Hey there.
This is The Chain, where we’re skeptical of Bitcoin until the crypto industry itself turns bearish… then we get interested in Bitcoin again.
We’ll explain below.
In today’s edition:
🟠 This FUD Against Bitcoin Is Out of Hand, No?
🧑⚖️ Congress Needs to Get its (Clarity) Act Together
🇯🇵 The MicroStrategy of Japan Pops Off
🥇 Runescape Gold Is Property Now?!
Let’s dig in.
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🟠 The Bitcoin FUD Is Getting a Bit Over the Top
So, Bitcoin hasn’t performed well for about… an entire year.
We’ve covered it extensively. Made a lot of jokes. Shared negative sentiment about the coin.
But we’re starting to notice something.
Not just that the institutions have remained relentlessly bullish about Bitcoin, crypto, and blockchain tech.
Not just that stablecoins are already a fully functioning business model.
It’s something else:
It seems like Bitcoin FUD (fear, uncertainty, and doubt) has hit a new level, even in the crypto world.
And that feels like a potential (just potential) bottom signal. Whenever people start screaming “Bitcoin is dead,” BTC tends to have a way of proving them wrong.
Just look at these headlines from this morning. All of these were on Coindesk’s homepage today at the same time:
Images: CoinDesk
Come on, people. One of the biggest crypto news sites in the world looks more bullish on gold, silver, and oil than it is on Bitcoin.
That feels like a fairly clear signal to us. Not a guarantee, but something worth looking at.
BTC sentiment in even the crypto industry is very, very low right now. And that has historically been followed by Bitcoin punching bears in the face with surprise upward movement.
And don’t forget about the “Bitcoin Is Dead” counter.
That’s a lot of FUD over the years. And yet, Bitcoin has continued to rise over time.
Makes you think.
No guarantees, and do your own research. This is not financial advice.
🧑⚖️ Breaking: US Senate Ag Comm. Barely Passes Crypto Market Structure Bill
After the crypto market structure bill kind of fell apart earlier this month, the revised version is only doing a bit better: the bill was passed by the US Senate Agriculture Committee today, but only by a 12 to 11 vote:
12 Republicans voted yes
11 Democrats voted no
Democrats said that they want to pass a market structure bill cooperatively, but weren’t willing to pass the vote as-is. Republicans pushed forward with the bill anyway, which is all well and good, but could prove problematic as the bill will ultimately require bipartisan support to be passed in the end.
The market structure bill’s next hurdle will be the Senate Banking Committee, which hasn’t set a new date for its hearing after canceling the initial one.
The Banking Committee canceled the bill’s original hearing because Coinbase CEO Brian Armstrong pulled his support for it after reading the bill.
He said that the market would be better with no bill than that version of the bill. Yeesh.
The bill matters because it will hopefully:
Provide the crypto industry with clarity on whether crypto-assets are commodities or securities (it isn’t called the “Clarity Act” for nothing)
Protect “software developers and preserves the right to self-custody digital assets,” according to the Senate’s banking committee.
Stop the US’s “crypto brain drain,” where the industry’s best and brightest have left for crypto-friendly places like Dubai and Singapore
We’ll keep you updated on further developments.
🇯🇵 Japan’s Metaplanet Is NOT Scared of BTC
Regardless of FUD in the news, there was at least one positive story for Bitcoin.
Metaplanet (OTCMKTS:MTPLF), the once-budget-hotel-operator turned Bitcoin treasury company, is raising $137 million to pay down its debt and buy more of the orange coin.
Look at that. Making both Dave Ramsey and Bitcoin maxis happy in one move.
Strategy’s Michael Saylor would be proud, as he was the first to choose to live and die by the Bitcoin Treasury sword like this.
And speaking of Japan and Bitcoin, the country is set to classify BTC as a financial product this year, meaning that investment gains on the cryptocurrency would be taxed at a rate of 20% instead of the current rate of 43% to 55% for incomes over $57,000.
Big moves.
🍟 Extra Crispy Crypto Links
Virtual gold in Runescape is now recognized as legal property in the United Kingdom. Stranger things have happened, but not many.
Robinhood is investing in Talos, the crypto trading platform, at a valuation of $1.5B. Talos’s technology is used by other companies (including BlackRock) to manage $21T in assets.
Gemini just launched a Zcash credit card, which will apparently allow users to earn up to 4% back in ZEC. The Winklevoss twins strike again!
Stablecoin issuer Tether is now one of the world’s largest holders of gold at $24B, and it plans to keep growing its holdings.
Russian retail traders will only be able to purchase up to $4,000 in crypto per year, according to DLNews.
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⏳ Wrapping Up
Things haven’t shifted meaningfully for Bitcoin’s charts, but it feels like market sentiment is getting bad to the point where crypto media is devouring itself.
Which makes for a potentially interesting market signal if you ask us.
Same time next week? Sounds good.
Until next time,
- The Chain Team
The information provided in The Chain is for informational and educational purposes only and should not be construed as financial advice, investment advice, or a recommendation to buy or sell any securities. The Chain is not a registered investment advisor, broker-dealer, or licensed financial planner. Always do your own research and consult with a licensed financial advisor before making any investment decisions. We may hold positions in or receive compensation from the companies or products mentioned. Disclosures will be made where applicable. Past performance doesn’t guarantee future results.
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