Bitcoin beats the banks 🚀

“The only place success comes before work is in the dictionary.”

— Vince Lombardi

👋 GM, Rallie here. The newsletter that makes your Thursdays feel like a Friday. Who's ready for the weekend!?

On the menu:

• 🚀 Bitcoin beats the banks

• 🗞️ Headlines that hit

• 🔑 Refresh: Key money functions

• 💯 Top tweets

The Rallie Recap

📈 Bullish for bitcoin? In the midst of a banking crisis, bitcoin is booming, and experts think the OG of crypto could reach record heights this year.

• To the moon! Bitcoin, the world's biggest cryptocurrency, is up nearly 70% year-to-date after smashing past $28K USD earlier this week.

• So why has the price of bitcoin surged? Well, industry experts believe that the recent gains are due in part to how well it's performed despite all the banking turmoil triggered by the collapse of Silicon Valley Bank, the failure of crypto-friendly lenders Silvergate Capital and Signature Bank, and the bailout of Credit Suisse. 

• And bitcoin supporters, who often refer to the asset as 'digital gold', think that these recent gains are just the beginning, as more and more investors see the asset as a secure store of value, a hedge against inflation, and a stable alternative to a fractured financial system.

• Marshall Beard, Chief Strategy Officer at crypto exchange Gemini, thinks bitcoin could rally another 250%+ this year, saying, “I think bitcoin probably breaks all-time highs this year,” adding that the $100K USD price figure is an “interesting number.”

Hey, the charts don't lie. Right now, bitcoin is beating the banking crisis.

Headlines That Hit

• 🫠 On Wednesday, US Federal Reserve Chair Jerome Powell, announced another interest rate hike of 25 basis points for the ninth time in a row. Shocker.

• 🪧 Let them influence! Dozens of creators took to Washington to protest a potential US-wide TikTok ban a day before CEO, Shou Zi Chew, is scheduled to testify in Congress about the app.

• 🦄 Canva, the unicorn company and popular design platform, is introducing a suite of brand management products and AI-powered tools, and as a longtime loyal customer, we're jazzed about it.

• 🎥 Get your popcorn ready. Apple plans to spend $1B a year on theatre film releases and it sent movie theatre stocks soaring.

• 📉 TheSkimm released their annual State of Women Report, and the findings don't exactly have us jumping for joy...

Rallie Refresh: Key Money Functions

💰 Money, money, money...the one thing we can never get enough of. But what makes it actually worth something?

Money has taken many forms through the ages, but it consistently has three key functions that make it sound: store of value, unit of account, and medium of exchange. These traits allow money to maintain its value, act as a common measure of worth, and facilitate transactions. Let's review:

1. Store of Value: Money should hold its value over time, not be subject to significant fluctuations, and should be a reliable and stable store of wealth that can be held and used in the future.

2. Unit of Account: Money should be able to serve as a common measure of value for goods, services, and assets, and provide a standard unit for pricing and accounting. 

3. Medium of Exchange: Money should be widely accepted as a means of payment for goods and services. It should facilitate transactions by providing a convenient and efficient means of exchange, that allows individuals to swap goods and services without the need for bartering or direct trade.

🤔 Why is this important? Well, for a few reasons...

• The combination of these three traits contribute to the value and desirability of a currency–ultimately, the more effectively a currency can perform these functions, the more valuable and useful it is perceived to be as it has major impacts on an economy's growth, stability, and prosperity.

• A stable and reliable currency promotes trust and confidence in the economy, while a volatile or unstable currency can undermine it.

• The functions of money also provide a framework for evaluating and comparing different types of currencies, and for understanding the role of central banks and monetary policy in managing the economy.

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That's all for today. Stay hungry & we'll catch you next time. ✌️

DISCLAIMER: This is not 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.