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GM to all you crypto nuts. Crypto Nutshell #510 soarin’ past 🦅 🥜

We're the crypto newsletter that's more suspenseful than surviving a deadly game of traps and puzzles... 🧩🔓

What we’ve cooked up for you today…

• 🏦 The Bitcoin President

• 🧐 Everyone’s underestimating this…

• 🤔 Is the Bitcoin network growing?

• 💰 And more…

What’s in the Crypto Nutshell Portfolio?

THE BITCOIN PRESIDENT 🏦 

BREAKING: Trump says the U.S. is going to do ‘something great with crypto’

During his presidential campaign, Donald Trump made numerous promises regarding the Bitcoin and crypto industry.

The biggest being the implementation of a strategic Bitcoin reserve.

Some people believe that these were only “campaign promises” and are unlikely to become reality.

But…

Based off recent events, we believe that these promises made by Trump actually have a solid chance of happening.

Yesterday, Trump was asked about a strategic Bitcoin reserve and this is what he had to say:

Checkout the full clip here:

(Also we just want to point out how lucky we are that Jim Cramer didn’t say anything bullish about Bitcoin given this opportunity…)

But that’s not all…

Remember World Liberty Financial?

World Liberty Financial (WLFI) is a DeFi platform backed by the Trump family.

Quick note: WLFI aims to position itself as a leading DeFi platform that offers lending, borrowing, and digital asset investment services

Well, the Trump family’s DeFi project just went on a spending spree.

According to data from Arkham Intelligence, WLFI just acquired:

• $35 million worth of Ethereum

• $10 million worth of cbBTC

• $1 million worth of Chainlink

• $1 million worth of Aave

If WLFI is acquiring these cryptocurrencies…

We can only assume that a strong pro-crypto agenda is coming under Trump’s administration right?

And are these tokens purchased by WLFI set to benefit the most?

Makes you think…

And it doesn’t end there...

In the next section we’ll go over what Donald Trumps son, Eric Trump, recently had to say at Bitcoin Mena 2024.

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EVERYONE’S UNDERESTIMATING THIS 🧐

When Bitcoin crossed $100,000, it was a wake-up call for many.

When it inevitably hits $1 million per coin, it will wake up many more.

That’s the latest message out of Eric Trump, the eldest son of President Donald Trump.

If there was any doubt about Donald Trump making the U.S. the crypto capital, Eric Trump ended it with his speech at Bitcoin MENA 2024 in Abu Dhabi.

(If you want to watch the full 10-minute speech, check it out here - it’s well worth it)

Eric opened his speech with a price prediction:

Eric then reassured the audience that Donald Trump will make America the crypto capital of the world:

However, Eric also dropped a bombshell. 💣

It’s something we believe that’s being underestimated by the market.

He reaffirmed that Donald Trump intends to add cryptocurrency into the United States Treasury:

This would be a game changer.

Eric Trump just reconfirmed it - there’s no more direct source than that.

Right now, prediction markets believe there’s a 28% chance that Trump will create a Bitcoin reserve within his first 100 days of office:

The Bitcoin Strategic Reserve Bill, proposed by Senator Cynthia Lummis, aims to have the United States buy 1,000,000 Bitcoin over five years.

If passed, this legislation would likely cause Bitcoin’s price to at least double overnight.

With Donald Trump’s son backing it, we think the market is seriously underestimating this… 👀

IS THE BITCOIN NETWORK GROWING? 🤔

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 52,569,851 addresses holding at least a little Bitcoin.

Year-to-date, this metric has increased by 848,713 wallets.

We might even hit 1 million before the year is over.

However…

You may have noticed that growth has somewhat stalled.

It’s worth pointing out that this metric hit an all-time high of 53,180,054 all the way back in June of this year.

And then “crashed” all the way back down to 51,102,155 in July…

But since July, it’s been grinding higher and higher every single month to where we are today. (52,569,851 wallets)

Here’s the thing with this metric:

When looking at it, we like to zoom out and focus on the overall trend.

And that overall trend is without a doubt still up and to the right.

CRACKING CRYPTO 🥜

BlackRock recommends 2% starting allocation to Bitcoin in investment portfolios. BlackRock compares Bitcoin's volatility to tech stocks, urging a cautious introduction in multi-asset portfolios.

Texas lawmaker proposes bill to establish strategic Bitcoin reserve. According to the text of the draft HB 1598, it would require a two-thirds majority in the Texas Senate and House to pass.

Avalanche Raises $250M Amid Major Overhaul of Layer-1 Blockchain. The sale follows shortly after the Avalanche9000 upgrade went live in a testnet environment.

Solana surpasses Ethereum as fastest growing crypto ecosystem in terms of new developers. Of the 39,148 new developers that entered crypto this year, 7,625 built on Solana, representing an 83% jump in year-over-year growth.

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”)

MEME CORNER 😂

Because what would the crypto world be without its share of memes?

Trivia Answer: A) November 2022 🥳

FTX was a leading cryptocurrency exchange that went bankrupt in November 2022

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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.