This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin - up to $3600 worth. I really encourage you to check them out.About 4.5 years ago, Christian Langlais (aka “Bitcoin Sign Guy”) became famous for photobombing Janet Yellen on live TV with a hastily written sign reading “₿uy ₿itcoin." The image instantly became a meme and the crypto world celebrated our “15 minutes of fame.” Bitcoin slowly became part of the regulatory conversation in the following years. A quick Google search of 2018 comments from politicians and economists surrounding Bitcoin leaves a lot to be desired.“Cryptocurrencies are a crock.” - Rep. Brad Sherman (D- CA)“They’re pouring their life savings into virtual currencies and they stand to lose a lot of money when this bubble eventually bursts.” - Rep. Carolyn Maloney (D-N.Y.)“Crypto is the mother or father of all scams and bubbles.” - Nouriel Roubini (American Economist) said at a congressional hearing.“This panel, this Congress is not going to sit by idly with a lack of protection for investors.” - Bill Huizenga (R-MI)“Bitcoin is probably rat poison squared.” - Warren BuffetThese bad takes were frustrating yet understandable, considering the abundance of misinformation surrounding Bitcoin in years past. These thoughts echoed public opinion of the asset class.Had you bought Bitcoin at any point during 2018, your worst-case cost basis would have been $15,000 on January 1st. Had you been patient, you could have bought Bitcoin for as low as $3,000. To be fair, there are plenty of "shitcoins" that have effectively gone to zero since 2018, burying investors who were overexposed. To be more fair, there are also thousands of stocks that have followed the same path. Gamblers are going to gamble.Today the story has entirely changed. Aside from a few hilariously bad takes and some incredible meme work from the crypto community, yesterday's Congressional hearing was a huge success. The tone was positive surrounding the work that has been done and politicians on both side of the aisle asked serious questions that reflected genuine interest and concern. Below is a handful of comments from representatives and our leaders:“We don’t need knee-jerk reactions by lawmakers to regulate out of fear of the unknown rather than seeking to understand. That fear of the unknown and the move to regulate before understanding will only stifle American ingenuity and put us at a competitive disadvantage.” - Patrick McHenry (R-NC)“Today’s hearing is part of this Committee’s ongoing [effort]” to understand crypto and the issues around it.” - Maxine Waters (D-CA)“I am tremendously impressed. I see a lot of ingenuity, a lot of entrepreneurial spirit. We need to be supportive of you." - Pete Sessions (R-TX)“This is a product of the intermediation involved, it’s a product of how the larger institutions have evolved, and it’s a product of payments infrastructure that is difficult and clunky enough to use that it just does not work for most people.” - Sam Bankman Fried CEO of FTX“Without tailored legislative solutions that are openly debated with public participation, the United States risks unnecessarily onerous and chilling laws and regulations." - Alesia Haas, chief executive of Coinbase Inc.There were still detractors, but they were clearly in the minority. Fear, uncertainty and doubt are expected when the old is threatened by the new, especially when the doubters desire control. Representative Brad Sherman remained the undisputed champion of crypto critics. In 2018, he was viewed as a hero for speaking out against Bitcoin. Yesterday? Not so much.The tables have turned. He has become a literal meme.“The number one threat to cryptocurrency is crypto. Bitcoin could be displaced by Ether, which could be replaced by Doge, (he pronounced it dodge) which could be replaced by Hamster coin, and then there’s Cobracoin and what could Mongoose coin do to crypto coin.” - U.S. Representative Brad Sherman (D-CA).Um, what!?He has a clear lack of understanding of crypto and the individual coins and needs to be voted off of the island post haste.(Side note, a coin called Mongoose immediately rose by a few hundred percent.)Detractors and jokes aside, yesterday was a HUGE step in the right direction. Congress did their homework, invited the right people to testify, and promoted positive dialogue. Perhaps most importantly, they are realizing how powerful the crypto community has become, which means they will need us to get reelected.Many representatives are clearly accepting that our country is falling behind both financially and with respect to pace of innovation. They know that the responsibility of this will eventually fall squarely on their suited shoulders.We are officially playing the game at the highest level and slowly winning over the hearts and minds of people with power. Bitcoin, blockchain, and crypto will win. I am hopeful that regulators and politicians will choose to be on the right side of history.In This Issue:The Tables Have TurnedBitcoin Hash Rate Quickly Recovers - IntoTheBlockBitcoin Thoughts And AnalysisChart RequestsCoinbase Holds 12% Of The World's CryptoEvergrande Officially DefaultsMoney Is Pouring Into Crypto The Wolf Of All Streets Podcast Ft. Mayor Francis SuarezMy Recommended Platforms And ToolsIF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.CO
The Wolf Den #388 - The Tables Have Turned
