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🤫 Institutions Initiate Secret Bitcoin Plan and SHIB vs. FLOKI Burn Battle

PLUS - Kryptonite ($SEILOR) and $TIA Analysis

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Read Time: 4 mins

Good Morning from the Promptbox Team!

I got some flack yesterday on a lack of AI coverage, i.e. 1 person emailed me saying they wanted more AI news.

Here’s the thing.

AI is infinite, it’s boundless, it’s ever-evolving but on a day-to-day basis it’s pretty boring.

I can help people make money using it but there is a learning curve most people aren’t prepared for, nor are they situated for.

Crypto on the other hand, especially before an emerging bull run, is easily accessible with a phone, maybe a VPN and a couple of dollars.

… and when I start adding how to get the next great airdrop you won’t even need a couple of dollars.

Now is the time to get involved in projects, join discords, level up and literally have money sent to you.

But rest assured as important AI news drops you’ll see it here first.

It’s January 4th. Let’s get it.


TODAY’S UNBOXING

  • READ: 🤫 Institutions Initiate Plan B

  • BIG STORY: Burn Battle Between Shib and Floki Heat up

  • Privacy coins under attack + other Web3 and crypto stories

  • Top Moving Coins (Bubble Edition)

  • What Am I Buying?


January 3, 2024

We are excited to provide qualified institutional buyers with the secure, regulated access to digital assets they have been waiting for via BTC DRs.

Ankit Mehta, RDC co-founder and CEO

Franklin Templeton-backed Receipts Depositary Corporation (RDC) is set to release bitcoin-based depositary receipts, a new financial product exempt from U.S. SEC registration.

This move marks a significant development in the realm of cryptocurrency securities, particularly for qualified institutional buyers.

Key Facts:

  • Innovative Product Launch: RDC plans to issue bitcoin-based depositary receipts in the coming weeks.

  • Exemption from SEC Registration: These BTC DRs are exempt from SEC registration for qualified institutional buyers under the U.S. Securities Act of 1933.

  • Targeting Institutional Buyers: The BTC DRs are designed for financially sophisticated entities with substantial assets, such as banks and investment firms.

  • Structure and Security: BTC DRs follow the model of American Depositary Receipts and are 100% backed by bitcoin held in custody, ensuring security and direct ownership of the underlying asset.

  • Operational Mechanics: Broadridge Corporate Issuer Solutions will act as the SEC-registered transfer agent, and Anchorage Digital will provide custody in a bankruptcy remote structure.

  • Regulated Market Infrastructure: BTC DRs will be cleared via The Depository Trust Company, aligning with traditional securities' technology and workflows.

  • Expanding Beyond BTC DRs: RDC has plans to create securities for other alternative assets as well.

  • Context of Spot Bitcoin ETFs: This launch comes amid the ongoing industry pursuit of SEC-approved spot bitcoin ETFs, with Franklin Templeton among the 14 asset managers in the race.

The introduction of bitcoin-based depositary receipts by RDC represents a notable stride in bridging the gap between traditional financial securities and digital assets.

Catering to qualified institutional buyers, this initiative could pave the way for broader acceptance and integration of cryptocurrency in regulated financial markets, signaling a maturing landscape for digital asset investments.


Take a look at the full story below.

My Take:

This latest move seems to align with what many have speculated as the endgame in the cryptocurrency sphere: the creation of investment vehicles tailored exclusively for the elite.

This development is not just about introducing a new product in the form of bitcoin-based depositary receipts; it's a strategic shift towards a financial ecosystem where major banks and institutional investors play a central role in the custody of bitcoin.

By exempting these BTC DRs from SEC registration and directing them towards a select group of financially sophisticated entities, RDC is effectively channeling bitcoin into the hands of institutional players.

This move could be seen as a double-edged sword.

On one hand, it brings a level of legitimacy and regulatory compliance to bitcoin investments, potentially leading to greater stability and mainstream acceptance. On the other hand, it indicates a pivot away from the decentralized ethos that underpinned the initial appeal of cryptocurrencies.

In essence, this shift could lead to a significant portion of bitcoin being locked away in institutional vaults, reducing the availability and perhaps even the influence of individual holders in the cryptocurrency market. As these large entities self-custody substantial bitcoin reserves, the original vision of cryptocurrencies as a democratizing financial force might be overshadowed by the traditional power structures of the financial world.

This might not just change the dynamics of bitcoin ownership; it could reshape the very nature of cryptocurrency investment and its accessibility to the average individual.

Top Web3 and Crypto Stories of the Day

Shiba Inu vs. FLOKI: Burn Battle

If the last couple of months have taught us anything it’s that meme coins aren’t going anywhere and represent an expanding market segment that can make you rich - but will mostly likely go to zero.

 It’s time to pick your dog coin.

Top Moving Coins

Analysis: On a day following a flash crash you’ll see some big gainers but it’s mostly alts trying to get back to where they were just 24 hours prior.

Beam, this morning’s big winner, is still about 3 weeks out from it’s previous ATH but one I’m actively invested in since November.

It is a large cap, with a market cap over $1B however this will be a top 20 project this year - a big jump from its current place at #69.

Otherwise we’re still seeing a narrative of infrastructure coins outperforming the general market, hinting at a possible DeFi Spring later this year.

Top 100 Tokens by Market Cap

Interested in buying Beam?
Beam has some decent pullbacks so I’d wait until that bubble gets a little smaller and/or a little redder. RSI is starting to look a little overbought so there may be an entry soon.

Here is where to buy it:

What Am I Buying?

Not Financial Advice

Kryptonite (SEILOR): I bought this yesterday on MEXC while researching the SEI ecosystem. I had 2 orders with an average purchase price of .09.

Yes, it has pumped over the last month (up 56x in 2 months - hot damn) but the SEI ecosystem is on fire and this is the primary token, less $SEI itself.

Over previous cycles we were always looking for the next ‘ETH Killer’ but now it looks like everyone is asking about ‘The Next Solana.’

SEI could be it.

What Else?

I’m always adding to my $TIA bag as it has both the fundamentals and more importantly the pumpamentals of a coin that is going to catch people off guard on a mega pump.

When am I selling?

As we’re still showing bullish momentum I’m buying until the charts say otherwise.

Most likely I’ll take some profit at the 1.618, which is around $22. That would put me at about a 5x from my initial buy in.

I’ll be 50% out if and when we hit $53, letting the rest go into price discovery.

If you want me to drop a chart in an upcoming issue send me an email at [email protected] 

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