5/10/24: Jack The Bitcoin Wizard 🔮💸🇨🇳

Top News

  1. Jack Dorsey predicts $1M Bitcoin by 2030

  2. EigenLayer season 1 airdrop claim starts today

  3. Hong Kong ETFs consider approval for mainland China

Specs’ Breakdown

1. Jack Dorsey predicts $1M Bitcoin by 2030

⌐◪-◪ → Jack Dorsey, the founder of Twitter and CEO of Square, just predicted Bitcoin will hit $1M by 2030.

The man is no stranger to tech, finance, or crypto either. For those who don’t know, some of his accomplishments include:

  • Founded Twitter, and sold it to Elon for $44B

  • Founded Block/Square, worth $45B on NYSE

  • Founded Bluesky, a decentralized Twitter clone

This bullish prediction shouldn’t come as a surprise as Jack has long championed Bitcoin — wearing Satoshi shirts, donating to BTC core, and generally preaching the crypto gospel.

Price is cool, but Jack’s real appreciation for Bitcoin is the underlying tech and the symbiotic ecosystem it has with its users, miners, and developers.

Looking forward Jack is doubling down on BTC, with Block (formerly Square) investing 10% of profits into BTC, developing BTC wallets, designing new ASIC mining chips, and more.

2. EigenLayer season 1 airdrop claim starts today

⌐◪-◪ → One of the most-hyped airdrops of all time is about to start — $EIGEN claims open today at 17:00 UTC.

The airdrop is so hyped even Bloomberg wrote about it.

For those who don’t know, EigenLayer is a restaking platform on Ethereum that accrued $16B of crypto deposits within its first year of opening up to users.

When most of that money came in, the project was nothing more than a glorified lockbox with hopes of future rewards.

EigenLayer + restaking has been one of the hottest narratives this cycle, now it’s time to see if they can live up to the hype and find real traction or pop because it was all just airdrop hype.

To be clear, I hope it’s legit — but the hype is real.

3. Hong Kong ETFs consider approval for mainland China

⌐◪-◪ → The CEO of Harvest, one of Hong Kong’s Bitcoin ETF providers, said he wants to put their ETF on Stock Connect so mainland Chinese investors can buy it.

This is a big deal, for one simple reason → people.

  • Hong Kong population → 7,500,000

  • United States population → 333,300,000

  • Mainland China population → 1,409,000,000

Just to emphasize this point, that’s 187x more people in Mainland China than in Hong Kong.

Sure, they might not be as wealthy per capita as Hong Kong investors, but the sheer number of people here is insane.

If you think about it as a user acquisition funnel, where the ETFs are the top of the funnel, then you’ll see the real potential here — tens, perhaps hundreds, of million new crypto users.

Everything Else

⛓️ Crypto & DeFi

  • BlockFi shuts down site, withdrawals through Coinbase

  • Eclipse founder steps back amid sexual misconduct allegations

  • Joe Biden is trying to kill crypto, says Cardano creator

  • Uniswap FE’s market share dropped from 36% to 30%

  • Hyperbolic debuts 'proof of sampling' to verify AI networks

  • Hacker in $71M wallet poisoning attack contacts victim, sends $150k

  • Ripple and XRPL Labs join asset recovery protocol DeRec Alliance

  • VIP customers make up 2/3rds Binance's volume

🏦 Wallstreet & VC

  • Grayscale’s parent company reports $229M Q1 revenue

  • BlackRock and Securitize look to launch on Arbitrum

  • Franklin Templeton says Base L2 'hit a homerun' in SocialFi

  • WisdomTree’s crypto app goes live in NYC despite pushback

  • Marathon Digital mined $176M BTC in Q1, 2.8x profits

  • Ledn processed $690 loans in Q1, 84% to institutions

  • AgriDex raises $5M to tokenize agriculture industry

  • Arch raises $7M for Bitcoin-native application platform

  • Arcium raises $5.5M to develop 'confidential computing' network

🏛️ Legal & Regulatory

  • Coinbase’s Stand With Crypto group launches PAC for US elections

  • SEC wants to create FUD & push crypto offshore, says ETH co-founder

  • Kraken asks court to dismiss SEC claims

  • Consensys lawsuit over ETH won’t deter SEC, says former regulator

  • Exodus Wallet 'deeply disappointed' as SEC Blocks NYSE Listing

🌎 Rest of the World

  • Binance fined $4.3M by Canadian regulators for ‘admin violations’

  • Binance & KuCoin win registration in India after being banned

  • Exiled Russian launches blockchain-voting app after Putin’s victory

  • Japanese public company Metaplanet buys 20 more Bitcoin

🖼️ NFTs & Metaverse

  • Trump NFT 2xs after Jimmy Kimmel calls holders 'suckers'

  • ‘Notcoin’ token launch confirmed with Binance for May 16th

  • Rug.Fun creates competitive memecoin meta-game

  • Birdeye to launch mobile app in 1-2 months

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