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In This Issue:
What Is Wealth
Bitcoin Thoughts And Analysis
Legacy Markets
My Story, Narrated By Cointelegraph
Nasdaq Will Offer Crypto Custody Services
Coinbase Is Picking Sides, You Should Too
Kid Flaunts Wealth And Steals Crypto, Gets Kidnapped
Gaming Industry Veterans Explain How They Will Invest $150M In Web3 Gaming | Rudy Koch & Chris Ko
What Is Wealth
Today, we celebrate the 700th issue of our newsletter. While it may seem more challenging to commemorate each hundredth milestone as they become increasingly familiar, my gratitude towards each of you continues to soar. All I can say is thank you – your support is truly a blessing, and I eagerly anticipate our ongoing journey together. Remember, it's not about the destination, but rather the experiences we share along the way.
Now, let's delve into the topic of wealth.
In this newsletter, we'll explore the concept of wealth, beginning with the most literal interpretation: a list of the top 10 richest people on Earth. For those interested, here is a list I've compiled through a quick Google search. Together, these individuals possess an astounding $1.14 trillion, accounting for approximately 0.25% of the world's total wealth.
Not impressed by their combined wealth? Let's examine where the real wealth lies – within institutions.
Here's an interesting fact: the 15 largest banks in the United States held a combined total of $13.4 trillion in assets as of December 31, 2022. Did you know that BlackRock's size is roughly 10 times that of all our billionaires combined? While individual wealth is noteworthy, the wealth of institutions takes things to an entirely new level.
But, are these investors, fund managers, or bankers truly happy? It's impossible to know for sure, but consider this: the 10 richest men listed earlier have a combined total of 12 divorces. Four of them have no divorces on record, but they still face their own personal challenges. A simple Google search reveals the less-than-perfect aspects of their lives. Warren Buffet, for example, has never divorced but effectively had two wives simultaneously. Some may find that strange, while others may not. The point is, wealth cannot solve every problem.
You may already know that Elon Musk lives in a “tiny home,” valued around $50,000, because it brings him happiness. However, he has also been open about the burden his wealth has placed on him:
“There were times when I didn't leave the factory for three or four days — days when I didn't go outside. This has really come at the expense of seeing my kids. And seeing friends.”
There's an intriguing story about Elon Musk nearly missing his brother's wedding, where he served as the best man. Having flown directly from the factory, he arrived just in time for the ceremony, only to leave immediately afterward to return to the headquarters.
More wealth often equates to heavier baggage.
The issue arises when we limit our definition of wealth to digits on a screen. True wealth should be viewed differently and can be appreciated in various ways:
True wealth is the wise monk who fasts nine months out of the year.
True wealth is the businesswoman who has found balance in her career and family life.
True wealth is the nomad who pitches his tent with friends where he is welcome.
True wealth is the yoga instructor who teaches her students that their body is their temple.
True wealth is the man whose children eagerly await his return from work each day.
True wealth transcends money. It involves living the best version of yourself and inspiring those around you to do the same. The amount of money we believe we want or need is often an illusion perpetuated by society. Wealth comes with the freedom to spend your time as you see fit.
There's nothing wrong with engaging in investing or trading as a passion or seeking financial wealth, but it's essential to remember that these pursuits don't define true wealth. As you reflect on your own life, consider what true wealth looks like for you. Is it something you already possess, or is it a goal you're working towards?
I hope this newsletter provides a refreshing perspective amidst the chaos of daily life. Embrace your loved ones, and let's have a fantastic week.
Bitcoin Thoughts And Analysis
Last weeks candle was a near perfect Doji, with price opening and closing at almost the exact same price and equal wicks up and down. We saw a similar candle on the monthly in February, both quite rare on higher time frames.
That means basically NOTHING happened in February, and NOTHING happened last week.
While many traders view these as bearish reversals, they are more of a signal of indecision and a pause in the market. Future candles give you more information as to what it means, so we need to wait and see. The monthly candle last month was viewed by many as “bearish” and March has ended up being great so far.
I also added targets for the inverse head and shoulders pattern, which you extrapolate by measuring the depth of the head and moving it to the neckline. The breakout on that partner as confirmed two candles ago on the weekly, both by the break of the neckline and volume increasing on the move. The target is around $41,000, but usually they come up short.
A retest of the neckline at $25,212 would be bullish, and that is the key support at this point.
$28,600 is still the number above to break for a move further up.
Legacy Markets
U.S. equity futures rose modestly due to the prospect of further support from U.S. authorities, easing concerns over the regional banking sector. The S&P 500 futures increased by around 0.3%. First Republic Bank shares led regional peers, surging as much as 24% after a Bloomberg report suggested that U.S. authorities might expand an emergency lending facility. This would provide the lender more time to strengthen its balance sheet. The Treasury 10-year yield rose about five basis points, while a gauge of dollar strength remained steady. Traders anticipate a turbulent week, closely monitoring the banking sector and various Federal Reserve officials' speeches. Additionally, U.S. inflation data will be released, and geopolitical tensions with Russia regarding tactical nuclear weapons in Belarus may impact the market.
