The Investor’s Guide to Coinbase Wrapped Bitcoin
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This Week in Bitcoin Market Journal
Should You Invest in Dogecoin (DOGE)? Charts, Stats, Analysis for 2024
The story of Dogecoin begins in 2013, with three key players: Jackson Palmer, a software engineer and marketing analyst; Billy Markus, a software developer; and a Shiba Inu.
(Actually, it was just a picture of a Shiba Inu.)
During the first crypto boom, Jackson Palmer created Dogecoin as a satirical commentary on the hype surrounding cryptocurrencies. He joked on Twitter about investing in a new “Dogecoin,” based on the popular meme, and the response was so positive that Palmer purchased the domain dogecoin.com .
Meanwhile, across the globe, Billy Markus was working as a software developer at IBM and had been contemplating the creation of a new digital currency. He stumbled upon the newly created dogecoin.com , and reached out to Palmer, expressing his interest in collaborating. And thus, DOGE was born.
Despite spawning thousands of imitation memecoins, DOGE is still the OG. So is it worth your hard-earned money? For a joke coin, the answer is surprisingly complicated.
Buying Bitcoin with a Credit Card: Step by Step, with Photos
It’s one of the questions we get most often at Bitcoin Market Journal: can I buy bitcoin with a credit card?
The answer is, yes. The advantage of credit card purchases is that they’re quick and easy, and you may even earn credit card rewards. The primary disadvantage is fees, which can eat into your investing profits.
In this guide, we’ll show you how to buy bitcoin with a credit card. (Note that you should only buy bitcoin on a credit card if you pay off your balance in full each month. Don’t pay credit card interest on bitcoin: it’s not worth it.)
Today we're going to explore the easiest ways to buy bitcoin with a credit card, with screenshots and step-by-step walkthroughs.
The Investor’s Guide to Coinbase Wrapped Bitcoin
Imagine you own an investment property: a valuable asset that’s just sitting there.
One day you list your property on Airbnb, so you can earn additional income. You still own the property, but now it’s working for you, earning money while you sleep – by giving guests a place to sleep.
The new Coinbase Wrapped Bitcoin (cbBTC), launched just last week, is like that investment property.
If you’ve already invested in bitcoin (your long-term “investment property”), you can convert it to a form that’s compatible with Ethereum (like converting to a rental property). This lets you use your bitcoin in new ways to earn additional income.
Here's our new guide to investing in cbBTC, making your bitcoin compatible with a whole new world of investing opportunities.
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Must-Reads
(Castle Island Ventures) - Stablecoins, with a current supply of $170 billion, are widely used in crypto. This study surveys 2541 users in emerging markets to understand if stablecoins are expanding beyond crypto into everyday financial use for remittances, payments, and savings. The answer might surprise you.
(Chainalysis) - The Global Crypto Adoption Index ranks 151 countries based on four sub-indexes of cryptocurrency usage, weighted by population and purchasing power. For those investing in crypto companies, the index offers a way to assess potential customer bases and market penetration in different regions of the world.
(The Defiant) - Stablecoin issuer Tether outperformed BlackRock in profits in 2023, posting $6.2B in profit versus BlackRock's $5.7B. USDT dominates the stablecoin market and crypto trading volumes. A valuable read for investors, as stablecoins continue to shake up the TradFi world order.
(Bankless) - Layer-2 protocols help Ethereum, but they also compete against it. The new narrative is that L2s may be extracting all the value out of Ethereum, and thus be better investments than Ethereum itself. (Our Investor's Guide to Layer-2s remains our best-in-class thinking on this topic.)
(Coin Metrics) - Network health metrics are crucial for intelligent crypto investors: things like block times, transaction processing, decentralization, and validator participation. Here's a good overview of network health metrics to help you evaluate the best crypto projects.
Chart of the Week
If you're a regular reader, you know that we love daily active users as a metric for identifying great crypto companies that are healthy and growing.
Today's chart shows the?top eight projects by daily active users?over the past three years, with a few interesting surprises.
For example, we can see that Tron (TRX) is the only one of the eight that's had fairly consistent growth over the past three years. That said, the chart for Base looks remarkably like the beginning of the chart for Tron. Investors in Coinbase ($COIN) may see a similar upward trend for Base over the coming years.
Another shocker is the growth in Solana (SOL), particularly the massive spike in DAU that's occurring right now. In less than a month Solana has skyrocketed to the top of DAU counts, and doesn't show any signs of slowing. The price of SOL hasn't followed the upward trend in DAU, which could be an opportunity.
Ronin also shows a nice move higher in DAUs, while rival Arbitrum is recently losing users. Will Ronin become the new leading Ethereum layer-2 for users? Like SOL, the price of RON hasn't responded to user growth.
DAUs are a great starting point for further research into these tokens, as they show that these ecosystems have found product-market fit:?users are using them.
ICYMI
In case you've missed our recent newsletters, here are links to the September 3 and September 9 newsletters, as well as the most recent BMJ investor content:
Is the TRX token still worth your investment??Read our complete analysis.
MetaMask may have one of the best?portfolio management tools?for crypto, and today we're unpacking how MetaMask Portfolio works.
We outline five great ideas on how the Democrats can support crypto, to win the pro-crypto vote.
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