📈 The latest Bloomberg ETH predictions
- Writer Milk Man
- March 23, 2022
- •3 Min Read
GM, this is the Milk Road. Your one stop bass pro shop for everything crypto.
Email Read Time: 3 Minutes & 32 Seconds
What do you need to know about?
- 💰 A new $1.5B Crypto fund
- 🦹♂️ Don't Fall For This Hack
- 📊 Bloomberg predicts ETH to go to $6.1k+
- 🏔️ The Avalanche Summit
- 🏈 The NFL Opens Up To Crypto
THE SILK ROAD DOUBLE AGENT PROSECUTOR RAISES A $1.5B CRYPTO FUND
What: Katie Haun left a16z and raised her own $1.5B crypto fund Haun Ventures
Why we care: Her story is badass. Before she was an investor - she was a federal prosecutor on the Silk Road case where she found the double-agents who had stolen millions in bitcoin. Now she raised the biggest fund ever by a solo VC. Impressive.
So what? More money coming into crypto == more talented builders join web3 == more useful stuff gets built ==> less "it's all just speculation" and more "wow this is a game changer"
If you're a crime/courtroom junkie like me - you'll like the podcast she did with Tim Ferriss about the Silk Road case here.
DON'T FALL FOR THIS HACK
This is your weekly Milk Road reminder to secure your assets and don’t click random sh*t.
Arthur Cheng, just got had ~$1.5M in crytpo assets stolen. How? He got a "realistic" looking email like this sharing a fake google doc
And 72 hours later, his hot wallet was drained of 22 valuable NFTs + tokens that are currently worth $1.5M.
RIP. Be careful out there. Milk Road's "Security 101" Guide is coming out soon.
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BLOOMBERG THINKS ETH IS GOING TO $6K?
Institutional interest in ETH is at an all time high. That means "big money" is looking at investing in ETH.
Another good sign. Today on the Bloomberg Terminal (the fancy $24,000 per year computer that stock traders use to get information), they had this headline: "Cheap Ethereum may Be Changing Game for Crypto, $6,100 in Sight"
I'll summarize it for you. Why do they think it's going to $6.1k?
1/ The merge will let people "stake Eth" and earn revenue on their asset. It's like eth is a rental property, earning you cashflow. , (~30% of the transaction fees will go to stakers)
2/ If demand increases, then fees paid increases and stakers get higher payouts
3/ Transaction fees can give a good sense for how valuable a network is. This year the eth network is on pace to do $12.7B in fees. High fee volume = more people using it.
We’ve looked at cash flow models before that have predicted ETH reaching $10k (if you missed it, you can read it here).
THE AVALANCHE SUMMIT
Avalanche is hosting a summit in Barcelona this week.
The big announcment is “Core”, a wallet (like metamask) that will let you buy, swap & bridge directly from inside the wallet.
Avax is the 10th largest crypto token, and is down -0.84% on the day, but up 21% last 7d leading up to the conference.
The Milk Road's Take:
1/ Avalanche is growing fast with ~$75m of protocol revenue in the last 6 months
2/ Our resident degen, Gojo, is bullish on Avax…he recently made big bets on Avax, Trader Joe, and Crabada. If you missed his Milk Road Recommendations: go here
3/ There’s literally a crypto conference every week 😂😂. How does anyone get any work done? Who's up for the Milk Road anti-conference? Instead of flying to a conference and schmoozing... you go in your backyard, crack open 2 beers, and we hangout on zoom until the last person is done with their beers. WHO'S IN?!
THE NFL OPENS DOOR TO CRYPTO
What happened? The NFL says teams can now sign sponsorship deals with crypto exchanges, wallet companies, and NFT companies (like OpenSea).
They will vet every company for "brand risk" first, and won't allow individual NFT projects to put their images on teams (eg. Gutter Cat Gang is trying to become the official NFT community of the Jacksonville Jaguars) unless it's a league wide deal (eg. Dapper Labs, Panini, Ticketmaster NFTs)
Why it matters? The NFL is about as "every day american" as it gets. Seeing crypto in more places will make it less "weird" and "scary". Put differently - there are a lot of aunties and uncles out there who think crypto is for drug dealers. Seeing it on the Dallas Cowboys is going to change that association.
Prediction: Expect to see FTX, Coinbase, and other big exchanges & marketplaces swoop in for sponsorships soon. I'd like to take this time to formally announce that the Milk Road will NOT be sponsoring the NFL. We do however have big plans to sponsor a 6 year old girls soccer team "the wonderducks". They will have the best halftime snacks in all of Northern California. Nbd.
Alright, that's all for today!
Shaan "Chocolate Milk" Puri and Ben "2% Milk" Levy
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