Bo will work under Crypto Czar David Sacks:
“Bo will work with David to foster innovation and growth in the digital assets space, while ensuring industry leaders have the resources they need to succeed. Together, they will create an environment where this industry can flourish, and remain a cornerstone of our Nation's technological advancement.”
Soon after Trump’s post, Bo Hines posted the following to Twitter:
Who actually is Bo Hines?
Well, there’s not that much info out there on him…
But here’s a quick overview:
Graduate of Yale University and Wake Forest University Law School
Republican House nominee in North Carolina’s 13th District in 2022 - lost the race to Democratic rival Wiley Nickel
Ran for the house again this year in the state’s 6th District - lost in the primaries placing fourth
Former college football player
Hines has also not made any public comments relating to Bitcoin or crypto.
So we’ll have to wait and see whether this is a good pick for the “Crypto Council”.
But the biggest news is that this “Crypto Council” even exists…
Never before have we had a government that actually wants the crypto industry to thrive.
Now that’s a BIG deal. 😎
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KEEP CALM… 🧘♂️
In the past week, Bitcoin has dropped over 12%, sliding from $108,000 to $95,000.
This has everyone freaking out.
But - there’s no need to panic. Bigger gains are still ahead.
That’s the latest message out from Raoul Pal.
Raoul Pal is a macroeconomic expert with one of the best track records in the space.
He not only invested in Bitcoin way back in 2013, but his calls throughout 2024 have been spot on.
Over the weekend, Raoul did an emergency livestream.
His main message? Everyone needs to calm down:
“I still see the panic that rolls around. I understand all of our wealth is in this trade - mine too. I'm no different to you guys, but you can't panic on every 5% pullback.”
Last week, Raoul ran a poll asking where people expect the Bitcoin cycle top will be.
The most popular answer? Between $150,000 and $200,000.
Raoul believes this is ridiculous. There’s much bigger gains to come:
“My mind is f*cking blown. I put a poll out and said, "What do you think is the peak of the cycle?" 65% of people think the cycle peaks at $150,000 Bitcoin. Maybe I’m wrong, but that sounds like PTSD to me.”
Raoul believes there’s just too many bullish catalysts in 2025 for the cycle to peak at $150,000:
“[$150,000] sounds crazy considering what’s happening in U.S. politics and regulation. It sounds crazy when all the liquidity still lies ahead. It would be ridiculous versus any other cycle.”
Raoul’s advice?
Don’t let the volatility shake you out of the greatest opportunity of all-time:
“I know it's important to everybody, and I know this is the biggest bet everybody's ever taken in their entire careers. And if it isn't, I don't know what's wrong with you, because this is the greatest opportunity of all time.”
We agree with Raoul. Much bigger gains lie ahead.
Michael Saylor puts it best:
“If you can't handle the volatility, you don't deserve the returns.”
THE SELL-OFF CONTINUES 📉
Time for a check-in on the Long/Short-Term Holder Threshold.
Here’s how this metric works:
🔴 Short-Term Holders (STHs): coins that have been held for less than 155 days
🔵 Long-Term Holders (LTHs): coins that have been held for more than 155 days
🟥 Short-Term Holder Cost Basis: all coins purchased in this price range are STHs
🟦 Long-Term Holder Cost Basis: all coins purchased in this price range are LTHs
This metric is extremely powerful as we can see exactly what price STHs and LTHs purchased Bitcoin at. 🔎
The LTH / STH threshold is currently at 21st July 2024, when Bitcoin was ~$68,000.
All coins purchased before this date are classified as LTHs.
All coins purchased after this date are classified as STHs.
Today, there are currently 13,243,535 Bitcoin in the hands of LTHs. (66.89% of the circulating supply) 💪
Whereas the amount of coins held by STHs is only 3,770,867. (19.04% of the circulating supply)
And with Bitcoin sitting at around $95,000, by definition, every single long-term holder is in profit.
Which is why we’ve seen a large amount of long-term holders begin selling their coins. (As you can see by the dip in the chart above)
Over the past 30 days, long-term holders have sold 472,566 Bitcoin.
That’s ~$44.97 billion at today’s prices!
But…
As we explained on Friday, the majority of this sell-off is still coming from the “youngest” long-term holders. (Coins held for between 6 and 12 months)
Our takeaway remains consistent:
Despite there appearing to be a large sell-off from long-term holders…
It’s more comparable to a high level of trading activity than a massive liquidation from true long-term holders.
A true top signal is categorised by substantial selling of long-dormant Bitcoin. (Coins held for multiple years)
We are still yet to see that.
CRACKING CRYPTO 🥜
Elon Musk's SpaceX uses stablecoins to hedge against foreign exchange risks. Chamath Palihapitiya believes stablecoin providers are emerging as competitors to banks and traditional payment facilitators.
Tether Takes $775M Stake in Video-Sharing Platform Rumble; RUM Shares Soar 41%. Rumble will use $250 million of the money to support operations and the remainder to fund a tender offer for up to 70 million shares of its common stock.
Bitcoin sees first major weekly price decline since Trump’s election win. Bitcoin is now down around 11% after reaching its all-time high price of $108,135 on Dec. 17.
US Bitcoin reserve could slash national debt 35% by 2049. VanEck has said a US Bitcoin reserve could majorly slash the national debt if the cryptocurrency grows to $42.3 million a coin by 2049.
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
Bitcoin Breakdown (link) - Twice weekly Bitcoin news
Techpresso (link) - Daily tech news and insights
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
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”)
What was Bitcoin's initial block reward? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: B) 50 Bitcoin 🥳
The reward for mining Bitcoin back then was 50 Bitcoin per block!
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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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