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🥜 Why Bitcoin just ripped
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GM to all 23,454 of you. Crypto Nutshell #164 comin’ over. 🌜🥜
The crypto newsletter that's less challenging than leading a group of survivors through a zombie-infested wasteland... 🧟♂️🚗
What we’ve cooked up for you today…
🥳 Bitcoin hits $41,000
🌊 Is Bitcoin ETF excitement justified?
📉 Bitcoin exchange balances
💰 And more…
MARKET WATCH ⚖️
Prices as at 4:55am ET
Only the top 20 coins measured by market cap feature in this section
BITCOIN HITS $41,000 🥳
Breaking: Bitcoin “best defender” of U.S. interests: Coinbase CEO
Bitcoin’s on a roll!
Yesterday we celebrated Bitcoin cracking $39,000 for the first time since May 2022…
And now its just gone and set a new year-to-date high of $41,700. 😱
In a recent twitter post, Coinbase CEO Brian Armstrong explored the idea that Bitcoin might be the key to prolonging the success of western civilization.
Armstrong explains that throughout history, every country tends to inflate away its currency.
“The natural trend of whichever country has the reserve currency is to inflate the money supply and increase deficit spending until it loses that advantage. The U.S. is somewhere on this journey,”
The Euro and Yuan aren’t viable alternatives to the USD as they face their own challenges. BUT, crypto does present itself as an option to counter inflation.
“But what I think many haven’t considered is that people have an alternative now with crypto. They may start moving fiat into crypto, as an antidote to inflation.”
The interesting part here is that Armstrong believes that crypto and fiat will co-exist.
“Contrary to what some may assume, I don’t think this be a threat to the dollar and the U.S., I think it will be a natural check and balance that will complement the dollar, and be the best defender of long term American interests (and western civilization more broadly).”
Brian points out an undeniable fact that will be a long-term tail-wind for Bitcoin: historically, fiat currencies are eventually inflated away into nothing.
All of the value, gone.
Now we have an alternative.
Bitcoin.
TOGETHER WITH THE GOLD INVESTMENT LETTER 🏆
Before Bitcoin, there was a little something called gold.
As much as we love to live in the future, commodities will always play a role in our lives.
How much will it cost to fill up my tank of gas? Are gold & silver prices rising or falling? 🤔
That’s where The Gold Investment Letter steps in.
Makes keeping up with the latest commodity & investing news dead simple and entertaining ✅
Helps you stay on top of the all the latest technological breakthroughs 🔨
Delivered straight to your inbox in a 3 min read 📨
The cherry on top? They’re also completely FREE just like us.
Subscribe now by hitting that big subscribe button below. Not your cup of tea? You can always unsub. Nothing to lose 😎
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WHY EVERYONE IS EXCITED ABOUT A BITCOIN ETF 🌊
We are now 36 days away until the final deadline for a spot Bitcoin ETF.
Everyone in the crypto space is bursting at the seams with anticipation...
But should they be?
That’s exactly what on-chain analyst Willy Woo answered.
Bitcoin is classified by regulators as a commodity.
The best comparison we have to a spot Bitcoin ETF is with another commodity ETF.
The first commodity ETF to launch was a spot gold ETF. It was launched in November, 2004.
Here’s what happened in the following 8 years:
An 8 year rally with not a single down year. A gain of 450%. 😳
Bitcoin also has 2 aces up it’s sleeve:
It’s a superior form of gold
In April, Bitcoin supply issuance is cut in half
So, is the excitement justified?
Absolutely. 🌊
BITCOIN EXCHANGE BALANCES 📉
We briefly mentioned in yesterday’s newsletter, that the amount of Bitcoin available for sale on exchanges has been shrinking.
Analysts believe that this shrinking supply will be key to Bitcoin’s explosive price action.
So today, we’ll be taking a look at the amount of Bitcoin available for sale on exchanges.
Currently only 2,319,888 Bitcoin remain on exchanges.
That’s only ~11.86% of the circulating supply…
Since 2020, this number has only declined.
What’s even more insane is that since November 15, exchange balances have dropped by ~39,568 Bitcoin. 😱
That’s $1.64 billion being withdrawn for self custody purposes. 💎
Now keep in mind, a large part of this mass withdrawal came as a result of the Binance news.
But regardless, there’s 100% a growing trend towards self custody that we’ve observed over the course of 2023. Signifying strong demand and weakening sell side pressure.
Just what you want to see heading into two MASSIVE bullish catalysts… 😎
(We’re talking about the ETFs and halving in case you’ve been living under a rock…) 🪨
CRACKING CRYPTO 🥜
WHAT WE’RE READING ✍️
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CAN YOU CRACK THIS NUT? ✍️
In yesterday’s newsletter we broke down Michael Saylor’s latest price prediction.
What was the range Saylor predicted Bitcoin’s market cap to be within?
A) $100 - $200 trillion
B) $200 - $300 trillion
C) $700 - $800 trillion
D) $50 - $100 trillion
Find out the answer at the bottom of “Meme Corner” below 😀
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: B) $200 - $300 trillion 🥳
That’s a 425x increase from where Bitcoin is today…
Checkout the full breakdown here.
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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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