Kalam Crypto #107: Bitcoin hit a new all-time high above $70k, overtakes Silver

“It's bigger than any government” Larry Fink, CEO of BlackRock on Bitcoin

Ahlan wa sahlan, and welcome to the 107th edition of CoinMENA's weekly newsletter, Kalam Crypto. This week, bitcoin soars to a new all-time high above $70k, Bitcoin’s market capitalization surpasses Silver to become the 8th largest asset in the world, the Egyptian pound loses 37% of its value overnight against the dollar, and of course, Michael Saylor buys more bitcoin. All that and more on this week’s Kalam Crypto.

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Keep an eye on 👀

Spot Bitcoin ETF Volumes: ETF demand for bitcoin has pushed the price of bitcoin to new all-time highs above $70k, and demand for the most scarce asset in the world does not seem to be slowing down. Bitcoin ETF Net Inflow from last week (March 4th – 8th) shows that ETFs added 33,839 BTC, compared to 4,500 BTC that were mined over that same period.

Demand is outpacing new issuance by 7.5x. So far, U.S. ETFs have accumulated over 400 thousand bitcoin, and the pace of buying is accelerating. 

Global News 🌍

Bitcoin overtakes Silver: At $1.4 Trillion, Bitcoin’s market capitalization has overtaken Silver and is now 8th the largest asset in the world. The largest asset in the world is Gold at $14.6 trillion, followed by Microsoft, Apple, Nvidia, Saudi Aramco, Amazon, and then Google, all between $3 and $1.6 trillion.

Bitcoin whale HODLed since 2010: A wallet containing bitcoin purchased in 2010 at an average price of $0.28, yes you read that right, less than 1 dollar, last week decided to take in some profits, and sold 1,000 bitcoin at an average price of 68,000, cashing in over 60 million dollars. Lesson here, HODL.

Local News 📍

Egyptian Pound Devalued Again: The Egyptian pound lost over a third of its value compared to the dollar after switching to a flexible exchange rate. Imagine losing 37% of your life savings in a day! Since 2016, Egypt has been in a never-ending cycle of currency devaluation and the Egyptian pound has lost 81% of its value compared to the dollar. This is the inevitability of fiat currencies. They are all trending towards zero, even the dollar. This is why the world needs bitcoin, a hard money with a fixed and immutable supply and issuance schedule that preserves its purchasing power over time. 

Blog of The Week ✍️

We are receiving many questions asking us why the price of bitcoin is pumping, both on a personal level and as a company. This is a valid question because bitcoin is a new asset class with very unique properties and is largely misunderstood. This is why at CoinMENA, we put a lot of energy into our educational resources such as our Blog and University. Our mission is to empower users to make informed decisions from a first principles approach and invest in bitcoin based on sound logic. Below we are going to attach two short reports, about 4 pages each, that will provide the reader with a deeper understanding of bitcoin.

1. Bitcoin Full Valuation Potential

2. Increasing scarcity: Bitcoin Value Appreciation

Tweet Of The Week 🐥

The man, the legend, does it again.

CoinMENA News 🗞️

7 New Digital Assets: We're excited to share that CoinMENA has just expanded its offerings with 7 highly anticipated digital assets! Introducing FLOKI, PYUSD, XAUT, LDO (DAO), DYDX, PAXG, and BICO. 

🥇$3,000 Referral Competition extended to the end of March: 🤳Invite > 🤑Earn >🏅Win $3,000 to the top three referrers this month! 

🏅First place: $1,500

🥈Second place: $1,000 

🥉Third place: $500

Earn $5 for every successful referral (when your friend verifies their account), and the top three referrers earn an additional bonus at the end of this month! (March 2024). The more successful referrals, the more you earn!

Quiz Corner ✅ 

Last week’s question: Will BTC reach a new all-time high by the end of this week?

Correct Answer: All of them

This week’s question, true or false: If Satoshi Nakamoto resurfaces he can change the rules of bitcoin and increase supply. 

1. True

2. False

See the answer in next week’s newsletter. Or check out our new learning platform https://university.coinmena.com/