Is there a reason not to buy Bitcoin right now?
An investment firm describes Bitcoin as “exponential gold,” a billionaire regrets selling Bitcoin, Michael Saylor buys more, and Bitcoin is being used to save the planet.
Yep, you read that last one correctly.
There are decades where nothing happens and there are weeks when decades happen. This week has been a wild one.
Let me catch you up…
Here’s what’s in today’s issue:
- Rebecca shares her thoughts on 4 bullish Bitcoin narratives, the U.S. holding rates, the Unit hack & PayPal getting subpoenaed over PUSD.
- Altcoin alpha by David.
- This week’s airdrop by Jesse.
- Sam has an NFT report on Flooring protocol.
Trade on Phemex to participate in the xPT Pre-mining event. Everyone can mint their Phemex Soul Pass (PSP) now and receive Phemex Tokens as airdrop for their trading activity.
📖 4 Bitcoin Narratives That Will Pump The Price
1. Bitcoin is “exponential gold”
Fidelity’s Director of Macro, Jurrien Timmer, has revisited his bullish Bitcoin thesis from 2020 and said Bitcoin is “exponential gold.”
His thesis is simple. Bitcoin is a superior commodity currency that’s on its way to becoming a store of value.
It was Timmer who spoke back in 2021 about Bitcoin’s potential to follow gold’s parabolic rally in the 1970s. This would put Bitcoin at $1 billion per coin by 2038, according to Fidelity.
It seems the bullish vibes from 2021 are returning.
2. Bitcoin FOMO
Someone else who keeps getting more and more bullish is Michael Saylor.
MicroStrategy has bought another 155 bitcoins. This brings MicroStrategy’s total holdings to 158,400 BTC worth over $5.4 billion.
But poor old billionaire, Stanley Druckenmiller. He said he regrets selling Bitcoin in 2022 after fearing the Fed’s monetary tightening would ruin Bitcoin.
3. Spot Bitcoin ETF
As we inch closer to the Bitcoin halving each day, the probability of a spot Bitcoin ETF getting approved goes up.
Invesco and Galaxy’s spot Bitcoin ETF has been added to the Nasdaq’s trade clearing desk alongside BlackRock, under the ticker BTCO. Soon, $17 trillion of wealth will have the option of investing in Bitcoin.
4. Bitcoin is solving the climate crisis
Bitcoin miner, Marathon Digital, has started a pilot project in Utah converting methane gas from landfill waste into electricity to mine Bitcoin.
Bitcoin miners are literally turning trash into cash by mitigating methane.
The site is already operational and Marathon plans on expanding the project if it’s a success.
This narrative is only just getting started, but imagine this: What will happen when the world wakes up and realises Bitcoin solves the energy crisis and climate crisis?
8 billion people and only 21 million coins. Bitcoin is extremely undervalued.
What’s your Bitcoin prediction for the bull market? Reply to this email and let me know.
👏 SBF Guilty As Charged
Less than 5 hours was all it took for the jury to find Sam-Bankman Fried guilty as charged.
This week has seen the 5-week FTX trial come to an end and justice served.
SBF’s lawyer insisted in the closing statements that Sam had been unfairly painted out to be the villain. Yes, mistakes were made but no crimes were committed. But the jury clearly didn’t believe the BS.
The 12 jurors needed a unanimous decision either way. If they couldn’t decide on the day, they would have to reconvene again on Monday. But there was no need for extra time here. They found him guilty on all 7 charges. Because whilst crypto is a new industry, this crime is nothing but old tricks.
The timing couldn’t have been sweeter. SBF was convicted a day short of the one-year anniversary of when Alameda’s balance sheet was published online. It was this that kickstarted FTX’s 10-day collapse.
SBF is now a convicted criminal and facing a maximum sentence of 115 years in prison. But we’re going to have to wait a bit until we find out exactly how long he will spend behind bars.
A sentencing hearing has been scheduled for March 24, 2024. Now the crypto market has been cleansed, let’s get the bull market started!
👀 US Holds Rates And Japan Unleashes Stimulus
The US has kept interest rates unchanged between 5.25% and 5.5% for the second month in a row. The day after, the UK followed too.
The great pause is in progress.
The Federal Reserve has always kept one more rate hike in its back pocket for 2023. But with only one more FOMC meeting left for the year, it’s a question of whether they will risk disrupting the markets right before the holidays.
If they leave rates alone again for a third time, it’s fair to say they’re done.
Whilst Western central banks try to fix inflation with rising interest rates and monetary tightening, Japan is trying something different. Stimulus. Because that works so well.
Japan is set to spend $113 billion in stimulus packages to reduce inflation and boost the Prime Minister’s ratings in the polls. Voter sentiment is at its lowest levels since Prime Minister Fumio Kishida took office two years ago.
