Suspects post below does a great job of summarizing every Hoge update we covered this week… here is the other half. The Weekly Wrap Up Report covers news and information from the entire crypto world. Below is word for word, apologize for the typos and run on sentences. I don’t proof read this but the info is worth hearing. Tune into the Wrap Up to get fully updated each week!
What is going on everyone!!! Where the heck do I start this week. What an insane week of news in the crypto world. Year one of industry adoption is in full force! Before get into crypto… Roaring Kittys back! Haha what a legend. After three years of no posts on Monday he posts a picture of a guy in a gaming chair going from a relaxed sitlayed back sitting position to a forward facing intense gaming sitting position, to say let’s go it’s game time! If you’ve ever been a gamer u know when ur sitting forward your intensely focused on winning the game your in. If you live under a rock maybe you don’t know who Roaring kitty is but he is the Reddit legend that sent game stop to hundred of dollars, he started the retail traders vs hedge fund crazy run that happened in 2020. Truly one of the most exciting things to be a part of as you watched how hedge funds really work behind the curtain. It’s sickening how they are able to loot companies and force bankruptcy’s to fill their pockets and ruin so many lives in the future. Roaring kitty followed up that post with a serious of great movie and show clips that rallied the retail traders. And in one day it went from $18 to $68 costing hedge funds billions of dollars in the process. I’m not gonna lie I paid my mortgage over night scooping some GameStop in after hours on Monday. Fight the power baby! You gotta love when someone stands up to the corrupt rules, us regular people don’t get to play by. Game stop trading was halted 32 times on Tuesday as they tried to control the crazy price movement. Let’s see where it goes from here but he’s back and that was exciting to see!
But to the real news of the week… we just found out which companies are holding Bitcoin! On May 15th companies had to disclose their Q1 13f reports to the SEC. A 13F is a quarterly report that institutional investment managers must file with the Securities and Exchange Commission (SEC) to disclose their equity holdings. The form is required for managers with more than $100 million in assets under management.
Guess how many 100m asset companies disclosed that they hold the Bitcoin ETFs? … did you guess do you have a number in mind? Looney go ahead take a guess
1,028 of these high value firms disclosed they hold Bitcoin worth a whopping 10.9 billion dollars in total! And this is only Q1 of this year. Before January 11th of this year that number was under 25. We are so early and this is year one of industry adoption of the strongest form of property ever invented. A brand new asset class has been legitimized and it’s called scarce digital property. It isn’t just companies like Microstrategy, square, and Tesla holding Bitcoin, it’s banks like Wells Fargo and Susquehanna, it’s massive hedge funds and small hedge funds. Probably the most exciting part is pensions now hold Bitcoin! The State of Wisconsin Investment Board discloses it holds almost $100 million of BlackRock's spot #Bitcoin ETF. This is the 9th largest pension fund in the US and a top 50 pension fund in the world. 35 trillion dollars is the sum of all pension funds in the world. Sadly most pensions will not be there when someone wants to retire in ten years from now. But now that Bitcoin introduces hard money to the world, these pension funds can possibly be saved for its current employees looking to retire in the future, the same goes with social security and our insane debt issue we are facing. Bitcoin solves the money printer issue. This is just the first quarter after the ETFs launched…. And Guess what the Bitcoin ETFs aren’t going anywhere and have just started opening the door to trillions of dollars of funds looking for the best alpha to store their value. The game theory is about to get insane. El Salvador the first country to adapt Bitcoin as its countries currency has mined 474 Bitcoin worth $29 million using volcano-fueled geothermal power in the last three years. They turned the free energy coming off their volcano into 29 million dollars. And that’s at today’s price. If Bitcoin goes to 200k next year like most predict that’s almost 100 million dollars their volcano gave back to the country. Every country can do this with the free energy they have.
Bitcoin is so scarce, besides TIME, it is the only other probably scarce thing in this world. As of 2023 there are 626,619 Ultra High Net Worth Individuals in the world. An Ultra High Net Worth Individual is someone who has investeable assests of at least 30 million dollars. And there are only 21 million Bitcoin forever, which is only 18 btc per UHNW in the world. And as you now over 4 million are lost for ever, one million coins are in the satoshi wallet, and thousands of holders already hold more then 18 Bitcoin…. What happens when they want to accumulate.
Scary Fact of the Day: this ones really scary I apologize…. But If your salary was $500,000 per day, every day (weekends/holidays included) since The Great Pyramid in Egypt was built. Which was 2600 BC so 4,624 years ago. and you spent nothing… you'd still have LESS money today than the U.S Government borrowed in March to operate through Sep of 2024... This is why we need Bitcoin.
