2023-05-05

🤲 Iron Man, Hands Out and, Tiny Things

May 05, 2023

Howdy folks,Well, that’s another week done; hope you all survived!

Let’s get straight into today’s juicy morsels.

🤖 Dorsey Is Iron Man!
🤲 Voyager Creditors May Get Something Soon
🔸 Tiny Things Make a BIG Difference For BTC

🤖 Dorsey Is Iron Man!

Block's Q1 earnings report resembles the incredible success of a Marvel superhero blockbuster, with its flagship product, Cash App, soaring high.

Owned by Twitter founder Jack Dorsey, the fintech firm generated a jaw-dropping $2.16 billion in revenue from Cash App in Q1.

The shareholder letter announcing Q1 2023 earnings revealed that Bitcoin revenue was up 18% from Q4 and 25% from Q1 2022.

Nice! 👍

Much like Tony Stark's cash reserves, Cash App's total profits reached over $931 million, marking a 49% year-over-year increase.

While increased Bitcoin sales drove the multi-billion-dollar Bitcoin revenues to customers, the market price of Bitcoin slightly offset the gains.

Obvs! 🙄

Nevertheless, the fintech firm's earnings per share of 40 cents surpassed analysts' expectations of 35 cents per share by 14%.

🤲 Voyager Creditors May Get Something Soon

In a scenario reminiscent of Oliver Twist, creditors of the bankrupt crypto brokerage Voyager Digital find themselves asking for "more" as they anxiously await the return of their funds.

Like Oliver's desperate plea for more gruel, the committee of Voyager creditors looks to the final stages of the company's bankruptcy liquidation procedures to satisfy their needs.

The Voyager Official Committee of Unsecured Creditors (UCC) announced their hope that initial distributions would begin within the next few weeks following Binance US's decision to abandon its acquisition deal. CZ works in mysterious ways. 🤯

The Fagin-like twist of fate left creditors wondering if their investments would ever be recovered.

But like a ray of hope in Dickens' dark tale, Voyager's restructuring plan includes a "toggle option," allowing the firm to pursue self-liquidation and distribute cash and crypto directly to customers via the Voyager platform.

If no objections are filed within ten days, Voyager's plan will go into effect.

Fingers crossed. 🤞

But if an objection arises, a hearing will be held to consider the objection before the liquidation plan can proceed.

With a staggering 97% of the 61,300 Voyager customers voting in favor of the court's restructuring plan, the creditors' story mirrors that of Oliver Twist – a tale of hardship, hope, and the pursuit of a better outcome in the face of adversity.

🔸 Tiny Things Make a BIG Difference For BTC

In a scenario that evokes the classic tale of "The Little Engine That Could," the introduction of BRC-20 tokens has brought an unexpected surge of activity to the Bitcoin blockchain.

Despite representing only a tiny fraction of Bitcoin's market cap, these diminutive tokens have managed to push daily transactions on the network to an all-time high of 682,000.Boom! 💣

Just like the small engine that valiantly chugged up the mountain, BRC-20 tokens have demonstrated the power of persistence and innovation in the face of challenges.

With their roots in the Ordinals protocol, these tokens have breathed new life into the Bitcoin ecosystem, which has typically been valued for its stability.

Out of acorns, Oak trees grow! 🌳

And while there may not be much that people can do with BRC-20s at the moment, their impact has already been felt as developers continue to explore their potential and build on the Bitcoin infrastructure that has driven much of Ethereum's success.

As the story of "The Little Engine That Could" shows, even the smallest things can significantly impact when they believe in their abilities and push forward with determination.