🧠 We quit. Crypto is dead.

GM Seedphrase Nation 👋  If you wanna know why we think crypto is dead, check this out.

You just got rickrolled. We're never quitting crypto- we have no where else to go. Today's Agenda 📓: 

• 🧠 Where is BTC Heading Towards?

• 🔥 Super Hot Headlines

• ⚜️ Cash > Ledger > Exchange

• 😂 Meme of the Day

🧠 Where is BTC Heading Towards?

Drop everything you're doing and listen up.

BTC has been the best-performing asset of the decade.

From 2011 to 2021: BTC has gone up an average of 230.6% year over year. The NASDAQ has only gone up about 20% in the same time.

But if you bought BTC in the last 2 years, you're going to have to wait to see it pay off.

That's the idea, anyway.

Here's an incredible video illustrating BTC performance since its inception. (Spoiler: it's bullish).

Despite: 

• multiple bear markets

• outrageously large hacks

• FUD from mainstream media, governments, and everyone in your family

Bitcoin has always bounced back better, with higher value & more people passionately joining the movement.

Yet, media is still keen to call BTC dead any chance they get. 💀

441 chances to be exact, since 2014. 

• Just in the 2017-2018 bear market, BTC was called dead 217 times.

• In 2022, it has been "dead" 26 times. 

Historically, the odds of calling BTC never ends in the bear's favor. 

🚨Spoiler alert: They all get liquidated.  

If you've watched the walking dead, BTC is like Rick. 

They've survived and thrived despite plenty of blood on the streets. This is just another step in the journey. 

🌎 Global Views on BTC: 

• China: CRYPTO IS BANNED. Blocked. But it isn't working. Like your psycho ex: you'll block them on Instagram and later you'll see an email pop up from them. You block them on email, and they Venmo you a penny just to send a message in the text box (true story).

• Singapore: some call it the "most friendly" crypto nation.

• Nigeria: reports significantly high day to day crypto use.

The Belgian government says BTC and ETH are NOT securities.

Belgian authorities state that crypto does not have an issuer, therefor it cannot be labelled as a security. This makes us wonder if they understand the difference between BTC and ETH to begin with. 

If you're looking for clarity on what a security is, or you work in the Belgian government, check this out:  

• No excuses: its 3 minutes long

• Learn something: if you're confused on securities and crypto, this is for you.

• Big IQ moves: its from a Stanford professor- we don't do fake news here.

🇺🇸 The United States on BTC: 

If you've been keeping up with Seedphrase Daily, we've been covering the SEC's crackdown on crypto. 

Gary Gensler, chairman of the SEC, has indicated he believes all crypto except BTC is a security. Currently, the SEC is in a legal battle with ripple (XRP) over the matter.

What's the main point here? Nation states have a huge variety in their views on crypto. 

And you should care because we are in the most globalized economy in the history of the world. 

Assets, stocks, and commodities follow a lot of country-specific and global rules in order to trade. Or else they get… something that rhymes with graped. 

So there needs to be some common ground in defining this tech. If we can't agree on what it is, regulation will be unclear. If regulation is unclear, people will be afraid to build and trade. If we don't have builders, the space dies.  

Good news: the globe is attempting to define BTC instead of just saying it's dead.

The bad news. 😔 Buckle up.

BTC mining hash rate is expected to reach -9% a week from now. 📉

We are just in the early stages of what looks to be a massive sell-off from miners going offline due to companies and individuals reducing, selling or ultimately going out of business with their BTC operations.

(by the way)

Miners sell = Price goes down. 

From a miner's perspective: 

1 BTC costs around $12K to mine. ⛏

With BTC prices at $16K, it only leaves them with a $4K profit. And once you factor in expenses like electricity, staff etc., you're left with almost nothing but crumbs.

🧠 Our final thoughts 

Based on our analysis and research, sincere BTC fell below the $18K support line. The next drop would be to $10K. 

If we consider the following: 

1. The FTX contagion 

2. BlockFi bankruptcy 

3. Miner capitulation 

The possibility of seeing the following support line is very high. 

Additionally, if it drops below $10K, $6K would be next. 

⚜️ Golden Nugget: Cash is king right now. 

If you're a firm believer, put your money into cash and wait for a golden opportunity to start dollar cost averaging. 

In our premium, we went over the three coins that will make it for sure until the next bull run. 

More deep dive analysis. More Alpha. More sauce. 

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🔥 Super Hot headlines.

Everything you missed, we're covering with super hot headlines. 

• FTX resumes paying employees

• BlockFi suing SBF over Robinhood shares. 

• BlockFi also has liabilities ranging from $1B to $10B

• Alex Becker thinks Tether and Binance can fall. 

• Elon beefing with Apple 

Let's begin.  🐎

FTX resumes paying employees. 😀

• Regular cash payments of salaries and benefits will go out to remaining employees worldwide. 

• This is expected in times of bankruptcy, but it still is a slap in the face to retail investors whose money is gone. 

• Most employees have nothing to do with corruption, but it would be much better if the money used to pay employees would start to go to customers. 

• L exchanges

BlockFi suing SBF over Robinhood shares. 😨

• BlockFi claims that SBF pledged HOOD shares as collateral earlier this month. 

• The gift that keeps on giving. 

• $575M stake in HOOD. 

BlockFi also has liabilities ranging from $1B to $10B. 🙊

• Was this whole bull market complete BS and used with nonexistent money?

• It makes you think how much BS money and debt was used to pump the crypto markets.

Alex Becker thinks Tether AND Binance can fall apart. 🧐

He claims that if Tether and Binance fail, BTC will fall below 8K. He believes the bottom without Tether or Binance is dying to be 8k BTC. 

Tether

Alex Becker has stated in the past his concern and skepticism about Tether because they have not always been transparent, and there's concern about whether their reserves are valid. 

Binance

CZ is acting very similarly to other insolvent players. 

• Shitting on other exchanges 

• Talking too much about proof of reserves makes them seem overcompensating. 

• The "hero" of the market. 

We can all hope Binance is legit and their reserves are proper. Because if not, Alex Becker is correct, and BTC will likely fall way below 8K. Plus, the space will take even longer time to recover. 

⚜️ Golden Nugget: CASH > LEDGER > CRYPTO 

Elon beefing with Apple. 🥊

After it was revealed Apple takes a hidden 30% fee from the app store, Elon had to voice his thoughts. 

And then: 

A cyber war is happening right now.

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😂 Meme of the Day 

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