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🥜 The case for $1 million Bitcoin
PLUS: Bitcoin Adoption Decreasing
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GM to all you crypto nuts. Crypto Nutshell #371 bein’ the goat.. 🐐🥜
We’re the crypto newsletter that’s more gripping than a relentless survival race through a deadly jungle... 🌴⚔️
What we’ve cooked up for you today…
🏦 SEC at it again
📈 Bitcoin is inevitable
🤨 Is Bitcoin adoption increasing?
💰 And more…
MARKET WATCH ⚖️
Prices as at 6:50am ET
Only the top 20 coins measured by market cap feature in this section
SEC AT IT AGAIN 🏦
BREAKING: SEC Sues Consensys Over MetaMask Staking, Broker Allegations
Well well well, look who comes crawling back… 👀
The SEC has sued Consensys (MetaMask wallet) for operating as an unregistered broker.
Anyone getting deja vu with this one? 🤔
The SEC claims that Consensys has collected more than $250 million in fees by brokering crypto asset transactions without proper registration:
“Since January 2023, Consensys has engaged in the unregistered offer and sale of securities in the form of crypto asset staking programs, and acted as an unregistered broker, through its MetaMask Staking service. By its conduct as an unregistered broker, Consensys has collected over $250 million in fees.”
Consensys put out the following statement:
With this lawsuit, the SEC is also going after staking services.
They claim that investors who are using staking programs are investing in a common enterprise with a reasonable expectation of profit. (their definition of what constitutes a security)
“The Lido and Rocket Pool staking programs are each offered and sold as investment contracts and, therefore, securities. Specifically, as described in more detail below, investors make an investment of ETH in a common enterprise with a reasonable expectation of profits from the managerial efforts of Lido and Rocket Pool, respectively.”
In it’s filing the SEC also noted that the following crypto assets are securities:
Polygon (MATIC)
Mana (MANA)
Chiliz (CHZ)
Sandbox (SAND)
Luna (LUNA)
The SEC just won’t let it go…
They’ve already lost numerous times in court with these claims.
And Consensys is confident that they’ll win this lawsuit.
Stay tuned, we’ll keep you updated on any developments.
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BITCOIN IS INEVITABLE 📈
Bitcoin could hit $1,000,000 this cycle.
That’s the latest outlook from Jack Mallers.
Jack Mallers is the CEO of Strike, a Bitcoin investment and payments company.
In his latest interview, Jack explained why Wall Street’s sudden interest in Bitcoin is a huge deal.
“It’s a huge deal and kind of validates everything we’ve been saying. This level of government spending isn’t sustainable. These guys aren’t gonna try and protect the purchasing power of the currency. They’re going to have to print their way out. Hard assets are going to be the winner.”
With US debt currently at $34.86 trillion and interest payments skyrocketing, there is no choice but to print more money.
In the end, hard assets will win.
And what’s the hardest asset of all?
Bitcoin. 🏆
But a common criticism against Wall Street entering the Bitcoin space is the fear of centralisation.
What happens if Wall Street ends up owning a significant amount of the supply?
Well not much actually…
In fact, collectively the ETFs already hold 864,835 Bitcoin which is 4.12% of the maximum supply.
Mallers explains that it doesn’t matter how many coins they hold:
“The point of proof of work and the way Satoshi designed it, is they have no influence on the system. It doesn’t matter how many coins they have. There’s never been an outside single party threat to Bitcoin.”
It doesn’t matter if you hold 1,000,000 BTC or 0.1 BTC, holding more coins doesn’t give you any extra control over the network.
That’s the beauty of Bitcoin.
Closing out the interview, Mallers also gave a price prediction for Bitcoin this cycle:
“I think we could hit $1,000,000 per Bitcoin. I feel super confident in $250,000 at least in this cycle. I do think the high will land somewhere in that range.”
That’s quite the range...
But Mallers explains that it’s hard trying to price the hardest money ever using pieces of paper that they are rapidly debasing.
Bitcoin is inevitable.
IS BITCOIN ADOPTION INCREASING? 🤨
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 52,736,397 addresses with a positive balance.
Two weeks ago this metric was at 53,108,054 wallets.
That’s a decrease of -371,657 wallets. 😱
Which sounds like a significant decrease at first glance (and it is to be fair…)
But…
Year-to-date, this metric has increased by +1,015,259 wallets.
The important thing to look at here is the trend of the chart.
And it’s basically always been trending upwards, with some dips along the way of course (like we’ve seen recently).
That’s a clear sign that Bitcoin adoption levels have been increasing every single year.
Bullish. 🐂
CRACKING CRYPTO 🥜
Wall Street blends digital gold Bitcoin with physical gold in new ETF filings. Discover the innovative world of Bitcoin Gold ETFs. Explore how these ETFs provide indirect exposure to Bitcoin and Gold for investors.
Hamster Kombat destined for Guinness World Record? Hamster Kombat, a viral Telegram game, has surpassed 200 million users, becoming the third-fastest app in history to reach 150 million users.
Solana ETF Applications Look Like Bets on Trump Retaking White House, Making U.S. Friendlier to Crypto. VanEck and 21Shares' applications seem doomed under the Biden administration.
Crypto Markets Drop Despite Cooling U.S. Inflation. Analysts predict spot Ethereum ETFs could launch next week.
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”)
When did infamous ponzi scheme "BitConnect" shut down? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: D) January 2018 🥳
On January 17, 2018, Bitconnect shut down, and BCC prices crashed by 92% immediately after.
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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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