Bitcoin, the Coke classic of cryptocurrencies.
It’s big, it’s back, and it’s “bitter” than ever.
But why is now the time to stock up on BTC?
Hey, I’m Jordan Fried, the writer behind Coffee&Crypto.
I know crypto because I’ve learned crypto.
And sometimes those have been hard lessons. But they’ve been invaluable in getting me where I am today.
If you’re interested in receiving all of the wisdom with none of the pain…
And now, back to the newsletter.
☕️ Do-Kwon's Legal Battles 🏛 💥
Do-Kwon, the international fugitive behind the collapse of Terra Labs and the failure of LUNA coins, is hitting some big milestones in his process through the South Korean legal system.
First off, South Korean authorities have frozen Do-Kwon’s assets, including 233.3 billion won or $176 million USD, an apartment complex and several properties, as well as Do-Kwon’s collection of foreign cars.
At the same time, Do-Kwon’s defense team have denied that Do-Kwon was using illegal travel documents as he moved internationally and have proposed a 400,000 euro or $437,000 bail.
It’s unclear at this time how Do-Kwon will afford the bail, but it certainly won’t be from selling those foreign cars.
☕️ Texas to Add Crypto to Bill of Rights 🤠 📜
Texas Lawmakers voted on Wednesday on a bill that would update Texas’s Bill of Rights to include the right for Texans to own crypto.
The vote passed with an overwhelming majority and has guaranteed, “the right of the people to own, hold, and use a mutually agreed upon medium of exchange, including cash, coin, bullion, digital currency, or scrip when trading or contracting for goods and services shall not be infringed.”
The sentiment in Texas has also been very anti-CBDC, and with this new legislation, even if a government backed stablecoin is forced down everyone’s throats, it will be practically worthless in Texas next to competitors like ETH and BTC.
The Texas Constitutional Enforcement group published an article in support of the bill and its role in providing Texan’s financial freedom.
“An unstable dollar can destroy the wealth that Texans have spent a lifetime producing,” the article reads. “Texans cannot allow global financial elites to force Texans to use and pay for their services, leaving all of their financial eggs in one basket, subject to devaluation and confiscation.”
When the Bill of Rights is updated, the movement will be finalized, as with all new legislation in Texas, by the ceremonial crushing of a steer skull under a cowboy boot.
☕️ DOJ Speaks on Crypto Crime ⚖ 🦹♂️
At a conference this week, Eun Young Choi, director of the DOJ’s National Cryptocurrency Enforcement Team, spoke on the troubles her law enforcement branch has encountered in crypto.
“By its very nature the technology is built in order to not rely on intermediaries, cross-border transactions that are immutable and irreversible,” said Choi. “Law enforcement can freeze conventional transactions, but they can’t do that with digital asset transactions.”
Not only does the nature of crypto make it difficult to enforce legally, Choi and her team have noticed that crypto has been widely adopted by the criminal elements they pursue.
“We are seeing cryptocurrency and digital assets really touch every aspect of criminal activity we investigate,” said Choi.
But to be fair, she admitted that the DOJ also “touch every aspect of criminal activity we investigate” and most of their agents forget to wear gloves.
Spilling the Beans
Time to Buy Bitcoin? 💰 👀
Investing, more than a matter of money, is a matter of timing.
It’s not just a question of having the capital, but knowing where to put it and when.
If it was easy, everyone would do it.
They wouldn’t spend years in different schools trying to understand the nature of the market and predict it, just to be surprised when alarms start sounding off and they suddenly no longer have a beach house in the Hamptons.
And crypto, just like any other kind of investing, whether that’s stocks, bonds, or investing in yourself through deep breathing and meditation, is a matter of timing.
And time might be running short to secure a winning position on crypto’s biggest rise.
We’re talking, of course, about Bitcoin.
Bitcoin has seen a resurgence this year after some serious tumbles in the snow drifts of crypto winter.
With the fallout from FTX contagion, Bitcoin dropped down to around $16,000 in November of last year. Which is a long, precipitous drop from BTC’s record high of $69,000.
But as we mentioned, Bitcoin recently hovered around $30,000, some ticks up, some drops down.
However, this may be your last chance to hop on the Bitcoin rocket before this thing takes off for the moon.
For two major reasons.
First, you may have heard that old phrase, “buy the dip,” when it comes to stocks. “Buy the dip” really just being a catchier version of “buy low, sell high.”
You want to maximize your investment by buying an asset when it’s as cheap as possible.
Bitcoin is dipping right now because of factors like withdrawal delays surrounding high Bitcoin fees and the U.S. Government's recent sell off of Bitcoin confiscated from Silk Road.
All of that, compounded by Binance having to pause withdrawals due to increasingly high-demand, has Bitcoin’s dipping right now and hovering around the $27,000 mark.
But Bitcoin could be primed to absolutely explode, because the Bitcoin halving will be here soon than you think.
April of 2024 will mark the fourth Bitcoin Halving, when the reward for Bitcoin mining will halve from 6.25 per block to 3.125.
And though that does slice the reward in half, Halving is actually a crucial part of keeping Bitcoin happy and healthy.
Historically, a halving has represented a serious surge in the price of Bitcoin.
Again, legally, this newsletter does not constitute investment advice. We’re just a friend that likes to keep you up to date…
But! If something was going to happen to a stock. And that same thing had happened three times previously and the price went up… wouldn’t you opt in before the next cycle?
Seems like a no brainer, but maybe you’ve already got plenty of BTC and you’re waiting for this halving as jittery as a kid on Christmas Eve.
Whatever your entry level, if you’re interested in learning more about crypto plays like this, or even how to come up with some of your own…
We highly recommend you give 1-800-Bitcoin a try.
And if it’s not for you, that’s totally fine!
Coffee&Crypto will still be in your inbox making you laugh and giving you daily crypto news, every morning.
Meme of the Day
Don't mess with Texas! 🤠
Good job Texas, you protect your Bitcoin!
— Coffee & Crypto Daily (@GetCoffeeCrypto)
May 12, 2023
Halving: A crucial part of the Bitcoin ecosystem, in which the rewards for mining blocks of Bitcoin are halved.
This quite literally halves the rate at which the coin is mined and lowers the amount of new Bitcoin entering circulation.
You see this kind of culling in nature all the time.
We hunt deer in season to prevent overpopulation from leading to starvation.
And we snap Twix in half to prevent the right Twix from attacking the left Twix.
Harmony. Bitcoin. Halvings.
The Last Sip
The greatest threats to the DOJ after crypto.
High Schoolers selling flavored vapes to middle schoolers.
The Dunkin’ Donuts Angus Steak & Egg Wake-up Wrap.
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.