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- 🥜 Why Bitcoin will 381x
🥜 Why Bitcoin will 381x
PLUS: Ethereum check in
GM to all 45,693 of you. Crypto Nutshell #246 sneakin’ by. 🐭 🥜
We’re the crypto newsletter more empowering than being chosen by a sword in a stone to rule a kingdom... 🗡️👑
What we’ve cooked up for you today…
🏦 US Government backs down
🌕 The king of Bitcoin
🤓 Ethereum check in
💰 And more…
MARKET WATCH ⚖️
Prices as at 5:55am ET
Only the top 20 coins measured by market cap feature in this section
US GOVERNMENT BACKS DOWN 🏦
BREAKING: US agencies pause Biden-sanctioned emergency miner survey following lawsuit
Around 20 days ago, the US government decided to crack down on Bitcoin mining. (checkout that article here)
Yesterday the Energy Information Administration (EIA) paused the controversial Bitcoin mining survey….
Following a lawsuit from the crypto mining sector…
The EIA released the following statement:
“EIA will not enforce any requirement to file Form EIA-862 nor seek or impose any fines, penalties, or other adverse consequences based on a failure to respond to the survey through March 22, 2024.”
To jog your memory, mining firms were required to disclose extensive details on their operations or pay $10,633 in fines per day.
The details required were way more in depth that any other industry has ever previously been requested.
*In response to the EIA’s statement above
Republican Tom Emmer noted the following in a Twitter post:
“Bitcoin mining is not a threat to public safety. Period. The [Office of Management and Budget’s] abuse of its emergency powers to attack Bitcoin miners demands explanation”
The EIA is concerned that Bitcoin mining could lead to increased energy consumption during high energy demand periods.
But research from Daniel Batten proves that this “narrative” is completely false.
Bitcoin mining is doing more work on reducing emissions than the traditional banking sector…
Where’s the “emergency survey” on the energy use of the Banking sector? 😂
BECOME A BETTER CRYPTO INVESTOR 🧠
Bitcoin & crypto has been the best performing asset class for a decade.
There’s a high probability it will also be the best performing asset in 2024 & 2025.
2 years to make life-changing wealth.
That’s why it’s crucial to stay up to date & educated on everything going on in the crypto space.
We write the Crypto Nutshell every single day to keep you informed.
However, crypto is such an enormous opportunity, we knew we had to do more.
That’s why we launched the official Crypto Nutshell Youtube channel.
All so you can dominate crypto in 2024 & 2025. 🫵
Today, we interviewed the man himself, Michael Saylor.
If you want to become an even better crypto investor, head on over here & subscribe. Completely free, as always.
(you'll also make our day ❤️ )
P.S. To celebrate getting Saylor on for an exclusive interview, we are again giving away $100 in crypto to 3 lucky readers.
To enter:
Head on over to the Crypto Nutshell Youtube channel & hit subscribe! (if you haven’t already!)
Check out our latest video, with Michael Saylor. Hit that like button & drop a comment on the video.
When finished, submit today’s poll at the bottom of the newsletter with a ‘done!’ 👇
That’s it!
We’ll randomly draw winners in 48 hours from now & shoot you an email!
P.S. Throughout the Michael Saylor interview, we cut to 3 ‘alternative’ camera shots.
There are 2 ‘Joms’ camera angles & 1 CCTV camera shot.
If you include the timestamps in which they appear in you poll response, we’ll triple your entries to win!
THE KING OF BITCOIN 🌕
Bitcoin is going to a $400 trillion dollar market cap.
That’s a 381x from where we are today.
Which would put the price of 1 Bitcoin at…
$19,050,000 per coin.
Michael Saylor needs no introduction.
But in case you’ve been living under a rock, here’s Saylor’s credentials:
Founder & Executive Chairman of MicroStrategy
Spearheaded the wave of institutional adoption of Bitcoin (convinced Elon Musk to buy Bitcoin for Tesla)
Owns 207,732 Bitcoin, worth $10.72 billion (MicroStrategy owns 190,000 Bitcoin, Saylor personally owns 17,732 Bitcoin)
Although we can’t break down our full interview, here are 3 highlights:
1. We’re still early
One of the biggest push-backs against Bitcoin is investors thinking they’re too late.
Bitcoin has already ran & they’ve missed the boat. ⛵
Saylor argues this is completely wrong.
Bitcoin is just 15 years old.
It’s like buying Apple stock 15 years after it began, in 1976.
Would buying Apple stock in 1991 been a mistake?
“15 years late, is not late. The difference between the winners & the losers? The winners buy something valuable. The losers are afraid.”
2. Bitcoin gold rush era has just begun
Saylor believes we are living in the Bitcoin gold rush era.
The gold rush began January 2024 and will run until November 2034.
You have 10 years.
Why such specific dates?
Because by November 2034, 99% of all the Bitcoin to ever exist, will have been issued.
“I think that we’re living through the Bitcoin gold rush era. I think the Bitcoin gold rush era started January 2024 and I think it runs until November 2034.”
3. There has been no better time to buy Bitcoin
Saylor revealed that in his eyes, Bitcoin in 2024 has the best risk / reward proposition it has ever had.
“I think the risk-reward proposition for Bitcoin in the year 2024, is better than any other time in the history of the asset.”
For the rest of the insights - you’ll have to check out the full interview here.
We’d highly recommend giving it a full watch.
Dropping a like & subscribe would be hugely appreciated as well! 🫡
ETHEREUM CHECK IN 🤓
Time for our weekly check in on Ethereum.
Last week we looked at the exchange balances. (click here to read that article)
This week we’ll be going one step further.
The chart below visually breaks down the ETH supply held within:
🟧 Exchanges
🟥 Smart contracts
🟪 Staked
As of today, this is Ethereum’s supply breakdown (as a percentage of circulating supply):
🟧 Exchanges: ~10.96%
🟥 Smart Contracts: ~35.62%
🟪 Staked: ~33.21%
That leaves ~20.21% of the circulating supply in the wallets of investors/traders.
Since the merge, Ethereum’s supply dynamics have been ridiculously good.
In fact they’ve been that good that the supply has decreased by 756,482 Ethereum.
At today’s prices that over $2.2 billion worth of Ethereum that’s been permanently removed from the supply.
The above chart breaks down Ethereum’s net supply change since the merge.
Today, the circulating supply is 119,790,309 Ethereum.
Last week the supply was 119,845,253 ETH.
That’s a decrease of 54,944 Ethereum (~164.6 million).
An absolutely insane amount of Ethereum is still being “burned” every single week.
The supply dynamics are just way too good. 😎
CRACKING CRYPTO 🥜
What is the role of spot Bitcoin ETFs in modern investment portfolios? Aligned within a year of its three halving events, Bitcoin had three major bull runs in its 15-year history.
Bitcoin still has a scaling problem. The best way forward is to find a balance between technical sophistication and general usability.
Carlson Group adds four Bitcoin ETFs to financial advisers. Carlson Group has added four of the 10 Bitcoin ETFs to its offerings for registered investment advisers (RIAs).
WHAT WE’RE READING 📚
Want to get even smarter? Check these out.
p.s. all completely FREE
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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”)
This altcoin is meant to be “silver to Bitcoin’s gold“. |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: A) Litecoin🥳
Litecoin is an early altcoin developed by former Google engineer Charlie Lee in 2011. It had once been called the silver to Bitcoin's gold and was the 3rd largest cryptocurrency by market cap at its height.
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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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