Happy Tuesday, Blockfolians
Tomorrow is Coinbase’s direct listing on the NASDAQ! To mark the occasion, both BTC and ETH decided to hit new all time highs. At press time, Bitcoin is hovering around $63,000 while Ethereum is at $2,300.
There’s no denying the excitement in the market, although some are reasonably wondering whether the setup is even a little too perfect.
Am I the only one who’s a bit nervous about this crypto market because the setup is so obvious and everyone is talking about the imminent bull run?
Mental state over the last 3 months: fatigue. Ton of new projects trying to compete with incumbents with minor improvements.
Mental state now: slowly transitioning into disgust. Ton of laughable ideas, obvious P&Ds, and shady deals.
Are we on the verge of the next leg up, a retail mania, or something rather underwhelming instead?
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Highly Relevant Reading
Time puts Bitcoin on the balance sheet
ConsenSys raises $65M from UBS, Morgan Stanley, Mastercard and more
Stacks creates a $4M accelerator for teams building on Bitcoin
A positive argument for engaging with Bitcoin from a Republican leader
Essential macro context
Check out my latest piece:
“The Conclusion Of The Long-Term Debt Cycle And The Rise Of Bitcoin”
Here’s a quick summary 👇👇:
April: Coinbase IPO
May: Uniswap v3
June: summer break
July: Optimistic Rollups
August: zkPorter L2
End of 2021: the Merge (?)
Quite a lineup for $ETH this year
1/ The ZK vs optimistic rollups debate is about to end.
zkPorter, an engine for mass crypto adoption, is coming with EVM-enabled @zksync 2.0 this August. It will reshape the entire L2 landscape.
A Really Big Number We Should Be Paying Attention To
That’s the revenue Nvidia estimates from Crypto mining products in Q1
NOT FINANCIAL ADVICE