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- 🥜 Where Bitcoin's going
🥜 Where Bitcoin's going
PLUS: New all-time high
Today’s edition is brought to you by RYSE - the smart home company that aims to become the Ring and Nest of the smart shades industry.
GM to all you crypto nuts. Crypto Nutshell #493 keepin’ guard… 💂🥜
We're the crypto newsletter that's more adventurous than traveling to a lost world filled with dinosaurs... 🦖🌴
What we’ve cooked up for you today…
🏦 It keeps going up
🎯 Here’s where Bitcoin’s going
📈 Another high
💰 And more…
Prices as at 2:35am ET
IT KEEPS GOING UP 🏦
BREAKING: Bitcoin Makes New All-Time High of $94,000 as ETF Options Go Live
There we go…
Bitcoin (finally) set a new all-time high…
(It’s been six days since the last all-time high)
This time, Bitcoin crossed over the $94,000 for the first time ever, setting a new high of $94,002.
But what caused Bitcoin’s sudden jump up?
Well, the highly anticipated options trading on Bitcoin ETFs are now live!
Here’s a simple definition on what option contracts are:
Options allow investors to buy or sell an asset at a specific price and at a pre-determined time.
Wall Street loves using options as a trading hedge - that’s why many analysts are predicting these to be extremely popular.
For an excellent breakdown on what exactly these options are, checkout this short (3:30 min) vid by Joe Consorti:
And it turns out that these options were in fact extremely popular…
According to ETF analysts Eric Balchunas and James Seyffart, options trading on BlackRock’s IBIT saw $1.9 billion in volume.
Which is crazy for day one.
But there’s a slight catch when it comes to these options…
So far, BlackRock’s IBIT is the only Bitcoin ETF that options trading is live for.
However…
Options trading on Bitwise’s BITB is expected to begin today.
Likewise, options trading on both of Grayscale’s Bitcoin ETFs are also set to begin today.
This is a huge step forward for the industry.
The launch of options trading has cemented Bitcoin’s place alongside stocks, bonds and commodities as mainstream institutional investments.
Are investors sleeping on the smart home space? 😴
Finding the next big investment opportunity and getting in early isn’t easy.
If it were, we’d all be rich!
Even the Sharks from “Shark Tank” get it wrong. Like when they declined an offer to buy 10% of Ring for $700,000.
Bet they regretted that when Amazon bought Ring for $1 billion.
So, just how did Ring blow up and change doorbells forever?
Retail distribution.
We’ve talked about RYSE and their recent launch in 100+ Best Buys. But did you know they pitched on Canada’s version of “Shark Tank” called “Dragons Den” and received two offers?
The smart home industry has yielded massive returns for early investors. Rumor has it, the next sleeping giant could be RYSE.
HERE’S WHERE BITCOIN’S GOING 🎯
Michael Saylor just revealed where he thinks Bitcoin is going by 2045.
Spoiler alert: It’s millions and millions of dollars.
Last week, Michael Saylor gave a 60 minute keynote at Cantor Fitzgerald.
If you have the time, we highly recommend watching the full speech - it's a masterclass.
The highlight, however, was Saylor sharing his vision for where he believes Bitcoin is going by 2045.
First off, Saylor illustrated how global wealth is distributed today:
That tiny orange square in the top left corner?
That’s Bitcoin. Currently worth $1.8 trillion.
Now here’s how Saylor see’s global wealth distribution in 2045:
Saylor envisions Bitcoin growing its market share over the next 21 years to eventually be worth $280 trillion dollars.
That would imply 1 Bitcoin being worth $13.33 million dollars. 🤯
Many believe that if Bitcoin reaches a value of multiple millions per coin, it would lead to the collapse of the entire financial system.
Saylor completely disagrees:
“A lot of people think the world is going to turn upside down, but it’s not. In 21 years, the world will look pretty much the same as it does now… The only difference is, if you didn’t buy Bitcoin, you won’t have made that money.”
Finally, Saylor pointed out how adopting a Bitcoin strategy has completely transformed his company, MicroStrategy:
It’s a common misconception that NVIDIA has been the best performing stock in the U.S over the past few years.
In reality? It doesn’t even hold a candle to MicroStrategy. 🕯️
The conclusion:
Don’t bet against Michael Saylor.
Don’t bet against Bitcoin. 🏆
ANOTHER HIGH 📈
Today we’ll be taking a look the overall stablecoin supply.
Stablecoins are often used on centralized and decentralized exchanges to purchase other digital assets. And allow the instant transfer of money between borders.
The chart below tracks the aggregate change in the total stablecoin market cap.
🟢 Increased stablecoin supply: increased demand and capital inflows into the digital asset space 🐂
🔴 Contractions in stablecoin supply: net capital outflows from digital assets 🐻
The last time we checked in on this metric, the stablecoin market cap was ~$161.42 billion. (7th of November)
Today the aggregate stablecoin market cap is ~$170.64 billion. 📈
And guess what? 🤔
That’s a new all-time high!
The stablecoin market cap has gone crazy over the last two weeks, increasing by ~$8.24 billion.
Year-to-date has seen this metric increase by $45.76 billion.
Stablecoins have been popping off this year.
And capital is now pouring back into the crypto industry. (This metric will continue to rise as the bull market progresses)
Things are looking good… 😎
CRACKING CRYPTO 🥜
Trump Media Group in talks to acquire crypto trading platform Bakkt. Trump Media Group's acquisition talks with Bakkt aim to bolster its entry into the institutional crypto market.
MARA Holdings Upsizes Convertible Notes Offering by $150M Amid Overwhelming Investor Demand. The second-biggest publicly traded bitcoin holding company is looking to increase its token stash and pay off existing debt.
Why US spot Bitcoin options launch is such a big deal. “The floodgates for Bitcoin’s next evolution in financial markets are about to open,” said Bitcoin custody firm Theya's head of growth, Joe Consorti.
NBA star Shaq agrees to pay $11 million to settle long simmering class action lawsuit over promoting NFTs. O’Neal, who is also part of a massive consolidated case against celebrity “brand ambassadors” for FTX, attempted to dismiss the case.
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”)
Which of the following coins/tokens was released first? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: A) XRP 🥳
XRP was released to the public in 2012.
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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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