π₯ Should the U.S. put its budget on the blockchain? π
Todayβs edition is brought to you by Cross Finance β the brainy bunch mixing banking with blockchain like peanut butter and jelly, all with their snazzy L1 blockchain, dApps, and payment card.
GM. This is the Milk Road. A newsletter so full of sauce, you might as well call us Ragu.
Hereβs what weβre serving up today:
Letβs put the U.S. budget on the blockchain! π
Graphs of the Day: Bored Apes and Bitcoin ETFs π
Itβs still βearlyβ in the cycle, hereβs whyβ¦ π
ETH ETFs get delayed, again πͺ
LETβS PUT THE U.S. BUDGET ON THE BLOCKCHAIN! π
The Milk Man has two rules:
Never play Monopoly with the in-laws
Never get into political debates
Both have the same results: tempers rise, curse words fly and things get messy.Β
So no political debates today. But there was something that recently caught our eyeβ¦Β
Robert F. Kennedy Jrβs recent rally in Michigan. In it, he made promises like:Β
Heβs gonna put the entire U.S. budget on the blockchain
Any citizen can track the budget and see the spending in real timeΒ
This sounds like a crazy idea, but itβs actually a good one.Β
Fun Fact: The Pentagon has failed 6 straight audits. I repeat⦠SIX STRAIGHT!
In its most recent audit, the Pentagon could only account for half of its $3.8T in assets (including equipment, facilities, etc).Β
Thatβs $1.9Tβ¦ *poof*…Β gone. No one knows where the money went, or what it was spent on.Β
Using a blockchain could help.Β
Do we think thatβll actually happen? Probably not.Β
This sounds more like one of those promises 6th-graders make when they run for Class Presidentβ¦ βNo more homework! Pizza Day, every day!β
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GRAPHS OF THE DAY: BORED APES AND BITCOIN ETFS π
1/ The Bored Apes are down badβ¦
This has to be one of the most shocking charts in crypto:
Bored Apes were once the crΓ¨me de la crΓ¨me of NFTsβ¦
Back in April 2022, the cheapest one was ~120 ETH
Fast forward to today, Bored Apes are going for ~12 ETH
Thatβs a 90% decrease! Ouch
This got us curious about what you thinkβ¦
Question of the Day: Do you think Bored Apes will ever reach 100 ETH again? (click on your answer below and weβll share the results later this week!)
2/ Bitcoin ETFs are streaking!
Thereβs good news and bad news.Β
The good news: Yesterday was the 3rd straight day of ETF inflows.Β
The bad news: Total net flows have been stuck in the same range for about a month.
It looks like the ETF βhoneymoon stageβ could be phasing outβ¦
On the bright sideβ¦ new ETFs are getting launched!Β
Hong Kongβs Securities and Futures Commission (SFC) has officially approved a handful of spot BTC and ETH ETFs
They will go live for trading on April 30th
And just when we thought the ETF fire was dying outβ¦
Editors Note: Thereβs a lot of fear, uncertainty, and doubt in the crypto air right now. You might be scared. You mightβve peed yourself.
Itβs okay though. The best investors are aware (and prepared) for multiple pullbacks throughout the bull cycle.
If youβre looking to brush up on some risk management, check out one of our recent PRO Reports βAre You Ready For A 30% Pullback?β
WEβRE STILL EARLY IN THE CYCLE, HEREβS WHYβ¦ π
"I feel earlier to crypto now than I felt in 2012" – Santiago R Santos, aka Punk #9159
Are we still that early in the cycle? Kyle and Santiago argue yes!
Get their take on the latest Milk Road Radio episode π
YouTube | Spotify | Apple Podcasts
P.S. – Do you love crypto, listening to podcasts, and have experience in creating, editing, or managing video/audio content?
Weβre hiring a Podcast Manager for Milk Road Radio to help us grow the podcast, find the best guests, research and prepare episodes, and create the best content for the Roaders.
BITE-SIZED COOKIES FOR THE ROAD πͺ
Gamium is a decentralized social platform that's looking to revolutionize the βSocialFiβ world via MSTs β tokens that convert social influence into tradable assets. This allows the world to invest in their favorite creatorsβ growth potential, as well as rewarding them for their efforts. Join the Beta today!
U.S. prosecutors are seeking a 36-month prison sentence for Chanpeng Zhao (also known as βCZβ). The former CEO of Binance pleaded guilty to anti-money laundering and sanctions violations at the end of 2023.Β
The U.S. Securities and Exchange Commission (SEC) requests that Do Kwon and Terraform Labs be fined $5.3B. Kwon and his company were found liable for misleading customers about the safety of investing in its algorithmic stablecoin Terra USD (UST) and its underlying blockchain's utility.
Block has developed a three-nanometer Bitcoin mining chip. The digital payments firm (co-founded by Jack Dorsey) also has plans to offer standalone mining chips and its own full mining system.Β
The SEC has delayed its decision to approve/deny Grayscale and Franklin Templetonβs ETH ETF applications. The agency pushed its timeline to decide to June 11, 2024, after which the SEC could approve or disapprove or institute proceedings.
Binance is rolling out a βcopy tradingβ tool. Users can follow and automatically execute the same trades as eligible βlead tradersβ. Lead traders earn a 10% profit share and a 10% commission rebate from followers.
Wanna team up with the Milk Man?Β We currently have 6 positions open (2 new ones) β check βem out and apply here!
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Apr 24, 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.