The Wolf Den #66 - PayPal + Venmo, Trades, Farming Yield And More
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This newsletter is sponsored by 2 amazing companies: VOYAGER and PHEMEX.I use Voyager for my spot trading and investing (and to compound interest) and I use Phemex for trading with leverage. Sign up to both with the links above and get some free Bitcoin. I really encourage you to check them both out - you know that I never endorse a product that I do not use!Make sure to use code SCOTT25 after you download the Voyager App to get $25 in free Bitcoin."Bitcoin is the greatest scam in history. It’s a colossal pump-and-dump scheme, the likes of which the world has never seen."– Bill Harris, founding CEO of PayPal, April 2018Coindesk reported yesterday that PayPal and Venmo intend to roll out crypto buying and selling. That means that 325M people will soon be able to buy Bitcoin on a platform that they trust - in the next 3 months.If you can't beat em', join em'.This is the most bullish fundamental news that I can recall for crypto... ever. PayPal and Venmo would not introduce crypto buying and selling on a whim, or without confidence that they are safe with regards to any future regulation. This is a signal from two major companies that buying and selling Bitcoin in the United States is safe and that the asset will be secure.This is the definition of mainstream adoption.Putting crypto front and center on these two platforms is an endorsement of the legitimacy of the crypto space. Hundreds of millions of eyes will be on Bitcoin, with an easy and unintimidating gateway to enter. Your average person does not understand how to open a crypto exchange account or a wallet, how to buy and store their coins. Having an open conduit on a platform they trust will solve this issue, which is arguably the largest barrier for most people to invest their money in crypto.Further, the Cash App, led by Square and Twitter CEO, Jack Dorsey, has already proven that Bitcoin can be the leading source of revenue for a similar company. In Q1 2020, Cash App reported an astounding $306 million in Bitcoin related revenue - by far the largest chunk of their company's earnings. Dorsey's experiment has forced the hand of larger companies. Sell Bitcoin or get left behind.The irony of it all? Bitcoin is effectively a competitive technology to both Venmo and PayPal - it's a more efficient, cheaper and decentralized way to send money. As my friends at Blockworks put it, "this is like Blockbuster selling subscriptions to Netflix ten years ago."And just for fun, let's do a bit of math.If nobody on the planet owned Bitcoin and all of it was already mined, there would be 21M available Bitcoin in the world. There are 325M people using PayPal and Venmo. If all of the Bitcoin in the world was available for sale on these 2 platforms, and everyone there bought an equal share, that would mean that they could each only buy .06 BTC. That's it.Now consider that the world supply of Bitcoin is largely unavailable. 70% has never moved.It's a tiny pie with a lot of hungry people. Demand > Supply. Number go up.This is huge for the space. Absolutely HUGE.What’s In This Issue?Bitcoin Charts and AnalysisThe Wolf Of All Streets Podcast Ft. Joe LallouzBecoming A Full Time TraderWall Street Goes TechnicalAltcoin TradesDeloitte’s 2020 Global Blockchain SurveyStimulus, Round 2.28 Bitcoin Puts A Holder In The Top 1%My Recommended Platforms And ToolsMortgage Delinquencies = Bank IlliquidityLegacy MarketsVoyager - No Fee Trading, Interest and InsurancePhemex - The Fastest Growing Derivatives Exchange
The Wolf Den #66 - PayPal + Venmo, Trades, Farming Yield And More
The Wolf Den #66 - PayPal + Venmo, Trades…
The Wolf Den #66 - PayPal + Venmo, Trades, Farming Yield And More
This newsletter is sponsored by 2 amazing companies: VOYAGER and PHEMEX.I use Voyager for my spot trading and investing (and to compound interest) and I use Phemex for trading with leverage. Sign up to both with the links above and get some free Bitcoin. I really encourage you to check them both out - you know that I never endorse a product that I do not use!Make sure to use code SCOTT25 after you download the Voyager App to get $25 in free Bitcoin."Bitcoin is the greatest scam in history. It’s a colossal pump-and-dump scheme, the likes of which the world has never seen."– Bill Harris, founding CEO of PayPal, April 2018Coindesk reported yesterday that PayPal and Venmo intend to roll out crypto buying and selling. That means that 325M people will soon be able to buy Bitcoin on a platform that they trust - in the next 3 months.If you can't beat em', join em'.This is the most bullish fundamental news that I can recall for crypto... ever. PayPal and Venmo would not introduce crypto buying and selling on a whim, or without confidence that they are safe with regards to any future regulation. This is a signal from two major companies that buying and selling Bitcoin in the United States is safe and that the asset will be secure.This is the definition of mainstream adoption.Putting crypto front and center on these two platforms is an endorsement of the legitimacy of the crypto space. Hundreds of millions of eyes will be on Bitcoin, with an easy and unintimidating gateway to enter. Your average person does not understand how to open a crypto exchange account or a wallet, how to buy and store their coins. Having an open conduit on a platform they trust will solve this issue, which is arguably the largest barrier for most people to invest their money in crypto.Further, the Cash App, led by Square and Twitter CEO, Jack Dorsey, has already proven that Bitcoin can be the leading source of revenue for a similar company. In Q1 2020, Cash App reported an astounding $306 million in Bitcoin related revenue - by far the largest chunk of their company's earnings. Dorsey's experiment has forced the hand of larger companies. Sell Bitcoin or get left behind.The irony of it all? Bitcoin is effectively a competitive technology to both Venmo and PayPal - it's a more efficient, cheaper and decentralized way to send money. As my friends at Blockworks put it, "this is like Blockbuster selling subscriptions to Netflix ten years ago."And just for fun, let's do a bit of math.If nobody on the planet owned Bitcoin and all of it was already mined, there would be 21M available Bitcoin in the world. There are 325M people using PayPal and Venmo. If all of the Bitcoin in the world was available for sale on these 2 platforms, and everyone there bought an equal share, that would mean that they could each only buy .06 BTC. That's it.Now consider that the world supply of Bitcoin is largely unavailable. 70% has never moved.It's a tiny pie with a lot of hungry people. Demand > Supply. Number go up.This is huge for the space. Absolutely HUGE.What’s In This Issue?Bitcoin Charts and AnalysisThe Wolf Of All Streets Podcast Ft. Joe LallouzBecoming A Full Time TraderWall Street Goes TechnicalAltcoin TradesDeloitte’s 2020 Global Blockchain SurveyStimulus, Round 2.28 Bitcoin Puts A Holder In The Top 1%My Recommended Platforms And ToolsMortgage Delinquencies = Bank IlliquidityLegacy MarketsVoyager - No Fee Trading, Interest and InsurancePhemex - The Fastest Growing Derivatives Exchange