CFTC Commissioner Caroline Pham expressed support for cryptocurrency by criticizing the SEC’s enforcement approach. The following is an important statement, as crypto industry leaders including Sam Bankman Fried are calling for clearer regulatory guidance.
Crypto-Focused Portfolio Update
Ethereum Name Service’s (ENS) Amazon domain name has received an anonymous bid of $1 million, equal to 667 Ethereum. This data is from OpenSea, an NFT marketplace where the domain name was purchased at one time for 33 Ethereum. If this holder accepts the current offer, they will generate a return of 1,930% for this purchase.
ENS is an open-source DAO (decentralized autonomous organization) that registers Ethereum blockchain addresses and converts them into readable human text. This text links readable names to blockchain and non-blockchain locations such as website URLs that can be bought and sold as NFTs (a domain marketplace like GoDaddy in the traditional web world).
Without domain name service (DNS), traditional web browsing would be much different today. Before domains, to access a website you would have to enter the full IP address of the site you wanted to visit.
This often looked like: 56.253.919.211……
ENS is building this domain name experience for the next iteration of the web powered by Ethereum—a web where users own more pieces of digital property instead of creating valuable data and owning no piece of it.
ENS is now registering hundreds of thousand ENS Ethereum domains per month.
Why is interest in Ethereum domains spiking? Scarcity.
I prefer to focus on scalable B2B software businesses. Web3 companies and developers are buying ENS domains to register their business, website, and future applications.
Despite cryptocurrencies declining in price, developers are still actively improving the ecosystem to deliver a better experience to their users.
Remember, these ENS domain names cannot be hacked or destroyed. They are stored and secured by the Ethereum blockchain, a massive open ledger that keeps a permanent record of the activity that is verified by third-party validators.
ENS is providing a way for businesses to set up shop on the Ethereum network.
Ethereum (ETH)
All ETH-based projects are leading the next cryptocurrency bull market. This includes our recommendations of ETH, ENS, and MATIC.
Why is this the case? Ethereum is a platform technology. Investors view this ecosystem as safer and far more investible from a longevity standpoint.
ETH is not a one-trick pony that will evaporate once users lose interest. The Ethereum blockchain powers almost the entire cryptocurrency ecosystem and they are about to launch a massive network upgrade.
Bitcoin (BTC)
We have recommended gaining exposure to Bitcoin through the ProShares Bitcoin ETF (BITO).
As the chart above shows, BTC is 4x more volatile than gold but shares similar investment properties. Investment Bank JP Morgan has a $150,000 current long-term price target issued for Bitcoin. Consensus estimates peg current fair value around $40,000. This represents upside of more than 100% based on where BTC is trading today…
Polygon (MATIC)
The world’s largest companies are turning to Polygon for Web3. Just last week Disney announced that it has chosen Polygon for their accelerator program focused on AI and new technology.
As a result, MATIC has been on a significant hot streak as the price has rebounded significantly, over 100%. It pays to stay patient.
MATIC allows developers to build scalable custom blockchain solutions for companies. Polygon makes it possible to reconcile speed and security while remaining on Ethereum.
Over the past week we have seen several wallets purchase millions worth of Polygon (MATIC) following the announcement from Disney.
Watch List
CrowdStrike (CRWD) – end-to-end, tier-one, cyber security company offering services to three quarters of the Fortune 500.
ProShares Short Bitcoin ETF (BITI) – potentially useful as a future hedge against our long portfolio.
Block, Inc. (SQ) – peer-to-peer Cash App solution provider that allows participants to send currencies including crypto. SQ also has a B2B focused payment processing engine.
Helium (HNT) – decentralized blockchain network for internet of things devices (IOT). Users who operate Helium hotspots mine and earn rewards in Helium’s native cryptocurrency, HNT.
Avalanche (AVAX) – competing layer one blockchain solution to ETH with 6,500 transaction per second capacity.
Bored Ape Yacht Club (APE) – token for the growing community of creative digital content like Pixar.
Crypto Portfolio
| Ticker | Initial Weight | Price | Price at Rec | Performance | Rating |
| ETH | 15.0% | 1,513.01 | 3,444.22 | -56.07% | BUY A QUARTER |
| ENS | 2.50% | 12.80 | 10.22 | 25.24% | BUY A HALF |
| MATIC | 1.25% | 0.82 | 0.678 | 20.94% | BUY A QUARTER |
| APE | — | 6.20 | — | — | WATCH |
| SOL | — | 38.25 | — | — | WATCH |
| HNT | — | 8.97 | — | — | WATCH |
| STEPN | — | 0.96 | — | — | WATCH |
| AVAX | — | 21.67 | — | — | WATCH |
Equity Portfolio
| Ticker | Initial Weight | Price | Price at Rec | Performance | Rating |
| ProShares Strategy Bitcoin ETF (BITO) | 2.50% | 13.61 | 25.93 | -47.51% | BUY A QUARTER |
| Arista Networks (ANET) | 2.50% | 103.72 | 105.00 | -1.22% | BUY A QUARTER |
| Nvidia (NVDA) | 2.50% | 179.24 | 188.20 | -4.76% | BUY A QUARTER |
| Okta Inc. (OKTA) | 2.50% | 99.14 | 95 | 4.36% | BUY A HALF |
| Block Inc. (SQ) | — | 71.43 | — | — | WATCH |
| Concord Acquisition (CND) | — | 10.01 | — | — | WATCH |
| CrowdStrike (CRWD) | — | 182.62 | — | — | WATCH |
| Galaxy Digital (GLXY.TO) | — | 6.72(CAD) | — | — | WATCH |
| ProShares Short Bitcoin ETF (BITI) | — | 36.47 | — | — | WATCH |
| Unity (U) | — | 35.54 | — | — | WATCH |