💰 Balaji’s $1 million Bitcoin BET

Gm, this is the doodhwala, the only crypto newsletter that’s as good in the evening as it’s in the morning. Unlike real milk, we don’t spoil. 🤌

Here’s what’s fresh today:

• 💰 Balaji’s $1 million Bitcoin BET

• 🔥 Crypto’s Hostile Takeover

• 🔺 NFT marketplace up 1,300%

• 🍼 $2.5 Billion in Crypto Scams

• 🤣 Milky Meme of the Day

Let’s get DANCIN! 💃

💰 Balaji’s $1 million Bitcoin BET

Meet Balaji Srinivasan.

(with that name, you already know he’s big 🧠 brained)

But seriously, here’s his resume:

• former CTO of Coinbase

• wrote the book – The Network State

• predicted that coronavirus would turn into a pandemic 2 months before the world went into lockdown

There are even t-shirts with “Balaji Was Right” because man makes bold af predictions and MAN DOES NOT MISS 🎯

Now, he’s predicting Bitcoin will 🚀 🚀 🚀 in the next three months.

🗓️ His target → June 15.

💰 His bet → $1 million or Rs 8.2 crores.

🖨️ His reason → One word. Hyperinflation.

Alright wtf is hyperinflation?

Hyperinflation is kinda like the Pokemon evolution of Inflation. And the banks are going, "Hyperinflation, I CHOOSE YOU!"

Balaji predicts the US will enter hyperinflation [in the next 90 days] and he is betting $1 million against a random Twitter account, this dude 👇:

That’s right! I don’t even reply to random accounts on Twitter, and Balaji is making 7 figure bets with them based on the price of the most volatile asset in the world. 🤣 🤣 🤣

But Balaji seems to have it figured out. 🤌

He lays down his reasons for the US to enter hyperinflation in this 500-word tweet (wtf Elon, 500-word tweets now?!? 😭)

But lemme break it down for ya. 🫰

*takes a deep breath*

We’ll have to divide this into 3 timelines.

🗓️ Timeline 1: 2020-2021

When Covid-19 happened and countries went into lockdown the Federal Reserve [the RBI of the US] decided to kickstart the global economy kinda like you kickstart your bike when it stops working.

They did this by:

• Lowering interest rates aka printing more money

• Quantitative easing aka giving money to banks

And this led to a massive amount of money in the market.

People got this money and put it into:

• bank deposits

• crypto

• stocks

🗓️ Timeline 2: 2022

Last year, when crypto companies and crypto prices were falling down faster than my dating standards, US banks were doing something sneaky. 😶

US Banks started buying → US Treasures.

Tf are US Treasuries?

They didn’t buy a small amount. THEY BOUGHT A TON OF IT. 💰

They did this ☝️ because the Federal Reserve started raising interest rates to control inflation. 🫣

And because rates were going 🔺 so were the yields on US treasuries. At it’s peak, treasuries gave ~4% interest to US banks.

That’s great if:

• US treasuries give out the same or higher interest 🤘

• US banks’ customer deposit rates are lower than this ☝️

Neither of these happened. 🥶

Here is the chart for US Treasury Yields based on the timelines 👇

🗓️ Timeline 3: 2023

In 2023, a few things happened:

• US bank customers started withdrawing money

• The FED wanted to slow down interest rate hikes

• US yields dropped to 3.4% because of ☝️

Then SVB happened = The first proper bank failure + bank run of this crisis spooked the Fed.

Now, Balaji expects the FED to print massive amounts of money AGAIN leading to:

→ hyper-inflation

→ hyper-bitcoinization

→ hyper-doodhconsumption

One of these is not like the others 🤣

His solution to Hyperinflation? Simple. Just 3 steps.

Step 1️⃣: Understand Bitcoin

Step 2️⃣: Buy Bitcoin

Step 3️⃣: Get your Bitcoin out of exchanges

This is when the world goes from – Bitcoin, the asset – to – Bitcoin, the digital gold – aka the thing that retains its value during an economic 💩-show.

And it eventually goes to $1 million in 90 days.

Doodhwala’s take

We’ll get straight to it – we don’t think BTC gets to $1 million by June 15. 🤷‍♂️

But what Balaji did is 👌

✅ He got attention

✅ He laid down a deadline

✅ He made a bold million-dollar bet

✅ He pointed out a big big problem in the global economy

✅ He pointed out a very useful solution to this global problem

So, we gotta give him kudos. 👏

But if Bitcoin goes to $1 million this quickly then it means that every fiat currency in the world is 💩 (if they weren’t already) and the world will go straight to 🔥.

So, we hope – Balaji Wasn’t Right. ✊

🔥 A Hostile Takeover You Did Not Expect!

If you thought the Balaji thing was the CRAZIEST thing to happen over the weekend then…

…wait till you hear this. 😬

This story has everything!

• A hostile takeover

• Everyone’s favv application

• And a WHOLE LOTTA confusion

Wait, is this Elon trying to take over YouTube or something and make it “profitable”? 😭

Okay, so what’s going on?

