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GM to all you crypto nuts. Crypto Nutshell #455 loadin’ up…  🚚🥜

We're the crypto newsletter that's more captivating than unraveling the secrets of a haunted asylum... 🏥👻

What we’ve cooked up for you today…

• 🏦 They’re getting worried

• 🛍️ They won’t stop buying

• 💪 Not letting go

• 💰 And more…

MARKET WATCH ⚖️

Only the top 20 coins measured by market cap feature in this section

THEY’RE GETTING WORRIED 🏦 

BREAKING: IMF urges El Salvador to narrow Bitcoin laws amid loan negotiations

The International Monetary Fund (IMF) is getting a little scared of El Salvador’s Bitcoin strategy.

It’s working too well…

But first, here’s a little background info to get you up to speed.

El Salvador has been working with the IMF trying to sort out a lending program.

And the fact that El Salvador has made Bitcoin legal tender, is causing a little issue getting this program over the line.

That brings us to the other day…

The IMF recently recommended that El Salvador “narrow” the scope of its Bitcoin law.

And cited Bitcoin as a key reason as to why a lending program hasn’t been implemented yet.

This is what IMF director of communications Julie Kozack had to say:

According to Kozack, addressing the risks associated with Bitcoin is a key element of these ongoing discussions.

But why would El Salvador ever want to reduce their Bitcoin strategy…

Since El Salvador adopted Bitcoin, they’ve seen significant improvements in a number of areas:

• GDP up 10%, consistently outpacing regional peers

• Murder rate down by 95% (this one isn’t directly linked to Bitcoin adoption, but it’s insanely impressive)

• Tourism up by 95% in 2023 alone

• Unrealized profits of ~$60.56 million on their Bitcoin holdings

Why is the IMF so anti-Bitcoin?

That’s simple…

The IMF was created to kill the gold standard and centralise the worlds money.

Willy Woo explains it best:

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THEY WON’T STOP BUYING 🛍️

Michael Saylor and MicroStrategy pioneered the way.

Their playbook of turning their depreciating assets (cash) into appreciating assets (Bitcoin) is now a proven strategy.

Other institutions have taken notice and they won’t stop buying.

That’s the latest out from Dylan LeClair.

Dylan LeClair is a well-known Bitcoiner and on-chain analyst.

This week, he pointed out how Michael Saylor’s company, MicroStrategy, has performed since it adopted its Bitcoin strategy.

To say the strategy has been successful would be an understatement…

Earlier this year, Dylan LeClair teamed up with a company called Metaplanet.

Metaplanet is a decades-old Japanese public company that provides hospitality and technology related services.

They saw the success MicroStrategy has had and brought on LeClair to implement their own Bitcoin strategy.

This morning, LeClair announced that the company has acquired an additional 108.79 Bitcoin:

Metaplanet now holds over $40 million in Bitcoin.

Their stock price jumped over 12% on the news.

Although just a fraction of the size of MicroStrategy, $40 million worth of Bitcoin is nothing to scoff at…

The following public companies now hold Bitcoin on their balance sheet:

1. MicroStrategy

2. Tesla

3. Block

4. Coinbase

5. Riot Platforms

6. Metaplanet

7. Semler Scientific

The playbook is simple:

Replace your depreciating assets (cash) with appreciating assets (Bitcoin).

Expect to see further Bitcoin purchases as the Bitcoin strategy continues to be proven out. 🛍️

NOT LETTING GO 💪

Time for a check in on our favourite metric…

The Bitcoin HODL waves! 🌊 

Each coloured band shows the percentage of Bitcoin that last moved within that time period.

As the colours get cooler, the age bands get older (purple being the oldest, representing coins last moved more than 10 years ago).

Usually we look at short-term holders when using this metric but today we’re doing something a little different.

We’ll be focusing on coins held by long-term holders (coins held for longer than 6 months.)

Here’s the breakdown:

• 6m - 12m: 14.54%

• 1y - 2y: 12.20%

• 2y - 3y: 7.55%

• 3y - 5y: 15.00%

• 5y - 7y: 8.74%

• 7y - 10y: 5.48%

• >10y: 16.77%

That means that ~80.28% of the Bitcoin supply has NOT moved in over 6 months.

Which is absolutely ridiculous when you really think about it…

And it’s only ~1% off of surpassing its all-time high.

What’s really surprising here is the percentage of coins held for more than 10 years.

16.77% of the current supply is ~3,314,432 Bitcoin.

But…

A large percentage of these coins are likely lost forever.

And analysts estimate that Satoshi holds roughly 1.1 million BTC.

It’s still possible that Satoshi could one day spend these coins but it hasn’t happened yet… (15 years since the creation of Bitcoin)

Here’s the main takeaway from this data:

The amount of long-term holders continues to increase with each cycle.

With such a limited amount of Bitcoin for sale, it bodes well for future price action. 🚀

CRACKING CRYPTO 🥜

EIGEN Layer assures users infrastructure is secure after investor loses $6M in email hack. EIGEN Layer reassured users that its infrastructure remains secure amid isolated 1.67 million token theft from email breach.

BTC short-term holders 'likely taking on more risk' as realized cap drops by $6B. Short-term holders seem to be turning bullish on Bitcoin as Q4 2024 begins.

Bitcoin, Gold Could Benefit From Rising Geopolitical Tension and U.S. Election: JPMorgan. Geopolitical risk and the upcoming U.S. election are likely to reinforce the 'debasement trade,' to the benefit of both bitcoin and gold, the report said.

U.S. moves to seize $2.7 million from Lazarus hacks traced through Tornado Cash, other mixers. Two recent forfeiture actions filed by the U.S. Attorney for the District of Columbia have uncovered new details about how North Korean crypto hackers launder their funds.

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”)

MEME CORNER 😂

Because what would the crypto world be without its share of memes?

Trivia Answer: B) 4 years 🥳

The Bitcoin halving takes place approximately every four years

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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.