Readers of Coffee & Crypto,

We’ve gathered here today because it’s finally time to put the American dollar to rest.

The dollar had a great run. It was famous. It was in a ton of movies and tv. It was also the motivator behind the majority of American crimes.

We’re just dust in the wind and like all things, the dollar must end,

But as we lower the dollar into the dirt, how will crypto divvy up the inheritance?

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Espresso Shots

☕️ Binance Investigation in Australia 🕵️🇦🇺

Binance has already closed its Australia office after regulatory scrutiny, but its troubles don’t seem to end there.

The Binance Australia office is being physically searched and investigated by financial regulators, though it is still unclear what potential crimes may have occurred.

“We are cooperating with local authorities and Binance is focused on meeting regulatory standards in order to serve our users in Australia in a fully compliant manner,” said a spokesperson from Binance Australia in an interview with Decrypt.

Binance Australia derivatives shut down last April after some Australian users were wrongfully classified as wholesale investors.

To be fair, this sort of thing happens fairly often in Australia, where large spiders are sometimes wrongfully classified as small dogs.

☕️ CBDC Skeptics International 🌐💰

The debate around government-backed CBDCs seems like an American conversation between Republicans and Democrats, but the conflict is pouring overseas.

Two recent surveys, the first conducted by personal finance guide WealthRocket, and the other by cold wallet manufacturer Trezor, found that Canadians and the English feel a similar wariness around CBDCs, according to a CryptoSlate report.

While 59% of Canadians are willing to use a government-backed CBDC, 56% have concerns. Of the Britons surveyed by Trezor, 75% had concerns about the implementation of CBDCs.

And those concerns ranged from how the Bank of Canada or the Bank of England will safeguard citizens’ privacy to misuse of personal data and the risk of cyber-attacks.

Admittedly, both surveyed nationalities are far less likely than Americans to fire guns at concepts they don’t fully understand.

☕️ The Rise of STORJ 📈🪙

STORJ, a little-known token built on Ethereum, experienced a meteoric rise on July 5, becoming one of the top-performing crypto assets in a 24-hour period.

STORJ is already falling, but during that recent upswing in trading, it hit a 10-month high of $0.58, reaching a high of $223 million, from $143 million on Monday.

So far, there’s been no real reason for STORJ’s behavior besides a flurry of trading on South Korea’s crypto exchange Upbit, with no clear motivation.

One possible explanation is that consumers purchased STORJ thinking they were buying IKEA’s latest shelving solution.

Spilling the Beans

The Death of the Dollar. Are You Ready? 🪙 💸

It should come as no surprise that the American dollar has been sick for a long time.

The collapse of several banks, widespread inflation, and a recession have done little to build confidence in the American greenback.

But like the death of a long-estranged relative or a favorite celebrity, the potential demise of the American dollar may have little effect on Bitcoin.

Enter the Great Decoupling.

This was one of crypto’s earliest, loftiest goals.

The Great Decoupling is the event in which Bitcoin and the rest of crypto’s behavior no longer mirror that of tech companies or even the stock market as a whole.

The Great Decoupling is the moment when DeFi entirely breaks off from old financial institutions and gets to ride the waves on its own.

And it’s already happened. Sort of.

There’s still a correlation between crypto and indexes like NASDAQ and the S&P 500, but it’s currently at its lowest, most tangential correlation since July of 2021.

Bitcoin was surging throughout June from the influx of Bitcoin ETF applications.

But after hitting its year-long high in June, Bitcoin began to dip in the early days of July.

Now, “buying the dip” is one of the oldest and truest adages when it comes to investing.

The dip represents the cheapest point-of-entry in a stock that’s steadily rising, that last, little wobble before an asset skyrockets.

And while Bitcoin is currently hovering around the $30,000 mark. This recent drop may indicate a short-lived bear market.

Historically, Bitcoin traders tend to favor the $28,000 mark for buying the Bitcoin dip.

And this recent downturn, coupled with the possible negative market impact of the rejections of many of these recent Bitcoin ETF applications, could get Bitcoin back down to that sweet spot.

If Bitcoin traders are going to go all-in on the next dip, they may want to abandon one of the most popular forms of Bitcoin trading.

This is the DCA or the “constant dollar” method. Dollar-cost averaging (DCA) involves dividing your cash assets into 12 equal parts. Then you use those dollars to purchase the equivalent amount of Bitcoin every month of the year.

It’s shown marked success, and some crypto analysts, such as Carl B. Menger, believe:

https://twitter.com/CarlBMenger/status/1525600563479597057?s=20

But a report by Vanguard showed that the DCA method was beaten by investors who simply go “all-in” two-thirds of the time.

And as we discussed, the dollar isn’t the healthy young buck it once was. You may not want to factor the stability of USD into your Bitcoin trading strategy.

But this may be one of the cases where calm, measured investing isn’t going to cut it.

To get Bitcoin well past that $30,000 mark, out of the bear market, and to an almost inevitable stall at $35,000, it’s going to need a lot more fuel than that.

The Dollar planet is dying.

We’re all going to need to climb aboard the Starship Bitcoin — and pretty fast — if we’re going to find a new way of life.

Meme of the Day

Crypto 101

Wholesale vs. Retail Investors

Retail investors are amateur investors. They invest smaller amounts, and there are supposed to be safeguards and supervising measures in place to ensure consumer protection.

Wholesale investors, on the other hand, are professional investors. These are your VC firms, hedge funds, and asset manager.

When retail investors are treated like wholesale investors, as was the case with Binance Australia’s derivatives program, that’s a problem.

The Last Sip

The Last Sip: As Australian regulators continue their investigation into the Binance office, here’s what Australian law enforcement will need as they dive into this potential site of white-collar crime.

3. Thick skin. Necessary to shrug off the troubling moral implications of crime, but most Australians have developed a thick epidermis. This may be the result of countless dingo bites as babies.

2. Several hundred vials of antivenom. In Australia, even office cubicles play host to any number of venomous snakes and spiders.

1. SBF 100. Even through office windows, the unforgiving glare of the Australian sun attacks with all the fury of Australia’s real silent killer. Melanoma.

Stay Caffeinated,

Coffee & Crypto Team

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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.