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PLUS: Gary Gensler just resigned?
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GM to all you crypto nuts. Crypto Nutshell #490 clockin’ in… ⌚🥜
We're the crypto newsletter that's more captivating than surviving a winter in a haunted hotel... 🏨❄️
What we’ve cooked up for you today…
🏦 Gensler just resigned?
🥳 $100,000 party is planned
📈 All the way up
💰 And more…
Prices as at 3:50am ET
GENSLER JUST RESIGNED? 🏦
BREAKING: SEC Chair Gensler urges crypto to comply with rules as time leading agency nears possible end
Back in July of this year, Trump promised he would “fire Gary Gensler” on day 1 of his administration. (Check the clip out here)
But maybe Trump won’t even have to fire Gensler…
Maybe Gensler just resigned…
Speaking at the Practicing Law Institute’s 56th Annual Institute on Securities Regulation, Gensler closed out his speech with what appears to be a farewell message:
“It’s been a great honor to serve with them, doing the people’s work, and ensuring that our capital markets remain the best in the world… I’ve been proud to serve with my colleagues at the SEC who, day in and day out, work to protect American families on the highways of finance.”
Gensler leaving his role of SEC Chair is super bullish for the crypto industry.
Under Gensler’s reign, the SEC slapped lawsuits against basically every major crypto firm.
But…
Gensler being Gensler…
Of course took the chance to double (triple? quadruple?) down on his anti-crypto stance.
Ensuring that he’s only trying to protect consumers:
“Our focus, rather, has been on some of the 10,000 or so other digital assets, many of which courts have ruled were offered or sold as securities…. This is a field in which over the years there has been significant investor harm. Further, aside from speculative investing and possible use for illicit activities, the vast majority of crypto assets have yet to prove out sustainable use cases.”
Gensler even took a victory lap for finally approving the Bitcoin and Ethereum ETFs:
“The Commission approved ETPs for physical bitcoin and ether earlier this year. Subsequently, in contrast with non-compliant crypto asset markets, investors in these products have gotten the benefits of disclosure, oversight, lower fees, and greater competition.”
However…
He left out the Grayscale lawsuit part, which was the main reason that the ETFs were approved in the first place. 🤔
Keep in mind, there’s been no official resignation from Gary Gensler yet. 😥
Right now, it’s just pure speculation based on his recent speech.
Regardless, Trump wants him out and it’s looking like that’s going to happen.
Possibly sooner than we think…
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$100,000 PARTY IS PLANNED 🥳
At its current price, Bitcoin is just 14% away from the monumental $100,000 milestone.
And in his latest interview, Michael Saylor revealed what date he’s planning the $100,000 Bitcoin party… 🍾
Earlier this week, Saylor teased that he was planning the Bitcoin $100,000 party:
Then, in an interview with CNBC today, Saylor revealed which date he thinks Bitcoin will cross 6-figures.
The host asked Saylor a pretty bizarre question:
“What do you think is the biggest threat to Bitcoin's price staying above $60K? What potentially causes another dive below $30K?”
Here’s how Saylor responded:
“I don’t think it’s going to $60K, and it’s not going to $30K. I think it’s going to go up from here.”
Saylor then dropped his date for the $100,000 party:
“I’m planning the $100K party, and I’m thinking it’s probably going to be on New Year’s Eve at my house. So, I’d be surprised if we don’t break $100K in November or December.”
Mark your calendars. 📅
$100,000 Bitcoin party at Saylor’s house on New Year’s Eve. 👀
ALL THE WAY UP 📈
Today we’ll be taking a look at the amount of wallets that hold at least some Bitcoin. (anything greater than 0)
This metric provides a high level overview of the Bitcoin network’s user base/activity.
But there’s a slight catch…
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 52,641,901 addresses holding at least a little Bitcoin.
Year-to-date, this metric has increased by 920,763 wallets.
An increase of almost 1 million wallets is HUGE. (and the years not even over yet)
When looking at this chart, the overall trend is the most important thing.
And whilst growth has somewhat stalled for the past two months, the trend is no doubt up and to the right.
Takeaway:
Every single year, Bitcoin adoption levels are rising.
CRACKING CRYPTO 🥜
Satoshi Bitcoin wallets now worth over $100 billion making Top 20 richest people. Bitcoin founder's mysterious wealth overshadows traditional billionaires.
U.S. ETF Inflows Hit $4.7B Over 6 Days as Bitcoin Becomes 7th-Largest Asset in the World. Bitcoin dominance continues its uptrend and hits new highs as ETF inflows soar.
NFT brand Doodles partners with McDonald's for holiday-themed physical and digital collectibles. Doodles artwork will appear on 100 million McCafe Holiday Cups across United States-based restaurants starting on Nov. 18.
SEC chair doubles down on crypto stance under threat of Trump ousting. Gary Gensler did not say he would leave the SEC before Donald Trump took office but pointed to the commission’s record on crypto enforcement and approving ETFs.
WHAT WE’RE READING 📚
Want to get even smarter? Check these out.
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Raremints (link) - Daily crypto news
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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
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”)
How much Bitcoin does Tesla currently hold? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: C) 9,720 BTC 🥳
Tesla currently holds 9,720 BTC.
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