Luckily some of our elected officials are realizing this can’t be sustained. This week US Congressman Thomas Massie introduced a bill to abolish the Federal Reserve. Stating they hurt the American citizens every time they print new money. The federal reserve is not ran by elected officials and they do not have to answer to the president or congress. They get to push the magic money printer money whenever they want to.
Once someone understands bitcoin they don’t go back.
I’m having alot of fun in my new craftsman program at work. I have a great group of guys going through it with me, and we will all be together for the next 10 weeks. My boss is the man and gave me ten minutes to explain Bitcoin to everyone during lunch and boy did they have some questions! I also let them know I will only bring it up if someone asks about it, so they don’t have to avoid me. Haha Explaining Bitcoin to someone for the first time might be my favorite thing to do on earth. To see the gears turn as they started to understand how Bitcoin actually works and what issues they thought were there actually weren’t. Like many people a few of the guys blended crypto as a whole with Bitcoin. And it’s important to understand they are not the same. Bitcoin is its own fundamental new element in the world.
We all face our own issues in life, if you’re lucky enough to be healthy then most issues revolve around finances. And sadly we don’t all have the rich uncle that will randomly say hey Sam I know the worlds tough and things are more expensive here’s 10 thousand dollars to make your life easier. Haha we all wish that would happen but we all know it never will. So without a random act of kindness out of no where people find themselves trapped financially making just enough to get by or just enough to feel comfortable. If your not investing your not keeping up with inflation and if your not keeping up with inflation your money will be drained. That is a fact, as food and good prices continue to go up. Bitcoin is that life raft that reprices your time and increases your moneys value. If you’re able to get one more person off of 0 because they actually understand what Bitcoin is now you may have changed their life forever. It’s no one’s fault that they don’t understand how money works. This stuff isn’t taught, you need to go out and learn it on your own. And who the heck has time or even wants to do that. The problem is that so much that worked for our parents generation will not work for us. I know I say it every week but this is the . Com era of money and property and it’s just getting started.
I know that was a lot there was just so much important stuff to cover this week.
Solana went on a nice run this week. Going from $137 to $164. Robinhood Europe announced they now offer Solana staking. In the 24 hours after this staking went live the total value locked in Solana jumped by 5%. So that may of had something to do with the price jump. I live in New Jersey where it’s still illegal to stake my tokens for a yield. Thats some bums. You want to hear an absolutely insane stat. On Monday May 13th this week, 23,110 tokens were created on Solana. Yesss take a second to grasp that ridiculous number. 23,110 new tokens launched in one day on Solana. The previous record was 16,000 tokens Degens are getting out of control, many were made to try and ride the GameStop roaring kitty news. But the best part is Solana handled it well with no interruptions. This is by bar the consensus chain so far this bull run and when FireDancer launches at the end of this year it could cement them as the future of micropayments.
The only other token I see giving them a run for their money is you guessed it Internet Computer Protocol, ICP. While they do not have the hype or the volume Solana does, frankly absolutely no chain expect Etherium can say they have the volume Solana does. They have built an entirely unique form of blockchain that is evolving quickly. They call it the only third generation blockchain. If you tune in here then you understand the reverse gas fee model they have introduced. Canisters are filled by the developers and users can interact with the dapps and platforms without needing to hold ICP to use it. These canisters are also tamper proof and unhackable. No need fire firewalls or security teams protecting your data. That waste of money and threat is gone forever with this technology. DFINITY announced this week that half a million canister smart contracts are now deployed on #ICP. In a span of just 72 days, the number of canister smart contracts deployed on #ICP surged from 400k to 500k.
Yesterday DFINITY launched their Year 4 roadmap and key milestones for ICP. How crypto YouTubers aren’t all talking about this I really don’t understand. I feel like crypto is already confusing enough that when you try and grasp what ICP has actually built it’s hard to take it all in. I’m not going to deep dive this for you. But if you follow DFINITY here on X go give it a read it’s worth it! The future is going to be insane, with much of today’s waste gone from the system.
Last thing before I get to the Hoge updates, the stock of stocks Micro Strategy our generations Berkshire Hathaway will be added to the MSCI World Index fund, effective May 31. It stands for the Morgan Stanley Capital International and includes a stock index designed to track broad global equity-market performance. This index comprises the stocks of nearly 3,000 companies from 23 developed countries and 24 emerging markets. This is the first of constant buy pressure as we all await for micro strategy to be included into the S&P 500. If your going to get it make sure your in before that news!
