Mar 4, 2024

The Dollar Is Next For Bitcoin 💵🇺🇸🖼️


The Dollar Is Next For Bitcoin 💵🇺🇸🖼️ Valko

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Specs’ Insights

Bitcoin breaches all-time high against euro and pound

The price of bitcoin reached an all-time high of €59,978 and £51,344 on Monday — but still remains below its record high in U.S. dollar terms.

⌐◪-◪ → Bitcoin just hit an all-time high against the British Pound, Euro, and even Aussie dollar.

Now it only has one more boss to beat — the US Dollar at $68.9k/Bitcoin.

Unironically, 11 days ago the European Central Bank said Bitcoin’s “fair value” is zero. Lol.

Zooming out, the total global crypto market cap is now $2.5B, which is roughly 81% the size of Microsoft with a $3.09T market cap.

In the famous words of Michael Saylor, “We’re in the Bitcoin Gold Rush Era…and it will run until November of 2024”.

November 2024 is when 99% of all Bitcoin will have been mined, making its stock-to-flow ratio ~infinity.

Let me know what you think in Specs Chat!

RFK Jr. speaks at ETH Denver in support of crypto deregulation

⌐◪-◪ → Presidential Candidate Robert F. Kennedy Jr. spoke at ETH Denver in strong support of the entire cryptocurrency industry.

He talked about how he’d “love to dismantle the fed altogether”, leaning on his 500 lawsuits of experience against large corporations, industry incumbents, and major government agencies.

It’s starting to sound like RFK wants to restore the idea of “based currencies” like his uncle John F. Kennedy did with silver and gold certificates.

The real question is, what sort of backing is RFK thinking about, and could it be Bitcoin?

Bonus: RFK also showed open-mindedness towards on-chain elections/voting as long as it was easy, accessible, and fair.

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Bitcoin ordinals daily volume flips Ethereum NFTs

⌐◪-◪ → Bitcoin ordinals are on fire — with daily volume flipping Ethereum NFTs for the first time.

Zooming in a bit, all the major ordinal projects like NodeMonkes, Natcats, Bitcoin Puppets, and others just hit new all-time highs, with one NodeMonkey selling for a shocking $1M earlier today.

It’s starting to feel like we’re in the middle of a Bitcoin renaissance — and not because of its price — but rather the increased experimentation and functionality coming to Bitcoin, the world’s first, largest, and most reliable blockchain.

Just today I was reading about BITPACs (Bitcoin Based Publicly Auditable Cooperatives) which are essentially normal multisig wallets, but where the participants are public instead of private.

BITPACs are basically DAOs but on Bitcoin.

IMO, Ordinals have sparked a Bitcoin renaissance, just like NFTs did for Ethereum. There is so much more to come for Bitcoin — just make sure you don’t spend off of your Bitcoin, never forget Bitcoin Pizza.

Let me know what country you think has been secretly buying Bitcoin in Specs Chat!

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Everything Else

⛓️ Crypto & DeFi

  • Ethereum hits $3,500 days before Dencun upgrade

  • Tether mints $1B USDT as circulating supply nears $100B

  • DeFi poised for major comeback amid BTC rally, predicts Berinstein

  • EigenLayer surpasses $10B in total value locked

  • Bitdeer develops 4nm BTC mining chip ahead of halving

  • Telegram Game “Notcoin” will purge inactive accounts before airdrop

  • Blast L2 hits $2.6B TVL and 291k users, lending apps control 7% TVL

  • DeFi loan TVL explodes past $30B for first time since May 2022

🏦 Wallstreet & VC

🏛️ Legal & Regulatory

  • SEC says secondary crypto sales are securities transactions

  • SEC granted an extension in the Ripple lawsuit until May 6th

  • Wall Street Journal accused of defamation for Tether-Bitfinex article

  • BTC mining survey off the table after parties reach final agreement

  • Craig Wright accuses critics of bugging his home and spoofing emails

  • FTX opens claim window but uses old BTC price of $16k

🌎 Rest of the World

🖼️ NFTs & Metaverse

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