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GM. This is the Milk Road, we’re that friend in the group that tries the hot wings first, just to make sure you don’t burn your taste buds off.
Here’s what we got for you today:
- Meet the new pro-Bitcoin President 👀
- Bitcoin hasn’t done this in 3 years… 🧐
- Fidelity joins the ETH ETF race 🍪
Prices as of 10:30 AM ET. Click here for our Fear & Greed Index
MEET THE NEW PRO-BITCOIN PRESIDENT 👀
Argentina has a new President…
His name: Javier Milei. And there are 3 things you should know:
1/ He loves Bitcoin. He says it “represents the return of money” to the people and “prevents politicians from robbing you through inflation”.
2/ He hates central banks. He calls them a scam and a “mechanism by which politicians cheat the good people”.
(Fun fact: he even went on national TV on his birthday and had a piñata shaped like the central bank. He beat the sh*t out of it.)
3/ He has sideburns that could give Elvis a run for his money. And a hairstyle that screams, "I have a vinyl collection and I'm not afraid to use it".
Without further ado, say hello to… El Presidente.
Javier Milei received ~56% of the votes and will take office on December 10, 2023.
Why this matters: Javier Milei made some BIG promises if he was elected president. Stuff like…
- Getting rid of the central bank.
- Replacing the Argentine peso with the U.S. dollar.
- Cutting the number of government ministries from 18 to 8. (Just check out this video where he shows who he plans to fire).
Now, I know what you’re thinking.... no central bank? A new national currency? WTF… that sounds crazy!
But…
a) sometimes crazy solutions are needed for crazy problems. And Argentina has been facing one hell of a problem…
- It has one of the highest inflation rates in the world (143%).
- And the Argentine peso has been rapidly depreciating.
To put it into perspective, 1 U.S. dollar = 350 Argentine pesos. Oh, and just look at how much 1 Bitcoin costs in Argentina…
b) Now we have to see if Javier can actually execute his plans.
I’m no expert, so I have no idea how hard it is to just “get rid of the central bank”... but I do know that politicians’ promises are like ghosts - often talked about, rarely seen.
Javier has talked the talk. Now we’ll see if he can walk the walk.
But we saw what happened after the first pro-Bitcoin President (Nayib Bukele) got elected in El Salvador. He..
- Made Bitcoin a legal tender in the country.
- Started buying BTC to add to the country's reserves.
- Launched BTC-backed government bonds.
All eyes will be on Javier Milei to see if he does something similar.
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BITCOIN HASN’T DONE THIS IN 3 YEARS… 🧐
Bitcoin fees are SKYROCKETING. And for the first time in 3 years, Bitcoin’s daily fees have flipped Ethereum's daily fees…
In fact, Bitcoin’s had more daily fees than Ethereum for the last 5 days.
So, what’s been the main catalyst? Two words…. Bitcoin Ordinals.
These are (with as little technical mumbo jumbo as possible) images, videos, data files, etc that are “inscribed” directly on the Bitcoin blockchain.
Think of them as NFTs but on Bitcoin instead of Ethereum.
According to CryptoSlam, Bitcoin Ordinals had 3x as much volume as Ethereum NFTs over the last 24 hours.
The good news? More Bitcoin Ordinals volume = higher fees = more revenue for Bitcoin miners.
The bad news? More Bitcoin Ordinals volume = higher fees = higher cost to use the Bitcoin blockchain.
Over the weekend, the average Bitcoin transaction fee was ~$18.
I repeat… $18. Just to use the blockchain. Crazy.
Bitcoin’s transaction fees are looking like my DoorDash fees. And the blockchain can’t deliver me an Italian Sub from Jersey Mike’s in 20 minutes.
BITE-SIZED COOKIES 🍪
PT Bidding is the next event lined up to prepare for Phemex’s token launch on November 28th. Dive into the anticipation by learning more about the upcoming event, and help celebrate Phemex’s 4th anniversary.*
Fidelity filed paperwork to launch an ETH ETF. The $4.5T asset manager is the latest firm to join the ETH ETF race. -- DL News
The U.S. Securities and Exchange Commission (SEC) delayed approvals for both Franklin Templeton’s and Global X’s spot Bitcoin ETF applications. Can’t say we’re surprised.
Republic selected Avalanche blockchain for its investment security token. The security token aims to generate profits from a portfolio invested in more than 750 private assets.
Bitcoin options open interest reached an all-time high of $15 billion on Deribit. An increase in open interest = higher liquidity and more market participants.
dYdX’s insurance fund lost $9 million as a result of a 'targeted attack'. dYdX said in a statement that no user funds were affected and that its team is working to investigate the event.
*This is sponsored content
MILKY MEMES 🤣
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ROADER REVIEW OF THE DAY
VITALIK PIC OF THE DAY
Me during Thanksgiving: "Yeah, I own 1 whole Bitcoin now..." My aunt:
— Milk Road Images (@MilkRoadImages)3:54 PM • Nov 20, 2023
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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. Sponsored messages do not constitute a testimonial or endorsement by Milk Road.
