MCS Crypto News - Issue #10

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Crypto has been around for over a decade. I faded it at first - writing it off as a scam that nobody could explain. Of course, like many, I came to this conclusion without actually researching anything.

Joe Rogan has been wishy-washy on the subject so far - but recently had an interview that changed everything.

🎙️ Joe Rogan & Sam Altman on Bitcoin 🎙️

OpenAI CEO, Sam Altman, recently appeared on The Joe Rogan Experience podcast and expressed his enthusiasm for Bitcoin, calling it a “super logical” step on the tech tree. He believes that a global currency, free from government control, can be a significant tool against corruption.

Joe Rogan, contrary to his previous opinions, showed optimism for Bitcoin, even amidst his skepticism of the broader cryptocurrency industry. He sees Bitcoin as the most likely contender to become a "universal viable currency."

🔍 Key Takeaways 🔍

• Bitcoin, being outside of government control, is seen as a tool to combat corruption. Digital payments, even with Bitcoin, can be monitored, potentially reducing corrupt practices.

• Altman, the founder of Worldcoin, believes that the shift to a technologically enabled world, including the adoption of Bitcoin, can help reduce corruption.

• Both Rogan and Altman expressed concerns about Central Bank Digital Currencies (CBDCs), with fears that they could lead to increased surveillance and control over individuals.

🚫 Concerns & Regulations 🚫

• Altman voiced concerns about the U.S. government's increasing efforts to control cryptocurrencies, suggesting it's akin to waging a "war" against the industry.

• Despite the concerns, Altman clarified that he's not against regulations. He cited the collapse of FTX as an example of why regulations are essential.

• The U.S. government's actions, especially the Securities and Exchange Commission's lawsuits against exchanges like Coinbase and Binance, are seen by many as a crackdown against the crypto industry.

Joe Rogan's evolving perspective on Bitcoin is indicative of a broader shift in perception among influential figures. As more prominent personalities like Rogan begin to understand and advocate for the potential of cryptocurrencies, it paves the way for greater public awareness and acceptance.

This ripple effect, initiated by thought leaders, could very well be the catalyst driving Bitcoin and other cryptocurrencies towards mass adoption in the near future. As the discourse continues to mature, the crypto landscape is poised for transformative growth, with Bitcoin at its helm.

📉 Ethereum Foundation's ETH Sale 📉

• The Ethereum Foundation converted 1,700 ETH, valued at approximately $2.76 million, into Circle’s USDC stablecoin.

• This transaction was executed via Uniswap and was reported by multiple crypto analytics firms.

• Historical data suggests that significant transfers by the Ethereum Foundation have often been followed by a dip in Ethereum's price.

🔍 Key Insights 🔍

• As of Q1 2022, the Foundation held around 395,000 ETH, which represented 0.297% of Ethereum’s total supply.

• During the financial year 2021, the Foundation invested $48 million in research, development, and grants for Ethereum developers.

• Current data from DeFiLlama indicates that the organization holds 316,488 ETH, valued at approximately $502.7 million.

📊 Historical Price Impact 📊

• Past transfers by the Ethereum Foundation to crypto exchanges have often coincided with price declines for Ethereum.

  • On May 6, 2023, the Foundation transferred nearly 15,000 ETH (worth $28.5 million) to the Kraken cryptocurrency exchange. Ethereum's price subsequently saw a decline.

  • Similarly, on November 11, 2021, a transfer of 20,000 ETH (valued at $95 million) to Kraken marked a peak in Ethereum’s price, which later dropped.

  • In May 2021, a transfer of over 35,000 ETH (worth $123 million) was followed by a significant price drop for Ethereum.

📉 Current Market Reaction 📉

• While the recent sale of $2.76 million in ETH is comparatively smaller than previous transfers, Ethereum's price has experienced a 1.6% decline, trading at around $1,595.

The Ethereum Foundation's actions, given its influential position, often have a noticeable impact on the market. As the crypto landscape continues to evolve, the Foundation's moves remain a focal point of interest for investors and analysts alike.

BTC Dominance hits another yearly high.

Fed peak rate may be near. However, the market usually falls after a pivot.

US national debt hits an all time high.

Some huge token unlocks this week.

Circulating $BTC hits all time low

Want to buy a Tesla with DogeCoin?

That’s all for today. We’ll see you tomorrow for MCS Crypto 101.

Thank you so much for subscribing to Make Crypto Simple.

Chris Schawel


^{The content provided in this newsletter is for entertainment purposes only and should not be construed as financial advice. All information, including but not limited to market analysis, price predictions, and investment strategies, is purely speculative in nature. We strongly recommend conducting your own research and consulting with a qualified financial advisor before making any investment decisions. We are not responsible for any losses incurred as a result of the information presented in this newsletter.}