Sup, nerds!

Here’s what you’re getting in today’s edition:

• 💅 This is cool: The road to a $1M Bitcoin

• 🔎 This seems important: 5 huge pieces of news hitting crypto

• 🤝 Partner: Free AI and ChatGPT masterclass to automate 50% of your workflow​

• 🔪 Let's dissect this: One for the degens

Terms used in this edition (click for an explanation, or ask Web(GPT)3!):
Blockchain, Degens, Decentralized,

💅 This is cool:

The Road to a $1M Bitcoin

In one sentence: Michael Saylor suggested “The U.S. government should own the majority of the Bitcoin in the world,” which if enacted, could lead to the mother of all supply shocks.

Before you ask — no, Michael Saylor had not been drinking before he went on stage at the Bitcoin Conference this past weekend…

But you might have thought so when he suggested:

“The U.S. government should own the majority of the Bitcoin in the world.”

(Bitcoiners tend to want to keep governments an arms length away from BTC).

Here’s why he said it / why it’d benefit you:

In the case suggested by Saylor, the US government would hold BTC the same way it does gold — only to be used to protect against the worst of cases. 

(Think: hyperinflation and large, black swan economic shocks)

The idea being: it is very rarely sold.

Now, let’s run the math on that…

If the US bought up the majority of the world’s BTC (10.5M coins) — and taking into consideration that there’s an estimated 3-6M BTC that have been lost forever — that would leave 7.5M - 4.5M bitcoins available to the market.

…add that to the fact that if the US does it, other major economic powers will follow suit in an attempt to compete…  

And you get the mother of all supply shocks.

(The kind that could justify the moon boys’ claims of one day seeing a $1M BTC)

We like those numbers!

🥇 Want the news before anyone else?

🔎 This seems important:

5 Huge Pieces of News From Bitcoin Nashville

In one sentence: RFK Jr. & Trump both want the US government to buy/hold BTC and reject CBDCs, Trump plans to fire Gary Gensler, and Kamala Harris is trying to ‘reset’ relations with crypto companies.

As mentioned above, Bitcoin Nashville went down this past week/weekend 👆

And it marked a massive shift in the way Bitcoin (and crypto as a whole) is now being treated by the big-wigs in power.

Here’s what you missed:

1. RFK Jr. said he’d sign an executive order that would see the US Gov. buy 550 Bitcoin per day, till they had a stockpile of 4M coins.
   
   (Sounds like Saylor got in his ear).
   

2. Trump vowed to build a “strategic Bitcoin stockpile” for the United States.
   
   (Not sure what that means exactly, but it suggests buying a lot of BTC and the crowd ate it up ¯\_(ツ)_/¯)
   

3. He also vowed to fire SEC chair, Gary Gensler, the first day he is in office.
   
   (This got such a big reaction he chose to repeat it)
   

4. Both candidates pushed to end the US’ pursuit of Central Bank Digital Currencies (aka: money the government can ‘switch off,’ even as it sits in your bank account)
   

5. And while the rumors of Kamala Harris speaking at the event didn’t come to pass, she’s apparently consulting with a handful of Silicon Valley big-brains and blockchain focused companies.
   
   (In preparation to ‘reset’ relationships with the Democratic party).

The takeaway:

The political class are quickly realizing that opposing crypto development is a losing bet.

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🔪Let's dissect this:

One For The Degens

In one sentence: Polymarket is blowing up right now and they’re about to launch something crazy/cool: leveraged bets and derivatives-based bets.

In case you’ve been living under a rock, people are going crazy on Polymarket right now.

(Seriously! Check out the graph for Total Value Locked 👆 which is typically an indicator of the level of trust and usage of a DeFi platform).

Polymarket lets anyone (outside of its restricted areas, of which the US is one) bet on the outcome of pretty much anything under the sun.

For example, as of this writing there’s been over $411M bet on the result of the US election alone!

Polymarket is unique in that it doesn’t have a market maker which is what ‘normal’ betting platforms have.

Instead, because it’s decentralized, it uses an automated market maker - i.e. an algorithmic system to decide on pricing for each result, based on the amount of money bet on each side by real punters.

And in a few weeks they’re about to launch something even cooler/crazier:

Leveraged bets and derivatives-based bets.

With a leveraged bet, instead betting on the outcome of X with your own money, it would mean you can bet on an outcomes and get multiple times the return (or multiple times the loss) by only putting a small amount upfront.

For example, you might put $10 upfront but do a 5x leveraged bet, returning you with $50 if you’re successful - but requiring you to pay an additional $40 if you lose the bet.

Derivatives-based bets mean you can bet on more than just the result.

For example, betting on an election winner would be a ‘base market’ bet; compared to betting on the margin of victory (a derivative bet).

It’s no easy task!

But, the fully onchain derivatives platform, D8X, is working with Polymarket to bring it to market.

Sounds exciting for degens, and incredibly dangerous for professional and non-professional gamblers alike.

The good news: regardless of what Twitter says, you don’t have to partake in Polymarket.

What is an Automated Market Maker?