Yano 🟪
@JasonYanowitz
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co-founder @blockworks_ building @blockworksres | @theempirepod | @blockworksdas | @permissionless
New York
Joined January 2013
1/ There are 4 phases of a bull market. Buckle up, we just entered the most fun phase. Welcome to Stage 3 🧵.
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1/ There are 3 stages of a bear market. We just entered stage 2 🧵.
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NEWS: The President of El Salvador just confirmed that citizens won’t pay capital gains tax on Bitcoin because it’s a legal currency.
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If this is really the end for Genesis, this could be more impactful than FTX. FTX hurt liquid funds and consumers. Genesis impacts nearly every company in crypto. Let's dig in.
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I overheard a construction worker say he’s made $120,000 this year from Dogecoin. Whether or not you like crypto and Bitcoin, that’s up to you. But personally, I can’t help but feel very happy for the everyday people who have made a life changing amount of money this year.
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Coinbase didn't launch an NFT platform. they launched Web3 Instagram
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FTX had audited GAAP financials. Some Big 4 accounting firm is about to be in a mess of shit.
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So @joerogan is thinking about bringing @APompliano on his podcast to talk Bitcoin. Retweet if you think this should happen. Let’s get his attention.
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In 1999, Forbes claimed that the internet “burns up an awful lot of fossil fuels” and sets the world on a dangerous trajectory of energy usage. Imagine if entrepreneurs, investors, and developers had listened to Forbes and stopped building the internet. Source: @veradittakit
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1/ Buckle up, we’ve entered the toughest phase of the bear market. Welcome to Stage 3 🧵.
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1/ There are 4 phases of a bull market. We just entered stage 2 🧵.
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FTX has turned on withdrawals but only for users in the Bahamas who are already KYC'd. I'm sorry but that basically only applies to FTX employees and friends of the firm. What a joke.
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11/ Don't lose sight of the big picture. We're building an open, permissionless world. It will take decades, not years. Close the computer, zoom out, go for a walk. Just don't give up.
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It's happening. ✅ El Salvador.✅ Paraguay.✅ Brazil. Latin American leaders are waking up to Bitcoin.
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Rumor has it @TomBrady is loading up on Bitcoin. Retweet if you think the GOAT should turn on laser eyes. Let’s make it happen.
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Bernstein ($800 billion AUM) just put out their Monday morning note to clients:. “Welcome to the Crypto bull market. Buy everything you can. Don’t fight this – add crypto exposure asap.”. Stage 3 really is upon us.
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The Chinese mining ban is great for Bitcoin in the long run. 1) Decentralizes hashrate. 2) Chinese mining FUD is no longer a risk. 3) China loses control on the most important economic asset of our lifetime. 4) Mining will move to areas more focused on renewable energy 🌋.
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1/ I finally read Leopold Aschenbrenner's essay series on AI: Situational Awareness. Everyone, regardless of your interest in AI, should read this. I took notes, they're sloppy but figured I'd share. Welcome to the future:
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We interrupt your Bitcoin feed to bring you a special announcement. Ya boy locked it down!. 🔥💍
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6 crypto Super Bowl ads tomorrow. 1) FTX.2) Crypto com.3) Coinbase.4) eToro .5) Bitbuy.6) Bud Light ft. Nouns NFT.
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Another bizarre article by the NYT. They dedicated an entire page to this random YouTuber whose videos barely get 100 views. Apparently "Mr. Hek is one of the few voices flagging crypto ponzi schemes."
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THIS ALL HAPPENED TODAY. 1) Bitcoin hit $20,000.2) Guggenheim's CIO gave a $400,000 target.3) Northern Trust launched a crypto custodian.4) Alan Howard and Eric Peters commit $1B to crypto.5) American Express backed crypto broker FalconX. My head is exploding this is too bullish.
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Fidelity just recommended that investors allocate 5% to Bitcoin. Fidelity has $3.3 trillion AUM. Investing 5% into Bitcoin would be an additional $165 billion of capital flooding into Bitcoin. You have to be crazy to not own Bitcoin at this point.
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Wild stats:. 50% of TRUMP/MELANIA holders had never bought a Solana altcoin before. 47% of buyers created their wallets the same day they purchased the tokens. 83% of holders own sub $1k of SOL assets. This really was a historic retail onboarding event. Credit: @chainalysis
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Ray Dalio’s CFO just left to become the CFO of NYDIG. Institutions who don’t like Bitcoin will struggle to retain top talent.
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George Soros has just approved Bitcoin trading for Soros Fund Management . 🚀🚀🚀.
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10/ Stage 3 is the toughest to survive. If you're a company, do whatever it takes to get through. If you're a builder, stay interested. Find other builders. Buidl with them. If you're an investor, develop your own theses. Take bets on people you believe in.
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My god. @garrytan on CNBC just now:. Over 1,000 YC companies have been impacted. This is an extinction level event for startups. These depositors will not survive without a government plan.
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Oct - Nov: BTC run.Dec - Jan: Rotation into ETH.Feb - Mar: Alt mania.April: Fin. Buckle up.
