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GM. This is Milk Road, the only crypto newsletter that can cure those Monday Blues.

• $650B worth of crypto just got burned… 🔥

• The state of Bitcoin 👀

• MicroStrategy is back in the green 🍪

$650B OF CRYPTO. BURNED FOREVER.

Over $650B of crypto was burned over the weekend…

I repeat… 650 BILLION DOLLARS... poof... gone, forever.

Here’s what happened:

• 5 years ago, Hayden Adams (the founder of Uniswap) created a token called HayCoin.

• Last week, the price of HayCoin skyrocketed.

• The token was launched for testing purposes only but people have been buying it as a joke.

• Hayden still owned 99.99% of the supply, so the “value” of his holdings jumped (teleported?) to $650B.

Hayden had a decision to make…

OPTION A: Keep $650B and lose your dignity.  

(You get rich, but get called a “grifter” and earn the title of “the biggest scam since Sam”).

OPTION B: Forget the money and keep your dignity.

Now, some people might blackout after hearing $650B and not even wait to hear Option B…

But not Hayden. He chose a different option…

OPTION C: Permanently remove the tokens from circulation and call it a day.

He did this by sending his HayCoins to a “burn address” (i.e. a wallet that isn’t controlled by anyone).

The craziest part? The remaining HayCoins that weren’t owned by Hayden (and therefore weren’t burned) shot up in price.

Now… 1 HayCoin = $3M.

Holy sh*t. Only in crypto...

A MAJOR STEP IS ON THE HORIZEN

There’s no shortage of blockchains to choose from.

The problem? Most blockchains don’t attract any users and can’t survive in the wild world of crypto.

Well, one blockchain ecosystem has proved to be a diamond in the rough. They’ve built a vibrant ecosystem dating back to 2017. And the team hasn’t stopped building.

I’m talking about Horizen:

• They launched in 2017 with a focus on zk-powered blockchain dapps and protocols, and still remain as one of the fastest growing EVM ecosystems

• The team consists of research and cryptography veterans with a proven track record of successful development, such as their cross-chain communication protocol, Zendoo

• Their latest initiative is Horizen EON, the ecosystem’s first EVM compatible smart contracting platform. This allows developers to efficiently build and deploy dapps on Horizen, while benefiting from all of the positives of Ethereum’s ecosystem

And when you add all of this to Horizen’s existing community, there is a lot of excitement about the future.

Dive into the Horizen Eon ecosystem!

THE STATE OF BITCOIN

Let’s talk about Bitcoin. It’s the LeBron James of Crypto - old, slow, and full of gray hairs… but still dominant as hell.

So, today we’re giving you a rundown of what’s going on with the OG cryptocurrency.

Here are the 4 big narratives, all in under 60 seconds…

1/ INSTITUTIONAL INVESTORS ARE LOVIN’ BITCOIN

CoinShares is a European asset manager that specializes in digital assets.

• Launched the first regulated Bitcoin hedge fund

• Launched the first exchanged-traded Bitcoin product

• Holds $2B+ across its two crypto-exchange-traded products

And each week, Coinshares drops a report on how much money institutional investors put into crypto-related products. It’s a good way to gauge institutional interest in crypto.

Well, the latest results are in…$66M was invested into crypto-related products last week.

84% of that money ($55.3M) went into Bitcoin investment products, bringing the yearly total to $315M. (4x more than any other asset this year)

Why this matters: CoinShares believes the most recent inflows are likely linked to excitement over a potential spot Bitcoin ETF.

Which makes sense because…

2/ “SPOT BITCOIN ETF” GOOGLE SEARCHES ARE TRENDING

POP QUIZ: What do people do when they don’t know something?

Google It. (after calling Mom of course, because Moms know everything.)

This is why some people track Google Searches to see what trends might be happening.

Well, check it out - the number of searches for “spot bitcoin etf” is on the rise.

Why this matters: Many think this is a good sign that interest in Bitcoin ETFs is growing… but I’m not 100% convinced yet.

This is just step 1.

Step 2: Get a random call from Aunt Mary about this “Bitcoin thing she keeps hearing about”.

That’s when we’ll know we’re back.

(and as soon as I get that call, you’ll be the first to know.)

3/ All DAILY BITCOIN DCA’ers ARE IN PROFIT

Dollar-cost averaging (DCA) is a popular investment strategy.

It’s when you invest the same amount of money at regular intervals. 

It could be every day, every month, or every time someone talks about Taylor Swift/Travis Kelce. (which nowadays, is a lot).

Your total holdings increase, while (hopefully) your average entry price decreases.

Well, I got a crazy stat for you… every daily Bitcoin DCA investor is now in the profit.

Why this matters: Some people aren’t fans of DCA’ing, but now there’s data showing that it actually works. (at least for daily DCA’ing)

Profitable strategy = more DCA’ers = more $$ being invested into BTC.

4/ SHORT-TERM HOLDERS VS. LONG-TERM HOLDERS

“The stock market is a device for transferring money from the impatient to the patient.”

This is a famous quote from one of the greatest investors of all time, Warren Buffett. (aka El Money Maestro and The Profits Prophet.)

Turns out, the quote also holds true for Bitcoin. And we’re seeing it happen in real-time...

Why this matters: This is a positive sign for Bitcoin's future price action since long-term holders are, well, in it for the long haul.

Making them less likely to sell in the near term.

More long-term believers = fewer price drops.

BITE-SIZED COOKIES 🍪

Constellation Network is allowing developers to build application-specific blockchains with unlimited scalability. Accompanied by a focus on interoperability, a vibrant community, and NO gas fees.

Microstrategy's Bitcoin investment re-entered the green this weekend. They are currently holding ~158K Bitcoin with an average cost of $29,582.

Binance is halting services for its Visa debit card in Europe. Debit cardholders will be able to continue using them until December 20.

Chainlink’s native token (LINK) is up about 10% over the last 24 hours and up about 40% over the last week. The LINK token looks a lot like the Super Smash Bro character - full of green.

Ready Player Me is partnering with a handful of major brands to launch branded character skins using their IP. Some brands include Angry Birds, “The Voice”, and Warner Music Group.

MILKY MEMES 🤣

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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.