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Espresso Shots

☕️ Bitcoin Down 📉 🪙

Bitcoin has dropped over 9% this week, a noticeable stumble in an otherwise rosy bull run.

Bitcoin was reaching highs of over $30,000, but is currently hovering at around $27,500.

One factor may be the recent strength of the US dollar, which gives more credence to the popular belief that Bitcoin has an inverse relationship to confidence in the US Dollar.

We may be a long way from the “Great Decoupling,” but Bitcoin’s behavior seems to most closely mirror gold, which is quite literally the gold standard when it comes to divesting in America.

While we continue to oscillate between crypto winter and crypto spring, we recommend planting turnips, a hardy vegetable that can survive in even the most volatile climates.

☕️ Digital Salaries for Chinese Workers 🇨🇳 💻

This May, as a part of the country’s continued roll out of their CBDC, employee’s of the city of Changshu’s public sector will begin receiving their salaries in digital yuan.

China is one of only 11 countries to launch a CBDC (central bank digital currency) but reportedly over a hundred countries are currently researching and developing infrastructure to do the same.

China’s CBDC implementation has expanded into 17 of 23 provinces with the government actively pushing for mass adoption.

In an effort to boost that adoption, the government airdropped over $26 million in digital yuan to citizens during this year's Lunar New Year celebrations.

The digital yuan is positioned to replace the most popular form of Chinese currency, stolen American Tik-Tok data.

☕️ Bored Apes vs. Copycats 🐒 🐱

Yuga Labs has won what they’re calling a “landmark legal victory for Web3” against Ryder Ripps and Jeremy Cahen over their NFT collection, RR/BAYC.

The RR/BAYC NFTs contained several images that were identical to the Bored Apes collection. But Ripps and Cahen insisted that they were protected by the first amendment and parody law.

The lawsuit alleged that the pair were intentionally scamming buyers with falsely equivalent NFTs.

A federal judge clearly found the lawsuit compelling, as they ruled that Ripps and Cahen must pay damages to Yuga Labs for committing “false designation of origin.”

No word on any legal charges for the “parody” Mundane Monkeys or Underwhelmed Gorillas collections.

Spilling the Beans

🐸 Bullfrog Bullrun 🐸

Everybody dreams of buying Apple stock in the ‘80s. Or investing in the gas mask industry in 1912.

There are those dream investments, the ones where people got in on the ground floor at the right time for explosive returns.

They are almost tall tales in finance.

But in crypto, they are hardly unheard of.

One of those investment wonders occurred just last week.

This is a market known for its volatility and sometimes astounding rates of return.

But even for crypto, this one’s a jaw-dropper.

A user who goes by “The SmartMoney” used .125 ETH to purchase $251 worth of Pepecoin. We’ve covered this previously in the newsletter, but Pepecoin underwent a meteoric rise last week.

And The SmartMoney was in the rightest place at the rightest time.

So much so that their $251 investment ballooned to 4500 times what they put down.

"The SmartMoney" is currently sitting on a trove of $1.14 million in unsold Pepecoin.

Well, it’s probably worth less now. Pepecoin is already down 30% since its peak on 4/20.

Is that a coincidence? Probably not.

And we’re not telling you this story to tell you to go out and buy Pepecoin or any other memecoin.

Memecoins, like memes themselves, enjoy short-lived bursts of fervor and popularity before they fade away.

Though Dogecoin, which historically seemed to be the most popular and realest memecoin, has retained internet favor, even achieving endorsements from the likes of billionaire meme connoisseur Elon Musk.

Dogecoin has, in fact, risen so high as to become the ninth largest cryptocurrency by market cap... Seriously.

So, if you’re going to invest ironically and become a meme head, we suppose Dogecoin would be one to consider.

But again, this anecdote isn’t intended to be a case for memecoins. And we’re not touting this as an incredible investment opportunity.

Generally, if someone is already writing about an investment in a news source, the moment has already passed.

No, we’re telling you the story of The SmartMoney’s incredible meme play just to emphasize the incredible things that are possible in this space.

Over a million dollars in just four days. That’s like state lottery numbers.

Yes, crypto is volatile, but that volatility works both ways.

You can throw $250 in and get 0 out. Or a million dollars in four days. It's a crap shoot with memecoins.

Just as unfortunate events can have devastating effects on crypto, there’s always the possibility for lightning growth and unfathomable returns on your investment.

We like to put pay days like Pepecoin on our mantle moving forward, to remind us of the immediate, unbelievable pay days that crypto makes possible.

In the meantime, we’ll be frantically scrolling Instagram and Reddit for potential meme IPOs.

If you, like us, aren't in the habit of gambling your money and prefer to get the full picture, head on over to 1800Bitcoin.

Meme of the Day

Bro who told me to buy $KERMIT?

Crypto 101

Memecoins are cryptocurrencies that are associated with iconic images or popular memes.

Memecoins are generally pretty cheap, but fluctuate wildly. They’re considered a high-risk investment with no intrinsic value. These babies are pure speculation.

Though the communities that rally behind Memecoins may be enthusiastic, be careful on the internet, there’s a chance holding these coins could make a meme of your portfolio.

The Last Sip

Yuga Labs just successfully sued a rip-off of their Bored Apes collection, but here are a couple charges against the Bored Apes that Yuga labs has swept under the rug.

• Public indecency at the San Diego Zoo

• Removing and eating that Florida woman’s face

• Assaulting an Italian Plumber with barrels while he tried to climb a staircase in 1981.

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.