Happy Wednesday, Blockfolians

The Lede

Well, JP Morgan may have had their upcoming Bitcoin product revealed this week, but that didn’t stop them from also singing the praises of ETH in their latest research report.

The report is called “Why is ETH Outperforming?” and man, just look at this summary:

SantΞago R Santos @santiagoroel

“BTC is more of a crypto commodity than currency & competes with gold as a store of value, whereas ETH is the backbone of the crypto-native economy. To the extent owning a share of this potential activity is more valuable…ETH should outperform BTC over the long run” – JP Morgan

Get ready for more and more discussion about ETH as a macro asset. Right now, it feels inevitable.

Raoul Pal @RaoulGMI

Things move faster than the speed of light in crypto adoption….

Michael Tant @MichaelTant3

European Investment Bank is issuing 2 year digital bonds on Ethereum through Goldman, Santander, and Societe.

Wow. @GoldmanSachs #Ethereum @RaoulGMI https://t.co/kaQIrZ9C9V

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Highly Relevant Reading

Doge pumps on Elon’s latest tweet (obviously)
Polygon launches $100m DeFi adoption fund
Alchemy, an AWS for crypto/DeFi, raises $80m
Fed Chair Powell sees “froth in the markets”

Community Commentary

This is a good debate

Meltem Demir◎rs @Melt_Dem

correct. pandering to institutions is a pointless exercise.

individuals > institutions https://t.co/Z1ae432e4y

Ben Hunt @EpsilonTheory

What made Bitcoin special is nearly lost, and what remains is a false and constructed narrative that exists in service to Wall Street and Washington rather than in resistance.

The Bitcoin narrative must be renewed. And that will change everything.
https://t.co/eDBp3Xrv1a

More good thoughts on Tesla’s Bitcoin sale

Arceris @Arceris_btc

A short thread on TSLA selling 10% of their BTC.

The sale “in order to demonstrate liquidity,” is a totally legitimate action on their part. It looks as if this move may have been pre-meditated by @elonmusk to de-fang shareholder derivative lawsuits.

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A Really Big Number We Should Be Paying Attention To

4500%

That’s how up Dogecoin mining is this year

Final Thought

Peter McGuineaPig @PeterMcCormack

Checkmate Bill Gates