DeFi Llama, everyone’s favourite chain analytics application (mainly ‘cuz it's free), is undergoing a supposed hostile takeover.

DeFiLlama has 2️⃣ pseudonymous founders:

1️⃣ 0xngmi

2️⃣ 0xLlam4

Both founders and the whole Llama team have been working hard for YEARS to bring us some of the most useful crypto products like:

• Llama Nodes (web3 Infra)

• Llama News (web3 News)

• DeFi Lama (web3 Data Analytics)

• Llama Folio (web3 Portfolio Tracker)

But here’s the catch 👇

ALL these products together are making as much money as doodhwala is rn— ZERO. 🥲

This is not because they’re stupid. This is by choice.

The Llama bois wanted to stay close to the crypto ethos and keep everything OPEN-SOURCE and FREE. 🔥

But how are they gonna pay them bills? 💰

While the team was deciding on a few approaches like:

• Partial Low-Cost Paywall

• Small Fee on LlamaSwap

• Advertising/Sponsors

…another approach was floated on the table.

Pray Mr. Beast’s next video is “I Saved a Crypto Company with $10,000,000” ? 🙏

Nope.

Creating a DeFi LLama token. 😅

The team was split on this.

Most people didn’t want a token to disturb their BUIDLing with “Wen moon” or “Wen Lambo” messages. 🤷‍♂️

But despite the team still debating on it, 0xLlam4 has apparently decided to go with it regardless of the decision.

How can he do this without the team? 🤔

Cuz’ the DeFi Llama’s Twitter account and the domain name are under his control. 😬

So he can choose to make the announcement on Twitter himself.

The rest of the team has already “forked” from the main project by creating a separate Twitter account and a domain name.

But it’s yet to be seen if the announcement will be made on the existing account and if it will be taken seriously by Crypto Twitter. ⏳

Doodhwala’ Take:

doodhwala ❤️ DeFi Llama.

And it's breaking our hearts to see this happen. 😭

This is exactly how we feel. 👇

But tokens are not always the best approach.

It will muddle the whole team's perspective from buidling best products → make the token go 🚀

However, really hoping they resolve this internal struggle so that we can keep milking that sweet Llama doodh for y’all. 🔥

📈 Chaach and Charts: NFT marketplace up 1,300%

“The Great Migration” is used to describe the move from one thing to another, kinda like:

⚽️ From Manchester United → To Manchester City (because you wanna win!)

🏏 From Chennai Super Kings → To Rising Pune Supergiant (because of MS Dhoni)

🥛 From OG normal milk → To the monstrosity known as oat milk (because you’re weird!!)

Btw – we don’t support the last one 🤢

But another great migration that’s happening right now is the move from Opensea To Blur.

Yess! Traders are moving away from the OG NFT marketplace into the new-age degen marketplace because of:

• token incentives

• creator royalties

• better liquidity

And traders are switching to Blur faster than I switch my route if the Google Maps lady says “Faster route available.”

🗓️ October 2022:

Weekly traders on Opensea → 140k

Weekly traders on Blur → 5k

🗓️ March 20223:

Weekly traders on Opensea → 100k **

Weekly traders on Blur → 70k

That’s a 29% 🔻 for Opensea and a 1,300% 🔺 for Blur.

🛠 Resourcewala: From Bitcoin → DeFi  

In the beginning, there was Bitcoin.

And nothing else.

Now, we have Ethereum, Uniswap, Aave, Compound and so many others we don’t even know about. 🥲

But how did we get it here? Was it even needed? 🤔

Today’s resource will answer all of that and more!

• Purpose of Bitcoin

• What Bitcoin can't do

• Is DeFi more needed than Bitcoin?

Let’s get into it! 🚀

🍼 Doodhshots: $2.5 Billion in Crypto Scams

• 🌐 Internet Explorer: Microsoft is reportedly working on a new feature that enables users to send and receive crypto assets through its default web browser, Microsoft Edge.

• 💰Mo Ordinals, Mo Money: Over 500,000 Ordinal NFTs have been minted in less than two months and the hype doesn't seem to be dying.

• ❤️ Good Boy: Euler Finance hacker who earlier stole $197 million returned about 3,000 ETH worth $5.4 million.

• 😬 Stolen Dough: US citizens lost more than $10B due to online fraud in 2022, with crypto investment scams accounting for $2.57B of that sum.

• 🔥 Speed Meets Power: Uniswap is set to become the biggest protocol on Avalanche once it launches. Fastest smart contracts platform teaming up with the biggest DEX. Yay or nay?

🤣 Milky Meme Of The Day

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That’s all for today bhaiyo aur bheno! Naale Sigona! Aakash "Dahi Cheeni" Athawasya & Arvind "Doodh Peda" Krishna

Yo! Our legal and financial advisors (aka our good ol’ conscience) have asked us to add this boring disclaimer.None of what you read here is financial advice. We aren’t here to get you to buy or sell a crypto. We’re only here to tell you what’s up in crypto today and make you laugh. So, if you screwed up on a trade, that’s on you G. Stay safe in the markets.