Today’s edition is brought to you by Polymarket
GM to all you crypto nuts. Crypto Nutshell #473 shootin’ straight… 🎯🥜
We're the crypto newsletter that's more intense than surviving a virus outbreak in an isolated lab... 🧪🦠
What we’ve cooked up for you today…
🏦 Here they come?
🦇 The hero we needed
📉 These are seriously low
💰 And more…
Prices as at 5:55am ET
HERE THEY COME? 🏦
BREAKING: Microsoft shareholders to vote on Bitcoin investment proposal amid board opposition
Are companies finally waking up to the success of MicroStrategy’s Bitcoin treasury?
Because we’ve got some BIG news for you this morning…
According to an SEC filing, Microsoft is considering an investment into Bitcoin.
Yes that Microsoft…
At a $3.16 trillion market cap, Microsoft is the third most valuable company in the world.
Bitcoin has been listed as “voting item number 5” on its next shareholder meeting scheduled for December 10.
However there’s a slight catch…
This proposal is listed under a section titled “The Board recommends you vote AGAINST the following proposals”.
In the SEC filing, Microsoft noted the board deems the proposal "unnecessary" as the firm's management "already carefully considers this topic."
"Microsoft’s Global Treasury and Investment Services team evaluates a wide range of investable assets to fund Microsoft’s ongoing operations, including assets expected to provide diversification and inflation protection, and to mitigate the risk of significant economic loss from rising interest rates."
Continuing on, Microsoft explains:
"Past evaluations have included Bitcoin and other cryptocurrencies among the options considered, and Microsoft continues to monitor trends and developments related to cryptocurrencies to inform future decision making."
So who are Microsofts largest shareholders?
Here’s the top four:
The Vanguard Group - 9.09%
BlackRock - 7.45%
State Street Corporation - 4%
Fidelity - 2.91%
We know Vanguard is against Bitcoin, so we can assume they’ll probably vote no…
However BlackRock, State Street and Fidelity are all involved with Bitcoin, so there’s a chance they vote yes…
This is a MAJOR development.
Regardless of whether or not the vote comes outs as “yes”, the fact that it’s even being discussed is crazy.
And we’re just going to put it out there…
Microsoft is sitting on a cash and cash equivalents of ~$75.53 billion.
Imagine the scenes when (if?) they ape in…
DON’T TRUST THE POLLS, TRUST THE MARKETS 🤑
Prediction markets have taken the crypto world by storm, and one stands above the rest…
Polymarket is the world's largest prediction market and your ultimate source for unbiased, real-time election forecasts. 📰
But what sets Polymarket apart is its accuracy.
Here’s a quick taste of what Polymarket traders have nailed so far:
Biden dropping out of the election
Kamala Harris’ nomination
VP running mates
And countless other real-world events
Need even more proof? Here’s one for you…
When the Fed cut interest rates by 0.50%, 92% of economists had predicted a 0.25% cut. 😢
But 52% of Polymarket traders knew better and got it right. 😃
For data-driven insights you can trust, Polymarket is where the truth comes to light.
*Forecasts available worldwide, trading not available in the U.S. and other restricted jurisdictions.
THE HERO WE NEEDED 🦇
Michael Saylor is the man who pioneered the institutional adoption of Bitcoin.
He personally holds over 17,732 Bitcoin worth ~$1.18 billion dollars.
His company, MicroStrategy, holds 252,220 Bitcoin, worth $16.78 billion dollars.
Together, he’s in charge of 269,952 Bitcoin. This means he controls 1.79% of the total Bitcoin supply. 🤯
This begs the question: what would happen if Saylor decided to sell? 👀
Well earlier this year, in an interview with CNBC, Saylor gave an exact answer:
“We're buying Bitcoin to hold it 100 years. The $66K to $16K crash shook out the tourists. When it was 16K, we were all ready to ride it to zero.”
Saylor isn’t just talking the talk, he’s walking the walk. At this point, he’s a Bitcoin veteran.
Saylor and MicroStrategy rode Bitcoin from $9,000 in 2020, all the way up to $66,000 in 2021, and all the way back down to $16,000 in 2022.
From the beginning, they haven’t sold a single Bitcoin.
He really was prepared to ride it zero.
Now, he’s reaping the rewards from his unshakeable conviction.
In an interview this week, Saylor expanded on this conviction. Although a morbid topic, Saylor explained what will happen to his Bitcoin, once he’s gone:
“I’m a single guy, I have no children. When I’m gone, I’m gone. Just like Satoshi left a million Bitcoin to the universe, I’m leaving whatever I’ve got to civilization.”
Unbelievable.
Bitcoin couldn’t have a better advocate.
He’s the hero Bitcoin needed, but doesn’t deserve. 🦇
THESE ARE SERIOUSLY LOW 📉
Yesterday we took at quick look at the amount of Ethereum available for sale on exchanges.
Today we’ll be running it back, but for Bitcoin this time.
As always, here’s how to interpret this metric:
Decreasing exchange balances: Bullish indicator as it signals a shift towards long-term holding 🐂
Increasing exchange balances: Bearish indicator as coins being transferred to exchanges are more likely to be sold 🐻
Currently there is 2,980,138 Bitcoin available for sale on exchanges.
That’s ~15.07% of the entire circulating supply.
Year-to-date this metric has fallen by 8,960 BTC (~$610.14 billion at todays prices).
But here’s the thing…
Surprisingly, as a percentage there’s actually less Ethereum on exchanges compared to Bitcoin. (10.43% vs 15.07%)
Regardless, both metrics are seriously low.
And as we said yesterday, we believe this bodes well for future price movements. 🚀
CRACKING CRYPTO 🥜
El Salvador president Nayib Bukele donates 2 Bitcoin towards building 1,000 schools in Honduras. El Salvador's President Nayib Bukele invests in Honduras education with generous two Bitcoin donation.
Bitcoin ETFs Will Soon Hold 1M Tokens, Nearly as Much as Satoshi. The U.S.-based spot funds currently hold about 396,922 bitcoin altogether, with BlackRock’s iShares Bitcoin Trust soon to cross 400,000 in BTC holdings.
Standard Chartered predicts Bitcoin surge to $125K with Trump win. A second Trump presidency would be good for Bitcoin, a Standard Chartered Bank analyst says. A Harris win would be just OK for crypto.
US state regulators report a 'sharp rise' in tech and digital asset related investigations. U.S. state securities regulators say the bulk of their investigations and enforcement actions in 2023 stemmed from technology and digital assets.
WHAT WE’RE READING 📚
Want to get even smarter? Check these out.
p.s. all completely FREE (one click subscribe link)
Raremints (link) - Daily crypto news
Bitcoin Breakdown (link) - Twice weekly Bitcoin news
Crypto Pragmatist (link) - Actionable alpha 3x a week
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 often is Bitcoin's mining difficulty adjusted?
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: A) Every two weeks 🥳
Bitcoin's mining difficulty is updated every 2,016 blocks (or roughly every two weeks).
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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.