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12/ This piece by @fredwilson still rings true:. a) Many talented people left. But those who stayed were rewarded. b) We will have to hunker down and build value and survive for quite a while to get there. Things will get worse before they get better.
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9/ During Stage 3, you'll want to walk away. Regulators will kick us while we're down. Your favorite Twitter degens will go quiet. Web2 investors will quietly stop allocating. Talented builders will leave. Companies will shut down. You'll question every assumption you had.
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The moderator of the Wall Street Bets subreddit just sent a savage letter to CNBC
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8/ Stage 3: Bottomless Exhaustion . After max pain comes max exhaustion. There are no bounces. There are no narratives. Prices consolidate sideways or slowly move down. It's boring. At the bottoms, anger is replaced by silence.
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1/ In bear markets, it's crucial to remember why you're building. I'd recommend reading the classics this week. Here's a running list of my all-time favorites 🧵.
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99% of people should not trade Bitcoin. Buy. Hold. That’s it.
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The largest DeFi hack in history just took place on the Poly Network. Ethereum – $273M.Binance Smart Chain – $253M.Polygon – $85M. We'll keep you updated as we learn more.
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4/ Stage 2: Forced Capitulation. This is where it gets ugly. Narratives die. Prices fall 90%. then another 90%. Layoffs across the board. Mainstream media and cynics rise up in Stage 2. They laugh and shout "I told you!".
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Bitcoin is the greatest scam in history. It’s a colossal pump-and-dump scheme, the likes of which the world has never seen. – Bill Harris, founding CEO of PayPal.
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If you think an unconfirmed report about Amazon accepting bitcoin payments caused this pump, you haven’t been paying attention.
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Once you understand Bitcoin, it's impossible to not root for its success.
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1/ Spent the day at the Coinbase State of Crypto summit. 10/10 event. Many pensions, endowments, brokerages, asset managers, banks, etc in attendance. Leaving very optimistic. Scribbled notes during some talks, sharing here:
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Lot of FUD about USDC right now. Keep in mind:. • BNY Mellon is their custodian .• BlackRock manages reserves.• Visa settles transactions in USDC.• 100% backed by cash and treasuries.• Audited by Deloitte, annual audits filed w SEC. I think the FUD is overblown.
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5/ Luna sent us into Stage 2. In Stage 2, diamond hands become forced sellers. They sell not because they want to, but because they have to. Celsius doesn't want to sell – they might have to sell. There will be more funds, companies, and individuals like Celsius.
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1/ Getting a crypto job 🧵. Yesterday I offered to help people find a job in crypto. I’ve received 600+ DM’s asking for advice. I figured I’d share some thoughts publicly for people trying to enter this industry.
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7/ The lower prices go, the louder the bears get. The louder the bears, the lower the price go. This creates a vicious cycle. In Stage 2, prices crash violently. Excitement is replaced by anger.
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Joe Biden’s tech advisor just disclosed a holding of $1-5 million in Bitcoin. Bitcoin is his largest investment.
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I really like the new Coinbase ad. Big reason many people are in crypto is because the current system is broken in so many ways and yeah, why wouldn’t you try to fix it. Better to build than to complain.
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Google is quietly pushing big into crypto. Cloud support, blockchain analytics, node infra, free testnet ETH, validator for several big L1s and L2s, integration into search, and more. Do not sleep on this.
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Grayscale is running Bitcoin ads this week on CNBC, MSNBC, Fox, and Fox Business. Get ready for a massive week for Bitcoin.
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JPMorgan just executed their first live DeFi trade. They traded tokenized SGD for JPY using a modified version of Aave on Polygon. The future of france is upon us.
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2/ Stage 1: The Unwind. The excitement (and greed) from the bull market still exists. Mini-narratives pop up for weeks at a time. Assets still have floors. Valuations are cut but companies don't make the tough decisions (kill products, layoffs). Things seem alright.
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6/ In Stage 2, any bounce will be immediately sold into. The dead cat bounce. Companies that needs high token prices will be crushed. Founders that buy their own tokens to sustain their projects… they'll also get crushed.
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The SEC is pushing the best founders offshore. Hayden built Uniswap from Brooklyn. The US government is now telling future Haydens to go build in Dubai or Singapore. This has to change soon or we'll crush innovation for years.
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Went to pay a Stripe invoice. Crypto (stablecoin) is the first option ahead of bank accounts. Slowly at first, then all at once.
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3/ Stage 1 doesn't *feel* like a bear market. It feels like prices have pulled back to "realistic" valuations. Investors continue allocating, builders keep building. In general, life is good. Only the weak hands sell.
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We're standing on the shoulders of giants today. Erik Voorhees, Charlie Shrem, Gavin Andresen, Jesse Powell, Andreas Antonopoulos, Jerry Brito, Brian Armstrong, Wences Casares, Adam Back, Cameron and Tyler Winklevoss, Bill Barhydt, Stephen Pair, Tuur Demeester, Mike Belshe, Hal
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Huge day for Bitcoin. 1) Visa launching software that helps banks offer Bitcoin. 2) PayPal's first earnings report with Bitcoin sales included. 3) Michael Saylor pitching Bitcoin to 1,000+ corporates & investors. @Blockworks_ will be covering all three events throughout the day.
