Will Saylor Destroy Bitcoin?
Michael Saylor made a surprising announcement and Bitcoin Maxis’ jaws hit the floor.
Also, the Monthly Crypto Alpha Report was released Yesterday!
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The entire goal of our Monthly Crypto Alpha Report is to provide you with the necessary insights you need to make the most of the opportunities arising in the crypto space this month.
Here’s what’s inside:
- A macro overlook of the crypto markets to help you navigate the market trends
- The top airdrops of the month for potential quick gains
- The top altcoins to watch, selected based on in-depth analysis
- The best DeFi farms to maximize your passive income
- The most exciting NFT mints for those looking to explore the NFT space
Are you ready to embrace the wealth making opportunities that will arise in this month? Then get your hands on the Monthly Crypto Alpha Report with a 7-day free trial today!
Here’s what’s in today’s issue:
- Rebecca shares her thoughts on what MicroStrategy did, crypto companies dropping Q1 results, BTC ETFs bleeding, Wasabi Wallet surrendering & Friend.tech is back.
- Altcoin alpha by David.
- This week’s airdrop by Jesse.
- Sam has an NFT report on Base NFTs.
Look What MicroStrategy Did
MicroStrategy has become a Bitcoin development company that owns 1% of Bitcoin’s total supply.
So it’s no surprise that Michael Saylor’s next move is to build on Bitcoin….but wait for it…using Ordinals-like inscriptions.
I don’t think the Bitcoin Maxis were quite expecting that little detail.
Saylor unveiled his grand plans for “MicroStrategy Orange” at the MicroStrategy World Bitcoin For Corporations Conference.
It’s a decentralized identity app on Bitcoin that allows users to create decentralized identifiers (DIDs).
Essentially an orange checkmark for your email, it uses the Bitcoin blockchain to verify a user’s identity online.
MicroStrategy believes every Bitcoin Wallet should have a digital identity built into it. So, its use cases go far beyond email…e-commerce apps, social media and messaging platforms too.
Whilst it sounds like it could be a cool idea, the Bitcoin community is clearly divided.
Some love it, others hate it. Those who hate it, are already questioning Saylor’s incentives.
Is Saylor about to destroy Bitcoin? I sure as hell hope not.
But Saylor has a vision and we need to see it play out a little more before we know for sure.
What do you think of MicroStrategy’s plans for Bitcoin: Good or bad? Reply to email and let us know.
Crypto Companies Drop Q1 Results
It’s the first earnings season of the year and crypto companies continue to print money!
Tether, Coinbase and Block have all dropped their Q1 results and the numbers are mind-blowing…
Tether’s Record-Breaking Results
- $4.52 billion record in net profits
- $3.52 billion from Bitcoin and gold holdings
- $1 billion from US Treasury holdings
- $1 billion added to its reserves
- $11.37 billion in net equity (assets minus liabilities)
Tether remains the seventh-largest Bitcoin holder.
Coinbase Crushes Wall St. Expectations
- $1.64 billion in revenue vs. $1.34 billion expected
- 133% increase in revenue from institutional transactions
- 64% increase in revenue from custodial services
- $1.2 billion in net income
- $737 million in pre-tax unrealized crypto gains
- $ 7.1 billion in capital
Block’s BTC Announcement
- $5.96 billion in revenue vs. $5.75 billion expected
- $2.09 billion in gross profits
- $1.26 billion from Cash App
- $472 million in net income
Oh and btw, Block is copying MicroStrategy’s Bitcoin Playbook and will be DCA’ing into Bitcoin. Jack Dorsey announced that Block will be investing 10% of its gross profit from Bitcoin products each month into Bitcoin.
It’s a shame Apple isn’t doing the same with its $110 billion in cash that it’s now being used to fund its largest share buyback.
We’re still so early!
Bitcoin ETFs Bleed
The 11 spot Bitcoin ETFs saw their first day of outflows on May 1 when $563 million left the building.
It all started back on April 24 when BlackRock’s IBIT ETF recorded $0 in inflows. The dry spell continued…the same thing happened again on April 25, 26 and 27 all the way through to April 30.
Then, on May 1 the dump finally happened. Fidelity led the outflows after losing $191 million whilst BlackRock’s IBIT lost $36.9 million.
It’s over! Time to pack up and sell your Bitcoin…not so fast.
It ain’t all bad. BlackRock’s head of digital assets believes a new wave is coming from a different type of investor.
Over the coming months, he thinks we could see many financial institutions starting to trade these spot ETFs. He said: “Many of these interested firms – whether we’re talking about pensions, endowments, sovereign wealth funds, insurers, other asset managers, family offices – are having ongoing diligence and research conversations, and we’re playing a role from an education perspective.”
So sit back, keep accumulating and enjoy the ride!
Wasabi Wallet Surrenders (Trezor Too!)
