Cathie Wood: Bitcoin is Digital Gold 🪙

GM. This is Degen Scoop. It’s Monday, here’s what went down over the weekend:

• Cathie Wood: Bitcoin is Digital Gold 🪙

• MEV Bot Steals $700K From User ⌨️

• OpenSea Announces Changes & Layoffs 🖼️

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Cathie Wood Praises Bitcoin As Digital Gold, Preferable to Traditional Assets

Cathie Wood, the CEO of Ark Invest, once again has spoken about her optimism about Bitcoin. Wood believes that it’s a versatile hedge against both inflation and deflation amid the evolving economic landscape. We believe that 2022 killed the “inflation hedge” narrative for Bitcoin, but remain bullish on crypto.

In a recent interview, she asserted her preference for Bitcoin over traditional assets like gold or cash for the next decade. Wood contends that Bitcoin's recent surge in value stems from its resilience against deflation, emphasizing the transparency of blockchain and lack of counterparty risk.

While iconic figures such as Warren Buffett, Jamie Dimon, and Bill Gates have expressed skepticism about Bitcoin, Wood remains steadfast in her belief, describing it as the "digital gold" of the future. According to an ARK report, Bitcoin is anticipated to reach a staggering $1.48 million by 2030, representing a remarkable 4,252% increase from its current price.

User Loses $700K To Fat-Finger Mistake & MEV Bots

In a recent Uniswap transaction, a user mistakenly added $1.56M worth of wrapped BTC to a liquidity pool significantly above the market value, but was gravely mistaken.

The user received 1.56M CRV, which was only valued at around $850,000, eating nearly a 50% loss instantly. This error led to a loss of over $700,000 within 12 seconds, as MEV bots swiftly exploited the arbitrage opportunity.

Despite the bots' attempts, the most successful one only made a profit of around $260 after paying a substantial bribe to validators to prioritize its transaction. Such "fat finger" errors, are not uncommon in the crypto space and continue to happen to seemingly smarter ecosystem participants.

Opensea Announces Changes For Opensea 2.0 & Layoffs

On Friday, Devin Finzer, the CEO of Opensea, wrote a small thread detailing some “big changes” that would be coming to the NFT exchange in order to pave the way for Opensea 2.0.

Opensea was the incumbent NFT marketplace and dominated the sector until Blur launched. Blur offered better features and token incentives and eroded Opensea’s monopoly and has yet to heal from this.

Alongside this, Opensea will be laying off some of its work force to “innovate faster” and likely reduce their overhead. If there is one lesson to learn from this, it’s that users love tokens. Blur isn’t a perfect platform, but monetary incentives is what brings the users at the end of the day.

The BIGGEST NFT Sales Over the Weekend:

Notable Threads You Might Have Missed:

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.