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PLUS: RFK Jr. Bitcoin 2024 promises
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What we’ve cooked up for you today…
🚀 Bitcoin executive orders
🌊 Bitcoin is the answer
🤔 Is adoption going down?
💰 And more…
MARKET WATCH ⚖️
Prices as at 3:20am ET
Only the top 20 coins measured by market cap feature in this section
BITCOIN EXECUTIVE ORDERS 🏦
BREAKING: RFK Jr. promises BTC strategic reserve, dollar backed by hard assets
This is a big one…
Right now, Bitcoin 2024 is happening in Nashville.
It has speakers such as Michael Saylor, Donald Trump and Edward Snowden.
Yesterday, U.S. presidential candidate Robert F. Kennedy Jr. spoke.
And he just made some extremely bullish promises about Bitcoin.
Here’s what he said he will do, if elected:
The United States to purchase Bitcoin daily
“I will sign an executive order directing the US Treasury to purchase 550 Bitcoin daily until the US has built a reserve of at least 4 million Bitcoin.”
Bitcoin as a strategic reserve asset
“I [will] sign an executive order … directing the DOJ and the US Marshals to transfer the approx. 200K Bitcoin held by the US government to the US Treasury, where it will be held as a strategic asset.”
Non-taxable Bitcoin transactions
“I will sign also an executive order directing the IRS to issue public guidelines that all transactions between Bitcoin and the US Dollar are unreportable transactions. And, by extension, non-taxable.”
Bitcoin eligible for 1031 exchange into real property
“I will also sign an executive order directing the IRS to treat Bitcoin as an eligible asset for 1031 exchange into real property.”
Those are some seriously BULLISH claims coming out of RFK Jr.
And all would be huge for Bitcoin.
Unfortunately for Bitcoiners…
Polymarket has RFK at a less than 1% chance of winning the presidential election.
But guess what?
Donald Trump is also set to take the stage at Bitcoin 2024 later today.
That could be a big one…
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BITCOIN IS THE ANSWER 🌊
Bitcoin could reach $325,000 by 2030.
And then $2.9 million by 2050.
That’s the latest out from VanEck’s head of digital asset research, Matthew Sigel.
Appearing on CNBC, Sigel explained how Bitcoin could reach $2.9m per coin by 2050.
Kicking the interview off, Matthew set the scene:
“As we look at the world right now, we see enormous economic imbalances, rising distrust in existing institutions and continued deglobalization.”
Continuing on, Sigel explains:
“We think many of these distortions stem from ... a massive misallocation of capital since the global financial crisis as G7 governments have abused the printing press, spending borrowed money on impossible goals.”
Putting things into context…
In a recent research report, Sigel estimates that G7 governments are spending 30% of tax revenue on interest payments.
That is insane and it’s only going to get worse.
In Sigel’s opinion, Bitcoin is the solution to this problem.
“It’s our take that Bitcoin as the first global, decentralised, immutable, censorship resistant, fixed supply digital asset which is tied to energy production is the ultimate hedge against this rising fiscal recklessness.”
Now onto how Bitcoin gets to $2.9 million…
“Our medium term price target for Bitcoin is $325,000 by 2030. That’s a 32% compound annual growth rate.”
In order to get to $2.9 million by 2050, that’s only a 16% compound annual growth rate.
$2.9 million doesn’t seem that crazy when you put it like that, does it?
Sigel also outlined a couple of things that need to happen (by 2050) for Bitcoin to reach this mark:
10% of international trade is denominated in Bitcoin
5% of domestic trade is denominated in Bitcoin
Central banks undertake a ~2% position into Bitcoin - currently central banks have a 22% weight in gold
These also don’t seem that farfetched…
Also it’s worth pointing out that this is only VanEck’s base case.
Their bull case would have Bitcoin reaching $52 million per coin by 2050.
Imagine that…
IS ADOPTION GOING DOWN? 🤔
Time for a check-in on Bitcoin’s adoption levels.
To do that we’ll we’ll be taking a look at the number of addresses with a non-zero balance.
It provides a high level overview of the Bitcoin network’s user base/activity.
Keep in mind though, one wallet does not equal one user. A user can have many wallets.
What matters here is the trend of the chart.
Increasing number of addresses: increasing adoption levels 📈
Decreasing number of addresses: indicates users are selling their entire balance or consolidating wallets 📉
As of today there are 52,157,179 addresses with a positive balance.
Two weeks ago this metric was at 52,508,218 wallets.
That’s a decrease of -351,039 wallets. 😱
Which sounds like a LOT at first glance.
And to be fair it is a lot.
But…
Over the past year, this metric has increased by +4,410,539 wallets.
Which is MASSIVE. 💪
This is what we mean when we say you need to look at the overall trend of this chart.
Although it sucks to see this metric decrease in the short-term, if we zoom out a little it’s basically always been going up. 📈
That’s a clear sign that Bitcoin adoption levels have been increasing every single year.
Bullish. 🐂
CRACKING CRYPTO 🥜
ETF issuer Jan VanEck has 'way over 30% of his portfolio in Bitcoin'. VanEck CEO Jan van Eck sees Bitcoin as digital gold, predicting it could reach $2.9 million by 2050.
SEC approves Grayscale Bitcoin Mini Trust for Trading on NYSE Arca. The SEC has approved Grayscale's Bitcoin Mini Trust for trading on NYSE Arca, marking a significant milestone for Grayscale's ETF offerings.
Elon Musk’s X Quietly Removes Bitcoin, MAGA Emojis From Hashtags. Logos for several tokens started to first appear on X, previously Twitter, in 2020, as a step to improve brand adoption and recall on the internet.
How a Kamala Harris presidency might impact bitcoin and the wider crypto sector. The crypto industry is closely watching to see how a potential Kamala Harris presidency might impact bitcoin and the wider crypto sector.
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 of the following coins/tokens was released first? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: C) XRP 🥳
The XRP Ledger first launched in June 2012
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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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