Arry's Airdrop #10: Welcome to Uptober 🚀
Hope your "Uptober" is going well and whatever bags you're holding are mooning. "Rektember" was certainly overfilled past the brim with news, highlights and lowlights I can't even begin to summarize without going over the top in this intentionally summarized newsletter to you. And less than a dozen days into "Uptober", we're already seeing all kinds of noise and signals - and it's certainly has been tricky picking the ones to pay attention to.
I'd say if anything, take some time when the noise is high to take a step back to learn the fundamentals. Some ideas to start with (if you haven't already started down the rabbit hole):
Crypto Market Cap Swells to $2.1 Trillion as 'Uptober' Continues
With ‘Rektember’ done and dusted, it appears that ‘Uptober' is officially here. Bitcoin’s historical month over month price action has continued this year with October seeing BTC punch through the $50k barrier.
Bitcoin is now back over a $1T market cap (about half the total crypto market cap) up from $40,996 on September 29, to $57,538.85 at the time of writing on late night Monday, October 11th.
Why this matters:
"Rektember" to "Uptober", in these cycles of bulls and bears, it's important to remember that there's an incredibly rich history, especially in bitcoin that demonstrate the foundational fundamentals of this space. The third alt coin bull run we've seen is definitely fun. NFT parties attracting enthusiasts left and right is incredible. Don't forget, all of this was incepted almost 13 years ago (10/31/2008) with the Satoshi Nakamoto white paper. Here's a quick 12 minute video where on 10/06/2014 was a famous incursion now known as the "Slaying of the Bitcoin Bear Whale". Click this link to view.
Yang Launches ‘Forward Party’ & Supports Bitcoin
Andrew Yang, former Presidential Candidate and ex-member of the Democratic Party, announced this week that he’s starting a new political party, The Forward Party with the slogan, “Not left, not right, forward”.
Yang tweeted: “[I’m a] Big proponent of Bitcoin and cryptocurrencies generally - [I] want to allow fiat prices to go down as they should as things get more efficient instead of assuming the inflation model".
See a summary of Yang’s thoughts on Bitcoin, and track this story as it develops.
Why this matters:
Something to note is the stance from the more "OG" Bitcoiners. Seemingly positive is that this national influencer, Yang is evangelizing Bitcoin, advocating it, and even seemingly helping educate the masses about the perils ahead for us in "fiat money". The problem to watch out for is that Yang will and currently has not been able to make sense of his prior advocacy of the UBI (universal basic income) and the true understanding of the economic institution driving bitcoin. It's something to watch to see IF and how he will be able to come to terms with this major difference in the fundamentals.
SEC Green-Lights Volt Bitcoin Revolution ETF
Volt Equity (California) filed SEC documents to launch a new type of exchange-traded fund with direct exposure to Bitcoin (Volt Bitcoin Industry Revolution ETF).
According to their recent filing on Oct. 1, the Volt Crypto Industry Revolution and Tech ETF will track the performance of “Bitcoin Industry Revolution Companies” – publicly listed companies that either hold a majority of their net assets in bitcoin, like MicroStrategy (NASDAQ: MSTR), or that make a majority of their profits through mining or building mining equipment, like Marathon Digital Holdings (NASDAQ: MARA).
Why this matters:
In the past, the SEC has been reluctant to approve any product that directly holds and tracks the performance of Bitcoin, so this news is in the line of bullish for American bitcoin supporters. Take note however, that a LOT of companies have applied for the elusive ETF that actually holds BTC. And MORE companies will continue to apply. The SEC is bound to approve at least one eventually. As a side note, there is already a Canadian ETF holding BTC. What's taking so long? Word on the street in a conspiracy theory kind of way is that until the US has created solid footing for itself on its specifically BTC strategy, the US will continue with its "regulation through enforcement" or "dodgy appearance" on the topic overall to continue to "buy more time" in the global market game theory underway. The U.S. government is powerful - don't underestimate it. It intends to continue to hold its #1 position for a very long time.
As indicated in the above writeup, and if you've taken my recent course in the cohort that just graduated a little over a week ago, after over 5 years in this space studying, I'm of the current position that respect should be paid to the fundamentals, which come from understanding the culture, the economic institution, the monetary/fiscal policies, the protocol, and the network driving Bitcoin. Bitcoin is the oldest, most stable blockchain and cryptocurrency in the space with the largest network effect, of which all blockchains and cryptocurrencies were born. After a few years of studying, I'm still learning something new every single day and am continually humbled by how little I really know.
I'll point to all the joy and positive rush many of us are experiencing in "Uptober" - and say take 12 minutes, and watch the "Slaying of the Bitcoin Bear Whale", especially if you didn't yet from above. Remember, history has a tendency to rhyme.
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– Arry (@ArryinSeattle)
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Arry is the Chair of the Cascadia Blockchain Council, a group supported by the Washington Technology Industry Association (WTIA), the largest US tech association representing technology companies from Oregon to British Columbia. She is also the co-organizer for the States' Assn for Blockchain and was one of the early pioneers that completed a $32m tokensale in an Initial Coin Offering (ICO) back in 2017. She founded the Cascadia Blockchain Council in 2018 and has been an avid educator, advocate, investor, and innovator in the space since 2016.