Daily Bits
- The world’s hardest form of money blasted to an all-time high today, hitting $63,729.5 and melting the faces of plebs everywhere. If this is breaking news to you -> then you either 1) don’t have crypto, in which case, you are probably wandering why a plebs face is melting 2) you are one of the few HODLers who does not check their crypto portfolio every negative five seconds.
- Michael Morell, former CIA director, published an independent paper that basically said the U.S. needs to get its crypto shit together. To put it in a Forbesian manner: “Morrell made it clear that there will also be severe geopolitical repercussions for the U.S. vis-a-vis China if it wastes energy and resources chasing a ghost as opposed to leveraging blockchain, and fintech more generally, to build the country’s technological and economic base.” In a shoutout to Yellen (comma) Janet, he also made it quite obvious that the whole bitcoin-as-illicit-drug-money argument is overblown now that advances in blockchain analysis makes it possible to crack-down on, well, payments for crack using Bitcoin.
- It seemed to be a theme for regulators to make snappy announcements about Bitcoin today. Hester Pierce, I call her crypto mom in my head (most people know her as SEC commisioner), unveiled a new “safe harbor” program for crypto tokens that would give a 3 year grace period for developers to work on DeFi projects without worrying about those pesky federal securities laws.
- On Coinbase Eve, like Christmas Eve, except with everybody’s 3rd favorite centralized cryptocurrency exchange, Brian Armstrong and Co. gifted 100 shares of COIN (roughly worth $25,000) to all 1700 of its employees. Coinbase finally IPOs (DPOs?) tomorrow, btw, so, ya know, watch out for that.
Terrific Tweets
- As the youngest of the millenials (shoutout to my fellow ’98ers), I vibe with this tweet. When I am like 74 years old and I drive my hovercraft to the Bits and Bytes Coffee Shop, my caramel macchiato is going to be like 3 bajillion dollars because, ya know, we have printed 30% of the money supply since I graduated high school and pretend like it hasn’t happened. Luckily, I bought BTC before $20k.
2. This dude out here guessing the price of BTC like every time. I am so bullish. *looks up how much you can get for a kidney*
3. Read this in a Dwight Schrute voice
4. The head of something important at Fidelity has some great thoughts on BTC and you should stop what you’re doing and read his thread.
5. If Paul Revere were a HODLer driving a Tesla through the payment rails of America, he would be proclaiming “The Institutions are coming, the Institutions are coming.” Everybody should buy Bitcoin. That’s the statement.
Content is King (2 longer reads to finish it up)
Most of the time when I read things on Crypto Twitter they make sense. I can understand 280 characters. When I read most longform stuff I get lost because 1) charts are hard 2) big words are confusing 3) I understand neither economics or finance at a very high level 4) nobody cares about technology besides when it doesn’t work sooooo. Anyways, I say all that, and, well, I have to recommend that you read this paper by Dylan Leclair on the Long Term Debt Cycle and Rise of Bitcoin:
With Coinbases IPO coming up tomorrow and everyone getting ready to moon (looking at you Dogecoiners), I thought Decrypt did a great job describing some of the “secrets” from Coinbase’s early days — when they were not so gosh darn buttoned up.
Check out the article here: https://decrypt.co/66315/7-secrets-from-coinbase-early-days-before-coin-ipo
Final Thoughts
If Bitcoin reaches the all-time high but you weren’t looking at your portfolio to see it… did it really happen?
-Kram
KRAM 
Good stuff Kram! I hear u can still spin the football at a high level. Any truth to that?
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