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Health, Wealth, and Happiness

November 3, 2023

"I think bitcoin is on the verge of getting broad acceptance by conventional finance people."

- Elon Musk

Howdy, investors!


The crypto world is buzzing with the news that Sam Bankman-Fried was found guilty on all seven fraud charges (with a jury deliberation of only 4 hours). He now faces up to 115 years in prison. So, what's next? Read on.


Also: Most investors are in tune with the impact of monetary policy on interest rates and inflation. Learn how diversifying into hedges like bitcoin could protect you from these inflationary effects.


Finally: Coinbase recently reported better-than-expected third-quarter financial results, highlighting that we shouldn't discard the notion of investing in traditional stocks linked to crypto markets.


Read on to learn more!

Keep Building Trust

by John Hargrave

First, a moment of silence for Sam Bankman-Fried.

 

You may have noticed that we don’t spend a lot of time focusing on criminal activity at Bitcoin Market Journal. We are unique in that we don’t cover a lot of hacks, scams, and frauds. We barely mentioned SBF’s trial.

 

Why? Because we are building trust in crypto.

 

It’s not that we turn a blind eye toward bad behavior. It’s that the bad behavior gets blown way out of proportion, especially when it comes to crypto.

 

Imagine if you were trying to encourage the adoption of money, back in the days of Money 1.0. You persuade the public to trust these strange golden coins. You advocate for merchants to accept this new form of payment. You explain to everyone why it is a better way of transacting than haggling cows and sheep.

 

But every other day, Ye Olde Town Crier loudly proclaims every bad thing anyone is doing with the new money.

 

“Hear ye, hear ye! In this day and age, this newfound currency doth fall into the hands of rogues and miscreants! Carrying it upon thy person doth mark thee as prey for marauders who may descend upon innocent wayfarers with pillage and robbery! 'Tis a tool that doth make the act of bribing elected officials all the more convenient!”

 

It would be pretty hard to get the new money into circulation.


If we covered every bad thing that people do with traditional money, there wouldn't be any airtime for anything else. Every robbery, every bribe, every tax evasion would keep the news channels busy 24/7.


But crypto gets put under the microscope, because it's new.


These continual Town Crier news stories -- which hopefully have culminated with the trial of SBF -- are like resistance to the revolution. They provide friction for moving forward -- but they also make us stronger.


Meanwhile, these stories about the bad actors are not at all representative of the industry as a whole. They do not capture the thousands of investors and builders who are trying to do it "the right way." 


Through all the noise of the last year, we at Bitcoin Market Journal have tried to provide a steady signal of trust. We want to make this new form of investing accessible to as many people as possible ... and that requires trust.


Of course, we need to keep our crypto investments safe -- just as we need to keep our traditional money safe. There are bad actors in crypto -- just as there are bad actors in the traditional financial system.


But this doesn't make the system itself bad.


The financial system, on the whole, has allowed humanity to flourish and thrive. And the new financial system, built on blockchain and crypto, will allow us to thrive harder.


To get there, we've got to trust that this new financial system is leading us somewhere better. One day at a time, one newsletter at a time, we will continue to build that trust.


Eventually, even the Town Crier will join us.


Health, wealth, and happiness,


John Hargrave

Publisher

Bitcoin Market Journal

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Must Read

Today's most important stories for crypto investors.

Sam Bankman-Fried Found Guilty on all Seven Criminal Fraud Counts (CNBC)

Investor takeaway:Sam Bankman-Fried, the founder of FTX, has been found guilty on all seven criminal charges against him, including wire fraud, securities fraud, commodities fraud, and money laundering. He faces up to 115 years in prison. His legal team has stated that he maintains his innocence and will continue to fight the charges.


Crypto is an exciting opportunity for any number of reasons we've covered. But that excitement isn't a license to practice unsound financial practices in the name of innovation. Investors should use the case of FTX as a learning opportunity to reinforce sound investment practices and caution when dealing with relatively new and highly volatile markets.

The Fiscal Theory of Everything (Blockworks)

Investor takeaway: While monetary policy is more visible, fiscal policy (government spending and borrowing) is increasingly recognized as a critical driver of inflation. Despite the Fed reducing the money supply, inflation remains a hot topic due to government spending.


There's a space where "hard money" (gold, etc.) can provide a hedge against inflation... and many believe bitcoin is becoming synonymous with gold in this sense. Diversifying into bitcoin may be prudent as it can hedge against potential inflation driven by fiscal policy and government debt.

Coinbase Beats Q3 Estimates, USDC Interest Income Rebounds to $172 Million (The Block)

Investor takeaway: Coinbase reported a third-quarter revenue of $674.1 million, surpassing analyst expectations but marking a slight decline from the previous quarter. While trading volumes have decreased, and transaction revenue has also fallen due to reduced market volatility, the company is optimistic about achieving positive adjusted EBITDA for the full year of 2023.


Coinbase's report suggests resilience in its business model despite a downturn in the crypto market, with a path toward profitability in 2023. Investors might consider a cautious approach, weighing the potential for growth against regulatory challenges, but these signs of growth (with stability) are a great sign for $COIN investors.

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Bitcoin Market Journal is a daily newsletter that makes you a better crypto investor. It's created by John Hargrave, Steve Walters, Gerald Jackson, Anatol Antonovici, Matthew Du, Daniel Joel, and Preetam Kaushik.


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