The Hoot #41

Ride A Bike? Get Paid in Bitcoin 🤝🏼

Author

Matt Brimacombe
October 2nd, 2023

Scatt's Seeds for Thought:

🌱 3rd Quarter Recap 📊

🌱 JP Morgan Bans All Crypto 🛑

🌱 Ethereum: $10 Billion in Record Time 🏆

🌱 Ride A Bike? Get Paid in Bitcoin 🤝🏼

Meme of The Week

Year-to-date Market Performance:

  • S&P 500: 11.68%

  • Dow: 1.09%

  • Nasdaq Comp: 26.30%

  • Bitcoin: 62.54%

  • Ethereum: 38.98%

  • Scatt Capital’s Fortune Strategy: +2.03% (Since Inception (12/22): -2.31%)

Market News:

  • 7-Day Change in Crypto Market Cap: +$20bn

  • F

  • CHINESE GOLD BUYING IS IMPACTING BULLION PRICE

  • SINGAPORE IS JAPAN’S TOP PROPERTY INVESTOR THIS YEAR

  • THAILAND EXPECTING BIG TECH INVESTMENTS

  • OIL PRICE HITS HIGH AS HEGDE FUNDS RAMP UP BULLISH BETS

  • AIRBNB & BLACKSTONE JOIN S&P500

  • BILL ACKMAN EXPECTS TREASURY YIELDS TO HIT 5.5%

  • CREDIT CARD LOSSES RISING FASTEST PACE SINCE 2008 CRISIS

  • BITCOIN RECOGNIZED AS UNIQUE DIGITAL CURRENCY IN CHINA

  • CRYPTO FUNDS COULD JUMP FROM $50 TO $650BN: BERNSTEIN

  • HEDGE FUNDS CUT STOCK LEVERAGE AT FAST PACE

  • COINBASE RECIEVES REGISTRATION FROM BANK OF SPAIN

  • ETHEREUM FUTURES ETF COULD LAUNCH AS SOON AS TODAY

  • DOLLAR’S SURGE IS IMPACTING FOREX

  • MEXICAN DRUG CARTEL CRYPTO WALLET SEIZED BY FEDS

  • SEC DELAYS DECISION FOR BLACKROCKS SPOT BTC ETF

  • THE WEEK AHEAD: 

    • Construction Spending

    • Job Openings

    • U.S. Employment Report

3rd Quarter Recap 📊

That’s a wrap. The 3rd quarter is over.

Let’s see a quick breakdown of how the market’s did this quarter:

  • Dow Jones: -2.6%

  • S&P 500: -3.6%

  • Nasdaq: -5.8%

  • Bitcoin: -10.2%

  • Ethereum: -12.7%

Overall? We’ve been on a pretty tough run lately.

Not surprising considering it was full of rate hikes, govt. policy changes, and some pretty big events.

Where to from here though?

Hopefully up.

JP Morgan Bans All Crypto 🛑

JPM has drawn the line in the sand.

The bank has decided to halt ALL crypto-related transfers.

Can’t buy crypto nor can you transfer to a crypto website.

Considering JPM has over 66m customers and represents $2.6 trillion assets…

This is a pretty big deal.

Banks allowing these transfers were a major part of fiat onramping to crypto.

De Facto: They’re likely just playing it safe (AKA kiss-ass) with regulators.

Ethereum: $10 Billion in Record Time 🏆

Ethereum just hit a massive milestone: The 10-Bil club.

According to a recent report:

  • Ethereum has generated $16.8bn in fees

  • 60% of that turned into revenue

The best part about it?

They did it FASTER than Facebook, Microsoft, Shopify, Zoom AND Salesforce.

The ONLY company to do it faster was Google.

How ridiculous is that?

A completely decentralized platform is the 2nd fastest company to hit $10bn in revenue.

And you’re telling me it’s not here to stay?

Ride A Bike? Get Paid in Bitcoin 🤝🏼

What do you get when you put nerds & a bike in a room together?

They develop something cool.

In this case: A bike that mines Bitcoin as you ride it.

The harder you peddle, the more power you get.

Best part about it all?

There’s no instructors yelling at you to ride faster, you can go at your own pace, AND…

You’re the best looking person on the bike.

Get mining riding, people!

If you like receiving market updates, check us out here on LinkedIn; here on Twitter; or here on Instagram 📊

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.