GM friends,
The world’s biggest Bitcoin conference is happening right now in Nashville and Elon Musk is proving once again why he’s the biggest troll in the world.
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Now, here’s what’s in today’s issue:
- Rebecca shares her thoughts on the bullish vibes from BTC Nashville, Bitcoin going to $52M, an update on ETH ETFs, ProtonMail’s Bitcoin wallet & Coinbase getting good and bad news.
- Altcoin alpha by David.
- This week’s airdrop by Jesse.
- Sam has an NFT report on Abstract: A new blockchain from Pudgy Penguins.
Bullish Vibes From BTC Nashville
We’re in Nashville! If you spot Jesse around the Bitcoin conference rocking the Wealth Mastery swag, then come and say hi.
Here are the bullish announcements from the conference so far…
RFK Jr. Doubles Down on Bitcoin
Robert F Kennedy Jr. stood on the Bitcoin conference stage and made a very bold claim: “I am a huge supporter of Bitcoin. I have most of my wealth in Bitcoin. I am fully committed.”
This follows on from comments he made earlier in the week that he’d push the US government to buy enough Bitcoin to match its gold reserves.
That would mean the US government would need to buy $615 million worth of BTC!
MicroStrategy Continues Corporation Drive
MicroStrategy and Bitcoin Magazine have teamed up to launch “Bitcoin for Corporations.”
It’s a partnership that will provide corporations with the resources and educational content needed for Bitcoin adoption. This comes hot on the heels of Bitcoin miner Marathon Digital buying $100 million worth of Bitcoin as part of its plan to go “full HODL.”
Marathon plans to retain all BTC mined and periodically buy Bitcoin on the open market.
Did you go to the Bitcoin conference in Nashville? Reply to this email and let us know what your highlight was.
Bitcoin To Reach $52M By 2050
ETF issuer VanEck is on a roll with publishing its bullish research reports. We’ve had price predictions for Solana, Ethereum and now Bitcoin. VanEck has once again outlined a bear case, base case and bull case and the price targets are as follows:
- Bear case: $130,314
- Base case: $2,910,345
- Bull case: $52,386,207
52 million dollars per Bitcoin?! That’s insane! Okay, let’s not get carried away here.
So, let’s stick with the base case for now. VanEck’s rationale is simple: rising distrust in institutions, increasing fiscal recklessness, and continued deglobalization.
Therefore, it expects Bitcoin to settle 10% of international trade and 5% of the world’s local trade, with central banks holding 2.5% of their assets in BTC. This would put Bitcoin’s market cap at $61 trillion, with Bitcoin Layer-2s worth $7.6 trillion.
Whilst the base case of $2.9 million is still mind-blowing for most people, that equates to 16% growth per year for 25 years. With the S&P 500 returning 7-10% on average, it just shows the power of compounding that an extra few percentage points makes over time.
Ethereum ETFs Sell-Off After Day 1
It’s still too early to call the spot Ethereum ETFs a success or a failure. It hasn’t even been a week since they launched.
But whilst Day 1 was a hit with inflows equal to 23% of Bitcoin ETFs, day 2 took a turn for the worse.
Day 3 didn’t get any better either. The ETFs saw $113.3 million in net outflows on the second day of trading, with Ethereum’s converted ETF Trust (ETHE) leading the losses.
The other 7 ETFs saw net inflows but not enough to offset the bleeding from Grayscale. With Grayscale’s 2.5% fee, it’s no surprise…it’s like Deja vu, this exact same thing happened with its Bitcoin Trust too.
The third day of trading saw the Grayscale bleeding escalate, with a total of $346 million in outflows and $1,157 million in the first 3 days.
But on the positive side, inflows picked up with $58 million going into Grayscale’s Ethereum Mini Trust.
And let’s not forget that these Ethereum ETFs have launched during a prolonged period of market consolidation. Price action is boring AF right now. Give it a few months and the vibes could be completely different.
ProtonMail’s Bitcoin Wallet
100 million Proton Mail users can now receive Bitcoin via email. Proton, the company behind ProtonMail and ProtonVPN has launched Proton Wallet, a self-custodial Bitcoin wallet.
So users remain in control of their private keys and recovery seed phrase. Proton will leverage its existing infrastructure to simplify the Bitcoin user experience.
Proton Wallet will be integrated with ProtonMail, allowing users to send Bitcoin via email addresses.
Proton will rotate the Bitcoin addresses each time a user sends or receives Bitcoin to prevent a user’s identity from being exposed. However, this has raised concerns within the Bitcoin community on both ends.
Bitcoiner Anita Posch has said this design may make Bitcoin “less privacy-preserving than a regular Bitcoin wallet” because BTC wallet addresses are associated with Proton email addresses.
But also, Seth For Privacy, has voiced a concern that whilst Proton Wallet is an easy-to-use Bitcoin wallet, Bitcoin itself is not “private by default” and is, therefore, a “departure from the normal mantra of Proton.” It’s been quite a polarizing launch, but zooming out, it’s bullish vibes for the market.
Coinbase RWA Fund And $4.5M Fine
It’s one step forward and one step back for Coinbase this week. Let’s get the bad news over with first.
Coinbase UK has been fined $4.5 million for breaching a voluntary agreement to prevent high-risk customers from being onboarded.
