April 28, 2021 | Issue #166

MUST READS

In Praise of Bitcoin

We talk a lot here at CoinSnacks not only about Bitcoin and crypto assets in their pure form, but also in their 'financialized' form such as backdoor plays (Galaxy Digital, MicroStrategy, Paypal, etc.), ETFs, and institutional funds.

But, as the always insightful Ben Hunt writes in Epsilon Theory, perhaps we are forgetting what made Bitcoin special. Perhaps, instead of fighting the Man, we are becoming the Man.

As Hunt says: "What made Bitcoin special is nearly lost, and what remains is a false and constructed narrative that exists in service to Wall Street and Washington rather than in resistance."

Watching [insert your currency here] go up in comparison to BTC feels great, but if you aren't only here for "Bitcoin-as-global-reserve-currency", or "Number Go Up", or “Store of Value” then this is a must-read.

"Owning Bitcoin has been an authentic expression of identity, an extremely positive identity of autonomy, entrepreneurialism, and resistance to the Nudging State and the Nudging Oligarchy."

The Bitcoin narrative must be renewed.

Q1 Earnings Show Tesla Sold Off $272M of its BTC Purchase

After buying $1.5 billion of Bitcoin in February, Tesla (TSLA) has now reported that it has sold off $272 million of its holdings in its Q1 2021 earnings report.

After accusations of "pump and dump", Elon responded by saying that "Tesla sold 10% of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet."

Well... maybe that's true. But if that's all the sale was for, why not buy it back now? Our gut feeling is that Elon is doing what every S&P 500 executive strives for: To recognize company profits.

PayPal CEO: "Cryptocurrency Is Legit - And the Superapps Are Coming"

Dan Schulman, the CEO of PayPal (PYPL), recently joined TIME for a conversation on the future of cash, central banks and the security of digital currency.

DEEP DIVE

Bitcoin On-Chain Market Cycles

On-chain analysis studies – like the latest from Glassnode and Bitcoin Magazine – explore select metrics that provide insight into the sentiment and macro-spending patterns of hodlers, speculators, and miners.

The objective? To equip readers with the tools needed to appreciate the progress and data patterns as they relate to the current bull market.

Ethereum, The Triple Halving

@SquishChaos just published a massive 79-page report on why Ether will offer the best risk-adjusted return of any asset for the next 18 months.

For investors without time to read the full report, here is his one-page summary.

The Rise of Institutional Ethereum Investors

According to a recent report from Two Prime, the institutional adoption of ETH is underestimated...

With a robust developer community, a rapidly expanding DeFi ecosystem, and the availability of liquid derivatives market, Ethereum is starting to get the attention of institutional investors and corporate treasuries.

Bonus chart: Ethereum addresses with a balance of more than 10,000 ETH continue to rise in lockstep with the price.

Bonus chart II: Ethereum settled more transactions in Q1 2021 than it’s previous 7 quarters combined.

On Staking Pools and Staking Derivatives

The transition from PoW to PoS is Ethereum's most anticipated milestone since its inception.

In this piece from Paradigm in collaboration with @Hasufl and @gakonst, they explore staking pools & staking derivatives.

REGULATORY FRONT

Louisiana Commends Satoshi Nakamoto and Bitcoin

The US State of Louisiana passed a resolution yesterday: "To commend Bitcoin for its success in becoming the first decentralized trillion dollar asset and to encourage the state and local governments to consider ways that could help them benefit from the increased use of this new technology."

The state legislature has also made it a point to figure out ways Louisiana citizens can benefit from Bitcoin.

US Officials Arrest Alleged Operator of $336M Bitcoin Mixing Service

U.S. officials have arrested the alleged operator of a bitcoin mixing service, Bitcoin Fog, on allegations of laundering nearly $336 million in Bitcoin over 10 years.

Federal agents arrested Roman Sterlingov, a Russian and Swedish citizen, on three charges: unlicensed money transmission, money laundering, and money transmission without a license.

TWEET OF THE WEEK

Other Articles You May Enjoy

Germany opens up to institutional crypto funds
JPMorgan to let clients invest in bitcoin fund for first time
Alchemy raises $80M at a $505M valuation to be the ‘AWS for blockchain’
Visa CEO says payments giant is moving into crypto in a 'very big way'
CoinCenter responds to FAFT
Polkadot is a fundraising machine
Turkish crypto exchange goes bust as founder flees country
MetaMask surpasses 5 million monthly active users
ETH roller coaster week frays nerves as fundamentals strengthen
5 ways to earn by working for protocols
Sean Culkin becomes first NFL player to get full salary in bitcoin
European investment bank sold $121M in two-year notes on Ethereum

The CoinSnacks weekly digest is a manually curated newsletter that delivers fresh content covering cryptoassets and the evolving blockchain community for investors around the world. The digest is curated by CoinSnacks employees and sent once a week.

📌 In Praise of Bitcoin, Tesla Sells Crypto, and the Rise of Institutional ETH Investors

MUST READS

In Praise of Bitcoin

Q1 Earnings Show Tesla Sold Off $272M of its BTC Purchase

PayPal CEO: "Cryptocurrency Is Legit - And the Superapps Are Coming"

SPONSORED

The Only Escape Route Left For Your Money

DEEP DIVE

Bitcoin On-Chain Market Cycles

Ethereum, The Triple Halving

The Rise of Institutional Ethereum Investors

On Staking Pools and Staking Derivatives

SPONSORED

The Best Gold Stocks to Buy Right Now

REGULATORY FRONT

Louisiana Commends Satoshi Nakamoto and Bitcoin

US Officials Arrest Alleged Operator of $336M Bitcoin Mixing Service

TWEET OF THE WEEK

Other Articles You May Enjoy

Older messages

What Crypto Insiders Are Buying Next

The URGENT warning in this week’s crypto market tumble

📌 Bitcoin's Wild Weekend, Venmo Launches Crypto Buying, and the First Ethereum ETF

These Companies Are On Death Watch [Free Report]

📌 Coinbase Lists on Nasdaq, VanEck Launches New ETF, and NYSE Is Doing NFTs

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