The 77th Hoot

CRAZY Bitcoin Demand 🔥 + Crypto vs. The Internet 😁

June 10th, 2024

GOOD MORNING, FRIENDS ☕️

FEELING JAUNTY THIS MORNING.

LET’S GET THAT BREAD 🍞

Scatt's Weekly Seeds:

🌱The Demand for Bitcoin is CRAZY 🔥

🌱Bitcoin Price by 2030: Stock-to-Flow 👀

🌱Crypto vs. Internet Adoption 😁

🌱How Much Bitcoin Does El Salvador Own? 🤔

Memes of The Week

Year-to-Date Returns:

  • Dow: 2.94%

  • S&P 500: 12.10%

  • Nasdaq Comp: 14.13%

  • Bitcoin: 66.02%

  • Ethereum: 61.88%

  • Solana: 55.58%

News Breakdown:

Crypto Market:

  • 7-DAY CRYPTO MARKET CAP CHANGE: $2B

  • CRYPTO INVESTMENT PRODUCT FLOW: $185M

  • BIDEN VETOES CONGRESS BILL OVERTURNING SEC GUIDANCE

  • GLOBAL X SLASHED EUROPEAN CRYPTO ETP FEES TO ZERO

  • COINBASE DONATES ANOTHER $25M TO CRYPTO FAIRSHAKE SUPERPAC

  • AUSTRALIA’S FIRST SPOT BITCOIN ETF GOES LIVE

  • BLACKROCK BITCOIN ETF CROSSED $20B AUM

  • DEUTSCHE BANK PARTNERED WITH BITPANDA IN CAUTIOUS CRYPTO SHIFT

  • TRUMP PITCHES HIMSELF AS ‘CRYPTO PRESIDENT’ AS HIS PERSONAL CRYPTO PORTFOLIO SURPASSES $20M

Credit & Debt Markets:

  • 10-YR TREASURY YIELD: 4.439%

  • COASTAL GASLINK IN CANADA SELLS $5.2B OF NOTES IN LARGEST LOONIE-DENOMINATED CORP. BOND DEAL EVER

  • CHINESE DEV POLY IS RAISING $1.7B THROUGH CONV. BOND SALE

  • PLANET FITNESS KICKED OFF $800M ABS BOND SALE

  • SAUDI ARABIE PIF EYEING RARE STERLING-DENOMINATED BOND SALE

  • SENEGAL RAISED $750M IN EUROBONDS

This Week’s Economic Calendar:

  • CPI Inflation Report (Wednesday)

  • FOMC Interest Rate Decision (Wednesday)

  • PPI Inflation Report (Thursday)

The Demand for Bitcoin is CRAZY 🔥

Demand squeeze.

Guys, the spot Bitcoin ETFs in the USA have been buying up Bitcoin LIKE CRAZY!

As a general rule, ETFs usually have a 5-15 year holding period/investment horizon.

So the below numbers are from LAST WEEK ALONE…

And the below show the last couple weeks…

Now try convince me that this isn’t one of the most bullish signs you’ve seen in a while?

At an average price of say $70k, that equates to $1.8B of weekly buying power 👀

Bitcoin Price by 2030: Stock-to-Flow 👀

Millions.

That’s the BTC price prediction over the next 5-7 years based on the Stock-to-Flow model

This is a model that predicts BTC price based on decreasing new supply (thanks to the BTC halving) compared to the total amount already in circulation.

Sounds complicated, but it’s quite economically sound I can assure you.

So, we can see a whopping price prediction in the MILLIONS in the next couple years.

Saifedean Amous and other well renowned economists have spoken about this model in books, speeches, talks etc.

And you’re still skeptical and bearish?

Are we reliving history?

Here’s what the data suggests on crypto vs. the internet adoption back in late 90’s/early 2000s.

  • 2017 through 2020: Crypto adoption starts slow but picks up pace in 2021

  • 1993-1996: Internet adoption shows similar curve but 2 decades earlier

Shoutout to @MilkRoadDaily for the sweet graph!

So here are some awesome takeaway:

  • Early Days: Crypto started off quiet, just like the internet, but it’s now growing exponentially

  • User Base: As of 2024, crypto has 560M global users which far exceeds the internet’s back in 2000

  • Network Effect: We can expect crypto adoption to speed up. The more join = the more valuable it becomes.

  • Internet Leverage: Crypto grows even faster AS A RESULT of the internet itself!

Crypto is HERE TO STAY, MY FRIENDS.

How Much Bitcoin Does El Salvador Own? 🤔

The Bitcoin State.

That’s what El Salvador has become known as.

A legend of a president, who has just been reelected.

We are in for an interesting few more years, ladies and gentlemen.

The country officially owns 5,770 Bitcoin worth more than $402 million USD.

A country voluntarily owning almost half a billion in Bitcoin?!

AND YOU STILL DON’T BELIEVE ME?

Crypto Cold Storage Options:

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy, sell or hold any assets or to make any financial decisions. Please be careful and do your own research.