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We’re the crypto newsletter that’s more thrilling than a group of teens uncovering secrets in their seemingly perfect town... 🏡🔍
What we’ve cooked up for you today…
🤔 Trump is big crypto
📈 It’s all about adoption
🌊 Ethereum HODL waves
💰 And more…
MARKET WATCH ⚖️
Prices as at 7:05am ET
Only the top 20 coins measured by market cap feature in this section
TRUMP IS BIG ON CRYPTO 🏦
BREAKING: Trump promises to release Silk Road founder Ross Ulbricht if re-elected
During a speech at the Libertarian National Convention, Trump has once again massively endorsed crypto.
On top of this, he also pledged to commute Silk Road founder Ross Ulbricht’s life sentence to time served.
"If you vote for me, on day one I will commute the sentence of Ross Ulbircht… He's already served 11 years, we're going to get him home.”
Many of the people in the crowd were holding “Free Ross” signs, so as you can imagine this statement from Trump was met with a huge round of applause.
In 2015, Ulbricht was sentenced to two consecutive life sentences plus 40 years - basically life in prison without the possibility of parole.
Ulbricht received this sentence for the creation of Silk Road - an anonymous marketplace to buy and sell goods with Bitcoin as payment.
Silk Road operated from 2011 to 2013 and is considered Bitcoin’s first real world use case.
The story of Silk Road goes MUCH deeper than that. If you’re interested in learning more, checkout this vid.
Just hours before Trump made this statement, he posted the following to Truth Social:
Then speaking at the convention, Trump followed it up with this:
“I will ensure that the future of crypto and the future of bitcoin will be made in the USA, not driven overseas. I will support the right to self custody. To the nation’s fifty million crypto holders, I say this: I will keep Elizabeth Warren and her goons away from your bitcoin, and I will never allow the creation of a central bank digital currency.”
Bitcoin and crypto is well and truly front and centre of this US presidential election.
Were all the critics wrong?
It sounds like the government isn’t attempting to ban crypto, but rather they’re embracing it…
Love him or hate him, this is MASSIVE for crypto.
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IT’S ALL ABOUT ADOPTION 📈
This technology is being adopted at twice the speed of the internet.
We’ve never seen anything like this before.
That’s message being stressed by Raoul Pal.
In his latest interview, Raoul broke down the adoption trend of crypto.
The chart below tracks the amount of 🔵 crypto wallets vs ⚪️ internet IP addresses.
1 billion crypto users by 2025
Before you say anything…
We know these aren’t exactly perfect measures of adoption levels.
One user can have multiple crypto wallets, but one user can also have multiple IP addresses.
So the important thing to look at here is the trend.
Here’s what Raoul has to say:
“It’s growing at twice the speed of the internet. This is the fastest adoption of any asset class or technology the world has ever seen… “
If you extrapolate out this chart you get to 1 billion crypto users by the end 2025.
Extrapolating it out even further and you get to 4 billion crypto users by 2030.
That’s half of the worlds population…
4 billion crypto users by 2030
As this adoption trend plays out, here’s what Raoul thinks will happen:
“What happens is the space goes from $2.5 trillion, where it is today, to lets say at the end of this cycle $10 trillion… And then onto $100 trillion which is the size of most of the other asset classes like equity.”
This move from $2.5 trillion to $100 trillion is a once in a lifetime opportunity.
According to Raoul, nobody has ever seen anything quite like this:
“That also happens to be the fastest largest accumulation of wealth the world has ever seen. Nobody has ever seen anything like this before.”
The easiest thing to do right now is to just sit tight and relax.
Don’t overcomplicate this.
ETHEREUM HODL WAVES 🌊
With all of the Ethereum talk lately…
Why don’t we check in on ETH’s supply dynamics.
To do that we’ll be taking a look at the classic HODL Waves metric.
Each coloured band shows the percentage of ETH that last moved within that time period.
As the colours get cooler, the age bands get older (blue being the oldest, representing coins having last moved 7 - 10 years ago).
This metric can also be used for short-term holders, but we’ll just be focusing on long-term holders today.
Here’s the breakdown:
6m - 12m: 14.30%
1y - 2y: 15.20%
2y - 3y: 16.89%
3y - 5y: 14.77%
5y - 7y: 10.78%
7y - 10y: 8.54%
That means that ~80.48% of the Ethereum supply has NOT moved for over 6+ months.
That’s an insane amount of the supply not moving. (even more than Bitcoin’s, percentage wise)
That only leaves 19.52% of the supply in the hands of short-term holders.
However, it does make sense that Ethereum has a larger percentage of its supply laying dormant.
Remember, ETH HODLers are incentivised to lock up their holdings for staking.
An advantage that ETH has over BTC.
With the recent approval of the Ethereum ETFs, these supply dynamics are ridiculously good.
You know what we’re about to say…
It’s just simple economics:
Increasing demand + decreasing supply = rocket fuel 🚀
CRACKING CRYPTO 🥜
Coinbase claims SEC is trying to ‘side-step' Howey test in latest appeal attempt. Coinbase believes the SEC is trying to "side-step" the Howey test and wants the court to approve an appellate review.
Bitcoin analyst sees 'several more weeks' before BTC price breaks $70K. Bitcoin faces stiff resistance and may need "several weeks" before a BTC price breakout, says new analysis.
Bitcoin Whales Are Back to Buying Up BTC, Analysis Shows. Accelerating whale accumulation is a sign that the Bitcoin bull market is still on, according to CryptoQuant.
FTX completes sale of $2.6b worth of Solana tokens. In a final move concluding weeks of auctions, bankrupt crypto exchange FTX has completed the sale of $2.6 billion worth of deeply discounted Solana tokens.
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”)
What is the maximum number of Bitcoin that can ever be created? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: C) 21 million 🥳
Bitcoin has a supply cap of 21 million.
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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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