🥛 Google is launching an L1 👀

GM. This is Milk Road – the 'cement and rebar' of crypto newsletters (we help you build a solid foundation).

Here’s what we got for you today:

✍️ Can alts 3x from here?
✍️ Google is launching an L1
🎙️ The Milk Road Show: How to Keep Your Bitcoin and Still Make Money from It w/ Matt Luongo
🍪 $BTC rebound incoming?

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Prices as of 2:00 PM ET. Click here for our Fear & Greed Index.

CAN ALTS 3X FROM HERE? HISTORY SAYS ‘YES’ 🤝

Remember yesterday when I got all giddy with excitement over the potential upcoming gains in the TOTAL3 (the crypto market cap minus $BTC & $ETH)?

Yeah, well, it still hasn’t subsided.

In fact, it’s increased – to the extent that “can we please stop talking about this” is a new theme in my family group chat.

Here’s what’s fueling the fixation today:

The 2017/2018 bull market peak for the TOTAL3 was around $358B…
In 2021/2022’s market peak, it was roughly 1.13T…

That’s a 215% (roughly 3x) gain between bull market peaks.

So if history repeats this time around, we should expect a peak that’s 3x from 2022’s high of $1.13T.

But here’s the kicker: right now, the TOTAL3 is still yet to breach 2022’s all-time high.

Which is kinda crazy given SO much has changed!

The SEC is now embracing crypto, DeFi has exploded, we have major ETFs and DATs (aka: public crypto treasury companies) in the works for a bunch of TOTAL3 projects…

(Hell, even NFTs are making a comeback.)

Point is: we have so much pent up momentum working its way into the TOTAL3 – and if history is anything to go by, we’re just at the starting line! 👇

Source: TradingView

Is that chart a little too convoluted for your liking?

Here’s a simplified visual representation of what history is telling us to expect from the TOTAL3:

Source: Giphy

Higher!

P.S. Wanna know which TOTAL3 tokens we’re allocated to? You can find the full breakdown in the Milk Road PRO All Access Portfolio!

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GOOGLE IS LAUNCHING AN L1 👀

Riddle me this:

Apple Mail kinda sucks, but it has 2.49B users worldwide...
Cash App has a richer feature set, but If you’re splitting a bill, you’re using Venmo…
Threads is just a Twitter clone, yet it was the fastest-growing app in history at launch…

What’s their trick?

Simple: Apple, Venmo, and Facebook (creator of Threads) all have crazy distribution power.

Aka: they have a metric sh*t ton of existing users that will adopt their new products and stay using their existing ones, because there’s more friction in switching.

And Google’s new Layer 1 (L1) blockchain has a similar edge.

The chain is called ‘Google Cloud Universal Ledger’ (GCUL), and it was just name-dropped by Rich Widmann, Head Of Web3 Strategy at Google, comparing it to Stripe and Circle’s L1’s. 👇

Source: LinkedIn

The TL;DR: GCUL is a payments-focused chain, built for the financial sector, which runs 24/7.

“…ok, you could say that about most blockchains – why all the hubbub?” – You, probably.

First: Who uses the term ‘hubbub’ anymore? Have some respect and say ‘hullaballoo’ like the rest of us.

Second: it’s all about the distribution baaaaby! Check this out…

There’re more than 3 billion monthly active Google Cloud users!

Now, take that, and compare it to Ethereum’s 17.55M monthly active addresses (which don’t necessarily represent single users, as most people have multiple wallet addresses). 👇

Source: TheBlock

That means if just 1% of Google Cloud users adopted GCUL – it would outpace Ethereum’s monthly active addresses by damn near 2x!

Which sounds kinda worrying…

A corpo blockchain out-competing an open and fully decentralized blockchain like Ethereum? No thanks.

But here’s the thing: crypto is never going to be a ‘one chain’ system.

(Exchange data and user surveys suggest that 60% - 80% of Bitcoin holders own other cryptocurrencies – and they’re famous for their ‘$BTC and nothing else’ maximalism.)

Point being: as tribal as crypto feels sometimes, holdings across multiple coins/chains/ecosystems is the norm – not the outlier.

So while Google-driven crypto adoption can sound scary at first glance – if it gets off the ground (which is a big IF when it comes to Google products), it will likely benefit other cryptocurrencies more than it will hurt them.

More adoption = more users browsing the broader crypto buffet = number go up.

We can get behind that.