Key events this week:
US wholesale inventories, US Conf. Board consumer confidence, Tuesday
EIA Crude Oil Inventory Report, Wednesday
Eurozone economic confidence, consumer confidence, Thursday
US GDP, initial jobless claims, Thursday
Boston Fed President Susan Collins and Richmond Fed President Thomas Barkin speaks at event. Treasury Secretary Janet Yellen also speaks, Thursday
China PMI, Friday
Eurozone CPI, unemployment, Friday
US consumer income, PCE deflator, University of Michigan consumer sentiment, Friday
ECB President Christine Lagarde speaks, Friday
New York Fed President John Williams speaks, Friday
Some of the main moves in markets:
Stocks
The Stoxx Europe 600 rose 0.9% as of 10:12 a.m. London time
S&P 500 futures rose 0.3%
Nasdaq 100 futures were little changed
Futures on the Dow Jones Industrial Average rose 0.2%
The MSCI Asia Pacific Index fell 0.5%
The MSCI Emerging Markets Index fell 0.7%
Currencies
The Bloomberg Dollar Spot Index was little changed
The euro was little changed at $1.0763
The Japanese yen fell 0.3% to 131.15 per dollar
The offshore yuan fell 0.2% to 6.8822 per dollar
The British pound rose 0.2% to $1.2256
Cryptocurrencies
Bitcoin rose 0.2% to $27,850.14
Ether fell 0.3% to $1,756.1
Bonds
The yield on 10-year Treasuries advanced five basis points to 3.43%
Germany’s 10-year yield advanced seven basis points to 2.20%
Britain’s 10-year yield advanced eight basis points to 3.36%
Commodities
Brent crude rose 0.4% to $75.30 a barrel
Spot gold fell 0.6% to $1,966.99 an ounce
My Story, Narrated By Cointelegraph
I am thrilled to extend a massive thank you and shoutout to Cointelegraph for creating an incredible animation that showcases my journey. The 10-minute video, narrated by yours truly, is a testament to their creativity and skill. Once again, thank you, Cointelegraph – I am genuinely impressed! I had no idea they were making this - I simply showed up one day and answered a bunch of questions. Really cool.
Nasdaq Will Offer Crypto Custody And Trading Services
Nasdaq is collaborating with Fidelity and BNY Mellon to launch crypto custody solutions within the next few months.
They are also reportedly offering Bitcoin and Ethereum trading.
The platform under development aims to address the void left by the collapse of numerous crypto platforms in 2022, providing professional services to the industry. According to the Bloomberg report that first revealed the story, the initial step for the platform is to offer custody services, suggesting that more features are in the pipeline. However, the New York Department of Financial Services (NYDFS) will be regulating these services, and they are notoriously skeptical of crypto-related ventures. It remains to be seen how this will unfold, but perhaps the NYDFS will be more amenable to the project given its focus on providing 'safer' financial solutions this time around.
It’s becoming painfully clear that Wall Street intends to dominate our space and that crypto natives are being pushed out.
Coinbase Is Picking Sides, You Should Too
The most effective way to advocate for crypto is not through protests, contacting representatives, or trying to convince them of our beliefs, but rather by exercising our right to vote. While the aforementioned methods can be useful, our voting power is crucial, so we must carefully select who represents us.
Recognizing the potential political influence of Coinbase's 50 million U.S. users, Brian Armstrong announced plans to turn this user base into a political force. To achieve this, Coinbase intends to release content that enables users to contact their representatives, donate to pro-crypto candidates, attend town halls, and make their voices heard.
Moreover, Coinbase has announced its commitment to supporting pro-crypto candidates through donations. There is no doubt that crypto will play a significant role in the discussions during the next election cycle.
Kid Flaunts Wealth And Steals Crypto, Gets Kidnapped
A 23-year-old self-proclaimed "crypto king" from Ontario, Canada, named Aiden Pleterski was allegedly kidnapped and subjected to days of torture and assault, with attackers demanding a multi-million-dollar ransom. Pleterski's father and associates claimed the kidnappers demanded at least $3 million. The abduction details emerged in court papers related to a bankruptcy proceeding involving millions of dollars Pleterski reportedly spent on a lavish lifestyle instead of investing. Pleterski is involved in a controversy in which he allegedly spent nearly $16 million of the $40 million he was supposed to invest on luxury vacations, cars, and private planes.
Gaming Industry Veterans Explain How They Will Invest $150M In Web3 Gaming | Rudy Koch & Chris Ko
Gaming is one of the hottest areas of web3. I am lucky enough to share this conversation with Fenix Games co-founders: Rudy Koch and Chris Ko, gaming industry veterans, who have recently raised $150 million to invest in future unicorns. In this episode, we’ve covered the problems of web3 gaming: regulation, content, and the problems that Rudy and Chris face every day: how to pick the best teams and make the right investment decisions. If you want to learn more about gaming - do not miss this episode!
In this episode, we discussed:
Is Web3 gaming dead?
Fenix games
Quality of web3 games
The way into gaming
Regulation barriers
Content problem
$150 million for web3 gaming
Picking the right startups
Licensed sports games in web3
What it takes to create a successful web3 game
The timing is right
New partnerships
The views and opinions expressed here are solely my own and should in no way be interpreted as financial advice. Every investment and trading move involves risk. You should conduct your own research when making a decision. I am not a financial advisor. Nothing contained in this e-mail constitutes or shall be construed as an offering of financial instruments or as investment advice or recommendations of an investment strategy or whether or not to "Buy," "Sell," or "Hold" an investment.