The Hoot #37

Twitter Gets A Crypto License 👀

Author

Matt Brimacombe
September 4th, 2023

Scatt's Seeds for Thought:

🌱 Grayscale’s Big Win 🍾

🌱 Twitter Gets A Crypto License 👀

🌱 The Latest On China 🇨🇳

🌱 World’s Richest Universities 🏦

Meme of The Week

Year-to-date Market Performance:

  • S&P 500: 17.61%

  • Dow: 5.10%

  • Nasdaq Comp: 34.06%

  • Bitcoin: 55.68%

  • Ethereum: 35.83%

  • Scatt Capital’s Fortune Strategy: -0.59% (Since Inception (12/22): -4.93%)

Market News:

  • 7-Day Change in Crypto Market Cap: -$10bn

  • PCE INFLATION RISES IN LINE WITH EXPECTATIONS: 4.2% YOY

  • COMMERCE CHIEF SAYS US COMPLAINS CHINA IS UNINVESTIBLE

  • EX-WHITE HOUSE ADVISOR SAYS MORE FED HIKING IS COMING

  • US ADDED 177K JOBS: SMALLEST GAIN IN 5 MONTHS

  • FED DEMANDS CORRECTIVE ACTION BY REGIONAL BANKS

  • GOOGLE INTRODUCES GENERATIVE AI IN GOOGLE SEARCH

  • US PENDING HOME SALES RISE FOR A SECOND MONTH

  • VISA & MASTERCARD PREPARE TO RAISE CREDIT CARD FEES

  • US OFFICIALS WANT TO LOOSEN MARIJUNA RESTRICTIONS

  • STAGFLATION BECOMING A REALITY FOR EUROZONE

  • THERE IS NOW A 75% CHANCE OF A BITCOIN ETF APPROVAL

  • OFFICIALS ARE CALLING $150K+ PRICES FOR BTC

  • HURRICANE IDALIA COMPLICATING INSURANCE IN FLORIDA

  • APPLE HOSTS SEPT. 12 EVENT: IPHONE 15 EXPECTED

  • APPLE SUPPLY CHAIN UNDER STRAIN WITH US-CHINA TENSION

  • THE WEEK AHEAD: 

    • Labor Day Holiday

    • Wholesale Inventories

    • Consumer Credit

Grayscale’s Big Win 🍾

THE WIN OF THE YEAR.

The appeals court WIPED THE FLOOR with the SEC.

All 3 judges ruled in favor of Grayscale’s proposal to convert it’s OTC Bitcoin Trust into a listed Bitcoin ETF.

There is currently a 75% probability of a Bitcoin ETF approval being priced in.

Once approved, we could be looking at $20bn inflow in just 6 months!

One of the BEST headlines of the year. 3-0, Gary Gensler.

Twitter Gets a Crypto License 👀

One of Twitter’s (X) BIGGEST moves was just made.

They were approved for a ‘Currency Transmitter’ license in Rhode Island.

This allows them to store, transfer, custody, & exchange digital assets.

The license also includes service providers like crypto wallets, exchanges etc.

This is HUGE news.

They’re just 1 step closer to integrating digital assets into their platform.

Well done, Elon - it’s all starting to make sense.

The Latest On China 🇨🇳

China seems to be in the pits, economically speaking.

In the last month, China has:

  • Cut interest rates by the most since 2020

  • Removed 50% of their stock trade tax for 1st time since 2008

  • Considered making it illegal to short stocks

  • Lowered rates on $5.3T of mortgages for 1st time since 2008

  • Major real estate index down 82% in 2 years

  • Banks cutting deposit rates for 3rd time this year

  • Evergrande files for bankruptcy

Is there a credit crisis looming?

I have no idea, but I do enjoy a good egg roll or wonton soup.

World’s Richest Universities 🏦

Hundreds of billions, if not trillions, of dollars.

Those are the numbers behind the biggest and richest universities in the world.

The top ten? All based in the U.S.

How many U.S. institutions in the top twenty? 18.

Let’s dive into the top 5 below:

  • University of Texas: $69 billion

  • Stanford: $63 billion

  • Harvard: $53 billion

  • Yale: $45 billion

  • MIT: $43 billion

There truly is no match for the U.S of A 🇺🇸

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See you next week 🦉

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