BREAKING: JPMorgan now expects Bitcoin to outperform every major asset class over the next 10 years in its base case. It is the first time the bank has put a 10-year return projection on BTC. JPMorgan says Bitcoin could hit $386,000 in 10 years in a bull case. Its base case is 10% a year from $83,000, about $215,000. That is higher than US stocks (7.5%), US bonds (5.6%), gold (5.5%) and private equity (9.8%).

JUST IN: 🇺🇸 GTA 6 could cost the US economy $1 billion in a single day as up to 1.5 million Americans are expected to take the day off to play.

How do you internet?

The numbers behind the US-Venezuela oil deal: Venezuela has now confirmed that the agreement covers 65 billion barrels of oil across 17 fields, with the US receiving "majority control." At current WTI crude oil prices of ~$83/barrel, those reserves have a gross market value of ~$5.4 trillion. Reports indicate the deal includes 100-year rights to develop the fields, while the US will receive 55% effective output, along with an ownership stake and rights to purchase oil at cost. At 55%, that would correspond to ~35.8 billion barrels of effective output. At today’s oil prices, that amount of crude alone has a gross market value of ~$3 trillion. That said, Venezuela primarily produces heavy, sour crude, which typically trades at a meaningful discount to benchmark oil prices and requires more expensive production, blending, and refining. Even assuming an illustrative $25-$35 of net economic value per barrel after discounts and development/operating costs, ~35.8 billion barrels could represent up to ~$1.25 trillion of cumulative economic value over the life of the fields. This includes a $100 billion investment to develop these fields, while Venezuela estimates the projects will generate $209 billion in tax revenue for the country. This is one of the biggest energy deals in history.

12 years ago today, Hal Finney died. He received the first Bitcoin. He ran the code when almost nobody cared. He kept building while ALS took his body. We stack because men like him started. Running bitcoin. Rest in peace, Hal.