#149 BTC Approaches $100K
The Stars Align For BTC
GM - this is The Snapshot, edition #149.
This is what I’ve got for you this week.
This Week In Web3 - BTC Approaches $100K
Sponsored Post - Lil Nouns Agree 0.87 ETH Little Things Storybook
Notable Sales - Autoglyph, Milady, FWOG, Punk, Penguin
Investment Focus - Price Targets And Relative Value
For sponsorship enquires, please DM me on Twitter.
Have a great day,
B
This Week In NFT World - BTC Approaches $100K
Michael Saylor reveals he will present to Microsoft board next month on buying BTC for their treasury
"Pennsylvania’s House of Representatives has introduced a bill to establish a Strategic Bitcoin Reserve. As the 5th largest state with a nearly $1 trillion GDP, this move could ignite a nationwide race among states to add Bitcoin to their treasuries."
Asset manager Van Eck endorses a US Strategic Bitcoin Reserve
"FOR IMMEDIATE RELEASE: VanEck Endorses Strategic Bitcoin Reserve. No need for 'sources'—we'll just tell you ourselves."
MicroStrategy increases note sales to $2.6B for Bitcoin purchases
MicroStrategy said it has increased its upcoming note sale to $2.6 billion, signaling bullish expectations for Bitcoin’s potential to surpass the $100,000 mark.
MicroStrategy is set to raise $2.6 billion from senior convertible notes at a 0% interest rate to buy more BTC.
The note sale was upsized from a previously announced offering of $1.75 billion aggregate principal amount of notes, the firm shared in a Nov. 20 statement.
From Cointelegraph
Trump's media company Truth Social in talks to acquire US crypto exchange Bakkt
"Donald Trump's social media company is in advanced talks to buy crypto trading firm Bakkt (BKKT.N), opens new tab, the Financial Times reported, opens new tab on Monday, citing two people with knowledge of the talks. Trump Media and Technology Group (DJT.O), opens new tab, which operates Truth Social, is close to an all-stock acquisition of Bakkt, the report said. Shares of Bakkt, backed by NYSE-owner Intercontinental Exchange (ICE.N), opens new tab, soared nearly 66% in late afternoon trading, before being halted for volatility."
Reuters
Magic Eden reveals tokenomics for highly anticipated $3B $ME token
"The ME Foundation announced details Monday for the upcoming ME token airdrop, which will reward users of Magic Eden’s Bitcoin exchange and cross-chain NFT platform. At launch the community is set to collectively receive 12.5% of the total ME supply of 1 billion Solana-based tokens, or 125 million tokens—currently estimated to be worth $312 million based on the current pre-market price at Whales Pro.
The pre-market ME price of $2.50 represents a 233% gain in the last 24 hours on about $193,000 in volume traded in that time. While pre-market prices are not especially reliable, an airdrop of this magnitude would place ME inside the top 20 crypto airdrops of all-time according to CoinGecko."
DeSci coins emerge and soar: RIF hits 200M; URO hits 70M; BIO 6M before pull back
"Decentralized science (DeSci) is an approach to scientific research that uses decentralized technologies to revolutionize traditional science (TradSci). Instead of relying on centralized institutions and intermediaries, DeSci implements decentralized practices for knowledge creation and distribution.
Essentially, DeSci aims to broaden access to scientific data, promote more transparent peer review processes, and incentivize international collaboration among researchers. By leveraging blockchain technology, DeSci can ensure the integrity and immutability of scientific records while eliminating barriers to entry."
Binance
Chillguy surges to $400M driven by Tik Tok investors despite artist pushback
just putting it out there, chill guy has been copyrighted. like, legally. I'll be issuing takedowns on for-profit related things over the next few days
not like brand accounts using him as a trend, that's kinda something i dont really care about (i do just ask for credit. or xboxes.). mainly unauthorized merchandise and shitcoins
Gen Z trader launches and rugs $QUANT token for $20k, after which it becomes worth $3M+
"This Gen Z trader, launched a token $QUANT on Pumpfun. Live streaming him rugging $30K. In response, the crypto community CTO the coin, sending it to $35M. His original holdings? Worth over $1,280,000+ In the process, they've doxxed his name, address, and school."
Sponsored Post - Lil Nouns Agree 0.87 ETH Little Things Storybook
This week the Lil Nouns DAO voted for an 0.87 ETH proposal to publish a zine and storybook that introduces “the life of the Lils”.
It was a resounding win with 860 votes FOR!
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.
Love to see the DAO encourage and support this creative energy.
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 - Autoglyph, Milady, FWOG, Punk, Penguin
Autoglyph - 90 ETH
Milady, Alien - 17.9 ETH
FWOG 1/1 - 275 SOL
CryptoPunk, Cap - 118 ETH
Penguin, Wizard - 13.49 ETH
Investment Focus - Price Targets And Relative Value
One of the greatest crypto traders and investors, who had for a long time gone silent on the timeline, is back sharing his thoughts freely.
Cobie, whose account is private on X, had this to share this week on topics from BTC, to BTC vs Gold, to ETH/BTC ratio.
BTC
Framing it like this does change the perspective a little, since Cobie thinks BTC does go to $1m eventually (just don’t know when.)
BTC vs Gold
An even better way to frame it imo is by comparing to gold since BTC is ‘digital gold’.
Last week BTC flipped silver’s market cap; today BTC flipped Saudi Aramco’s marketcap.
Gold’s market cap is $17T; BTC is currently at $1.9T.
Just over an 8x away.
And Cobie thinks that gap will close.
Whether that gap gets closed because BTC goes up (it will) or because gold will come down (it might) or both (it might), BTC is considered to be better than gold because it is fixed supply (gold is not), it is portable (gold is hard to move), it can transfer value internationally in just a minute or two (gold cannot).
For these reasons the thesis is: BTC > gold which means BTC should be worth more than gold.
ETH/BTC Ratio
ETH holders this year have been in serious pain.
Not only because BTC has ripped against it, but also because SOL has been rising so much faster than ETH too.
At the moment though, the ratio of ETH to BTC appears to present a more favourable picture for ETH, since it is starting to look very cheap against BTC (especially if BTC does go to $150k).
Hope that is a helpful way to reflect on relative value.
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