March 15, 2023

🥛 Is Bitcoin undervalued? 👀

GM. This is Milk Road. When it comes to crypto, we spill the latest tea like a 13-year-old at a sleepover. You won't miss a beat.

Here’s what we're serving up today: 

  • Is Bitcoin still undervalued?

  • Say hello to the banks still serving crypto

  • Graph of the Day: Weekly crypto asset flows

  • Web3 Wednesday – Best jobs in crypto

P.S.A – Ethereum is going through a major upgrade soon (yup, another one).  You probably have some questions about what happens next…

Well, ConsenSys has your back with a new guide to the Ethereum Shanghai upgrade. It has all the info you need. It's easy to understand. And the best part? It's free.


Bitcoin is climbing the ranks of the world’s most valuable assets by market cap. This is a list that includes public companies, precious metals, cryptocurrencies, ETFs, etc.

BTC’s rank… #11. Just like that, magic internet money is worth more than VISA and Facebook (yes, we still call it FB around here).

Check it out…

The crazy part? Bitcoin is still undervalued. Hear me out…

Sure, Bitcoin isn’t building self-driving cars, smartphones, or e-commerce marketplaces, and it will be hard to overtake valuable companies that are. (i.e. Tesla, Apple, and Amazon)

But you know what else doesn’t do any of that stuff? Gold. And it’s still #1, by far. It’s been around for centuries. People trust it and look to it as a store of value.

But there are cons – gold weighs a lot, it’s hard to transport, and I can’t buy my adult happy meal from McD’s with it. (big problem)

Bitcoin = digital gold. It’s light, portable, and easy to transact. You can easily send $10M in BTC from the U.S. → Australia in minutes. (To do the same thing with gold, you’ll need way more time & the contestants from Physical:100 to move it all.)

So, what’s Bitcoin's true value? Here’s a little formula we made…

(The number of people on earth who believe Bitcoin is valuable) x (the intensity of that belief)

  • The number of people who believe in it has soared. Hedge funds hold it. Countries hold it. Companies hold it. Hell, even my grandpa owns "1 Bitcorn"

  • The intensity of that belief is growing too. Bitcoiners love Bitcoin more than Kanye loves Kanye.

So yeah – Bitcoin is still pretty undervalued. It’s just a matter of whether it can survive long enough to become a lasting store of value like gold.

Only time will tell. Until then, it might just be the world’s most expensive game of hot potato…

But one thing we know about Bitcoin is: it can survive anything. China bans it every year. The largest Bitcoin exchange (Mt. Gox) was hacked, and the price of BTC has crashed 60%+ multiple times. It’s still alive & well.

Bitcoin is the honey badger of crypto.


A big change is coming to Ethereum. It’s called the Shanghai Upgrade. And no, it has nothing to do with China or the city of Shanghai.

Ethereum is upgrading its infrastructure to enable ETH staking withdrawals.

What does this mean for stakers? What does this mean for Web3?

Our friends at ConsenSys have you covered.

They are offering a FREE Report that walks through:

  • What is the Shanghai/Capella upgrade?

  • The role of stakers in Ethereum’s governance

  • Full and partial withdrawals

  • The impact of withdrawals on the Ethereum staking and DeFi ecosystems

  • Competition and innovation in the sector

  • Visit the Shanghai/Capella Upgrade hub to learn more

In celebration of the upgrade, ConsenSys will also launch its second commemorative NFT collection. Their first collection, The Merge Regenesis, was among the largest and most distributed NFT drops of all time.

Click the button below to claim your piece of Web3 history.


Crypto’s three S’s are dead in the water. And we’re not talking about Sats, seed phrases, & stablecoins.

We’re talking SVB, Silvergate, and Signature, the banks that connected crypto companies to fiat. Pair that with other banks being spooked to enter crypto and the government trying to make it hard for them to even do so, and things are looking bleak. 

So what do you do when sh*t has hit the fan? You email blast everyone asking if they’ll bank you. It’s finance’s version of sending the “hey, u up?” text late at night…

That’s what Digital Currency Group (DCG) did. Coindesk viewed internal messages from the conglomerate that show it’s trying to find new banking partners for its companies (i.e. Grayscale and Genesis).

Here are the banks that said they’re DTB (down to bank):

  • Santander – global banking giant with $192B AUM

  • HSBC – the largest bank in Europe with $500B+ AUM

  • Deutsche Bank – one of the top 25 largest banks in the world with $881.6B AUM

  • And others like BankProv, Bridge Bank, Mercury, Multis, and Series Financial

DCG also reached out to BlackRock, Bank of America, and J.P. Morgan to see if they were down, but looks like they left DCG on “Read”.

Even for the ones that said yes, there are some conditions: some services will be restricted, like brokerage, money market services, and the ability to wire money to third parties.

TradFi banks also would restrict firms based on their level of exposure to the crypto market.

So is this good? Any banker, big or small, willing to service crypto companies at the moment is a win. Because if banking partners all dry up, A) it’ll be harder for users to interact with crypto, and B) exchanges/lenders might look for banks overseas.

It’s a take-what-you-can-get sorta situation right now.


The results from the latest Weekly Crypto Asset Flow Report are in: funds sold off a total of $255M in crypto over the last week.

That’s the 5th straight week of outflows and the biggest sell-off in 6+ months. Yikes.

The top takeaways:

  • Bitcoin led the way with $244M worth of outflows. It’s the 5th straight week BTC has been at the top (bottom?) of the leaderboard for crypto being sold. 

  • This week's outflows wiped out the entire year's inflows. There has now been more crypto sold than bought by funds this year with outflows totaling $82M.

  • The majority of selling came from North America. Canadian funds sold off $229M worth of crypto this week. Eh Canada, you good?


It’s Wednesday, Roadies. We’re halfway through the week, Thirsty Thursday is tomorrow…and Milk Road’s latest Web3 job segment is here.

That’s right, ladies & gents, get your resumes primped and polished.

Here we go:

P.S. – Are you trying to hire in Web3? Learn how to get your open jobs in front of 250k+ crypto enthusiasts here.



That's a wrap for today. Meet us on Twitter to talk all about it. It’s kinda like a family BBQ but better – no screaming kids, awkward photos, or drunk uncles telling weird stories (@MilkRoadDaily)


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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.