Only one group is allowed to make money out of thin air — and that's not the crypto bros. Check out CT's reaction to Congressman Sherman and more in our crypto twitter roundup!
Gm,
You crypto bros really thought you’d get away with this, didn’t you?
Can’t just print money out of thin air, bro. That is a moat only one player has:
And yes, this video is real and not AI-enhanced (the author had to double-check, too). Let’s see how crypto bros reacted to that and much more…
Whose Threads Are a Must-Read?
Thread section is coming up a bit shorter this week. However, if you are looking for “muh macro outlook,” look no further than the LeBron James of macro investing: Stanley Druckenmiller.
This is, strictly speaking, not a crypto thread but still highly relevant. Druckenmiller gave a presentation about whether US exceptionalism is at risk:
It’s a dense topic (especially for you crypto bros printing money out of thin air), so here’s the TLDR:
- The US fiscal position is on an unsustainable path, with debt levels only comparable to those after WWII.
- The fiscal gap is equivalent to a 40% increase in all Federal taxes collected, or a cut of 35% in federal spending.
- Druckenmiller is bullish on generative AI, and is currently short USD, long Gold, Euro, Oil and AUD.
So if crypto can demonstrate a use case for the AI revolution or become a commodity, could it moon as well? Who knows. Regardless, this is well worth a read since Druckenmiller is one of the all-time great investors.
Something crypto bros will definitely be able to relate to is a ‘why this token is gud’ thread. Coming to your rescue is Crypto McKenna with a thread about Arbitrum and its promising ecosystem:
And the obligatory TLDR:
- Arbitrum is actively capturing Ethereum protocols, users and liquidity.
- The 7-day rolling transaction count on $ARB has increased from 222.7k to 1.45m since the start of 2023.
- EIP-4844 is a proposed improvement that could reduce gas fees on roll-ups by 10-30x.
In other DeFi-related news, here is a thread on good security principles for your DeFi wallet:
Speaking about clean wallets…
Wisdom of the Week
PEPE cleaned the wallets of late longs ever since being listed on centralized exchanges. The frog has been boiled quickly and is down over 60% from ATHs at the time of writing, but you hopefully learned the most important lesson here:
Price determines price in crypto. But don’t worry if you are still broke. Many more memecoins will likely come (and go).
Elon Building Twitter
It’s been a while since the last Elon crypto pump and Elon Twitter drama.
But we are. So. F***ing. Back.
Elon delivered on both ends last week.
First, he shamelessly pumped the Milady NFT collection:
Why?
Because he can. Because the most entertaining outcome is the most likely. And because Elon also deserves some time off in between picking new CEOs for Twitter:
Between those and Tucker Carlson announcing he will be using Twitter as his main platform, we are guaranteed more entertaining outcomes in the near future.
Talk of the Town
Crypto bros were in shock and disbelief over the attitude displayed by Congressman Sherman:
Safe to say the fight between crypto bros and the US government is still in its early rounds. One of the judges, namely the US Chamber of Commerce, may have scored a round in favor of crypto bros last week in its statement:
That must have felt good for Coinbase, which had a tough last week after a serious blunder when it labeled PEPE a “hate symbol” in a newsletter. You know what had to come next:
As it always goes, the pitchforks came out and Coinbase backpedaled. But so far, it hasn’t listed PEPE, so maybe we’ll have to wait for round two of the memecoin madness for that to happen.
But undoubtedly one of the biggest topics of the week was people using the Bitcoin blockchain for transactions.
Yes, you read that right. Not only that, but BRC-20 tokens bricked the Bitcoin blockchain for normal users:
Some, like Michael Saylor, are actually bullish on this sudden surge in usage of Bitcoin:
Read all about how BRC-20 tokens work in our explainer: What Are BRC-20 Tokens? Explaining the Bitcoin Memecoin Hype
Then there was the launch of Worldcoin by our distinguished AI overlord Sam Altman:
Unsurprisingly, this did not excite the crypto-native crowd too much:
Why would crypto bros be suspicious of Worldcoin for everyone? Well, maybe because of the *cough* significant insider allocation:
We’ve seen that movie before. Only problem is, dumping Worldcoin on plebs could become harder in the future with less exit liquidity. Two market makers quit the game last week:
But even if the casino changes, sooner or later someone else will show up with an opportunity for players to partake in the never-ending game:
And maybe we will all hail our Worldcoin overlords in the near future, who knows.
Some last-minute additions this week were everyone’s favorite (or second-favorite) crypto swi-, sorry, former founder Do Kwon deploying capital to go out on bail:
And Canadian crypto bros will have to cross one option off the list because Binance is leaving the market. Crypto Twitter was not impressed:
Rough week indeed. Time for some laughs now.
Memes
After last week's bumpy price action, the least we can do is provide crypto bros with the right tunes. Stay clean and see you next week…
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