Bitcoin's Hottest New Utility
Bitcoin's Hottest New Utility
Inflation hedge. Find out the latest billionaire who is long Bitcoin as the US debt continues to soar.
TylerD's Market Summary
GM!
Today's top news:
Crypto majors dip 1-2%, BTC at $66,500
Paul Tudor Jones hails Bitcoin as inflation hedge
Coinbase becomes a sponsor of the Golden State Warriors
Vitalik publishes pt 4 of his blog focused on making ETH validation more accessible
GOAT soars 50% to $650M after Marc Andreessen pod
💰 Bitcoin Increasingly Seen as Inflation Hedge
2024 has been a huge year for Bitcoin.
The Bitcoin ETFs went live in January, then the Trump endorsement at Bitcoin Nashville in May (coupled with the potential US strategic reserve announcement).
Momentum has been building, and now a new billionaire investor is singing its praises.
What Happened?
During an interview on CNBC, billionaire investor Paul Tudor Jones expressed concerns about the U.S.'s growing national debt, which now stands at over $35.7T.
He believes inflation is inevitable and is investing in commodities, including Bitcoin, as a hedge.
Jones specifically said he's long Gold, Bitcoin and Commodities, while also adding that the Nasdaq is probably fine to include as well.
Jones has long viewed Bitcoin as a valuable asset in times of uncertainty, in addition to gold.
What Are They Saying?
Paul Tudor Jones emphasized, "All roads lead to inflation," citing historical precedents where countries inflated their way out of debt.
He highlighted that younger generations hedge against inflation by investing in the Nasdaq but sees underinvestment in commodities.
Jones added, "I’m long Bitcoin," reaffirming his faith in the crypto as a solid investment during uncertain economic times.
Why It Matters
While the MSNBC interview is a relatively short clip, it packs a powerful signal.
Billionaire investors are turning to Bitcoin as a hedge against inflation.
This is inline with BlackRock's recent pitch on their ETF tour, comparing the buying power of the US Dollar to that of Bitcoin.
The trend is obviously clear - the power of the dollar goes down, and the power of Bitcoin goes up.
And unless the US finds a miracle solution to its massive growing debt issue, this is not going to change anytime soon.
The answer of course is just as Paul said - buy assets.
Now Bitcoin is front and center on that list of assets to buy.
And the younger generation will have their choice of gold or digital gold - I wonder which one they'll choose...
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
Ethereum led NFT trading volume with $3.7M on the day; Solana was next with $2.3M, and then Bitcoin with $1.9M
ETH NFT leaders were mixed; Punks even at 27.7 ETH, Pudgy -1% at 9.3, BAYC +1% at 12.3, Azuki even at 5.18
Hedz (+30%) and Winds of Yawanawa (+20%) led notable top movers
BTC NFT leaders were mostly red; NodeMonkes -2% at 0.136 BTC, Puppets -11% at 0.141 BTC, OMB -4% at 0.175, Quantum Cats -4% at 0.223
The Runes leaders were mostly red; DOG -2% at $479M mc, PUPS -5% at $106M, RSIC -10% at $75M mc, BDC -15% to $77M
Solana NFT leaders were mostly red with Mad Lads -4% at 43 SOL, SMB even at 18.7, DeGods -1% at 15.1 and RCs even at 29
Art platform Foundation rebranded its Instagram account to Rodeo Club citing several reasons including that their audience "believes NFTs are dead"
Azuki introduced a teaser of Episode 2 of its anime series
Bored Ape Yacht Club announced that MBA 2.0 is now live on ApeChain, showcasing all of the Ape-made businesses
💰 Token, Airdrop & Protocol Tracker
Here's a rundown of major token, protocol and airdrop news from the day:
Pump Fun launched the tokenization of videos for its memecoin platform
Scroll's SCR token went live for trading, opening at a $220M mc and $1.15B fdv
DefiLlama added support for ApeChain
Magic Eden added support for BeraChain, with plans for Monad next
Azura announced a $6.9M raise to build out decentralized infrastructure for finance
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
Crypto majors are down 1-2%; BTC -1% at $66,500; ETH -2% at $2,580, SOL -1% at $166
Memecoin majors were mostly red; DOGE -4%, SHIBA -3%, PEPE -3%, WIF -3%, BONK -5%, POPCAT -1%, and MOG -6%
Billionaire investor Paul Tudor Jones said he is long Gold, Bitcoin and Commodities after explaining that "All roads lead to inflation"
Marc Andreessen did a full 40-minute podcast explaining the GOAT meme story, the story of Truth Terminal and more
Vitalik published part 4 of his blog "The Verge" focusing on the long-term vision to make blockchain verification more accessible by reducing resource requirements to run nodes
Coinbase announced it will be an official partner of the NBA's Golden State Warriors
Nigeria dropped charges against the detained Binance exec
Aurum launched a $1B tokenized equity and debt fund on XRP
River Financial launched a new "Bitcoin Interest on Cash" product, offering 3.8% interest on cash deposits that can be paid in either USD or BTC
🚀 Memecoin Movers
$FLAVIA (+69,000% to $45M market cap, SOL)
$OMEGA (+400% to $16M market cap, SOL)
$CATGF (+110% to $17M market cap, SOL)
$GOAT (+50% to $650M market cap, SOL)
$FART (+35% to $43M market cap, SOL)
📈 NFT Floor Price Increase (ETH)
Hasbulla (360%, 0.05 ETH Floor)
Hedz (30%, 1.37 ETH)
Winds of Yawanawa (20%, 5.69 ETH)
Ninja Squad (13%, 0.12 ETH)
RTFKT Animus Egg (11%, 0.06 ETH)
🗓 Upcoming Mints and Events
Today is another busy day of mints and events.
The highlight is likely Seedworld's $SWORLD token launch, going live this morning.
Christie's is also launching a Digital Art Beyond Borders exhibition featuring digital art auctions to benefit UNCHR.
See the full list and dive in for more details with Swizzy's daily mint monitor.
Seedworld SWORLD token launch (8:00 a.m. ET)
Christie's x UNCHR (10:00 a.m. ET)
Memes by 6529 (11:00 a.m. ET)
Champions Tactics (12:00 p.m. ET)
Pumpkin's Feast (12:00 p.m. ET)
Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email to tyler.d.warner@gmail.com.