5 Minute Crypto ⏳ - why ETH = $7200; Axie leads web3 games; why BTC bull market is back; 8 next narratives, and moar

Two Degens (resources, interviews, on all things crypto and some AI)

Howdy everyone — this is the 5 minute crypto update for Monday, June 5, hope everyone had a lovely weekend
Today we’ve got a ton to cover, I’ll go over it faster than usual, globalization, web3 gaming, ETH metrics, bitcoin halving, Bali, and more
Let’s do this like Buddhists
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Food for thought
https://conversableeconomist.com/2023/05/26/globalization-evolves-not-reverses/
-exports as a share of GDP have levelled off in recent years–while remaining near the all-time high. However, global flows of data and information are dramatically rising
-Roughly 20% of global economic output is exported (in value-added terms), FDI flows equal just 6% of gross fixed capital formation, about 7% of phone call minutes (including calls over the internet) are international, and only 4% of people live outside of the countries where they were born
Interesting stats on ETH network gas usage
Top was DEX trading at 26% of gas
Next at 12% was a tie between NFT mints and token transfers
https://twitter.com/AdrianoFeria/status/1663571657594683392
Nvidia has a P/E of 214
If ETH had the same P/E, its price would be $7200
https://twitter.com/iamzeroika/status/1664294156385280000?s=46
A few narratives that stood out to me
-Tokenized real world assets
-GambleFi
-Memecoins, to quote: “Funny logo ➩ low value ➩ get rich overnight ➩gamble.”
https://twitter.com/DappRadar/status/1663265129776005120
A lot of people counting Axie Infinity out, but according to DappRadar, it’s still the top blockchain game by 7d volume at $9.4M
https://www.onceinaspecies.com/p/655-bitcoin-indicators-suggest-bull
Another great piece from Jesse Myers Croesus BTC on why he believes we’ve entered the early phases of a Bitcoin bull market - and other analysts I respect largely agree such as Bob Loukas
“History doesn’t repeat itself, but it often rhymes. And it rhymes because humans behave in similar ways when exposed to the same set of conditions.”

https://blockworks.co/news/bali-pay-crypto-prohibited
According to Blockworks, Bali is apparently warning tourists against using crypto for any forms of payment
While licensed entities in Indonesia are allowed to trade crypto assets, crypto as a form of payment is still illegal
https://cryptohayes.substack.com/p/patience-is-beautiful
the net effect of US monetary policy is currently stimulative and the money printer is churning out more and more fiat toilet paper. And remember, this happens /because/ the Fed is raising rates to fight inflation. But if raising interest rates is actually increasing the money supply, then it follows that *raising interest rates actually increases inflation*.
he also predicts 3 things will happen
https://newsletter.mollywhite.net/p/andreessen-horowitzs-state-of-crypto
Always good to read your critics and she’s both funny and fair
https://twitter.com/definapkin/status/1656135765942841345?s=46
-there have been 3 halving - 2012, 16, and 2020
-expected next one is March 2024, reward drops from 6.25 to 3.125btc
-2012 - lasted 13 months, 90x increase, 2016 - 18 months, 29x increase, 2020 - 19 months, 12x increase
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That’s it for today! All the links are in the show notes. You can follow @twodegenspod on Twitter and subscribe for more!