🥛 Should the U.S. put its budget on the blockchain? 👀
Today’s edition is brought to you by Cross Finance – 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.
Here’s what we’re serving up today:
Let’s put the U.S. budget on the blockchain! 👀
Graphs of the Day: Bored Apes and Bitcoin ETFs 📊
It’s still ‘early’ in the cycle, here’s why… 👇
ETH ETFs get delayed, again 🍪
LET’S PUT THE U.S. BUDGET ON THE BLOCKCHAIN! 👀
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.
So no political debates today. But there was something that recently caught our eye…
Robert F. Kennedy Jr’s recent rally in Michigan. In it, he made promises like:
He’s gonna put the entire U.S. budget on the blockchain
Any citizen can track the budget and see the spending in real time
This sounds like a crazy idea, but it’s actually a good one.
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).
That’s $1.9T… *poof*… gone. No one knows where the money went, or what it was spent on.
Using a blockchain could help.
Do we think that’ll actually happen? Probably not.
This sounds more like one of those promises 6th-graders make when they run for Class President… “No more homework! Pizza Day, every day!”
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GRAPHS OF THE DAY: BORED APES AND BITCOIN ETFS 📊
1/ The Bored Apes are down bad…
This has to be one of the most shocking charts in crypto:
Bored Apes were once the crème de la crème of NFTs…
Back in April 2022, the cheapest one was ~120 ETH
Fast forward to today, Bored Apes are going for ~12 ETH
That’s a 90% decrease! Ouch
This got us curious about what you think…
Question of the Day: Do you think Bored Apes will ever reach 100 ETH again? (click on your answer below and we’ll share the results later this week!)
2/ Bitcoin ETFs are streaking!
There’s good news and bad news.
The good news: Yesterday was the 3rd straight day of ETF inflows.
The bad news: Total net flows have been stuck in the same range for about a month.
It looks like the ETF ‘honeymoon stage’ could be phasing out…
On the bright side… new ETFs are getting launched!
Hong Kong’s 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 out…
Editors Note: There’s a lot of fear, uncertainty, and doubt in the crypto air right now. You might be scared. You might’ve peed yourself.
It’s okay though. The best investors are aware (and prepared) for multiple pullbacks throughout the bull cycle.
If you’re looking to brush up on some risk management, check out one of our recent PRO Reports “Are You Ready For A 30% Pullback?”
WE’RE STILL EARLY IN THE CYCLE, HERE’S WHY… 👇
"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 👇
YouTube | Spotify | Apple Podcasts
P.S. – Do you love crypto, listening to podcasts, and have experience in creating, editing, or managing video/audio content?
We’re 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 🍪
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U.S. prosecutors are seeking a 36-month prison sentence for Chanpeng Zhao (also known as ‘CZ’). The former CEO of Binance pleaded guilty to anti-money laundering and sanctions violations at the end of 2023.
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.
The SEC has delayed its decision to approve/deny Grayscale and Franklin Templeton’s 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 ‘copy trading’ tool. Users can follow and automatically execute the same trades as eligible “lead traders”. Lead traders earn a 10% profit share and a 10% commission rebate from followers.
Wanna team up with the Milk Man? We currently have 6 positions open (2 new ones) – check ‘em 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.