The stimulus package will include tax cuts, cash handouts, and subsidies to reduce utility bills. Japan’s debt to GDP is the world’s highest at 261% and this new stimulus package is likely to make it worse. You can’t fight inflation with inflation.
💸 Unibot Hacked
Unibot, a Telegram trading bot was hacked for $640K. A hacker launched a new contract which attacked the Unibot Router. This allowed the hacker to steal tokens from around 600 wallets that had already approved the newest Unibot Router.
The hacker then swapped the stolen coins for ETH using the infamous, TornadoCash. The UNIBOT token dumped 43% in an hour and ended 20% down on the day of the hack.
The Unibot team has fixed the exploit by reverting to its old router.
The problem with the Telegram bot ecosystem is security. None of them openly publish their security system so it’s impossible to figure out which ones are safer than others. So if you’re using Telegram trading bots, be careful.
The Unibot team is working on making customers whole.
🚓 PayPal Gets Subpoena Over Stablecoin
The stock markets are well into their quarterly earnings season. And PayPal just made an interesting revelation in its Q3 earnings report.
The company has been subpoenaed by the US regulator. It’s the first from a major financial services firm. The Securities and Exchange Commission (SEC) is requesting documentation for its PYUSD stablecoin. They just can’t leave crypto alone.
PYUSD is a US-dollar-backed stablecoin launched by PayPal back in August.
PayPal has said it’s cooperating with the regulators but hasn’t revealed any more information.
It’s no surprise they’re keeping this tight-lipped. But the news of a subpoena didn’t seem to bother shareholders. PayPal’s stock was up 7% on the earnings report.
Existing Projects / Tokens
- Avalanche [AVAX] has partnered with the Interchain Foundation to develop an inter-blockchain communication protocol (IBC) on Avalanche. This IBC is called “Landslide”, and it will provide interoperability between Avalanche, the Cosmos Hub, and hundreds of other IBC-linked blockchains. Long story short, Avalanche will soon be connected to the larger Cosmos universe.
- Celestia [TIA] went live on mainnet October 31st. Celestia is a modular blockchain that allows anyone to build and deploy their own blockchains. Additionally, Celestia just released “Blobstream” which allows developers to launch ETH L2s as easily as they do smart contracts.
- Chainlink [LINK] Data Feeds are live on Linea as of October 30th. Data Feeds will provide Linea with real-time data resources from Chainlink’s cutting-edge oracle technology. And Linea’s incorporation of Data Feeds further increases demand for LINK.
- Lybra [LBR]’s grants program launched Nov. 1st. The program is offering up to 100K for developers that build projects and dApps within the Lybra ecosystem. Lybra is a liquid-staking derivative protocol built on Ethereum.
- Render Network [RNDR]’s director is set to speak at Solana’s Breakpoint conference on November 2nd. Expect a big announcement. There’s also rumors that Render 2.0 will launch soon, so this might be when that announcement is made. Render Network is a distributed GPU protocol that allows people to rent out GPU capacity to others.
- Solana [SOL]’s “FireDancer” update has been getting some serious buzz lately. Firedancer is a validator client upgrade that’s being developed by trading firm Jump Crypto. Firedancer is expected to push Solana’s transactions per second past 1 million. No launch data has been announced yet, but keep you eyes on this as a narrative shift could do big things for Solana.
Upcoming Projects / Tokens
- Vertex [VRTX] is a developing Orderbook and AMM DEX on Arbitrum. The protocol’s VRTX liquidity bootstrapping auction and token launch is happening between November 13th to the 20th. Vertex provides for spot, perpetual, and money market trading.
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What is Flooring Protocol?
Flooring Protocol is a new NFT platform that allows users to fractionalize NFTs in return for fungible µTokens.
Tokens can then be exchanged and traded, and later burned to reclaim an NFT again. If the Vault option is used, the reclaimed NFT will be randomly allocated from the Vault, whereas the Safebox option will return the same NFT as was initially placed in the Vault.
However, to use a Safebox, users must also stake Flooring Protocol’s native token, FLC.
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Thank you so much for your support, and I truly hope that today’s issue will give you insights needed to help you master your wealth.
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See you next time!
Lark and the Wealth Mastery Team
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Wealth Mastery (Lark Davis, and the Wealth Mastery writing team) are not providing you individually tailored investment advice. Nor is Wealth Mastery registered to provide investment advice, is not a financial adviser, and is not a broker-dealer. The material provided is for educational purposes only. Wealth Mastery is not responsible for any gains or losses that result from your cryptocurrency investments. Investing in cryptocurrency involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire investment. Investors should consult their financial adviser before investing in cryptocurrency.
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