The Wolf Den #388 - The Tables Have Turned
The Wolf Den #388 - The Tables Have Turned
This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin - up to $3600 worth. I really encourage you to check them out.About 4.5 years ago, Christian Langlais (aka “Bitcoin Sign Guy”) became famous for photobombing Janet Yellen on live TV with a hastily written sign reading “₿uy ₿itcoin." The image instantly became a meme and the crypto world celebrated our “15 minutes of fame.” Bitcoin slowly became part of the regulatory conversation in the following years. A quick Google search of 2018 comments from politicians and economists surrounding Bitcoin leaves a lot to be desired.“Cryptocurrencies are a crock.” - Rep. Brad Sherman (D- CA)“They’re pouring their life savings into virtual currencies and they stand to lose a lot of money when this bubble eventually bursts.” - Rep. Carolyn Maloney (D-N.Y.)“Crypto is the mother or father of all scams and bubbles.” - Nouriel Roubini (American Economist) said at a congressional hearing.“This panel, this Congress is not going to sit by idly with a lack of protection for investors.” - Bill Huizenga (R-MI)“Bitcoin is probably rat poison squared.” - Warren BuffetThese bad takes were frustrating yet understandable, considering the abundance of misinformation surrounding Bitcoin in years past. These thoughts echoed public opinion of the asset class.Had you bought Bitcoin at any point during 2018, your worst-case cost basis would have been $15,000 on January 1st. Had you been patient, you could have bought Bitcoin for as low as $3,000. To be fair, there are plenty of "shitcoins" that have effectively gone to zero since 2018, burying investors who were overexposed. To be more fair, there are also thousands of stocks that have followed the same path. Gamblers are going to gamble.Today the story has entirely changed. Aside from a few hilariously bad takes and some incredible meme work from the crypto community, yesterday's Congressional hearing was a huge success. The tone was positive surrounding the work that has been done and politicians on both side of the aisle asked serious questions that reflected genuine interest and concern. Below is a handful of comments from representatives and our leaders:“We don’t need knee-jerk reactions by lawmakers to regulate out of fear of the unknown rather than seeking to understand. That fear of the unknown and the move to regulate before understanding will only stifle American ingenuity and put us at a competitive disadvantage.” - Patrick McHenry (R-NC)“Today’s hearing is part of this Committee’s ongoing [effort]” to understand crypto and the issues around it.” - Maxine Waters (D-CA)“I am tremendously impressed. I see a lot of ingenuity, a lot of entrepreneurial spirit. We need to be supportive of you." - Pete Sessions (R-TX)“This is a product of the intermediation involved, it’s a product of how the larger institutions have evolved, and it’s a product of payments infrastructure that is difficult and clunky enough to use that it just does not work for most people.” - Sam Bankman Fried CEO of FTX“Without tailored legislative solutions that are openly debated with public participation, the United States risks unnecessarily onerous and chilling laws and regulations." - Alesia Haas, chief executive of Coinbase Inc.There were still detractors, but they were clearly in the minority. Fear, uncertainty and doubt are expected when the old is threatened by the new, especially when the doubters desire control. Representative Brad Sherman remained the undisputed champion of crypto critics. In 2018, he was viewed as a hero for speaking out against Bitcoin. Yesterday? Not so much.The tables have turned. He has become a literal meme.“The number one threat to cryptocurrency is crypto. Bitcoin could be displaced by Ether, which could be replaced by Doge, (he pronounced it dodge) which could be replaced by Hamster coin, and then there’s Cobracoin and what could Mongoose coin do to crypto coin.” - U.S. Representative Brad Sherman (D-CA).Um, what!?He has a clear lack of understanding of crypto and the individual coins and needs to be voted off of the island post haste.(Side note, a coin called Mongoose immediately rose by a few hundred percent.)Detractors and jokes aside, yesterday was a HUGE step in the right direction. Congress did their homework, invited the right people to testify, and promoted positive dialogue. Perhaps most importantly, they are realizing how powerful the crypto community has become, which means they will need us to get reelected.Many representatives are clearly accepting that our country is falling behind both financially and with respect to pace of innovation. They know that the responsibility of this will eventually fall squarely on their suited shoulders.We are officially playing the game at the highest level and slowly winning over the hearts and minds of people with power. Bitcoin, blockchain, and crypto will win. I am hopeful that regulators and politicians will choose to be on the right side of history.In This Issue:The Tables Have TurnedBitcoin Hash Rate Quickly Recovers - IntoTheBlockBitcoin Thoughts And AnalysisChart RequestsCoinbase Holds 12% Of The World's CryptoEvergrande Officially DefaultsMoney Is Pouring Into Crypto The Wolf Of All Streets Podcast Ft. Mayor Francis SuarezMy Recommended Platforms And ToolsIF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.CO