Subscribe | Specs Chat | Sponsor Specs

⌐◪-◪ → Bitcoin just established a new all-time high of over $72,000, and in the process flipped silver’s market cap to become the 8th largest asset in the world.

The largest asset is still Gold at $14.66T, followed by Microsoft and Apple at $3.01T and $2.63T respectively.

That means all Bitcoin has to do to become one of the top 3 largest assets in the world is 2x.

For context: 3 of the last 4 times Bitcoin hit a new all-time high, it doubled in 18 days or less.

In my opinion, there’s a greater than 50% chance Bitcoin makes it into the top 3 global assets this cycle. Satoshi must be proud.

⌐◪-◪ → Last week, BlackRock $IBIT ETF surpassed MicroStrategy in Bitcoin Holdings at 195k Bitcoins.

Today, however, MicroStrategy retook the lead by purchasing another 12,000 Bitcoins for $821.7 million in cash.

The chart above beautifully displays this neck-and-neck race.

While I love Michael Saylor and his undying Bitcoin bull energy, MicroStrategy doesn’t stand a chance here considering how quickly BlackRock caught up.

Either way — it’s fun to see corporations duke it out in what I’m dubbing The Great Bitcoin Race.

Soon we’ll see entire countries competing, one could argue it’s already happening (ex. Qatar’s rumored 100 BTC/day).

⌐◪-◪ → Wyoming just made history and became the first US state to grant legal recognition to Decentralized Autonomous Organizations (DAOs).

The new legal framework called the “Wyoming Decentralized Unincorporated Nonprofit Association Act” was purpose-built for DAOs, and lets them claim a new nonprofit status.

This new law solves 3 key challenges for DAOs:

1. gives them legal existence/can contract w/ 3rd parties

2. enables them to pay taxes

3. provides them limited liability from members

This breakthrough makes Wyoming an oasis for DAOs, giving them much-needed protections, and empowering them to keep blockchain networks open. It will be interesting to see if other states follow suit in an attempt to compete for business and tax dollars.

If you want to dig deeper into this new law, check out this blog post from a16z Crypto’s general counsel, Miles Jennings.

Join The Conversation!

Unlock Specs’ full potential by joining Specs Chat, where members chat with Valko, add context to the daily crypto news, and share a diverse set of perspectives.

Specs Chat is more than just a group chat, it’s a community designed to help you become a better crypto investor and operator.