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GM. This is Milk Road, spinning crypto stories like a DJ at the club – all hits, no skips.
Here’s what we got for ya today:
- BTC just hit a new all-time high! 📊
- Graph of the day: BTC is a 4-year bet 👀
- The most surprising part of this rally 🧐
- Sports Illustrated is headed to Avalanche 🍪
Prices as of 12:30 PM ET. Click here for our Fear & Greed Index
BITCOIN JUST HIT A NEW ALL-TIME HIGH! 📊
Check it out. BTC hit a new all-time high in 14 countries this week.
I repeat… not 1, not 2, not 3… FOURTEEN (!!)
(Fun fact: these 14 countries make up ~13% of the world’s population and ~7% of the world’s GDP).
From Argentina to Japan to Nigeria, people around the world are flocking to the OG cryptocurrency.
Why?
- Inflation rates are soaring in most of these countries. For reference, Argentina’s inflation rate just hit 254%. Ouch.
- Local fiat currencies are facing rapid devaluation. Just check out the 10-year returns for global currencies against the U.S. dollar. (Spoiler alert: it’s one big game of how-low-can-you-go).
The result: BTC is becoming the financial equivalent of a bomb shelter during the ongoing currency wars.
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GRAPH OF THE DAY: BTC IS A 4-YEAR BET
Here’s a crazy stat for you…
During a 4-year investment period, BTC has NEVER had annualized returns under 30%. No matter how badly timed the investment was.
Now here’s how that 4-year investment period stacks up with other assets (s/o to Willy Woo for the data):
- BTC: 30-60% annualized returns.
- SP500: 10% annualized returns.
- Real Estate: 10% annualized returns.
BTC is in a league of its own.
P.S. - Let me tell you a quick story related to this…
The year was 2020. The world was locked down. It was chaos.
The good news? Our bank accounts had just been injected with a $1,200 stimmy (aka stimulus checks).
Some people used the money for business (i.e. pay rent, bills, etc.).
Others used the money for pleasure (i.e. shopping sprees, DoorDash, etc.).
But I had one friend who did something different… he invested his $1,200 into BTC.
Fast forward to today (~4 years later), and that investment is worth $9,230.
That’s a +669% return.
Crazy, I know. I used my $1,200 to turn DoorDash into my personal chef and all I got in return was 20 pounds of “love padding” in my midsection.
The big takeaway: If you're willing to ride the Bitcoin rollercoaster for 4 years straight, the ticket pays for itself – and then some.
THE MOST SURPRISING PART OF THIS RALLY 🧐
The crypto market has been on a roll over the last few months…
- BTC had its first weekly close above $52,000 for the first time in 2 years.
- ETH is a hair away from hitting $3K again.
- Many altcoins have seen double-digit gains.
But the most surprising part of the rally? Most retail investors are nowhere to be found.
According to data from The Block, less than 20% of Coinbase’s total volume last quarter came from retail investors.
The good news? Coinbase just saw its first quarterly increase in retail trading volume since Q4 2021.
It’s only a matter of time before the retail wave floods the market.
BITE-SIZED COOKIES FOR THE ROAD 🍪
What is the current gas fee for ETH? Bookmark our estimated Ethereum transaction prices and ETH gas heat map here!
Sports Illustrated is migrating its NFT service, Box Office, to the Avalanche blockchain. Box Office is a blockchain-based ticketing service that individuals can use to set up paid or free events.
Wormhole is teaming up with AMD to develop zero-knowledge infrastructure. The semiconductor manufacturer will provide Wormhole with hardware and advice to grow its interoperability app.
Arbitrum Foundation is financing a new feature-length film called “New Here.” It will explore the world of digital art and will be produced by Oscar-winner Shane Boris.
South Korea’s top crypto custodian saw deposits 3x in the second half of 2023. The main catalyst? Bitcoin ETFs (many are expecting South Korea to launch a spot Bitcoin ETF soon).
Do Kwon will be extradited to the U.S. They should make him do a Walk of Shame like in Game of Thrones.
MILKY MEMES 🤣
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ROADER REVIEW OF THE DAY
VITALIK PIC OF THE DAY
— Milk Road Images (@MilkRoadImages)5:11 PM • Feb 22, 2024
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.
