#148 Strategic BTC Reserve Incoming?
What happens if the USA establish a strategic BTC reserve?
GM - this is The Snapshot, edition #148.
This is what I’ve got for you this week.
This Week In Web3 - BTC ATH at $93k On Strategic BTC Reserve Rumours
Sponsored Post - Lil Nouns To Vote On Little Things Storybook
Notable Sales - Punks & FWOGs
Investment Focus - Three Wisdoms To Go Big
For sponsorship enquires, please DM me on Twitter.
Have a great day,
B
This Week In NFT World - BTC hits ATH at $93k before pull back to $88k
From Senator Lummis via Forbes:
“At the same conference, Senator Cynthia Lummis, a Republican from Wyoming and a prominent supporter of bitcoin, unveiled the BITCOIN Act. The proposed legislation advocates for creating a U.S. strategic bitcoin reserve aimed at strengthening the national economy and addressing the growing national debt.
Lummis’s bill presents bitcoin as an asset with the potential to serve as a reserve similar to gold, positioning the U.S. as a global leader in financial innovation. Furthermore, the BITCOIN Act emphasizes personal financial autonomy by protecting individuals’ rights to self-custody their bitcoin, a core tenet of the cryptocurrency ethos.”
Blackrock’s BTC ETF hits $40B in AUM: faster than any ETF in history
“Blackrock's bitcoin ETF has hit $40 billion in AUM faster than any other ETF in history. This type of dominance is hard to ignore. Great insight from @EricBalchunas”
From Pomp
PEPE listing with Robinhood & added to roadmap for Coinbase; WIF on Coinbase roadmap too; $PNUT hits $2B
Late Thursday marketcaps rose: PEPE +20% $9.5B; WIF +41% $4.2B; PNUT +58% $2.1B
Blackrock launch Buidl on Aptos, Arbitrum, Avalanche, Optimism Mainnet and Polygon
"The world's largest asset manager partnered with Securitize to launch BUIDL, their flagship tokenized treasury fund, on 5 new blockchains: Aptos, Arbitrum, Avalanche, Optimism, Polygon"
Elon and Vivek appointed to lead Department Of Government Efficiency: $DOGE (D.O.G.E) up 65% to $300M marketcap earlier in week
Coinbase launches Coinbase 50 Index, a market-cap weighted index of the top 50 eligible assets
"What is the COIN50, and why does it matter? The COIN50 provides a diversified benchmark to track the evolving crypto market, providing investors with a broad, dynamic measure of crypto’s growth beyond Bitcoin and supporting the maturity of crypto as an asset class"
"In short, the COIN50 aims to be the market standard for crypto benchmarks Indeed, the COIN50 covers 80% of the total crypto market, similar to the share of the S&P 500 relative to the overall US equities market"
Doodles announce McDonalds partnership and NFTs move 40%
“we’ve partnered with @McDonalds to spread a little joy this holiday season — with over 100 million limited-edition McCafé x Doodles Holiday cups launching at participating McDonald's across the U.S.”
Doodles
"Massive trading activity on Doodles NFTs. Since the McDonalds partnership announcement 30 minutes ago, 103 Doodles have been bought for ~220 ETH ($720,000 USD) in total. Floor price is up 70%"
Sponsored Post - Lil Nouns To Vote On Little Things Storybook
This week the Lil Nouns DAO will vote on a 0.87 ETH proposal to publish a zine and storybook that introduces “the life of the Lils”.
The Little Things will be made available physically and digitally.
Physical copies of zines will be distributed in public on Thanksgiving week. Storybooks will be donated to public libraries and schools on December, for the season of giving.
Digital copy will be provided for those who also want to produce a copy to use for future events.
Distribution
(200) Zines - will be distributed to adults in public on Thanksgiving week, and KomiketPH (a big event where comics and art is celebrated). It is also planned to leave some copies at coffee shops where people can freely read the story as they take a sip of their favorite drinks.
(100) Storybooks - these will be distributed to public libraries and grade schools on their Christmas party.
The artist creating this is Kimmy, the same artist who has worked on the very cool Lil Bean project.
Best of luck to Kimmy, and will see how the votes goes!
If you are curious about contributing to a cutting-edge DAO and getting paid to bring your ideas to life: check out our website.
Notable Sales - Punks & FWOGs
CryptoPunk, Hoodie - 140 ETH
CryptoPunk, Cowboy - 46.97 ETH
FWOG, The Pond - $50,000
FWOG, The Pond - $57,000
CryptoPunks, Purple Hair - 46.9 ETH
Investment Focus - Three Wisdoms To Go Big
Three wisdoms i heard recently which made me size up into the “memecoin supercycle” over the last week:
- Druckenmiller (very famous investor) talking about his biggest learning from Soros (his former boss, maybe an even more famous investor and one of world’s richest men): when you have conviction go even bigger because that opportunity doesn't come around that often
(Highly recommend this interview on process to be a successful investor)
Also this video of ours succinctly explains one of the key stories / learnings:
- Every smart Bitcoiner seems to always explain: the biggest moves happen in so few days in the year / short periods of time
- Smart market participants explain: the biggest moves happen towards the end of the cycle
We certainly are not at the start of the cycle (btc dipped under $20k).
I think we have a Trump victory honeymoon period of at least a couple of months here.
I am viewing the next 6 months to 1 year in two periods: pre-inauguration and post-inauguration.
Trump’s inaugaration will be on January 20, 2025.
I think there will be a lot of optimism and speculation pre-inauguration, therefore it is time to make the moves now.
We will re-assess how things look as we go into the inauguration.
Have a great day,
B
Disclaimer: The content covered in this newsletter is not to be considered as investment advice. It is for informational and educational purposes only.
I hold some of the NFTs mentioned in these newsletters