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 * $100k Bitcoin in 2024 Post-Halving?


$100K BITCOIN IN 2024 POST-HALVING?

Alpha
April 19, 2024




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∆ TECH IN THE NEWS

U.S. x UAE Tech Deal - Microsoft will invest $1.5B in UAE tech giant G42. The
deal was made "in close consultation" with the two nations’ governments and
includes a $1B UAE AI developer talent fund.

TED: "A Digital Species" - AI pioneers took to the TED stage this week to
discuss AI optimism, including DeepMind CEO Demis Hassabis, Microsoft AI exec
Mustafa Suleyman, and Investor Vinod Khosla.

Dynamic Humanoids - Boston Dynamics unveiled its new hyperflexible, All-electric
Atlas humanoid robot to replace the retired hydraulic model. A startup also
revealed the "MenteeBot" that “uses AI across its operations” to learn.

Llama 3 Arrives - Meta is adding a free chatbot powered by its latest multimodal
LLM accessible via the search bars of Facebook and its other apps.

Chipping Away - The U.S. will award up to $6.1B in CHIPS Act grants to Micron to
help build semiconductor factories in New York and Idaho.




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THE HOTTEST THING IN TECH THIS WEEK


WHY DOES TODAY’S BITCOIN HALVING MATTER?

The fourth-ever Bitcoin Halving is set for 19 April 2024, 22:10 UTC. This
“halving” event means Bitcoin's transaction “mining” reward is cut in half,
which reduces the rate at which BTC is introduced into the market thus lowering
the available amount of new supply. In theory, this sounds like a recipe for
“up-only” prices. Historical trends tend to agree but not all analysts are
convinced.

BTC analyst and inventor of the “Stock-to-Flow Model” PlanB claims all BTCs
price increases have occurred following previous halvings and thinks this
halving will NOT be any different, predicting: “BTC > $100k in 2024 and BTC top
> $300k in 2025.” Research and brokerage firm Bernstein say Bitcoin mining CEOs
also remain 'upbeat' ahead of this week’s halving event, expecting BTC to resume
its bullish path post-halving and expecting a mining market consolidation
favoring larger players like CleanSpark, or Marathon.


SELL THE NEWS?

However, some analysts believe this time IS different. Goldman Sachs suggests
current economic conditions, with high inflation and interest rates, might
disrupt the historical pattern. They believe the supply-demand dynamic and
growing Bitcoin ETF interest will be more significant factors in medium-term
price action. Bitcoin is a relatively young asset, thus all previous halvings
have occurred after 2008 in a macro bull market with high money supply and low
interest rates, favoring risk-off investments. Goldman advises caution against
assuming the same price surge will happen again in prevailing macro conditions.
Coinify CEO Rikke Staer also suggests the halving is a "sell the news" event.


BILLIONS IN SPECULATIVE TVL

What are traders doing? Bitcoin ETF products saw net outflows of $82.5M last
week and digital asset markets experienced over $1.5B in long liquidations,
suggesting many insiders are sensing the post-halving bump has already been
priced into the massive surge in BTC in 2023 and 2024. However, in the halving
lead-up retail investors are still depositing billions into speculative
investments including Merlin Chain, a non-operational Bitcoin layer 2 which has
attracted over $3B of BTC due to its support for Bitcoin NFTs like Ordinals,
Runes and BRC-20 memecoins. This is larger than the biggest Ethereum L2
Arbitrum.

MISSED THE BITCOIN BOAT? OTHER WAYS TO GET CRYPTO EXPOSURE:

 * [Mining Startups] California Bitcoin Mining Equipment startup Auradine closed
   a $80M Series B from StepStone, Top Tier, & MVP.

 * [World Chain] An Eth L2 by Sam Altman’s Worldcoin project. 

 * [Crypto Fund] Colorado-based long-only liquid crypto fund (True Code)
   currently raising $100M in IRA investments to deploy this cycle.

“Caution should be taken against extrapolating the past cycles and the impact of
halving, given the respective prevailing macro conditions…”

― Goldman Sachs, recent note to clients





JOB CANDIDATES (FOR EMPLOYERS)

Looking for Talent? Reach if you are hiring and would like a ‘Warm Intro’—>
jobs@thetech.buzz.

