Let me explain how I could possible be BULLISH crypto in the wake of this past week,
First, Operation Chokepoint is FAILING in real time, despite the efforts of regulators to quietly choke off the crypto industry from trying to compliantly operate in the broader capital system,
CME Futures basis in BTC blew out over last 24 hours,
My guess,
1) Folks are front-running a futures-based BTC ETF
2) Short are getting margin-called,
And, likely both.
Allowing BTC to break from other risk-assets, driving the inflation/gold narrative at just the right moment.
Some of the things in this bill have me scratching my head,
$25m earmarked to support the John F. Kennedy Center for the Performing Arts in Washington DC ?????
I'm a supporter of the arts, but what does that have to do with national relief?
So Will Smith dropped by our “NFTs as Art” event this past week...
Discussion topics:
1) Bitcoin
2) NFTs
3) How Will and I are twins according to my cousins
Can’t fake
@CMEGroup
volume!
CME Bitcoin Futures stats:
🔴 May strongest month ever (ADV nearly 70k bitcoin)
🔴 Q2 ADV 164% greater than 1Q
🔴 Over 2500 accounts have traded BTC futures
🔴 Over 24 FCMs support BTC futures with more on the way
5 reasons why $WULF wins long-term:
1. Lowest cost producer of
#BTC
2. Lowest carbon footprint
3. Longest tenure in power
4. Own their own assets
5. Assisting US clean grid transition
Bonus for operational transparency.
@TeraWulfInc
@PaulBPrager
@Kerri_Langlais
"The Overlooked Miner With Overwhelming Upside;
Reiterate Overweight"
Title of Cantor Fitzgerald's note on
@TeraWulfInc
following their 4Q release. More on their $WULF thesis below...
With $MSTR trading at a 50% premium to its
#BTC
holdings (roughly $5b notional), we could witness another ETF- level windfall with equity and/or debt issuance by the BTC Admiral Michael
@saylor
in the billions of dollars to BUY MORE BITCOIN.
One hell of a showing for
@TeraWulfInc
in April...
~ Achieving the highest amount of
#BTC
per EH/s of all the publicly listed miners,
~ Blended cost of ~$0.030/kWh, producing a gross mining margin of nearly 74%
The execution and transparency of this team is truly second to none.
Amazing how the extreme volatility of those first 10 years looks de minimis on a long term chart...
2018 will very much resemble a blip on the screen 10 years from today.
#happybirthdaybitcoin
@CNBC
@patrick_oshag
Many come to mind, but one a bit less traditionally thought of:
Brad Jacobs
Has led over 500 acquisitions, consolidating multiple industries:
- United Waste Systems - sold for $2.5bn
- United Rentals - $12.5bn mkt cap
- XPO Logistics - $12.6n mkt cap
Undecided/unhappy professional:
2017: “I’ve decided to move into crypto full time”
2018: “Took the year to figure things out”
2019: (back at miserable job similar to 2017, vehemently searching for entry level crypto role) “I still keep an eye on crypto, more of a hobbyist”
At a dinner last night and one of the group asked everyone for their year-end price targets for BTC and ETH. I was last to go,
“$85k BTC, $12k ETH”
I was called a bear. Lmao
Many companies went to zero, but the few that stayed focused and created real value for the world became massive success stories...
Crypto potentially represents unbound social value, those success stories will dwarf anything we have seen to date.
Cmon
@GoldmanSachs
!! Very disappointed in you…
Re $COIN:
“Ultimately, we struggle to see a favorable valuation argument for the stock given that the company’s revenue base is ultimately tethered to an asset class that has yet to show a sustainable everyday utility value.”
In 2023, we achieved significant milestones by initiating and delivering rapid organic growth at our existing sites, prioritizing debt repayment, and fortifying liquidity. We look forward to sharing comprehensive details of our fourth quarter and full-year 2023 results, as well
This is *major* industry news,
Soc 2 Type 2 was a major hurdle and *requirement* for many governmental bodies to issuing an ETF or other public market vehicles with crypto exposure.
Trust is
@Gemini
's product. Today we continue to build trust by becoming the world's first crypto exchange and custodian to complete a SOC 2 Type 2 Examination! 👍🚀cc
@Deloitte
.
Every morning, I take a walk around Brickell Key to calibrate my mind for the day ahead.
I welcome anyone in crypto, or tech (or anything interesting, for that matter) in Miami to join any day of the week - just shoot me a DM,
Pictured: my favorite corner of the Brickell Key
Wall Street taking notice of
@TeraWulfInc
, with
@cantorfitzgerld
out positive this morning on $WULF...
"With a best-in-class variable cost structure,
significant balance sheet improvement, and organic scaling potential, we believe there may be significant upside in TeraWulf's
Based on EST hours over the last 30 days,
Sunday AM has been the worst performing window,
Sunday PM one of the best,
Monday AM the best window (by a wide margin)
Purely objective data points.
Paul and $WULF setting the standard for true transparency to the market. And in very Paul fashion, he calls out his fellow miners to do the same.
