Cash App Goes All In on Bitcoin as Money
Once you’ve been through a couple of bear markets you notice that you care less about price action and more about what’s happening in the background and that many, many people prefer to build during the bear markets and seem to actually look forward to this time.
Cash App, with 57 million customers just built a major rail just for Bitcoiners.
First off they announced 0 Fees and 0 Spreads on Bitcoin purchases over $2000. Withdrawal limits increased by 5x for eligible customers. Expanded funding rails to support larger purchases.
Cash App’s press release didn’t mince words either.
They said Bitcoin “works when it moves easily, when people can rely on it day to day, and when it fits naturally into how they earn, save, and spend... not when it sits idle as an asset.”
That’s a direct shot at the “digital gold” narrative.
Cash App isn’t building for HODLers.
They’re building for people who want to get paid in Bitcoin, spend Bitcoin, round up spare change into Bitcoin, and move it to self-custody when they’re ready.
This is Block (formerly Square), Jack Dorsey’s company, building what they think is the future of money and Dorsey is a massive fan of Bitcoin as well.
They’ve already got Bitcoin direct deposit with no fees, a Bitcoin Map for finding merchants who accept it and auto-conversion from dollars to Bitcoin and integration with Bitkey for self-custody.
They’re building for a Bitcoin world and making it easier for the consumer to live in it.
📈 Thesis Impact: Network Effect
The “Age of Speculation” Is Dead. Good.
Galaxy Digital CEO Mike Novogratz stood on stage at the CNBC Digital Finance Forum on Tuesday and said something that made a lot of people uncomfortable.
“The age of speculation may be over.”
Crypto Twitter predictably lost its mind. “Novogratz is bearish!” “Galaxy’s CEO just called the top!” “He’s turning on us!”
No. He didn’t. And if you actually listen to what he said, it’s one of the most bullish things anyone’s said about Bitcoin in months.
Here’s the full picture. Novogratz said retail investors got into crypto because they wanted “30-to-one, 8-to-one, 10-to-one” returns.
Which by the way if you believe like I do that the Million Dollar bitcoin is an eventuallity then with the prices hovering around the $70,000 range you would still get 14X returns.
That era is fading and institutions with different risk tolerances are taking over. The crypto rails that powered speculation are going to be “transposed or replaced” to bring banking and financial services to the whole world through real-world assets.
And when Novogratz was asked about the CLARITY Act, the crypto market structure bill that’s been stuck in Congressional limbo he dropped this gem: “I talked to Chuck Schumer two nights ago and he said, ‘We’re going to pass the goddamn CLARITY Act.’”
Democrats want it. Republicans want it. The only question is when.
The “age of speculation” ending isn’t bearish.
It’s what happens right before an asset goes from “interesting bet” to “foundation of the global financial system.”
Gold went through the same transition. So did equities. So will Bitcoin.
🚀 Thesis Impact: Institutional Adoption
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ETFs Snap Losing Streak. ARK Led the Charge.
After weeks of outflows, liquidations, and fear readings in the single digits... Bitcoin ETFs quietly posted $166.5 million in net inflows on February 10th.
ARK’s ARKB led the way with $68.5 million. Fidelity’s FBTC pulled in $56.9 million. Even BlackRock’s IBIT added $26.5 million.
This wasn’t just Bitcoin either. Ethereum ETFs saw $13.8 million in inflows. Solana ETFs added $8.4 million. XRP spot ETFs brought in $3.26 million. Across the board, institutions stepped back in.
Now... context matters here because one day of inflows doesn’t reverse a trend.
Bitcoin is still down 47% from its October high. The Fear & Greed Index is still in “extreme fear” territory and as CNBC reported today, Bitcoin dropped back to around $66,000 after briefly recovering above $70,000 last week.
But here’s what I keep coming back to.
Net outflows from Bitcoin ETFs since the crash total roughly $7 billion which sounds bad until you realize total AUM was over $130 billion.
That’s a 5% outflow against a 47% price decline.
Which means most ETF holders didn’t sell. The decline in AUM is overwhelmingly from price drops, not redemptions.
As Bitwise CIO Matt Hougan pointed out this week, the actual sellers are long-term crypto holders who’ve been in for 15 years trimming positions.
On the other side? Financial advisor channels have been buying the dip.
Two different markets inside the same product. Fast money trading the next month versus long-term allocators investing over 4-5 years. And the long-term money is winning the patience game.
📈 Thesis Impact: Institutional Adoption
The Power of Showing Up Every Day
Cash App removes fees and builds for a world where people live on Bitcoin. Mike Novogratz declares the speculation era dead and points to institutional infrastructure as what comes next. And ETFs snap a losing streak with $166.5 million in fresh capital... even as Bitcoin sits 47% below its all-time high.
The people screaming on Twitter about the death of crypto?
They’re the speculation era.
The people building zero-fee Bitcoin rails for 57 million users, passing regulatory frameworks, and quietly accumulating during extreme fear?
They’re the infrastructure era.
Every bear market in history has looked like the end and the very early ones may have well been but people stayed… they built… and we are the ones who get to reap those benefits and build upon them for future generations.
In the meantime, go outside and touch some grass. I’ll see you tomorrow.
Anthony
P.S. If you haven’t ordered “The Million Dollar Bitcoin” yet, do it now. This newsletter gives you headlines. The book gives you the complete thesis. Available on Amazon right now. Start reading today when it can still change your tomorrow, not “someday.”