π₯ Is Bitcoin undervalued? π
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.
Hereβs what we're serving up today:Β
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).Β 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.
IS BITCOIN STILL UNDERVALUED?
Bitcoin is climbing the ranks of the worldβs most valuable assets by market cap. This is a list that includes public companies, precious metals, cryptocurrencies, ETFs, etc.
BTCβs 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 outβ¦
The crazy part? Bitcoin is still undervalued. Hear me outβ¦
Sure, Bitcoin isnβt 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 doesnβt do any of that stuff? Gold. And itβs still #1, by far. Itβs been around for centuries. People trust it and look to it as a store of value.
But there are cons – gold weighs a lot, itβs hard to transport, and I canβt buy my adult happy meal from McDβs with it. (big problem)
Bitcoin = digital gold. Itβs light, portable, and easy to transact. You can easily send $10M in BTC from the U.S. β Australia in minutes. (To do the same thing with gold, youβll need way more time & the contestants from Physical:100 to move it all.)
So, whatβs Bitcoin's true value? Hereβs a little formula we madeβ¦
(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. Itβs 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 worldβs most expensive game of hot potatoβ¦
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. Itβs still alive & well.
Bitcoin is the honey badger of crypto.
BE A PART OF WEB3 HISTORY WITH CONSENSYS
A big change is coming to Ethereum. Itβs 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 Ethereumβs governance
Full and partial withdrawals
The impact of withdrawals on the Ethereum staking and DeFi ecosystems
Competition and innovation in the sector
In celebration of the upgrade, ConsenSys will also launch its second commemorative NFT collection.Β 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.
SAY HELLO TO THE BANKS THAT STILL WANT TO SERVE CRYPTO
Cryptoβs three Sβs are dead in the water. And weβre not talking about Sats, seed phrases, & stablecoins.
Weβre 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.Β
So what do you do when sh*t has hit the fan? You email blast everyone asking if theyβll bank you. Itβs financeβs version of sending the βhey, u up?β text late at nightβ¦
Thatβs what Digital Currency Group (DCG) did. Coindesk viewed internal messages from the conglomerate that show itβs trying to find new banking partners for its companies (i.e. Grayscale and Genesis).
Here are the banks that said theyβre 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 βReadβ.
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) itβll be harder for users to interact with crypto, and B) exchanges/lenders might look for banks overseas.
Itβs a take-what-you-can-get sorta situation right now.
GRAPH OF THE DAY: $250M+ IN WEEKLY OUTFLOWS
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.
Thatβs 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. Itβs the 5th straight week BTC has been at the top (bottom?) of the leaderboard for crypto being sold.Β
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?
WEB3 WEDNESDAY: BEST JOBS IN CRYPTO
Itβs Wednesday, Roadies. Weβre halfway through the week, Thirsty Thursday is tomorrowβ¦and Milk Roadβs latest Web3 job segment is here.
Thatβs right, ladies & gents, get your resumes primped and polished.
Here we go:
Remote part-time writer at Milk Road. Come work with us! Must enjoy PiΓ±a Coladas and getting caught in the rainΒ
Corporate Development Principal at PokΓ©monΒ with an βunderstanding of Web3,β including blockchain, metaverse, and NFT tech – Hybrid in Bellevue, WA
Senior Game developer for Zyngaβs Web3 unit – Hybrid in Austin, TX
Application Security Engineer at Uniswap – Remote or Hybrid in New York, NY
Product Manager at Immunefi – Remote
Corporate Counsel at Coinbase – Remote
P.S. – Are you trying to hire in Web3? Learn how to get your open jobs in front of 250k+ crypto enthusiasts here.
MILKY MEME
π€£π€£
That's a wrap for today. Meet us on Twitter to talk all about it. Itβs kinda like a family BBQ but better – no screaming kids, awkward photos, or drunk uncles telling weird storiesΒ (@MilkRoadDaily)
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A ROADER'S REVIEW
VITALIK PIC OF THE DAY
Vitalik looks at his date the same way I look at my pumped up ETH bags
Our boy is growing up π₯² https://t.co/OMz7OefAsq
— Milk Road (@MilkRoadDaily)
Mar 15, 2023
DISCLAIMER:Β 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.