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Bitcoin's 200 Day Moving Average Hits All-Time High
To investors, The bitcoin network launched on January 3, 2009. In just over 15 years, the network has become the strongest computer network in the world. There are hundreds of millions of people who have exposure to bitcoin across the spot market, ETFs, and mining. And the bitcoin brand is recognized around the world. But those are just the high-level accomplishments so far. Marty Bent points out that the bitcoin network achieved a major milestone last night — it has processed 1,000,000,000 total transactions since the network launched. A billion transactions is no joke. As I was digging into this milestone, I came across another interesting data point — if you hold at least one full bitcoin, then you are in the top 2% of all bitcoin holders according to DanielGotHits on Twitter/X. Bitcoin is not the only asset that is seeing enthusiasm right now either. The total market cap of stablecoins has hit a new all-time high. One way to view this is that tons of dry powder is sitting on the sidelines ready to be deployed into bitcoin and other crypto assets. Another argument is that the stablecoin market cap is rising because people were selling their crypto assets in the last two weeks and going to cash in the form of stablecoins on various crypto platforms. My guess is that both of these arguments have a hint of truth in them. The good news, as Thomas Fahrer points out, is that bitcoin’s 200 day moving average just hit a new all-time high. This is on top of the fact that GBTC’s 78-day streak of outflows since the ETF approvals ended on Friday. For the first time in almost 3 months, the world’s largest Bitcoin fund saw inflows of $63 million. It is easy to get distracted by the day-to-day price action of bitcoin. Don’t let that happen to you. The digital currency has shown that those who have the longest time horizon tend to do best. Hope you all have a great start to your week. I’ll talk to everyone tomorrow. -Anthony Pompliano Hannah Maruyama is the Founder of Degree Free. In this conversation, we talk about the data as to why college may not be as lucrative as people think, examples that include an 18-year-old bitcoin developer, why proof-of-work is so important, role of the parents, and a brand new launch program working one-on-one with teenagers. Listen on iTunes: Click here Listen on Spotify: Click here Bitcoin 200 Day Moving Average Hits All-Time HighPodcast SponsorsCore Scientific is one of the largest public Bitcoin miners and hosting solutions providers for Bitcoin mining in North America. iTrustCapital allows you to buy and sell cryptocurrency in a tax-advantaged crypto IRA. Supra- Join Supra’s early integration program for zero-cost access to the fastest oracles and dVRF across 50+ blockchains. Propy - Now, anyone can start their on-chain journey by minting home addresses via PropyKeys and staking them for profit until they are ready to sell their home. ResiClub - Your data-driven gateway to the US housing market. Bay Area Times - A visual newsletter explaining the latest tech & business news. You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research. You're currently a free subscriber to The Pomp Letter. For the full experience, upgrade your subscription.
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