Let’s see who embraces transparency…
In yesterdays podcast
@PaulBPrager
the CEO of
@TeraWulfInc
articulated how the company could produce a
#BTC
for a cost of $25,000 now, rising to $37,000 post “halving” and challenged the other miners to state their true cost to mine!
👉
$WULF Announces $22 Million Debt Repayment and Increase in Self-Mining Capacity 🐺
⛏️ Achieved 7.6 EH/s of self-mining online in February and expect to reach 8 EH/s of owned hashrate in Q1 2024 and 10 EH/s by mid-2024
⛏️ $22 million debt repayment extends cash flow sweep to
Thought on Deutsche Bank:
If 10% of the 18,000 laid off decide to pivot into crypto/blockchain, that is 1,800 people and their sphere of influence.
Leaving
@GoldmanSachs
, I’d estimate I converted ~10% of my network to believers, and 50% to curious skeptics.
This is powerful.
"The beauty of Bitcoin as an inflation bet is that you can be wrong on inflation and still make money thanks to the volatility of Bitcoin. But if you’re right – you’re going to be a hero." -
@AviFelman
I am very tolerable of opposing views, but
@BankofAmerica
’s report published this morning on
#Bitcoin
is one the most amateurish takes I’ve seen in some time.
- Tx speed of
#BTC
vs Visa
- BTC anonymity aids nefarious activities
- CBDCs are kryptonite for BTC
Come on, guys.
Federal Reserve Chair Powell says Facebook spoke to the Fed before unveiling Libra and BlockTower's
@MikeBucella
says this is the beginning of a crypto renaissance.
I’d venture to say there is more real work, of higher quality, being done in a single month now in crypto than the entirety of 2017.
Don’t let Tweet metrics and Google search trends trip you up.
The precursor to our upcoming podcast, Booch & The Mooch...
Excited for what will no doubt be a fun, informative and wide-ranging conversation with the one and only
@Scaramucci
to a sold out
@rwasummit
Dubai.
After a tough 2022, with BTC up 65% YTD and transaction fees rising due to ordinals, Bitcoin miners are now bringing in the most revenue they have in over a year at roughly $40 million a day
@pitdesi
My buddy
@thomo_17
is over at
@EquityZen
, they listed a block of $DASH back in 2018 at $12.80.
Early stage: 1,000x in 7 years
Late stage: 14x in 2 years
On a risk-adjusted basi....
Who am I kidding, I'd take either! haha.
Congrats to your friend!
So the two best risk managers on Wall Street -
@GoldmanSachs
and
@MorganStanley
- who walked away not only unscathed, but in the black from the Archegos debacle, are the first two to offer
#Bitcoin
products to their clients.
They see the “risk” in not doing this.
TeraWulf Announces Investor Update for January 2024 and Path to 10 EH/s by Mid-Year 🐺⛏️
⛏ Achieved 7.1 EH/s of self-mining in January with Building 3 (45 MW) at Lake Mariner fully energized
⛏ Expected to reach 7.9 EH/s of owned hashrate in early February as additional S19j
BTC Miami 2021,
I can’t quite remember what I said to Will that night, but I can’t help but feel I played some small part in his decision process yesterday evening…
I'm a CFC St. Moritz loyalist, but the RWA Summit has fast become a second must-attend conference of the year for me. Doesn't hurt that it's held in my 2nd home 🗽
The Real-World Asset Summit returns in 2024 to New York City — and now, 𝘸𝘰𝘳𝘭𝘥𝘸𝘪𝘥𝘦 🌏
Learn more about what we've got in store, plus check out industry predictions for 2024 from our past Summit speakers↓
Google search trend for
#Bitcoin
Currently registering a "10", meaning current search interest for "Bitcoin" is 1/10 the peak we saw in 2017.
One-Tenth.
Let that settle in...
Mine went from...
“We have no clue what you do at Goldman, what crypto or a BlockTower is, but I’m sure you’ll make the right decision.”
to...
“I still have no clue what you do, but you seem to love it...so, you coming over for pasta on Sunday, or what?”
Spent hours talking about cryptocurrencies with my parents tonight. It makes me so happy that over a 4 year period they went from “What is wrong with you? Don’t leave AIG!” to “It’s clear there is demand for this in the world.”
.
@trylolli
is the perfect way to “own” crypto without “buying” crypto...
There. I’ve found a solution for all those people who don’t want to say they “bought bitcoin” to their fancy circle of friends for fear of exile.
Crypto is still being adopted,,
Builders are still building,
Talent is still funneling in like never before.
If today shakes you, you're an amateur speculator and deserve to be shook. If you're a professional crypto investor, act like one. If you're a spectator, enjoy the show!
Show me another BTC mining operation willing to disclose this level of detail on monthly production & ops...I'll wait...
#s
not too shabby either...
