šŸ» Buy the print, Bitcoin is going to $1M

A $1M bet on Bitcoin

GM friends. It looks like spring is arriving early this year! After enduring the long crypto winter, Bitcoin is finally in bloom again, and this time, it could actually last all the way to $1 million. How could that be possible? Well, thank the unofficial Bitcoin marketing team.

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In this issue:

šŸ“£The big story of the week. Place your bets, is Bitcoin going to $1 million?

šŸš€The good. DeGod launches their first Bitcoin NFT collection that sells out in minutes and Youtube influencers get slapped with a $1 billion lawsuit for promoting FTX.

šŸ»The big, bad FUD. Doodles founder says they arenā€™t a NFT project anymore raising concern within the community and Shibarium blockchain gets called out for plagiarism.

šŸ“£The big story of the week

Place your bets, is Bitcoin going to $1 million?

Since last weekā€™s unwinding of Silicon Valley Bank (SVB) and Signature Bank, a series of events have unfolded to tangle up the mess even more:

  • SVB files for Chapter 11 bankruptcy

  • Bank of America is buying Signature Bank

  • UBS acquires Credit Suisse for a heavy discount of $3.2 billion

  • 11 big US banks spin up a $30 billion rescue package for First Republic Bank

  • Several large global banks agree to open international swap lines to enhance USD liquidity

Oof, thatā€™s a lot to take in. Letā€™s break this down a bit.

Bank borrowing soars to ATH

Last week, the Fed came up with the Bank Term Funding Program (BTFP) to offer banks and institutions a loan of up to one year using collateral such as bonds, mortgage-backed securities and other assets.

As of Wednesday, banks borrowed nearly $12 billion from BTFP.

But there is actually another bank loan program that has been around for a while. The ā€œdiscount windowā€ is an emergency borrowing program where the Fed readily provides liquidity for banks that need it.

In 2008, after the Lehman Brotherā€™s collapse, the Fed loaned out a record of $110 billion in one week.

Well, that record just got broken this week with $152 billion taken out by banks through the discount window.

What does this mean though? It signals that several banks are either insolvent or taking extreme precautionary measures to ensure that they wonā€™t experience a bank run like SVB. Either way, itā€™s debt on debt on debt. More printing and more devaluing of the currency.

On top of that, several leading central banks from around the world have announced a collaborative effort to help keep US dollars flowing in the system by opening up swap lines daily, rather than weekly.

Translation: foreign banks can now borrow dollars from the Fed 7-days a week. Money printer on.

Bitcoin to $1 million

With all the excessive money printing happening, some crypto experts are warning of hyperinflation of the dollar, particularly Balaji, author of The Network State and prominent voice in the crypto community.

When this happens, it only means up for Bitcoin.

In fact, Balaji is so bullish for Bitcoin that he has publicly placed a bet with two individuals wagering on Bitcoin to hit $1 million in 90 days, or he will send $1 million in USDC.

The BitSignal is out. What are you placing your bets on? All I know is that it doesnā€™t hurt to stack up a little extra Bitcoin right now.

šŸš€The good

Popular NFT collection, DeGods launches a collection of 535 Bitcoin NFTs. The Ordinals hype is still hot with the collection selling out within minutes.

A group of Youtube influencers get slapped with a $1 billion lawsuit for promoting FTX. Some popular creators include Ben Armstrong (BitBoy) and Graham Stephan.

šŸ»The big, bad FUD

Doodles founder says that they are no longer an NFT project. Theyā€™ve got big plans to grow into a leading media franchise, but some collectors are not happy about the abandonment of their NFT roots.

Shibarium gets called out for possible plagiarism. SHIB token falls 10% after some community members notice similarities in the Shibarium blockchainā€™s code to the Rinia testnet. Stolen or open-sourced?

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