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GM to all 64,612 of you. Crypto Nutshell #355 stakin’ out... ⛺🥜
We’re the crypto newsletter that’s more gripping than a family surviving a terrifying night of purging... 🏠🔪
What we’ve cooked up for you today…
🏦 Biden’s turn?
📈 We’re still early
📉 Exchange balances plummeting
💰 And more…
MARKET WATCH ⚖️
Prices as at 6:10am ET
Only the top 20 coins measured by market cap feature in this section
BIDEN’S TURN? 🏦
BREAKING: Biden administration in talks to accept crypto donations as it becomes increasingly important voter issue
So over the last few days we’ve seen Trump proclaim numerous times that he’s all for crypto.
Well Biden can’t just let him win over the crypto community that easily right?
Correct…
The Block has reported that Biden’s re-election campaign is exploring the option of accepting crypto donations.
Insider sources told The Block:
“They’re paying attention to issues around crypto and are trying to find quick wins to show that they're supportive of the industry… [They want] to show that they’re not the enemy.”
Another source explained that the Biden administration has been working overtime to craft its crypto message.
Especially after vetoing a bipartisan push to repeal SAB 121 - a legislative measure that prevents banks from custodying crypto.
(Biden received a lot of backlash from the crypto community for this)
“People in [Biden’s] inner circle are now specifically telling the Biden team, ‘if you're quiet on this crypto thing and you don't get up to speed, you could lose the election.’”
The political debate surrounding crypto is getting more cut-throat. 🔥
But there shouldn’t even be a political debate around crypto in the first place…
Crypto is for everyone.
We’ll keep you updated on future major developments.
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WE’RE STILL EARLY 📈
Is Bitcoin undervalued?
Well, billionaire investor Bill Miller IV seems to think so…
For those not familiar with Miller, he’s the CIO and Chairman at Miller Value Partners.
And he’s been accumulating Bitcoin for over a decade, even publishing a blog post titled “A Value Investor’s Case for… Bitcoin?!” back in 2015 when Bitcoin was just ~$230.
But recently, Miller published another blog post titled “Why I’m Still Betting on Bitcoin”.
Let’s see what he has to say.
Miller starts the blog post with the following:
“I believe Bitcoin today is still significantly undervalued and that the world is likely in the early stages of a secular shift around how humans think about capital and its governance.”
Miller then explains that humans are notoriously bad at understanding the potential of new technologies.
“This gap is especially wide for groundbreaking concepts of an epistemic nature – that is, inventions that change the way we think about and relate to information and each other. It also explains why NVIDIA, Google and Meta have generated outsized returns relative to other stocks.”
And Bitcoin is unlike anything we’ve ever seen before:
“The promise of Bitcoin is simple – namely, that changes in someone’s purchasing power should not be controlled by an authority tied to the circumstances of one’s birth.”
Unfortunately, Miller didn’t give any price predictions in this blog post.
But he did say the following:
“My view is that it’s many multiples of its current $1.5 trillion market capitalization in a world of fiat governance systems fast approaching one quadrillion dollars of capital.”
Bitcoin still only represents a fraction of the worlds total capital…
Bill closed out the blog post with this powerful message:
“I believe that continuing to ignore Bitcoin will serve those who do it over the next decade as well as it has over the past one – not well.”
It’s still early. 😎
EXCHANGE BALANCES PLUMMETING 📉
Today we’ll be taking a look at the amount of Bitcoin available for sale on exchanges.
Here’s how to interpret this metric:
Decreasing exchange balances: Bullish indicator as it signals a shift towards long-term holding 🐂
Increasing exchange balances: Bearish indicator as coins being transferred to exchanges are more likely to be sold 🐻
Currently there is only 2,298,129 Bitcoin available for sale on exchanges.
That’s ~11.66% of the entire circulating supply.
And it’s plummeting. 📉
Over the last two weeks, exchange balances have dropped by 34,159 Bitcoin. (~$2.30 billion)
This metric is super simple:
Less Bitcoin on exchanges = Less Bitcoin available for sale
There just isn’t that much BTC available for sale. And it’s decreasing every single week.
And eventually, there won’t be any Bitcoin left to buy… 🚀
CRACKING CRYPTO 🥜
Ripple CEO unveils name of upcoming stablecoin RLUSD. Ripple CEO Garlinghouse introduced the RLUSD stablecoin at XRPL Apex in Amsterdam, highlighting the growth of the XRP ecosystem.
Analyst targets $91.5K Bitcoin next despite Fed’s ‘hawkish tone’. A Bitcoin technical analyst has kept their $91,500 Bitcoin target “untouched” despite the FOMC delivering a “hawkish tone.”
Stick With Bitcoin, Avoid Ether, 10x Research Says After Fed Predicts Just One Rate Cut For 2024. ETF inflows resumed Wednesday as U.S. inflation came in lower-than-expected.
The US Lost 14% of Blockchain Developer Share Since 2018. Fortune 500 companies are becoming increasingly interested in the onchain economy, says Coinbase.
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”)
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: C) XRP 🥳
The XRP Ledger first launched in June 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.