 1. Sr Product Ops Manager at Cruise, Kellogg MBA. Ex-Tech Mahindra Global
    Product Manager, ex-Mahindra & Mahindra Head of Ridesharing. EV mobility
    expert.
    
    

 2. QuillBot Full Stack Engineer, developed Chrome extension with 3M DAUs.
    Expertise in TypeScript, React, Node.js, and AI. Ex-Intouch Group SDE
    Intern.

Want to be Featured? Join our Tech Buzz Talent Pool to match to top jobs in tech
» apply here




DEALS WE’RE WATCHING

Founders to Watch and Opportunities to Catch


OPEN DEALS:

Looking to invest? Let us know if you want a warm intro —> invest@thetech.buzz

 1. Nanocomposite materials for Robotics - Alb., NM - Creating resilient
    nanocomposite materials for extreme environments using precision machining
    and robotics. Raised >$12M undiluted funding via federal government
    innovation R&D contracts. $3M in federal contract pipeline. (Seed)
    
    

 2. Biometric Firearm Security - Colorado - Advanced safety through biometric
    technology. $ Millions sold in pre-orders already. >$25M raised so far.
    (Series A)

Raising for your startup? Send us your Open Round —> invest@thetech.buzz




CLOSED DEALS:

AI-Enhanced Server Tech - Santa Clara startup Rivos raised a $250M+ Series A-3
round from Intel, Dell, and Koch to develop Nvidia rivalling chips to enhance
data analytics and genAI applications. 

 $7.65B Valuation - Corporate Card Fintech startup Ramp raised a $150M Series
D extension “up round” led by Khosla and backed by Founders Fund to enhance AI
capabilities and explore acquisitions.

Healthcare Spatial Data - New York company Kontakt.io raised a $47.5M Series C
led by Goldman Sachs to track assets, people, and spaces in real-time.

AI ITOps Copilot - San Fran startup NeuBird raised a $22M seed round for its
Hawkeye AI DevOps co-workers for complex cloud-native environments.

Scaling Institutional DeFi Adoption - Centrifuge raised a $15M Series A for its
efficient, user-friendly, onchain fund management platform supporting opening
funds, RWA tokenization, and hosting tokenized funding rounds.


COMPANIES TO WATCH:

Rippling - Parker Conrad’s San Fran HR/payroll startup is in talks with Coatue
to raise at a $13.5B valuation (up from $11.2B PM 2023) and including $310M from
Founders Fund. ARR 2xd to $350M+ in 2023 and an IPO is on the cards.

Mercury - Startup-focused Silicon Valley neobank Mercury launched a consumer
product. Its’ customer base is up 60% and transaction volume up 90% by Jan.
2024, with 7 Quarters of cash flow & EBITDA profitability.

Cloud Consolidation - Cloud security startup Wiz is in talks to acquire another
rival, Lacework ($8.3B pmv in 2022 and ~$100M ARR ) for $150-$200M as it aims to
hit $1B ARR by its 2025 IPO.




THE FUNDING BUZZ

[OPEN FUND] Bay Bridge Ventures - The Berkeley ESG and sustainability-focused
firm is raising an inaugural $200M fund to invest in climate tech.

[OPEN FUND] Infinity Ventures - Palo Alto fintech VC firm raising $150M for its
2nd fund focused on multi-stage B2B fintech and commerce enablement.

Andreessen Horowitz - The Silicon Valley VC raised a massive $7.2B 
oversubscribed (above the $6.9B target) for five new funds, including a $3.75B
late-stage growth fund, $1.25B for AI infrastructure, and $1B for AI startups.

Evolution Equity Partners - The New York firm raised a $1.1B fund for
investments in early-growth-stage cybersecurity and AI/ML startups.

SOSV - The N.J. multi-stage deep tech VC firm secured $306M for its fifth and
largest fund to back deep tech in the climate tech and health tech sectors.

Share The Tech Buzz



TRENDING TOOLS AND BUZZY TECH


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Reka Core - 128k token multimodal model matches/beats leading LLMs.


TECH

Google - Infini-attention gives LLMs infinite context with the same compute.

DeepMind / Cambridge - Mini humanoid robots learn to play soccer.

Superfast Drone - Hypersonic 'rotating detonation rocket engine' trialled

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