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CashApp now has more mobile users than Bank of America. Bitcoin is taking down the legacy banks one user at a time.
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You think PayPal is big news?. Just wait until Facebook and Google enable their billions of users to buy Bitcoin through their digital wallets.
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We haven’t had a Central Bank buy Bitcoin yet. Still early.
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@elonmusk Elon. We’ve compiled a mix of both pro-Bitcoin and anti-Bitcoin pieces. I’ll send you 1 full Bitcoin if you read all 10 articles and still believe Bitcoin is bad for the environment. I’d urge you to specifically read the pieces by @nic__carter.
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1/ I got hacked yesterday. At the risk of looking foolish, I'll share how it happened so you can avoid this nightmare.
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The ability to buy a Tesla with Bitcoin is not a big deal. Tesla’s decision to NOT convert that Bitcoin into fiat after the sale is a huge deal. This leads the way for thousands of companies to sell products using Bitcoin without ever turning that Bitcoin back into US dollars.
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BREAKING: El Salvador has announced that Bitcoin will become legal tender in the country. You’re a legend @JackMallers !!.
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Twitter CFO says they’re studying how to pay employees in Bitcoin and how to put Bitcoin on their balance sheet. It’s only a matter of time.
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Jim Cramer sold 50% of his Bitcoin yesterday. “It was like trading phony money for real money.”. Say it ain’t so, @jimcramer!.
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1/ The future of the browser 🧵. Right now, Web 3 wallets like MetaMask plug into DeFi applications. In the future, they’ll plug in to every website in the world.
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13/ If you want my expanded thoughts on this market, @santiagoroel and I are releasing a big episode on @theempirepod this Friday. Subscribe on Spotify, Apple, or YouTube to listen. Apple: Spotify: YouTube:
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If this tweet gets 500 likes, I’ll invite @SergeyNazarov on the podcast. $LINK marines, do your thing.
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The 10 largest crypto companies by number of employees:. Binance: 1,635.Coinbase: 1,195.ConsenSys: 868.OKEx + OKCoin: 548.Ripple: 508.Bitmain: 475.Huobi: 453.Circle: 350.Tron: 250.Bitfinex: 220. Source: LinkedIn.
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I’m in Portugal and every local I’ve spoken with loves Bitcoin. Why?. The Portuguese government determined that bitcoin payments and investment gains are exempt from taxes. Never underestimate the influence a government can have on pushing an innovative technology forward 🚀
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Enron is back and they're launching a token. Now two generations can get rugged by Enron
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Big news out of France. A French lawmaker is pushing a petition that would enable the French Central Bank to buy and hold Bitcoin. From retail individuals to powerful central banks, everyone now wants to own a piece of the most powerful computing network in the world.
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Today Stripe launched a crypto onramp. This is low-key a HUGE deal. I've spoken with several Fortune 500s who have fully built crypto strategies but haven't launched yet because they don't have a trusted brand to handle the onramp and the wallet. Stripe just solved the onramp.
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It’s becoming clear that politicians will try to politicize Bitcoin. The left will be anti-Bitcoin. The right will be pro-Bitcoin. Watching this happen really makes you wonder what other topics are politicized by people in power who know nothing about the actual topic.
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I’ve met too many “Bitcoin maxis” recently who hold ETH, love DeFi, and buy NFTs. But they won’t share any of that publicly because their Bitcoin-only audience will abandon them.
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Argentinians are Googling Bitcoin at unprecedented rates. Makes sense when you realize they have 40% annual inflation. Credit: @MWietersheim
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My Dad is finally ready to Buy Bitcoin. He‘s leaning towards using Coinbase because that’s all he knows. I recommended @Gemini. He wants:.• Low fees.• FDIC insured.• Ability to Dollar Cost Average in . Anybody have any opinions on this?
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Base doing ~$200k/week in profit. Will be fun to watch Wall Street realize that Coinbase is no longer just a trading platform.
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Crazy watching @cryptocom execute a $1 billion sports marketing campaign. 1) PSG – $30m 3yr . 2) UFC – $175m 10yr . 3) Formula 1 – $100m 5yr. 4) 76ers – $10m 6yr. 5) Montreal Canadiens – logo at center ice. 6) Serie A – partnership. And now a $700m 20 year deal with LA stadium.
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NYT’s puff piece on SBF makes even less sense when you remember that they wrote hit pieces on Coinbase and Kraken all year.
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There's a 50/50 chance a central bank declares Bitcoin either legal tender or their reserve within 12 months. - Ross Stevens, founder of @NYDIG_BTC.
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18/ So buckle up. The next 12 months will be madness. For those who focus, 2025 can be life changing. But if you're not careful, your arrogance and laziness in Stage 4 will be punishing. Finally, make sure you take time to enjoy it every once in awhile. Now, let's build 🫡.
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Just used @JupiterExchange for the first time. Incredible experience, one of the best I've had in DeFi. Looking to play with more apps. What else in Solana DeFi is this good?.
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