5 Minute Crypto ⏳ - BITCORN special 🌽 - Bhutan's back, 1y to halving, BTC VC, and global assets landscape

Two Degens (resources, interviews, on all things crypto and some AI)

Howdy all — this is the 5 minute crypto daily update for Monday May 1st (Tuesday if you're in Asia cuz I was late this time)
Today’s update is primarily a BITCOIN update, there’s been a ton of news and updates on the corn front, and we’ll have a few other news items thrown in as well
Let’s do this like Buddhists!
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As of this recording, bitcoin and ETH prices dipped slightly
Bitcoin sitting at $28,500
ETH at $1850
Most tokens in red, other than Pepe coin - but please don’t take that as investment advice!
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What’s going on in the cryptoverse…
Bhutan bitcoin mining
Last week we reported that the small Asian country of Bhutan had been trading crypto, which was revealed in the bankruptcy filings of BlockFi and Celsius
Turns out they’ve been mining bitcoin for years
Bhutan’s got lots of excess cheap hydroelectricity, fed by Himalayan glaciers
They export 75% of their energy to India, and now they’re using it to power bitcoin miners
According to Forbes, this has been going on since April 2019 - when bitcoin was $5K USD
They join El Salvador as one of two countries to have official state-run bitcoin mines — though I highly suspect there are more out there
https://www.forbes.com/sites/iainmartin/2023/04/30/bhutan-bitcoin-mining-crypto/?sh=2ec11ba61f1b
https://www.nicehash.com/countdown/btc-halving-2024-05-10-12-00
Depending on the estimator tool, the next bitcoin halving is expected in late April of next year
It occurs at block number 740K, and the reward falls from 6.25 to 3.125 bitcoins
Oh, and a nice trick here - the number of bitcoin per block reward (eg, 6.25 bitcoins in the current period) - is also the same percentage of the total supply that is issued in that period, so it’s 6.25% of 100%
https://thebitcoinlayer.substack.com/p/bitcoin-is-swallowing-the-world
From Nik Bhatia’s The Bitcoin Layer
To quote:
-Activity in the bitcoin VC space ramped up in 2022, with total funding rounds increasing from 34 to 52, unique companies increasing from 30 to 51, and total capital raised increasing from $301 million to $343 million
-Even though bitcoin makes up 42.1% of the total crypto market cap at the time of writing, it only accounted for 1.31% of venture dollars invested in crypto in 2022

From Charles Edwards over at the Capriole Investments newsletter
To quote:
Bitcoin is currently trading into the largest technical resistance block on the chart since $20K. The $30-32K region represents the bottom of the 2021 range and the point of breakdown into the bear market beginning in 2022. It is also a major weekly order block level and Fibonacci extension level from the prior cycle. Finally, $30K is a major round number level and represents a 50% increase from the 2017 cycle all-time-high of 20K and $32K represents a 100% appreciation in Bitcoin since the FTX Fraud bottom at $16K

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Some recommended reads…
https://jessemyers.substack.com/p/bitcoins-full-potential-valuation
Jesse Myers, also known as Croesus BTC, has a great newsletter. I wanted to share a good example where he plots global assets and wealth
In 2023, bitcoin stands around $400B and is TINY compared to everything else
-Gold at $12T
-Global equities at $115T
-Bonds at $300T
https://zora.co/collect/0x9d90669665607f08005cae4a7098143f554c59ef
If you support crypto, you can consider minting this free Stand with Crypto NFT on Zora
Alongside it, people are also adding the shield emoji to their Twitter profiles
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That’s it for today! That was 6 minutes long. All the links are in the show notes. You can follow @twodegenspod on Twitter and subscribe for more!
Outro clip
Bankless - Ledger - the value of BTC & ETH, maybe some other small bets
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