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PLUS: Kamala on Crypto
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GM to all you crypto nuts. Crypto Nutshell #445 slitherin’ in… 🐍 🥜
We're the crypto newsletter that's more thrilling than escaping a haunted hotel in the middle of winter... 🏨❄️
What we’ve cooked up for you today…
🏦 Harris on crypto
🐮 The massive bull case for Bitcoin
📈 Stablecoin breakthrough
💰 And more…
MARKET WATCH ⚖️
Prices as at 3:30am ET
Only the top 20 coins measured by market cap feature in this section
HARRIS ON CRYPTO 🏦
BREAKING: Kamala Harris says US should become 'dominant' in blockchain, reiterates 'digital assets' in economic plan
Here it is…
Kamala Harris has finally mentioned crypto. (it’s not much but at least it’s something)
Speaking at The Economic Club of Pittsburgh, Harris stated that she is focused on industries that will define the next century.
Here’s what Harris had to say:
“We will invest in biomanufacturing and aerospace, remain dominant in AI and quantum computing, blockchain and other emerging technologies, [and] expand our lead in clean energy innovation and manufacturing.”
But…
The quote above is only the first time that Harris has mentioned blockchain PUBLICLY.
Earlier in the week it was reported that Harris said the following during a private fund raiser event:
"We will encourage innovative technologies like AI and digital assets while protecting consumers and investors. We will create a safe business environment with consistent and transparent rules of the road."
AND…
Digital assets are now mentioned in her 80-page economic plan.
In a section titled “What Vice President Harris and Governor Walz Will Do”, this is what it says:
“Their strategy includes both investing in emerging technologies and modernizing traditional industries. It will also encourage innovative technologies like AI and digital assets while protecting our consumers and investors.”
Although no specific details have been given on how a Harris administration would treat crypto…
It’s great to finally see it being mentioned.
In the next section we’ll break down how one analyst sees the US election outcome impacting the price of Bitcoin.
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MASSIVE BULL CASE FOR BITCOIN 🐮
By the end of 2025, Bitcoin will be $180,000, or it will soar beyond $300,000.
The outcome hinges on 1 crucial deciding factor.
That’s the latest out from mathematician, Fred Krueger.
In his latest update to investors, Krueger broke down the massive bull case for Bitcoin.
Krueger envisions 2 outcomes for Bitcoin, with it all coming down to who will win the U.S Election in November.
Fred believes the less likely scenario is a Kamala Harris win. He gives it 45% odds:
“If Kamala wins (45%), I still think we get rates at 2.80% by year end (2025), relief from the election uncertainty and [Bitcoin] 180K by Dec 2025. So 3x.”
The more likely scenario Fred sees is a Trump victory. He gives it 55% odds:
“If Trump wins (which I personally put at 55% probability), I think there will be a Bitcoin reserve, a repeal of chokepoint 2.0, and very quickly rates at 2%. The combination of these things should push BTC to 300K+ by end of next year. So 5x.”
Either way, Fred is predicting a 3x - 5x over the next 12 months:
“Either way, the next 12 months should be pretty awesome.”
Right now, Fred has a contrarian take compared to prediction markets.
Polymarket currently has odds for a Kamala win at 50% and a Trump win at 49%.
But because Crypto Nutshell readers are a cut above the rest, we want to hear from you. 🫵
Who do you think is most likely to win the U.S election? 🇺🇸 |
We will reveal results in tomorrows newsletter!
STABLECOIN BREAKTHROUGH 📈
Today we’ll be taking a look at the stablecoin supply.
Stablecoin’s play an important role in the crypto market.
They are often used on centralized and decentralized exchanges to purchase other digital assets. And allow the instant transfer of money between borders.
By taking a look at the stablecoin market, we can gauge the demand for digital assets.
The chart below tracks the aggregate change in the total stablecoin market cap.
🟢 Increased stablecoin supply: increased demand and capital inflows into the digital asset space 🐂
🔴 Contractions in stablecoin supply: net capital outflows from digital assets 🐻
The last time we checked in on this metric, the stablecoin market cap was ~$159.21 billion. (11th of September)
Today the aggregate stablecoin market cap is ~$161.19 billion. 📈
That’s an increase of $1.98 billion over the last two weeks.
That’s HUGE.
And…
This massive increase puts the stablecoin market cap just $1.76 billion away from surpassing it’s all-time high. ($162.95 billion)
Who knows, maybe the next time we check in on this metric (two weeks) there will be a new all-time high?
Cheap capital is set to flood the market. 🌊
CRACKING CRYPTO 🥜
SEC delays decision on options trading for BlackRock and Bitwise spot Ethereum ETFs. Despite approving options trading for IBIT on Sept. 20, the regulator claimed it needs more time to consider the decision on Ethereum ETFs.
Financial institutions are experimenting with Bitcoin-backed lending. Institutions increasingly explore Bitcoin-backed lending amid rising crypto adoption and lower fiat interest rates, with Ledn reporting $1.16B in H1 loans.
Retail Accumulation and Exchange Outflows Drive Market Optimism for Bitcoin. Smaller bitcoin investors and reduced liquidity signal potential for continued price growth.
PayPal to allow US business accounts to buy and transfer crypto. The digital payments firm said it will enable U.S. merchants to buy, sell and hold supported cryptocurrency.
WHAT WE’RE READING 📚
Want to get even smarter? Check these out.
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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”)
Which cryptocurrency introduced the concept of smart contracts? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: C) Ethereum 🥳
Smart contracts were introduced by Ethereum and are a fundamental building block for decentralized finance (DeFi) and non-fungible token (NFT) applications.
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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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