Bitcoin Supply Crisis = $10T Crypto + $500k BTC + $50k ETH

Quantum Poodles Bringing Billions to Blockchain™by & Naval Ravikant @naval (twitter) & James Todaro, MD.DominoesThe dominoes continue to fall. Mexico’s richest man put #bitcoin in his twitter bio following Elon Musk’s lead. And the city of Miami is the first municipal to put part of its treasury into bitcoin, transact in bitcoin, as well as pay salaries in bitcoin. This is another first for city governments then eventually entire states. Indeed, Dubai free zone becomes the first UAE Government entity to accept bitcoin, ethereum, and tether as a mode of payment. Also, the first bitcoin ETF has been approved in Canada. Meanwhile, the SEC Commissioner said it is time for a bitcoin ETP. Exchange-traded products (ETP) are types of securities that track the underlying security, index, or financial instrument. ETPs operate in a very similar way to ETFs and are another type of collective investment vehicle. Blackrock’s Rick Rieder said they have started to accumulate bitcoin. Blackrock is the largest fund manager in the world with $7.4 T AUM. And how far Morgan Stanley has come. Its Chief Global Strategist said,“We see fundamental reasons to believe that — regardless of where the price of bitcoin goes next — cryptocurrencies are here to stay as a serious asset class.”Bitcoin Supply Crisis = $10T Crypto + $500k BTC + $50k ETHThe market cap of cryptocurrencies in the last bull run achieved an aggregate value of just under $1 trillion. It currently stands at just over $1 trillion.Record levels of bitcoin have been moving off exchanges for the following reasons. Many are becoming long-term HODLers of bitcoin. Further, major institutions, banks, corporations, HNWIs, and even governments are waking up to the massive utility and onboarding of blockchain technologies, including bitcoin and ethereum. This crypto bull market is far from topping out.Retail and institutional…