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- 🥜 We're going to 100,000
🥜 We're going to 100,000
PLUS: Bitcoin turns 16
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What we’ve cooked up for you today…
🥳 Bitcoin’s birthday
🚀 We’re heading to $100,000
📈 Up and to the right
💰 And more…
Prices as at 4:00am ET
BITCOIN’S BIRTHDAY 🥳
BREAKING: Bitcoin turns 16: From experiment to trillion-dollar asset
Yesterday, Bitcoin’s white paper turned 16 years old!
On October 31, 2009 Satoshi Nakamoto shared the white paper “Bitcoin: A Peer-to-Peer Electronic Cash System” with a cryptography mailing list.
And the rest is history…
If you’ve never looked over the white paper before, you can check it out here.
Just a heads up though…
It does get quite technical, but it’s still worth skimming over.
October 31, 2008 - Where it all began
Even Trump joined in on celebrating the 16th anniversary of Bitcoin’s white paper.
And before you say anything…
We know yesterday “technically” wasn’t Bitcoin’s 16th Birthday…
Bitcoin’s “real” Birthday is on January 3rd.
On January 3, 2009 Satoshi Nakamoto mined Bitcoin’s first block, officially launching the Bitcoin blockchain.
Regardless, the anniversary of the white paper is still a significant event in Bitcoin’s history.
16 years after the release of the white paper, Bitcoin has worked it’s way up to the 10th largest asset in the world.
With a market cap of ~$1.4 trillion, it’s just behind 9th placed Meta.
And just days before the anniversary, Bitcoin climbed to a high of $73,600.
$200 short of setting a new all-time high…
Imagine if it hit an all-time high on it’s 16th anniversary…
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WE’RE HEADING TO $100,000 🚀
There’s 7 reasons why we’re heading to a $100,000 Bitcoin.
That’s the latest out from Matt Hougan.
Matt Hougan is the Chief Investment Officer at Bitwise. They currently hold over $3.95 billion in Bitcoin.
In his latest prediction, he outlined 7 reasons why we’re heading towards a six-figure Bitcoin:
1. ETF Flows Reaccelerating
Over the past few weeks, we’ve seen monstrous demand from the Bitcoin ETFs.
The amount they’ve been taking in lately is absurd:
Bitcoin ETF Net Inflows
Smart money is clearly waking up.
2. Election Approaching
We’ve said it time & time again: Markets hate uncertainty.
The U.S election hangs heavy over the market. As soon as the results of that become clear, prices are clear to run.
Current Election Odds
3. Infinite Deficits
If there’s 1 thing you can count on the government doing, it’s printing more money.
Governments around the world are never going to stop running deficits:
4. Economic Stimulus in China
Recently, China has turned back on their money printers as they try to stimulate their economy.
It’s not just the U.S.
5. Global Rate Cuts
Right now, the market believes the most likely scenario (64%) is that we will see two more interest rate cuts before the end of the year.
When interest rates are cut, Bitcoin goes up.
6. Halving Supply Shock Starting To Bite
There’s a common misconception that following the Bitcoin halving, price rockets up.
In reality, it takes a few months for supply shock to set in:
This is now playing out.
7. Whales Accumulating
Bitcoin whales (addresses that hold over 100 Bitcoin) have been accumulating like crazy:
As we said, smart money is buying heavily.
We’re heading to a $100,000+ Bitcoin.
It will happen faster than most people expect. 🏎️💨
UP AND TO THE RIGHT 📈
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 52,552,395 addresses holding at least a little Bitcoin.
The past month has seen this metric increase by 26,346 wallets.
But this is the real crazy part…
Year-to-date, this metric has increased by 831,257 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 as you can see, the trend of this chart has basically only ever been up and to the right.
Takeaway:
Every single year, Bitcoin adoption levels are rising.
CRACKING CRYPTO 🥜
NYSE Arca seeks SEC approval for Grayscale's crypto index ETF. The Grayscale index ETF aims to offer a mixed basket of digital assets, including Solana and other altcoins beyond Bitcoin and Ethereum.
‘Crypto is not going anywhere’ — Florida chief financial officer. Sovereign pension funds are increasingly seeking exposure to Bitcoin following the introduction of spot ETFs in the United States.
Crypto Slumps Alongside Trump's Victory Odds on Polymarket as Uncertainty and Profit-Taking Rise. The final stretch of the U.S. presidential election is keeping traders on their toes after recent big runs higher for crypto and traditional markets.
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”)
What is the stock ticker for BlackRock's Bitcoin ETF? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: C) IBIT 🥳
BlackRock’s Bitcoin ETF trades under the ticker “IBIT”
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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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