Today’s edition is brought to you by Ambire - the Web3 wallet that makes self-custody easy and secure!

Check out what else they’re cooking

GM. This is Milk Road, where each edition is like a Lay’s potato chip.

(You can’t stop at just one).

Before we start, a quick reminder that Milk Road does NOT have a token. 

If you receive an email that looks like this 👇 avoid it like the plague! (That ain’t us).

Here’s what we got for you today:

THE NEXT SPACE RACE WILL HAPPEN ON THE BLOCKCHAIN 🚀

Ever wage reverse-psychological warfare on your younger cousins?

We used to tell our little cousin Tim that his brother Frank’s favorite thing was to fetch us cans of Coke from the basement while we played video games…

Almost immediately Tim wanted to ‘copy’ Frank and do the same.

(Then the next time Frank was in ear shot, we’d run the same playbook on him).

Either way, we’d win.

We see similar dynamics forming in what’s looking to become a ‘race for Bitcoin supremacy’ between Russia and the US.

Once one of them is convinced by the wider Bitcoin community to adopt a Strategic Bitcoin Reserve (SBR if you’re nasty), the other will want to follow suit and stay competitive.

Either way, existing Bitcoin holders will win.

Good news is, this game of nation-state-copy-cat between the US and Russia is already in its early innings.

It began like this…

👉 US Senator, Cynthia Lumis, proposed a US SBR at Bitcoin Nashville in July → Trump embraced it a few hours later…

Russia spent 6 months or so mulling over its next move, and now…

👉 As of yesterday, a Strategic Bitcoin Reserve has been proposed in Russia.

And within a few hours of that announcement, we get…

👉 Pennsylvania and Florida announcing proposals/intentions to create their own SBRs at the state level.

$700M from Pennsylvania? Not bad!

The hints that $1.85B will be invested by Florida? Even better.

👉 And all of this helps to stir nation state FOMO, incentivizing others to try and gain the first mover advantage…

Next question…

👉 Who’s going to jump onboard first? Don’t know, don’t care. 

All that matters is that one super power does so at some point. Once that happens, the others will be incentivized to compete.

This is the crux of the ‘game theory’ everyone often points to. 

Bitcoin cannot be snuffed out by a single nation (China has tried). So if one adopts it, the only logical way to compete is for others to adopt it at a faster rate.

(It’s Tim and Frank all over again).

Do we think we’ll see a Strategic Bitcoin Reserve in the US, Russia, or even China (like Tony Scaramucci does) within the next year?

No, probably not. This adoption will likely happen at the speed of government.

But once that dam breaks…things are going to get WILD!

(And that’s something worth waiting for.)

PSA: STOP USING LEVERAGE 🤦‍♂️

We said it the morning after we got drunk on wine coolers and challenged the party clown at our nephew’s 5th birthday party to a wrestling match… 

And we said it again this morning… 

What the hell happened yesterday?

(👆 No, you’re not having deja vu. We used that exact intro in last Friday’s newsletter).

The article went on to talk about the massive pullback we witnessed the day before, where $564M worth of $BTC was liquidated from the markets, while altcoins held relatively strong…

Yeah, well – it just happened again. But this time, altcoins didn’t hold so strong.

This was the largest liquidation event we’ve seen since 2021! 👆

So why rehash such a similar story? As a reminder to not f*ck this up.

After last week’s leverage flush out (aka: the forced repaying of crypto loans taken out to trade in higher amounts) – we already saw traders pile back into the market, taking out EVEN MORE loans than before.

Meaning those that got wiped out last Thursday were already levered up and ready to get rekt again come Monday.

(Live footage of leveraged traders these past 5 days 👇)

Losing money at that kind of velocity is a great way to lose everything.

So, PSA: 

The time for leverage has passed. 

This volatility isn’t about to ease – if anything it’s about to increase (and with it, your chances of getting liquidated on leveraged positions will sky rocket).

Do not – and I cannot stress this enough – f*ck this up.

MILK ROAD PRO PORTFOLIO UPDATES 📊

There was $1.72B worth of liquidations yesterday? Yikes! Time for a wellness check on our portfolio…

Like clock-work, every Tuesday, we’re here to share our updated list of investments from the Milk Road PRO Portfolio. 

Disclosure: We are not a day trading portfolio so don’t expect a high volume of trades. Read our “How to build a crypto portfolio in 2024” report to learn more about our portfolio strategy.

Portfolio performance 📉

The Milk Road PRO Portfolio saw a slight decrease over the past 7 days. Our portfolio value is at $136K, down 0.16% since last week.

What a dip today! But when you look at the weekly trend, you'll see we're still holding steady at the same levels as 7 days ago. 🥳

The bigger picture always tells a clearer story. If you're not a trader, try zooming out instead of stressing over daily drops.

Even during a bull run, it’s not all straight up—corrections happen and are completely normal.

The market is waiting for November’s U.S. inflation report on Wednesday, which could influence Fed policy. CPI is expected to rise slightly to 2.7% from October’s 2.6%. 

Let’s see what happens tomorrow and if it changes the expectation of 1 rate cut next week. PS: Probably not!😉

Portfolio changes 👀

BITE-SIZED COOKIES FOR THE ROAD 🍪

Ledger drops a sleek new product. With bluetooth connectivity and a Kindle-like touchscreen, Ledger Stax shouts premium. Honestly, I wish someone got me this for Christmas.

MARA Holdings just scooped another $1.1B in Bitcoin. MARA is following Microstrategy’s playbook by raising money with zero-coupon convertible notes. The Saylor strategy is still going strong.

$USDT is now an accepted virtual asset in Abu Dhabi Global Market (ADGM). We going mainstream baaaaaby.

Magic Eden just dropped its token, $ME. Will the airdrop from one of the largest NFT marketplaces bring back the NFT craze? Maybe. But we wouldn’t bet the farm on it.

We’re looking for an SEO specialist to join our team! The best part? That’s just one of the 5 open roles waiting for you. Check out if the roles fit your vibe.

Bitcoin dominance is sliding downwards over the last year. Yep, we’re inching closer to the all-glorious banana zone. The lower it drops, the better it is for altcoins.

MILKY MEMES 🤣

RATE TODAY’S EDITION

ROADIE REVIEW OF THE DAY 🥛

VITALIK PIC OF THE DAY

DISCLAIMER: None of this is financial advice. 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. Please be careful and do your own research.