Coinbase’s UK subsidiary, CB Payments Limited (CBPL), agreed to the terms in October 2020 with the Financial Conduct Authority (FCA). But since then, Coinbase UK has onboarded 13,416 “high-risk” customers.
The FCA reports that 31% of these customers deposited around $24.9 million and turned that into $226 million worth of transactions and withdrawals. The FCA says this breach increases the risk of criminals using Coinbase to launder money.
Now, onto the good news. Coinbase Asset Management will be launching a tokenized money-market fund.
Some insider information has revealed that this fund will be in collaboration with Apex Group, based in Bermuda, which already services over $3 trillion in assets across the financial services industry.
The success of BlackRock’s tokenized fund BUIDL, shows that interest is already here and is only going to increase over time. Coinbase knows this.
This is exactly why Coinbase is also working on tokenizing assets on Base with preliminary approval for the regulators in Abu Dhabi.
Existing Projects / Tokens
- AAVE’s founder, Marc Zeller, is proposing a buy back program for AAVE tokens off secondary markets with protocol revenues. The purchased tokens would be sent into the protocol’s ecosystem reserve. If this proposal passes, the change will create constant buy pressure on AAVE.
- Drift Protocol [DRIFT] has announced the launch of its own predictions market center. This appears to be the protocol’s bid to compete against Polymarket. Drift Protocol is a spot and perpetual DEX on Solana.
- GMX has an active proposal to change its income distribution model from buying back and distributing ETH to buying back and distributing GMX. Again, if passed, the change will create buy pressure on the token.
- pSTAKE Finance [PSTAKE] is launching its bitcoin liquid staking product on July 29th. pSTAKE Finance is a bitcoin yield and liquid staking protocol backed by Binance Labs.
- Solend [SLND] has made the following changes: (1) a rebranding to “Save”; (2) introduced SUSD, which is a decentralized stablecoin; (3) introduced SaveSOL, a new Solana liquid staking token; and (4) launched dumpy.fun, a platform for shorting meme coins.
New Projects / Tokens
- deBridge [DBR] will launch its new governance token – DBR – in August on Solana. deBridge is a Web3 interoperability and value transfer service.
- zkLink [ZKL] launched its native token – ZKL – on July 23rd. zkLink works to pull together and unify liquidity across Ethereum and Ethereum L2 rollups.
Level Up Your Altcoin Investing Game
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Telegram Gaming Airdrop Guide
With the current success of Hamster Kombat, games on The Open Network $TON are here to stay. I use the term “game” loosely of course. As they require little or no effort to play. Simply give a small exchange of your time every day or two and you’ll continue farming points. A few clicks here, a few there, and you’re done. You also don’t need any money to farm Telegram Games. Making them available to everyone no matter the financial situation.
To get started you’ll need to download two things. Naturally, the Telegram App itself is the first thing you’ll need to play games on Telegram. Specifically the Mobile Version of Telegram. Most games aren’t available on PC due to their touchscreen mechanics.
Next, you’ll need to grab yourself a TON Wallet. I suggest downloading “Tonkeeper” on your phone’s mobile store. It’s ready to go immediately after downloading and you don’t have to back up your wallet until you want to. Once you’ve downloaded these two things you can start farming Airdrops on The Open Network.
Blum
To get started playing Blum. You’ll want to activate the “Farming” button on the Home page. This will help you farm Blum Points without needing Telegram open. Each time you activate Farming you’ll extend the time needed to reactivate it. So if your first time is 3 hours and you come back to collect your points. Now Blum will let you farm for 7 hours.
Next, head over to the Task page and complete the tasks to earn all the BP available. New tasks are added every few days so check this tab often. Once you have a few points, choose the Wallet page and connect your Tonkeeper wallet after a few simple steps. This is everything you’ll need to do for day one.
Once 24 hours have passed, open Blum to receive your first Tickets as a Daily Check-In reward. The longer your daily check-in stream, the more Tickets you’ll earn. Once you have some Tickets choose the Drop Game “Play” button on your Home page. The objective of the drop game is to tap and collect as many falling stars as possible within the time limit. Keep a lookout for the blue crystals, when collected they will freeze the screen and allow you to collect all the stars with ease. Avoid the bombs and collect your BP at the end of the game. Come back each day and spend your tickets to earn the most Blum Points you can before the season concludes.
AckiNacki
AckiNacki is just as easy to play and farm a potential Airdrop from. Once you open the game tap the “Get boost” button on the Boost page. This will open a new page where you can farm X Points. Tap the “Farm” button and a 2-hour timer will begin. Farm all five of the 20 Point boxes and you’ll unlock higher points boxes each following day. Complete the task from the list on this page to add additional X Points to your score. AckiNacki is expected to launch its screen draw mining game shortly.
Abstract: a New Blockchain from Pudgy Penguins
Pudgy Penguins is one of the top OG PFP collections and it last month established Igloo as its parent company.
After that, Igloo acquired Frame, which was developing a Layer-2 blockchain, and Frame has now refocused on providing expert assistance to Igloo in creating Abstract, a Layer-2 blockchain focused on consumer crypto.
Abstract is backed–among other investors–by Peter Thiel’s Founders Fund, and it’s aiming to go live around the end of this year.
TO READ THE REST OF THIS ARTICLE, CLICK HERE – “Abstract: a New Blockchain from Pudgy Penguins”
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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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