Bitcoin Flips Silver 🪙💵📜

Valko

Bitcoin Flips Silver 🪙💵📜Valko

Specs’ Insights

Bitcoin flips silver to become the 8th largest asset in the world

⌐◪-◪ → Bitcoin just established a new all-time high of over $72,000, and in the process flipped silver’s market cap to become the 8th largest asset in the world.

The largest asset is still Gold at $14.66T, followed by Microsoft and Apple at $3.01T and $2.63T respectively.

That means all Bitcoin has to do to become one of the top 3 largest assets in the world is 2x.

For context: 3 of the last 4 times Bitcoin hit a new all-time high, it doubled in 18 days or less.

In my opinion, there’s a greater than 50% chance Bitcoin makes it into the top 3 global assets this cycle. Satoshi must be proud.

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MicroStrategy & BlackRock battle it out in Bitcoin holdings

⌐◪-◪ → Last week, BlackRock $IBIT ETF surpassed MicroStrategy in Bitcoin Holdings at 195k Bitcoins.

Today, however, MicroStrategy retook the lead by purchasing another 12,000 Bitcoins for $821.7 million in cash.

The chart above beautifully displays this neck-and-neck race.

While I love Michael Saylor and his undying Bitcoin bull energy, MicroStrategy doesn’t stand a chance here considering how quickly BlackRock caught up.

Either way — it’s fun to see corporations duke it out in what I’m dubbing The Great Bitcoin Race.

Soon we’ll see entire countries competing, one could argue it’s already happening (ex. Qatar’s rumored 100 BTC/day).

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Wyoming governor signs bill to give DAO’s official legal standing

Wyoming has become the first US state to grant legal recognition to Decentralized Autonomous Organizations (DAOs).

⌐◪-◪ → Wyoming just made history and became the first US state to grant legal recognition to Decentralized Autonomous Organizations (DAOs).

The new legal framework called the “Wyoming Decentralized Unincorporated Nonprofit Association Act” was purpose-built for DAOs, and lets them claim a new nonprofit status.

This new law solves 3 key challenges for DAOs:

gives them legal existence/can contract w/ 3rd partiesenables them to pay taxesprovides them limited liability from members

This breakthrough makes Wyoming an oasis for DAOs, giving them much-needed protections, and empowering them to keep blockchain networks open. It will be interesting to see if other states follow suit in an attempt to compete for business and tax dollars.

If you want to dig deeper into this new law, check out this blog post from a16z Crypto’s general counsel, Miles Jennings.

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Everything Else

⛓️ Crypto & DeFi

Ether price hits $4,000 for the first time in over 2 years
Google searches for Bitcoin hits highest since May 2022
Solana DeFi volume tops Ethereum, SOL hits 2-year high of $150
MakerDAO implements fee hike ahead of potential DAI demand shock
Dogwifhat holders want to raise $650k for Las Vegas Sphere ad
Lightning Network USD capacity surges 37% to new all-time high
$104M lost to crypto phishing attacks in 1st two months of 2024
Solana client developer Jito ends 'Mempool' function
ETH network fees hit 2-year high amid meme coin frenzy
MIT and Harvard alum launch web3 startup accelerator
Aevo offers pre-market trading for its own token ahead of airdrop
Arbitrum unlocks $2.4B this week, one of the largest unlocks of 2024
Donald Trump says he “has fun and makes money” with crypto
Uniswap governance shoots down fee switch proposal, again

🏦 Wallstreet & VC

Billionaire hedge fund manager Bill Ackman considers Bitcoin
Spot BTC ETF cumulative trading volume crosses $100B

🏛️ Legal & Regulatory

Fairshake Super PAC shifts focus to 4x US Senate races in Ohio
Arbitrum DAO removes $1.28M proposal for Tornado Cash legal fees
Grayscale & Coinbase meet with SEC about Ethereum ETFs
Crypto scams grew 53% to $3.94B in 2023 says the FBI
Solana co-founder threatens to sue Apple App Store over 30% fees

🌎 Rest of the World

London Stock Exchange to start accepting BTC ETF applications
Indian crypto platform to offer US Bitcoin ETFs to investors
Crypto exchange daily volume passes South Korean stock exchange
10 Hong Kong financial institutions plan to apply for BTC ETFs

🖼️ NFTs & Metaverse

Ubisoft becomes validator on XPLA network
Notorious NFT influencer Nick makes it into a Beeple everyday
Magic Eden flips Blur in 7-day NFT volume at $229.89M
Moonbirds creator Kevin Rose sells $1.2M NFTs
Andrew Kang sells 75% of Harambe NFT to a DAO for tokenization
Matt Furie raises $4.5M in Pelicator mints
Art Blocks index is down 29% year-to-date
Frank gives an update to the DeGods community on “new low point”

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