Dorsey's $1M BTC Price Prediction

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Good Morning.

The party is over folks, pack it up. Honestly, I prefer a huge red candle rather than a slow grind to below the $60,000 level. Just pull off the Band-Aid already!

In Today's Email:

• What Matters: Dorsey's $1M BTC prediction 🔮

• Product: Infinex Account ♾️ 

• Charts: Runes activity, FT post v2 📉 📈 

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WHAT MATTERS

Dorsey $1M Bitcoin Price Prediction

State of play: In an interview with Pirate Wires, former Twitter CEO, founder, and backer of several crypto projects, Jack Dorsey, said that he believes the price of Bitcoin could reach over $1M by 2030.

• Dorsey said that while the crypto’s price is intriguing, the ecosystem and movement are the things that truly captivate him.

Since stepping down as Twitter CEO in 2021, Dorsey has championed the industry, leading and endorsing several crypto projects.

• Dorsey founded Square in 2009, which he rebranded to Block in 2021 due to his growing interest in blockchain technology.

• In 2019, Dorsey backed a social media startup BlueSky.

• Dorsey recently left BlueSky and shifted to Nostr, favoring its vision for decentralized social media.

What’s next: Dorsey is working on a Bitcoin mining rig to support his vision.

Our take: We need to fix the gateways for offchain capital to come onchain. With ETFs, the wealth effect doesn’t trickle down to onchain activities, which will hinder the effectiveness of the overall sector growth.

For builders and investors: Unless you’re a liquid crypto fund manager, for most of us, it’s a simple question. Do you think crypto’s potential as an asset class is over at $2.5T, or do you think we have a lot more room to go?

Take a peek at our referral reward at the bottom of this issue. Share this newsletter and receive our list of 500 crypto VC individuals 👇

PRODUCT OF THE WEEK

Infinex Account: The Gateway to DeFi

Today, anyone can create an Infinex Account and deposit USDC to earn Infinex’s Governance Points (GP).

• During Infinex's 30-day Speedrun Waitlist campaign, stakes will earn 377M GP and a share of Patron NFTs; early deposits will earn more GP.

• After the 30-day campaign, top GP holders will gain priority access to the first Infinex integrations.

• GP is used to govern Infinex and has been capped at 600M. 

• Infinex received over 200,000 pre-launch sign-ups.

• The campaign kicks off on May 14th at 00:00 UTC, and deposits will be locked during the campaign.

Other cool products:

• Blink, a blockchain link for AI.

• PIXcoin. a platform for DeFi scalability.

• RedotPay, a cryptocurrency-linked Visa card.

• USDT BlackList, an on-chain risk analysis platform.

• Shieldeum, an AI-driven web3 cybersecurity DePIN.

CHARTS OF THE WEEK

Runes Declining Activity

State of play: The Runes protocol, which launched on April 19 on Bitcoin following the halving, generated $135M in fees in its first week, but its activity has since fallen dramatically.

• The Block reported that Runes experienced notably low activity on May 10th, with a continued decline on May 11th and 12th, according to @cryptokoryo's Dune dashboard.

• Data from The Block shows a steady decrease in fees from the Runes protocol.

• Runes still generate hundreds of thousands of dollars daily but has only exceeded $1M twice in the last twelve days.

Our take: The user experience is still severely lacking in BTC land even with Runes; until the “speculation experience” is fixed, we’ll see the same thing continue to happen with new standards launched on BTC.

FriendTech Hype & Post-v2 Activity

State of play: According to The Block, FriendTech's activity began to increase last month, and it is now common to see tens of thousands of transactions daily.

• FriendTech experienced rapid growth, with daily transactions peaking at over 500,000 just a month post-launch. On some days, over 70,000 addresses purchased FriendTech keys.

• Daily transactions on FriendTech remained below 40,000 from the end of October until early April.

• FriendTech activity picked up last month, though not to initial launch levels.

Our take: Although points were no longer distributed, anticipation for the airdrop was enough to revive interest in FriendTech, as transactions have increased over the past month.

QUICK BITES

• Pudgy Penguins announces 1M plush units sold.

• Layer 3 teases token airdrop coming early summer.

• $71M hacked victim recovered funds following negotiations.

• CFTC votes to propose rules banning bets on political events.

• Mark Cuban slams Gensler, says 'crypto voters will be heard.'

• EigenLayer opened claims for airdrop but its non-transferable.

• Wells Fargo reveals investment in Bitcoin ETFs, including GBTC.

• Court rules that Coinbase can’t force the SEC to write new rules.

• DOJ taps FRA over Sullivan & Cromwell for Binance’s monitorship.

• ARK Invest & 21 Shares cut staking from their Ethereum ETF filing.

• Lightning Labs says it successfully tested issuing stablecoins on the Bitcoin blockchain.

NOTEWORTHY READS & MEME

• 0xAnn’s read on why Trump is good for crypto.

• Potato’s Thoughts’ read on why TON might be the best the next best thing since sliced bread.

• Kunle’s read on how stablecoins are helping create a buyer of second-to-last resort for US Treasurys.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.