?? Bitcoin's #1 Fan
Gm, this is doodhwala, the only crypto newsletter that’s as good as finishing up your assignment at the last minute.
? Deadline: 9:30 a.m.
? Submission: 9:29 a.m.
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Here’s what we got for you today:
??MicroStrategy & Bitcoin
MicroStrategy.
The first public company to ever buy Bitcoin and add it to its portfolio. ??
And we are the first milkmen who deliver doodh through an email.??
Microstrategy’s first BTC buy was a massive 21,454 BTC on August 11, 2020. And that's 71.9% of all the money they had.
But, why so much love for Bitcoin? ??
I hope my girlfriend loves me the way Micheal Saylor (MicroStrategy’s founder and ex-CEO) loves Bitcoin.
Two big reasons:
But here’s where it gets wild:
Their cash on the books was once 49.8% of their assets. Now? It’s down to just 4.07%!
And their BTC holdings now? Up from 21,454 → 152,800 BTC!
That’s a 612.2% increase since their first buy. ??
To put that in perspective, Microstrategy owns 0.786% of all Bitcoin out there. ALL of it!
MicroStrategy’s BTC Journey (2020 to 2023)
Here’s the list of every time MicroStrategy bought Bitcoin??
Did MicroStrategy Ever Sell?
Yep, just once.
They sold 704 BTC in December 2022.
Why?
Tax benefits.
But they quickly bought 2,500 BTC after that! ??
Even with some changes in who's in charge (Michael Saylor left, and Phong Le came in), their love for Bitcoin is still strong.
So, will they always be in love with Bitcoin? Seems like it! ??
Just hope that they never break up. ??
Why Should YOU Care? ??♂?
Look, this isn't just about one company's obsession with Bitcoin.
It's a testament to the faith big players have in crypto.
If a major company can shift its strategy so dramatically in favor of Bitcoin (and away from cash) then there must be something concrete in it. ??
The numbers have only increased over time and that too by a large percentage.
And you know It's more than just numbers; it's a revolution.
Doodhwala’s Take:
To the moon with MicroStrategy? ??
?? Bitcoins Big Bears
Nothing makes us happier than the price of Bitcoin going up. ??
(We’re gonna have to start selling more milk if it doesn’t pump)
But not everyone is like us — Some people just want to watch the world burn. ??We call them BEARS. And these bearish people are trying to bring down the market. ??
??Why the Selling?
Let’s not forget — It’s just been a week since Bitcoin crashed close to 15% on multiple exchanges. ?? We wrote about it here.
Last week was one of the worst weeks in crypto so far this year since March.
Remember what happened in March?
At that point in March, close to over $240 million had flowed out of the crypto market. ??
And now?
That number after last week’s dump turned out to be close to $168 million USD.
And Bitcoin alone lost more than $149 million out of that. ??
Cheggitout ??
领英推荐
?? Who Dafaq is Selling?
One word. Institutions. ??
These damn institutions are on their way to drag the market down. ??
Why are they selling so badly?
Well, there are a bunch of reasons that we can think of:
?? They want to have control over the price of crypto.
?? They're creating Net Short positions before an event trigger, a.k.a, a Bitcoin ETF.
?? Markets maintenance till they send Bitcoin to the frikkin Moon! ????
And who are these institutions?
Here are some of them ??
… and many more! ??
Together, they've thrown out over $118 million USD, just this month! ??
But now that Grayscale has flipped the market sentiment, will they continue to sell?
Who knows!?
We'll prepare for the most bearish month of the year till then! ??
???Doodh fact: September is on average the most bearish month in Bitcoin history. ??
?? Cheese and Charts: Derivatives Drive Bitcoin
Bitcoin rallied from $26k to $28k a few days ago.
And everyone thought the usual buying-and-selling caused the rally.
But, no it was caused by the future deals. ??♂?
Didn’t get it? No worries. ??
My ex didn’t also get it when I used to tell her about Bitcoin and NFTs. Maybe that’s why she’s my ex. ??
There are two main ways to trade Bitcoin:
Think of Spot exchange as buying something straight away, like grabbing a snack from a store. ??
And Derivative exchange? It's like saying you'll buy that same snack next week (in future), but at today's price. ??
This rally was due to the trading on Derivative exchanges.
Here’s a fun fact → Even if only a handful of coins are traded, prices can move, especially when the market's overall liquidity shrinks. ??
When prices go up, people panic and want in. They buy without thinking or exiting their sell-side positions.
And that's not cool cuz those panic buyers could sell at any moment after that. ??
That’s why there’s a big difference between an investor and a trader.
The lesson? Take a moment. Look at the facts. Don’t just follow the crowd.
???Resourcewala: How the HECK do you create a ZK Smart Contract?
If your recent tech obsession has been Zero-Knowledge proofs*,* then today’s your lucky day!
While most folks can't tell their left from their right when it comes to ZK, our tech gurus have condensed it to an artsy-craftsy DIY for y’all. ????
Here's what you'll dig up:
READ TIME: Shorter than it takes for your coffee to get cold. ????
LFG! ??????
?? Doodhshots: Twitter (X) Just Got Crypto License
??Web3 Events Nearby
Another weekend coming up, another meetup to attend. ??
Check out ?? meetupswala.xyz for upcoming Web3 events in your city, whether you're looking for:
Meetupswala will have something that's right for you.
Here are the top Web 3 events for this week:
1?? UHackathon 4.0
??? This Friday ???Online
?? Register here → https://www.meetupswala.xyz/events/1063
2?? Blockchain, Web3 & Beyond:
??? This Saturday ???Noida
?? Register here → https://www.meetupswala.xyz/events/1065
3?? Billion Reasons to Build ~ Namaste Indore
??? This Friday ??Indore
?? Register here → https://www.meetupswala.xyz/events/1066
???Milky Meme Of The Day