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PLUS: Beauty Of Bitcoin
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What we’ve cooked up for you today…
🏦 U.S budget on the blockchain?
😍 The beauty of Bitcoin
🚨 The FOMO indicator
💰 And more…
MARKET WATCH ⚖️
Prices as at 8:15am ET
Only the top 20 coins measured by market cap feature in this section
U.S BUDGET ON THE BLOCKCHAIN? 🤨
BREAKING: RFK Jr. wants to put the entire US budget on a blockchain
US presidential candidate Robert F. Kennedy Jr. wants to put the entire US budget on a blockchain. 🤨
(no mention of which specific blockchain they would use)
That’s an interesting idea to say the least…
RFK proposed the idea during a Michigan rally on April 21.
“I’m gonna put the entire US budget on blockchain. Every American can look at every budget item in the entire budget, anytime they want, 24 hours a day.”
Continuing on Kennedy explained:
“We’re going to have 300 million eyeballs on our budget, and if somebody is spending $16,000 for a toilet seat, everybody’s gonna know about it.”
This level of transparency and accountability would be unprecedented for any government.
This would allow taxpayers to see exactly where their tax dollars are being spent.
But this isn’t the first pro-crypto move Kennedy has made.
In the past, he’s also promised (if elected) to:
Back the US dollar with Bitcoin
Will not allow the creation of a Central Bank Digital Currency (CBDC)
Putting the entire budget on a blockchain is definitely an interesting idea.
What are your thoughts on this? 🤷♀️
Let us know in the “how did we do” poll at the bottom of this newsletter. 👇
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THE BEAUTY OF BITCOIN 😍
Bitcoin is the first truly decentralised asset.
No one can shut this down.
That’s the latest message out from James Lavish.
James Lavish is the managing partner at the Bitcoin Opportunity Fund. He also has decades of experience in the hedge fund industry.
In his latest interview, Lavish explained that Bitcoin is on its way to being recognised as a risk-off asset in the eyes of the general public.
However, Lavish notes that anyone who understands Bitcoin, KNOWS it’s already risk-off asset.
“It’s digital gold. It is a much, much more elegant solution to hard money.”
But the general public isn’t there yet…
Hands up if you’ve ever heard anyone ask any of these questions:
What happens if Satoshi shows up and sells 1 million coins?
What happens if Satoshi just decides to change the code?
What happens if the government shuts it down?
These are the kinds of questions that people are still asking about Bitcoin.
(Even JP Morgan CEO, Jamie Dimon has asked something along these lines…)
“What they don’t realise. What’s so difficult for people to get their head around. This is truly decentralised. It doesn’t have anyone in charge of it. The Bitcoin ecosystem stretches across the entire world.”
That’s the beauty of Bitcoin.
There’s no central figure that can alter the code or shut it down.
It’s truly the first global decentralised asset.
But…
As Lavish explains, this education gap will take some time:
“It’s going to take time for people to understand that, especially in the institutional space. Once they do, then it’ll move from being a risk-on asset to becoming a risk-off asset.”
Bitcoin’s close.
But it’s just not there yet.
However, awareness is increasing every single day.
THE FOMO INDICATOR 🚨
We get asked all the time:
Isn’t it too late to get started in crypto?
And that couldn’t be further from the truth…
Today, we’ll show why we’re still early.
To do that we’ll be taking a look at the classic Bitcoin HODL Waves.
Each coloured band shows the percentage of Bitcoin that last moved within that time period.
As the colours get cooler, the age bands get older (yellow being the oldest, representing coins last moved within the last 3 - 6 months).
We’ll just be focusing on short-term holders today.
Here’s the breakdown:
24hr: 0.40%
1d - 1w: 2.13%
1w - 1m: 6.43%
1m - 3m: 10.81%
3m - 6m: 6.17%
That’s ~25.94% of the Bitcoin supply that has not moved within the last 6 months.
Which leaves ~74.06% of the Bitcoin supply having not moved in 6+ months. 🤯
That’s wild.
We like to think about this metric as a FOMO (fear of missing out) indicator.
As the price of Bitcoin increases, the amount of short-term holders also increases.
This is due to long-term holders deciding to take profits by selling their coins to short-term holders. 🤑
(You can see in the chart above, it begins to spike as Bitcoin reaches new highs)
With such a limited amount of Bitcoin available for sale right now.
We’re still early…
Hold on to your hats. 🤠
CRACKING CRYPTO 🥜
FTX empties FTT treasury wallet, transferring assets worth over $250 million. Bankrupt FTX transferred $256 million in digital assets including FTT as its bankruptcy proceedings continue.
Bitcoin Miners Reap Windfall as 'Runes' Debut Sends Transaction Fees to Record High. The Bitcoin "halving" was supposed to dramatically chop revenue of bitcoin mining companies.
Don’t let bitcoin be defined by its price. Considering price as Bitcoin’s best measure of value is just as nonsensical as valuing fiat according to the current exchange rate.
Wealth management firms to boost Bitcoin ETF holdings. BlackRock's IBIT nears Grayscale, while GBTC faces significant outflows.
WHAT WE’RE READING 📚
Want to get even smarter? Check these out.
p.s. all completely FREE
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”)
Instead of storing money, Bitcoin wallets store something called “ _____”. |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: A) Keys 🥳
Bitcoin wallets store “keys”, that’s where the term “not you keys, not your coins” comes from.
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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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