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🥜 Massive Win For Bitcoin...
PLUS: Bitcoin Price Equation
GM to all 20,480 of you. Crypto Nutshell #150 crawlin’ by. 🐛 🥜
We’re the crypto newsletter that's more adventurous than setting out on a quest with a band of dwarves to reclaim a mountain... ⛰️🧝
🇦🇷 Massive Bitcoin win in Argentina
♾️ Why Bitcoin is going up forever
⛏️ New all-time high - Bitcoin’s hash rate
💰 And more…
MARKET WATCH ⚖️
Prices as at 6:15am ET
Only the top 20 coins measured by market cap feature in this section
MASSIVE BITCOIN WIN IN ARGENTINA 🇦🇷
Breaking: Argentina’s Bitcoin friendly presidential candidate Javier Milei wins election
Pro Bitcoin candidate, Javiar Milei, has officially won Argentina’s presidential election. Milei will take office on December 10.
This is a huge win for Bitcoin.
Why?
It all comes down to their currency. The Argentine Peso.
In case you’re unaware, Argentina’s economy has been seriously struggling. The last 12 months has seen the Argentine Peso record over 140% in annual inflation.
Argentina’s economy is in desperate need of a change.
Milei has been extremely vocal about his criticism towards the country’s central bank:
"The central bank is a scam, a mechanism by which politicians cheat the good people with inflationary tax.”
Although, Milei has praised Bitcoin in the past. At this moment there are no plans to make Bitcoin legal tender in Argentina.
"It represents the return of money to its original creator, the private sector.. it prevents politicians from robbing you through inflation."
Off the back of this news, Bitcoin’s price instantly rose ~3% back above $37,000. Perhaps in anticipation for what crypto friendly policies Milei will introduce?
Just to show how anti central bank Milei is, here’s a clip of him beating a central bank piñata with a stick 🤣
All eyes will be now on Argentina.
Is Bitcoin the answer to their hyperinflation problem?
All we know is that Javier Milei being elected brings them one step closer to adopting Bitcoin as legal tender…
No matter what happens, it will definitely be interesting to see how a country begins to tackle hyperinflation.
For the full article click here.
TOGETHER WITH DIGITAL ASSET INVESTOR 💎
One reason we love crypto? The returns. 😍
In a bull market? No other asset can compete. It’s not uncommon to see 5x, 10x or even 100x plus returns.
With the Bitcoin Halving coming up, the next crypto bull-run is just around the corner.
That’s why we read Digital Asset Investor.
They share the best kept secrets on the latest DeFi & small-cap crypto trends. 🤫
Once a week, they’ll send you a curated breakdown of the best hidden crypto gems. 💎
The best part?
Just like us, they’re completely free.
Slam that big subscribe button and it’ll automatically add you to their list.
If you’re not a fan, you can always unsub. Nothin’ to lose. 🎉
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WHY BITCOIN IS GOING UP FORVER ♾️
What’s the equation for Bitcoin’s price?
Jack Mallers believes he has the answer:
Technology + Fiat Liquidity = Bitcoin’s Price
On one hand, Bitcoin’s price increases because it’s innovative tech and a superior form of money. 🌟
At the same time, Bitcoin’s price also increases as a function of the amount of fiat money printed. 💵
“This things going to hundreds of thousands of dollars per coin… It’s going to go up because it’s innovative tech & it’s better money. But what really shoots it up at a neck breaking pace is when our government is tens of trillions of dollars in debt.”
That’s why Bitcoin is going up forever.
The fiscal situation in the U.S is beyond the point of no return.
U.S debt is now over $33.7 trillion dollars. 😱
On a chart, you can see that from the 1970’s, it’s gone exponential.
What’s more? It’s only going to get far, far worse.
There is only one way the government can service the interest repayments on this debt:
Print more money. 🖨️
“When they print the money they’re missing, they’re stealing from all the people who hold U.S Dollars. The only way to save yourself is to own ‘not’ dollars.”
Opt out of a broken system. Buy Bitcoin. 😎
NEW ALL-TIME HIGH ⛏️
Bitcoin’s Hash Rate continues to break all-time highs.
Bitcoin’s hash rate is the arguably it’s most critical metric. It measures the total computational power of the Bitcoin network.
A higher hash rate means that the Bitcoin network is more secure. And there’s two ways it can increase:
New miners joining the network
Existing miners upgrading to more efficient machines
Bitcoin mining is a relatively complex subject. For a brief breakdown of what the hash rate is checkout this short video.
Today the hash rate is at 463 Eh/s and is showing no signs of slowing down. 🚂
The crazy thing though is that during Bitcoin’s last halving (May 2020), the hash rate was only 119 Eh/s.
So going into the next halving, Bitcoin’s hash rate has increased by 4x.
The main reason for Bitcoin’s hash rate increasing is due to large scale mining facilities improving efficiency.
Marathon Digital’s recent quarterly report outlines that they expect their hash rate to increase by more than 30% in 2024.
Bottom line: An increasing hash rate is super bullish for Bitcoin. Miners are expanding their facilities and improving efficiency.
A clear sign of the confidence they have in Bitcoin’s future.
The Bitcoin network continues to get stronger & more secure every day. 💪
CRACKING CRYPTO 🥜
WHAT WE’RE READING ✍️
Want to get even smarter? Check these out.
p.s. all completely FREE
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CAN YOU CRACK THIS NUT? ✍️
When is the next Bitcoin “halving” expected?
A) March 2024
B) May 2024
C) January 2024
D) April 2024
Find out the answer at the bottom of “Meme Corner” below 😀
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: D) April 2024 🥳
The next Bitcoin halving is estimated to occur on April 19, 2024
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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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