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Yes, everybody’s talking about Bitcoin. It keeps going up and up, breaking through the atmosphere and even surpassing $43,000.

But there’s another coin that’s grabbed our attention. One that would make even Bitcoin do a double-take with 549% gains in one month.

And before you think we’re about to say “Solana.” No! We’re not going to say Solana.

Today, we’d like to bend your ear for a little while about ORDI.

Espresso Shots

☕️ Bitcoin Past $44,000

That’s right, at the time of writing, Bitcoin’s at $43,886.70.

Bitcoin briefly popped past $44,000, setting a new 19-month high.

You know what, as long as BTC keeps regularly shooting to higher and higher levels, we’re going to keep covering it.

We’re certainly bullish but be prepared for some pushback or potential sell-offs as Bitcoin approaches the $50,000 range.

But this current drive is likely fueled by ETF optimism, further compounded by ETF issuers’ frequent meetings with the SEC.

If Bitcoin gets any higher, we’re going to have to put on Adult Swim and convince it it’s not having a heart attack.

☕️ Musk’s AI Equity

On December 5, Elon Musk’s AI startup, X.AI, told the SEC of its intention to raise $1 billion in equity.

Though unfortunately for rank-and-file investors and really… just about everybody. This investment opportunity will only be made available to those with $2 million or more to invest.

The filing sets a $1 billion total offering target, with $134,679,312 in equity already acquired.

Unrelatedly, the price of a subscription to X premium, formerly Twitter Blue, has been raised to 1.9 million dollars.

☕️ Ark Sells More Coinbase

Ark Invest has continued last week’s $15 million sell-off of Coinbase stock, offloading $1.4 million in shares on December 4th.

Ark may be looking to diversify, as the firm acquired $3 million worth of Robinhood and an additional $140,000 for its Fintech Innovation ETF.

This selling frenzy may have contributed to Coinbase’s slight dip in late November, but the stock is again, swiftly rising and has risen 300% in 2023.

Though we have yet to get confirmation, Ark was reportedly offloading the Coinbase shares two by two, in a controversial trading strategy known as the “reverse Noah.”

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Spilling the Beans

She’s a BRC House 🧱 🏡

Yes, Bitcoin’s performing admirably. We’re all very proud. If crypto were a high school, we’re very certain that Bitcoin would be this year’s valedictorian.

But what about Bitcoin’s study buddy? What about the kid who shares Bitcoin’s flashcard pool, always picks BTC up from chess club, and took the fall when they got caught sneaking BTC’s mom’s wine coolers?

Bitcoin’s unsung, ever-supportive buddy? That’s ORDI.

You see, ORDI is a BRC-20 token or “Bitcoin Request for Comment” token.

Though maybe not quite as well known as an “Ethereum Request for Comment” token, these coins function much the same.

BRC-20 tokens, like ERC-20 tokens, were created in 2023 as part of the ordinals protocol.

The ordinals theory in crypto states that the order in which Bitcoin, or any given cryptocurrency, is mined is the most important factor when it comes to determining ownership.

In crypto ordinals, each satoshi is numbered in accordance with when it was mined. This creates a tracking system based on “first in, first out” transactions.

“First in, first out” assumes that the first goods purchased are the first goods sold. Using the ordinals system, crypto isn’t just currency, but a digital artifact with a proud history.

Through the ordinals protocol, users can transcribe media directly to the blockchain. And using that same protocol, they can create fungible tokens through the BRC-20 standard.

Now, the application of this system has given rise to a fair number of ordinals tokens. And admittedly, most of those tokens wouldn’t be worth your time save for a couple, notable exceptions.

And chief among those exceptions is ORDI.

ORDI token, as a BRC-20 token, is inexorably tied to Bitcoin and Bitcoin’s performance.

But here’s where it gets interesting, ORDI’s actually been outperforming Bitcoin.

Yes, Bitcoin is up 150% year-to-date, but ORDI’s up 549% in the past month alone.

ORDI currently has a market cap of $873 million. And ORDI has seen a similar flurry of trading that Bitcoin has experienced in recent months, no doubt propelled by the enthusiasm around ETFs.

Yes, we all love Bitcoin, but it’s important not to develop tunnel vision that keeps you from considering viable, potentially highly profitable alternatives.

And ORDI is a token that you can feel good about, as ordinals create more demand for block space, which is important to the overall longevity of Bitcoin mining and the overall, economic health of the blockchain.

Yes, this is one to keep your eye on as ORDI’s performance has been anything but ORDI-nary.

Crypto 101

Ordinals Theory: In quantitative research, ordinals are approached slightly differently.

Ordinals refer to rankings or ratings that don’t give exact numerical figures.

For example, in a taste test, consumers chose the McDonald’s Big Mac over Burger King’s Whopper. 

We can’t quantify preference or how much more something is liked. That preference would be an ordinals ranking.

The Last Sip

The Last Sip: Though we’re excited about the potential for ORDI and other BRC-20 tokens, we know that everything will be thrown for a loop with the arrival of BRC-20’s arch nemesis, “Bitcoin Decline to Comment” tokens (BDC-20).

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.