July 29, 2020 | Issue #128


11k BTC. What Happens Next?

So we’ve seen $11k Bitcoin before, but this rally looks quite a bit different from the others when you consider its current 2020 vantage point.

On the macro, gold is hitting all-time highs (BTC-gold correlation is climbing again), the USD is debasing, and we're on the heels of yet another stimulus package.

Recent price/volume data suggests this rally might have legs as well...
  • BTC has broken out above the descending line of resistance that has defined the market for 2 1/2 years
  • Bitcoin's 1yr+ HODL wave has hit an all-time high of 63%
  • P2P Bitcoin volume hit all-time highs this week
  • The Bitcoin futures market is popping off alongside Bitcoin’s price, with aggregate open interest and trading volume seeing their highest numbers since March

Still not believing the hype? Maybe this article will assist your investment decisions in one way or another.

Coinbase's Latest Review Reveals it has 35 Million Customers

Coinbase has seen it's fair share of flak, but their recently released H1 2020 review is showing nothing but positive signs for the company. Here's what you need to know:
  • Coinbase has grown its client base to more than 35 million retail and institutional clients. They added 5 million new clients since the start of 2020 (that's ~17% in 6 months). Think about that.
  • They have seen a noticeable uptick in leading university endowments, traditional hedge funds, VCs, and large family offices buying digital assets directly.
  • They plan on expanding their trading and lending services and continuing to support developments in DeFi and derivatives.

Want more? Check out this interview with CEO of Coinbase, Brian Armstrong where he discusses the difficulties in running a large startup, regulations, the Neutrino acquisition & providing analytics to government agencies with Coinbase Analytics.

Remember Bakkt?

Like most businesses in crypto, when prices go up, the volume comes flooding in. The NYSE-owned Bitcoin exchange saw record trading volumes this week, after a month of ZERO activity on some of its products. 🤦‍♂️

Mike Novogratz's other project – Galaxy Digital Holdings (GLXY.V) – had a solid week as well. And if you read our "backdoor play" discussion a couple months back, you may have even benefited from it. Largely thanks to the recent market jump, GLXY is up ~75% since June.

Next up? It might be worth doing some DD on Ether Capital ($ETHC).


Gold is SOARING – here's what to do...

Gold prices made history this week, setting a new all-time high.

Now, to help you navigate the absolute best way to play it, a renowned hard-asset expert—who’s followed by tens of thousands of “gold bugs” around the world—is stepping forward with his #1 way to play gold right now.

Priced at around $7 today, this stock has tons of upside potential as the price of gold continues to rise.


Bitcoin: My Favorite Ponzi Scheme

While we aren't a fan of the title, it's always important to read and learn from people who have a different POV. Kuppy, the author of this piece, is certainly long on BTC... but for reasons most would never expect.

"Like all good Ponzi Schemes, as long as more capital goes in than out, the Scheme inflates. This one is rapidly inflating."

What explains the rise of AMMs?

In the last 6 months, Automated Market Makers (AMMs) like Uniswap and Curve rose up to overtake order book DEXes. Thanks to them, DeFi trading has grown more than 10x.

But why? What explains the rise of AMMs? Are order books a thing of the past? The always great, @hosseeb, doesn't seem to think so in his latest article.

Fidelity Releases a Bitcoin Investment Thesis

Fidelity is one of the world's largest and most influential financial services providers, with more than $7 Trillion AUM and over 30 million customers...

And they (particularly @riabhutoria) just wrote a really great investment document for their clients about bitcoin as an inspirational store of value.


Massive changes are coming

A huge change is coming to America — thanks in large part to this pandemic.

As lawmakers in Washington prepare for a new relief package, Dems are pushing to add one item to this bill that could trigger radical changes to our financial system as we know it.

Learn the full story here.


Steve Wozniak, co-founder of Apple, Has Sued Google and YouTube over Last Week's Bitcoin Hacking Attack

Steve Wozniak, the co-founder of Apple and renowned tech entrepreneur, filed a lawsuit this week against YouTube and Google in connection with the Bitcoin Giveaway scam that we have previously discussed.

The complaint alleges that YouTube "knowingly profited" and "ignored repeated requests" to remove the videos, which used videos of Wozniak, Elon Musk, and Bill Gates to lure investors into sending their crypto with the promise of receiving twice the amount back.

🇯🇵 Digital Yen Now ‘Top Priority’ for Japan Central Bank, Says Senior Official

As pressure mounts to catch up with rival China, a Bank of Japan (BoJ) official has said digital currencies are a “top priority.”


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