EddieJayonCrypto
23 Jun 23
There are some serious macro events that could lead to a major boost in crypto adoption. Here is what is on my mind today.1. BitGo was supposed to purchase Prime Trust. I first reported the acquisition on June 9th. Well, things have changed and the deal is off. The term "insurmountable challenges" w...
There are some serious macro events that could lead to a major boost in crypto adoption. Here is what is on my mind today.1. BitGo was supposed to purchase Prime Trust. I first reported the acquisition on June 9th. Well, things have changed and the deal is off. The term "insurmountable challenges" was used to describe the situation. 2. Is DOGE about to rocket? It is quite possible as Tesla throws it a bone. I know, bad dad joke. LOL Tesla has launched a dedicated page (https://www.tesla.com/support/dogecoin) to respond to frequently asked questions, including what can you buy with DOGE. Is this the first step in a broader plan? I am not sure. I do know, for now, DOGE has cornered the Tesla market being the only coin they currently accept. 3. Polygon has some big plans for the creation of what they have dubbed the Value Layer of the Internet. This is a tall order, but they are well on their way. They want to expand ETH to be at the scale of the Internet. In a couple of posts last night they introduced proposals that could lead toward unlimited scalability and unified liquidity. 4. I hope you are on your dollar cost averaging journey for Bitcoin accumulation. In case you haven't noticed, there is a huge push from institutional investors and it is going to grow. So, my plan is to take a little bit of money and focus that portion to Bitcoin accumulation. I think we are in for a profound change and I want to be a part of that transformation. 5. BinanceUS has restored USD availability on the platform, but they fully expect banking partners to pull out again. Clearly, the SEC case against the exchange is having the affect they wanted as the case looms heavy. 6. I find it interesting that BlackRock executive Joseph Chalom, Head of Strategic Markets says institutional adoption of DeFi is not going to happen anytime soon. While speaking at the Coinbase Global Inc.’s State of Crypto Summit, he went on to say that companies like Coinbase will play a role in making that happen. Specifically, companies that have institutional grade wallets. I can see why the companies are in bed together. 7. The IMF admits banning crypto is not effective in the long term. Is this their first step to admitting defeat? They noted in a report that there is growing interest in Central Bank Digital Currencies (CBDCs). At the same time they also noted that banning cryptocurrencies is not sustainable. That means they recognize the world must figure out a way for both choices to exist. Frankly, I still wonder why they are still fighting the CBDC fight considering the amount of backlash over the many big brother possibilities, high probability of privacy invasion. 8. Japan's largest bank, Mitsubishi UFJ Financial Group Inc (MUFG), is in talks to become a stablecoin issuer. The law that allows the move went into effect on June 1 and they are looking to take advantage. You can rest assured if MUFG is doing it, other will follow. I would also expect this to spread across the industry on a global scale. It may be small at the beginning, but there is a clear and obvious path to bridging traditional finance with crypto.