Well, things escalated fast!
Earlier this week we reported that Wasabi Wallet was restricting its services to US residents and citizens.
This news came after Samourai Wallet was seized by US authorities just days before in a new privacy and self-custodial crackdown.
Now, Wasabi Wallet will shut down its Coinjoin coordination service from June 1. It’s this service that currently provides users with extra privacy around their transaction history by mixing their coins with others.
Wasabi Wallet itself will live on in its basic format, just without this specific privacy-enhancing service.
The company behind the privacy service, zkSNACKS, has simply had enough of the US regulators trying to make their lives hell…and it’s worked. But, it also means that other wallets who benefit from zkSNACKS will also lose access to this service.
Like Trezor hardware wallets. This is no longer an issue that affects just the US, but users worldwide.
Friend.Tech Is Back!
The decentralized social platform Friend.tech built on Base is back with its V2 upgrade, new features, and an airdrop. And yet again, it seems to have caused a stir.
Everything this platform does seems to be surrounded by controversy.
Controversy #1: Pre-Launch Plan Turns To Sh*t
Firstly, the V2 launch was delayed. Initially set for Monday, April 29 but it had to be rescheduled. Now the launch date was airdrop day, May 3.
Then, in the days leading up to the launch, a smart contract was leaked. It revealed that Friend.tech may be launching a non-transferable token, like EigenLayer.
The controversial plans mean that only specific whitelisted addresses will be able to sell or exchange the coins.
It’s like a cash grab, forcing the rest of its users to sell the coins through them and pay 1.5% in fees.
Controversy #2: Liquidity Issues
The FRIEND token was airdropped and its price skyrocketed to $169 right off the bat. But, collapsed right back down to $2.50 in just two hours.
At the time of writing, the price is down to $0.85. It looks like the largest whale sold over 55,000 tokens causing the price to dump before some users were even able to claim their tokens.
The liquidity issues driven by a concentrated airdrop are being compared to what happened to Renzo just days before.
Never a dull moment in crypto!
Existing Projects / Tokens
- AAVE has a ton of upgrades on the way, including Aave V4, Aave Network, the launch of a cross-chain liquidity layer, and a non-EVM L1. Aave operates as a decentralized non-custodial liquidity market protocol.
- Aleph Zero [AZERO] is launching their MOST bridge on May 21st. MOST will allow for the easy movement of assets between Aleph Zero and Ethereum. Aleph Zero is a privacy-enhancing layer-1 blockchain.
- Theta Network [THETA] just released a hybrid cloud AI computing platform on its Edge Network. The platform allows users to generate AI-based text-to-image and text-to-video content, as well as other applications.
- Uniswap [UNI] has integrated with Robinhood Connect, and this integration now allows users to purchase crypto on the Uniswap app via their Robinhood accounts, debit cards, or bank transfers.
- Zero1 Labs [DEAI] has entered into a partnership with Google’s Web 3 Program. Zero1 will tap into Google’s cloud resources to help grow the network. Zero1 is a decentralized AI ecosystem that focuses on data governance.
Upcoming Projects / Tokens
- MilkyWay Protocol [MILK] is a developing liquid staking protocol for Celestia’s TIA token. The development team just completed a $5M investment round from Binance Labs, Polychain Capital, and others. The protocol’s native token – MILK – is set to be airdropped in a few months. The mPoints program is how to become eligible.
- NATIX Network [NATIX] is a developing AI-powered geospatial map application, accessible via your smartphone. The application is underpinned by crowd-sourced camera feeds and blockchain technology. The NATIX token will be dropping soon. Here’s the info on getting into a whitelist spot.
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Saltwater Games XR One Airdrop
XR One is a Layer 3 Orbit chain built by Saltwater Labs with funding from Offchain Labs and Arbitrum. XR One is designed to power games that spark players’ imaginations through narrative discovery, artistic excellence & competitive gameplay mechanics. The XR Foundation has partnered with Saltwater Games to bring XR One and its XR Token to the world.
Starting this week you can create an account and access the Saltwater Games Quest Platform to earn a portion of XR tokens from the Airdrop pool. By completing the different missions now available, you’ll earn tXR for your early contribution to the project. These tXR points will then be converted into XR tokens at the end of the event. Participants will be able to claim their tokens immediately after the Token Generation Event scheduled for June 2024.
An Introduction to Base NFTs
Layer-2 blockchain Base, from Coinbase, is showing impressive growth and that includes an expanding NFT ecosystem that is still in its early days.
Leading NFT marketplace Magic Eden has added support for Base, and some notable collections so far include Based Punks, Swatches, Based Pixels, Onchain Gaias, Bomefers, and Primitives, while Web3 art platform Prohibition is expanding to Base with a network called Moonshine.
TO READ THE REST OF THIS ARTICLE, CLICK HERE – “An Introduction to Base NFTs”
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