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GM. This is Milk Road, serving crypto realness with zero calories and double the flavor. |
Here's what we got for you today: |
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GLOBAL CRYPTO OWNERSHIP 🌎 |
Crypto's like a global fiesta, with every continent bringing its own spicy twist to the blockchain bash.
From South America's booming markets to North America's tech-savvy hubs, everyone's hopping on the crypto express. 🚂 |
Today, we're taking a world tour of digital assets to see how crypto is reshaping economies and personal finances, sparking a global movement that's changing how we think about money. |
Let's begin… |
The big picture 🖼️ |
First off, who's leading the pack in crypto ownership? Drumroll, please... it's Asia with 326M crypto owners! |
They're crushing it, with 4.5x more owners than North America (2nd place). |
And don't sleep on South America – they're the fastest growing continent, exploding by 116% from 2023 to 2024. 🚀 |
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Crypto kings by continent 👑 |
As other continents hustle to catch up to Asia, let's check out the top crypto coins by search volume. |
Feast your eyes on this chart from CoinMarketCap, the crypto world's most visited hangout spot. |
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Bitcoin: The OG is the big winner, showing up on every continent. 🏆 Notcoin: Surprise, surprise! The Telegram-based game is #1 in Africa and a solid #2 in both Asia and Europe. 😯 Hamsterwifhat and Pickle Rick: Who would have thought these two Solana meme coins would make it this big? 🤣
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Diving deeper: Top crypto countries 🕵️ |
Zooming in, let's uncover the juiciest tidbits from the top 30 countries with the highest crypto ownership rates (aka the percentage of the population that owns crypto): |
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Top Three: UAE, Singapore, and Turkey are leading the charge. ⭐ Asia Domination: 7 out of the top 10 countries are reppin' Asia – no surprise there. 🐉 North America: The US is holding strong at #8, while Canada is chilling at #19. 🗽
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The inflation connection 🌐 |
These facts might seem scattered, but there's a method to the madness. |
Countries with sky-high inflation rates are diving into crypto like it's their last lifeboat. 🤯 |
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Turkey: Rocking a 60% inflation rate, Turkey boasts a 19.3% crypto ownership rate, snagging the #3 spot. Argentina: With a jaw-dropping 250% inflation rate, Argentina heats up at #4 with 18.9% adoption. Venezuela: Battling 100% inflation, Venezuela lands at #17 with a 10.3% adoption rate.
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The data doesn't lie: Three of the top four countries with sky-high inflation are also top dogs in crypto adoption. |
Chainalysis reports that ~4% of Turkey's GDP is going into stablecoins to dodge their local currency's wild rollercoaster ride. |
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With their native currencies sinking, these folks are turning to crypto as their last hope. 🛟 |
🥛 Milk Road Take: Crypto adoption is skyrocketing globally, whether it's for investment purposes or as a hedge against inflation. |
Wealthier nations are choosing Bitcoin for investments, while stablecoins are the go-to for holding and transferring money in less affluent countries. |
This is so notable, we are even seeing this dual narrative play out in real time… |
With the top four countries for crypto ownership split between the UAE and Singapore on one side, and Argentina and Turkey on the other. ☯️ |
The future? We believe stablecoins will continue to be the gateway for crypto adoption, especially with free transactions on the horizon. |
Coinbase is already implementing this and Justin Sun, the founder of Tron Network, is planning to do the same… |
Expect this to turbo-boost adoption in developing countries and ultimately benefit the entire crypto space. |
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LIQUIDATION EVENTS: THE CRYPTO CLEANSER 🧼 |
Liquidation events in the crypto world are kinda like a case of food poisoning – painful, but sometimes, might be exactly what you need to get rid of the bad stuff and feel better afterward. |
Well that post pullback pain had the Milk Man wondering…
Where does the price typically go after these Bitcoin stress tests – does it bounce back, or does it crash and burn? 🤔 |
SO here's a comparison of $BTC after 10 big liquidation events in the past 4 years: |
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So what are the post liquidation takeaways? |
Bull Markets = Resilience: $BTC not only survives but thrives post-liquidation in bull markets, proving its ability to rebound strongly. Bear Markets = Sluggish: Liquidations in bear markets generally lead to more prolonged recovery periods. Early Bull Market Bonanza: Liquidations during the early stages of a bull market could be prime buying opportunities, akin to catching a wave right before it breaks. Patience Pays Off: Historical data suggests that playing the long game and buying after significant liquidations, especially in bull markets, can be a solid strategy.
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🥛 Milk Road Take: The crypto market is like the wild west – volatile and unpredictable. |
But IF history is any guide, buying into $BTC after major liquidation events, especially in bull markets, could be a golden opportunity.
Remember, the market loves to transfer wealth from the impatient to the patient. |
So, stay calm, enjoy the feeling of a market detox and HODL on. |
P.S. The Milk Man's TradFi buddies like the saying "past performance is not indicative of future results". So, even though this chart is super bullish, it's crypto, and anything can happen |
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CHART OF THE DAY: WEEKLY CRYPTO FUND FLOWS 📊 |
Hold onto your crypto bags, folks! Last week's inflows of $441M were HUGE. 🤗 |
It's like finding a treasure chest buried in your backyard, just as you were about to give up on metal detecting… |
That's the first positive week of inflows in a while! 👏 |
Let's get into the numbers: |
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Here's the scoop: |
Bitcoin ($BTC) is back in style with $398M in inflows. AND here's a twist: Bitcoin's share of total inflows dropped to 90% as investors spread some love to altcoins. |
Ethereum ($ETH) also made a comeback with $10M in inflows, although it's still the only ETP in the red YTD. |
Solana ($SOL) was juiced with $16M in inflows, bringing its YTD total to $57M. |
Regional dominance: The U.S. led with $384M in inflows. It's like America saw a Fourth of July ETF sale on Bitcoin and went all in. |
Across the globe: Hong Kong, Switzerland, and Canada joined with $32M, $24M, and $12M inflows respectively. Germany, however, saw $23M in outflows. Someone send them a care package, stat! |
There you have it! The recent price dip looks like it was just the appetizer for a feast of buying opportunities. |
Bitcoin's inflows are strong, and the love for altcoins is growing. Buckle up! |
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BITE-SIZED COOKIES FOR THE ROAD 🍪 |
Starknet token staking proposed to hit mainnet. Pending community approval, Starknet's staking feature will include a 21-day time-lock period for fund withdrawals. Targeted to launch by the end of 2024, you might finally get to stake those tokens. |
Elliptic exposes Huione Guarantee. Blockchain analytics firm Elliptic has exposed a $11B crypto scam centered around Huione Guarantee. From fake crypto sites to money laundering, these guys were busier than Santa on Christmas Eve. |
Mobile game 'For The Win' will launch on Solana. Jungle's new first-person shooter is gearing up for action. With 100,000 alpha downloads in South America, this game promises to reward your epic skills. |
Vitalik Buterin on Ethereum's future: Strengths, weaknesses, and improvements. He gave a keynote at EthCC, praising Ethereum's global community but admitted solo staking is tough. He suggests simplifying the protocol and boosting security to keep the blockchain robust. |
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MILKY MEMES 🤣 |
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RATE TODAY'S EDITION |
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ROADIE REVIEW OF THE DAY 🥛 |
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VITALIK PIC OF THE DAY |
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research. |
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