Market summary: 📊
Crypto Market Cap
➡️ $1.76 trillion🔻 |
S&P 500 daily close: $4398, −1.89%🔻
Gold: $1832 per troy ounce, −0.57%🔻
January is turning out to be a tough month to swallow for investors, in any sector! Three straight months of negative price action for Bitcoin! These are tough times, I can feel the heat! We topped out at a $3 trillion market cap last November. We have $1.24 trillion💸 left in the markets, the weak hands are gone. I think we are going to hit a bottom at 29-30k for BTC, 1700 for ETH. Not financial advice, this is pure speculation.
While the market’s reboot itself, it’s the best time to learn and innovate in silence, that’s what is happening in the background, let’s dive in!
In today’s email - 📰
Tech v/s Banks
Turks flock to cryptos
Robinhood adopts Bitcoin, FTX partners with VISA, Global Crypto users around 300 million
Tech v/s Banks
Google has joined hands with Coinbase to integrate crypto wallets into their users. Now, Google has many resources at its service but they will probably start with the Google Wallet. IMO, Google already leverages its Wallet feature for Google Pay. With Google already in the race, Apple wouldn’t want to be left behind, the entire mobile industry is coming towards crypto!
If you look at the number of companies that have adopted crypto till now, the number just keeps growing. - Microsoft, Paypal, Visa, Mastercard, Twitter, Facebook, Google, —> all of these companies are working on new products integrated with crypto-tech. I haven’t even talked about NFTs yet!!! 😉
Blockworks @Blockworks_Brands that have embraced crypto so far: - Adidas - Nike - Warriors - Microsoft - Paypal - Visa - TIME - Tesla - Twitter - Ubisoft - Burger King - PSG - Budweiser - Sotheby's - Christie's - AMC - Shopify
Microsoft last week bought 45% stake in a gaming sector - Activision Blizzard, the company behind World of Warcraft, Call of Duty, Overwatch, Candy Crush, and many more. This was an all-cash deal for $68.7 billion! This is a bigger acquisition than LinkedIn!
"This acquisition will accelerate the growth in Microsoft’s gaming business across mobile, PC, console and cloud and will provide building blocks for the metaverse."
“Gaming is the most dynamic and exciting category in entertainment across all platforms today and will play a key role in the development of metaverse platforms."
-Satya Nadella, CEO Microsoft
Microsoft has realized the potential behind the Metaverse! Clubbed with NFTs, it’s a deadly combination. Every tech company is trying out products in this new genre and Microsoft has chosen Gaming! Google, Meta, PayPal, Twitter are more aligned towards crypto infrastructure products like - Wallets + Payments.
The Banks are not happy about the Tech industry joining hands with the Crypto. Since, crypto has a payment infrastructure, which runs on the internet, it literally makes banks obsolete. In the future, if Bitcoin becomes a people’s currency used by billions, Banks will be forced to adopt it, but they won’t be able to control it. The power of managing fiat currencies will go away, and this will put them out of business. Banks have had a monopoly over money for a long time and they will fight hard to break up big techs, use congress to pass more draconian laws against crypto but it’s a useless fight. Crypto is too big to fail. The countries that don’t adopt crypto will fall behind, that’s the damn truth!
Turks flock to crypto
Imagine living in a country with 20%+ Inflation. Lira is the currency in Turkey. Its value has dropped by 87% as compared to the US Dollar in the last 10 years.
The reality is Turkey has massive inflation due to bad monetary policies, run by corrupt government officials. What do the people do? They flock to cryptocurrencies because cryptos are an open monetary protocol, anyone can make a wallet, send crypto from one to another without any intermediate agency/banks/brokers! Cryptos run on the blockchain which removes the need for a middle-men.
I feel that people are more confident in Bitcoin than USD or EURO or Gold. Bitcoin is a liquid asset, easy to store and easy to transact with. People affected with bad inflation understand this problem.
President Recep Tayyip Erdogan has said a cryptocurrency law will soon be presented to parliament. He has said his government is engaged in a “war” against cryptocurrency. The governor of Turkey’s central bank, speaking to foreign investors last month, said he was “uncomfortable” with the amount of money flowing into crypto assets.
The rise in the use of digital assets can dampen the impact of monetary policy decisions and lessen official control of national currencies. China has banned both bitcoin and its creation, or mining, partly due to concerns that it would lose control of money flowing into cryptocurrencies.
The gig is up! We will start a new trend on this newsletter, fireworks every time a fiat-currencies dies :)
Some more headlines -
Robinhood joins the bandwagon by integrating Bitcoin wallets 🤩
FTX partners with VISA to allow customers to spend crypto at 0 fees 🤩
Global crypto users at 300 million 🔥 - The global adoption rate is 5%, we are still early people, so invest while we have a chance 🙂