+65% increase in hash rate in Q1
+63% more BTC produced MoM
$0.02 power at Nautilus (Nuclear power)
**91% zero-carbon energy**
$WULF 's March Production and Ops Updates! 👇
⛏️Exited with ~9,200 miners energized at our
#Nuclear
powered Nautilus facility
⛏️ Month-over-month hash rate increase of 50% for an average of 3.0 EH/s
⛏️233
#Bitcoin
self-mined
⛏️ Power cost of $0.032/kWh across our two sites
⛏️
I’ll be back on
@CNBC
Power Lunch today at 2:30 with
@KellyCNBC
discussing my views on Post-Impressionist artists of the late 1800s...
Just kidding, we’re talking
#Bitcoin
!
S&P: Worst day since 2008
TSX: Worst day since the 1987 crash
Crude: Worst day since Gulf War in 1991
VIX: Highest level since Global Financial Crisis
UST: Entire curve under 1% for the 1st time in history
And yet, I still fear the private credit markets most of all.
Fast forward to 2030,
The largest US financial institutions are Apple, Google, Facebook...
They finally decide to break up "big tech"...
The largest constituents in the S&P are now:
1) Apple (AAPL)
2) Apple Financial (IBNK)
3) Facebook (FB)
4) Facebank (FBNK)...
@RaoulGMI
@brijo1999
May redirect some, short-term, but I don't see many institutions that finally came around and got comfortable with a proper allocation to BTC, selling for overpriced Coinbase equity.
I wake for the sunrise every morning, the peace of mind it provides me is immeasurable. One of the few parts of my daily routine I would highly recommend to others…
@WatcherGuru
So, once we shut down the crypto-funded fentanyl trade and it goes back to USD...then we just shut down USD-funded fentanyl trade, right?? Absurd.
With crypto, we know the wallets and can track the distributions and map the fentanyl criminal network. The FBI's dream...
Stopping
The distinction between "RWA" and "tokenization of real world assets" is important, and will become increasingly so as the trad'l banking system fails in real time, driving cost of capital ever higher..
In short, "We must protect this house!" (h/t Under Armour ca. 2003)
A pop-in to
@TeraWulfInc
NYC office (I'm big on the "I was in the neighborhood!" drop-in...must be the Queens in me) -- turned into an unexpected mini cameo in their virtual site tour video (thanks
@Kerri_Langlais
!! 😂 ). No heads up, no prep time, resulting in absolute candid
The $WULF pack were energy experts first 🐺⚡️
#Bitcoin
is energy. One of the major reasons we’re confident in our ability to become the leading
#zerocarbon
bitcoin miner is our decades of experience in the energy sector ⛏
#NotAllHashIsCreatedEqual
A heavy dose of hypocrisy in this interview…losing billions for retail. Let’s have a look at recent SPAC returns for $JPM led deals,
$EMBK: -99%
$SBIG: -90%
$RGTI: -99%
$BOWL: +37%
$SNTI: -84%
$SRZN: -99%
$OPAD: -99%
#Bitcoin
: -67%
Our fraud > your fraud, it seems…
Lastly, NEVER underestimate the power of the crypto industry. Strip away the tourists and you have the core of the crypto ecosystem - and we live for these moments. This is why we are here. And we're not going anywhere.
My attempt at simplifying this market,
1/ Broad de-risking in risk assets due to systematic rebalancing as move in rates/expectations are digested by machine-driven strategies,
2/ This "natural" sell pressure leads to panic sales in markets furthest out the risk curve
3/
The $WULF way...retaining and retraining our people to modernize their skillsets while we modernize the grid and financial system. Proud 🐺
@TeraWulfInc
TeraWulf repurposed New York's last decommissioned coal-fired power plant in the state of New York and brought back and retrained many of the site's former employees to build and operate our first
#BitcoinMining
facility, Lake Mariner Data ⛏
Dan Heidemann is our wonderful Site
Excited to share this virtual tour of the incredible operators at
@TeraWulfInc
with the world, from our executives to the on-site operators. Amazing to see the hard work come together at Lake Mariner (hydro) and Nautilus (nuclear).
And thanks you
@Kerri_Langlais
for turning an
A very big thank you to
@CNBC
for having me on
@CNBCFastMoney
to discuss regulation, volatility and globalization of the digital asset markets.
Special shout out to
@GuyAdami
@timseymour
@karenfinerman
, Brian Sullivan and Steve Grasso for their genuine kindness and curiosity...
#Crypto
investors are eyeing a key hearing tomorrow that could move the crypto space. BlockTower Capital's
@MikeBucella
reveals what this could mean for the market.
The question “are you happy you made the move” (
@GoldmanSachs
for the world of crypto and my team
@BlockTower
) has always been asked, now at an accepted pace.
My answer, fully appreciating biases, remains firm, “absolutely.”
Very smart move by 3iQ (
@3iq_corp
) team getting ahead of the trust premium/discount issue
@Grayscale
is currently dealing with, allowing for annual in-kind redemptions, creating the arb necessary to draw market price back in line with NAV.
1/
@3iq_corp