It’s Monday & We’re Kicking Off The Last Week In October!
We hope you have an awesome week!
Here are this weeks reads:
1.) A Billion Dollar Bitcoin?
2.) Youtubers Will Get To Use Famous Artist Voices To Create Content?
3.) SBF’s Old Friends Are Singing Like Canaries
One Billion Dollar Bitcoin?
Yup! you read that right! Jurrien Timmer of Fidelity drops a mega bomb prediction! He's foreseeing that by 2038, a single Bitcoin might be worth a jaw-dropping one billion dollars. That’s right, billion with a "B."
Oh how times have changed…….
Timmer, who doesn't just throw these numbers around for fun, has been studying the intricate dance of supply and demand in the crypto world for years.
Using something called Metcalfe's Law, he says that as more people jump on the Bitcoin bandwagon, its value won't grow just steadily; it will skyrocket. Mass adoption will come swift and fast!
You might be thinking, "Wait, isn't one billion a tad excessive?" Well, it turns out that's not so wild when you consider how the dollar's value has collapsed over time. For example a couple bucks invested in stocks during the 18th century would now be a whopping billion dollars. So, a million today could in fact be a billion tomorrow.
Ok, let’s pause and take a deep breath here. Don’t go and sell the house, car, and dog to buy Bitcoin just yet, let’s gather our thoughts.
Ok, There is only 21 million Bitcoins that will ever be made
There’s 22 million millionaires in the US alone.
There are about 3.7 million bitcoin that are lost or unrecoverable
There are 18.5 million bitcoin in circulation
Which leaves 2.5 million left to ever be made
There are 8 Spot ETFs that the SEC will more than likely approve in March of 2024
These gigantic asset managers / investment advisors, manage about 33 trillion dollars combined.
Once they put their toes in the water and get comfortable with Bitcoin, they will follow with a substantial allocation of their overall capital.
Hmmmmmm………It’s simply math really…….
OK I’M SELLING EVERYTHING AND I’M GOING ALL IN ON BITCOIN!!!🚀💰😂 #NotFinancialAdvise #Kidding #BitcoinBillionaire
YouTube is Working On An AI Music Tool So that Creators Can Use Famous Artist Voices In Their Content
YouTube wants to let you use the voices of famous artist with their new AI tool. YouTube is cooking up an AI tool that could soon let content creators star alongside their favorite artist. Negotiations are still in full swing with record labels. YouTube is eager to get the rights to use songs to teach their AI how to mimic musical legends, but they're moving very carefully. When OpenAI sprung into the scene they got in into some hot water with authors, so YouTube wants to those hurdles and pull this off without too much commotion.
Regardless, labels and artist alike are worried about their likeness being used in ways they would not approve. 🎵🚫
Initially, YouTube planned to beta test this tech, but it seemed some artists were hesitant. I mean what true artist would want their voice used for who-knows-what and by who knows who!
Well despite the cloudy skies, there's a glimmer of hope. and its a called CASH!!!! That’s right nothing says use my likeness to make a cat music videos better than cold hard CASH!!! 💰💰💰
YouTube might just give a lump sum to record labels and let them sort out how to share it among the songwriters and artist.
There's some optimism that these AI models can open new doors for creative expression, but record executives are not feeling super comfortable. They see AI as a possible rival that could upend their entire business model.
So, a world where you can sing a duet with Freddie Mercury or create a track with Prince, is a world I am not sure I ready to deal with yet!
But as they old saying goes, “You can welcome AI with open arms, or resist AI with all of your might…..
it’s going to run over you! 🤷🏻
ANOTHER CRYPTO RESET
From Partners in Crime to Key Witnesses
Less than a year ago, in sunny Bahamas, SBF and his partners in crime were living the high life. They had it all: a burgeoning crypto empire and a $30 million penthouse with all the glitz and glamour.
But as fate would have it, the crypto bubble burst and FTX imploded. Sam and his friends were all eventually arrested and are now facing serious charges.
So the three musketeers, Caroline Ellison, Gary Wang, and Nishad Singh, are now singing like canaries, revealing everything they know about SBF's alleged crimes.
Caroline Ellison, the ex-girlfriend of SBF and once the CEO of Alameda Research, isn't holding back. She's pointed fingers, testifying that Bankman-Fried directed her to commit fraudulent acts, including sending "dishonest" financial information to lenders and investors.
Facing seven criminal charges, Ellison could be sentenced to up to 110 years in prison.
Gary Wang, the tech wizard who translated Bankman-Fried's dreams into code, admitted to some code tweaks that allowed Alameda Research to siphon up to $65 billion from FTX customers without their knowledge. Wang pleaded guilty to four criminal counts and potentially faces 50 years in prison.
As for Nishad Singh, he described his loss of faith in his boss. He considered quitting but stayed on, thinking he'd be a 'fall guy' if he left.
He confessed to participating in money laundering and violating campaign finance laws, and that he had written the code enabling Alameda to take tens of billions of dollars from FTX. Singh, who faced his own inner struggles during the collapse of FTX and Alameda, could be sentenced to 75 years in prison.
The Trial concluded last week with a significant revelation. Can Sun, the former General Counsel of FTX, testified that he "never approved" the lending of customer funds to FTX's sister company, Alameda Research.
This testimony marked one of the most eventful moments in the trial.
The trial will resume this coming Thursday, with the defense expected to present its case. 🍿🍿🍿
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DISCLAIMER: 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 or investments. Please be careful and do your own research.