EddieJayonCrypto
25 Apr 23
I have been paying attention to some very macro events that could have a future impact on crypto should they go through. Here is what is on my mind today.1. So, Coinbase and Gemini are both going to be vying for the right to purchase Celsius Networks assets today. This is important for many reasons....
I have been paying attention to some very macro events that could have a future impact on crypto should they go through. Here is what is on my mind today.1. So, Coinbase and Gemini are both going to be vying for the right to purchase Celsius Networks assets today. This is important for many reasons. The first, and most interesting to me, is whether or not the SEC and Gary Gensler will step in to attempt to disrupt any deal as they are still attempting with the BinanceUS/Voyager deal. The second is what will either of the companies do should they get their hands on the assets. It signals to me there is nothing but upside should the latter happen. 2. Coinbase is taking a stand against the SEC and has taken the out of control government department to court. In a recent court filing, Coinbase is trying to force the SEC to respond to a 2022 rulemaking petition. Almost a year to the day, Coinbase requested formal guidance from the SEC and they have yet to receive it. Instead, they have instead received threats. Well, after Gary Gensler was interviewed by Congress recently and would not directly answer the question of whether or not Ethereum is a security, Coinbase is demanding a response. Finally, a company is directly calling the agency out on the carpet. 3. House Republicans are making realistic efforts toward possible stablecoin regulation while Democrats continue sleeping or ignoring the future that is already here. The draft bill aims to label stablecoins as not being securities. Let that wash over you a bit and think about what that could mean for the use of stablecoins. I also want you to drop in a dash of what could that mean to the viability of a CBDC. This is all with a backdrop of other countries moving faster to adopt crypto, including Russia having the second largest number of Bitcoin miners behind the faltering United States. 4. California's DAO (decentralized autonomous organization) could be about to provide serious relief for DeFi protocols. DAOs are not like regular companies that pay taxes or that can abide by regulations. The biggest issue is that they are unable to defend themselves in court. California already has a law that protects unincorporated associations. This bill would seek to modify the law to bring DAOs under that umbrella. The move would enable DAOs to respond to the current legal challenges facing them. I spoke about this a few months ago when I first heard about it. I think DAOs will become more popular as time moves forward. 5. There are several bank analysts that are predicting a $100K future for Bitcoin and that list just grew to include Standard Charter Banks' Geoff Kendrick. He predicts that Bitcoin will hit that mark by the end of 2024. Do you want to know what else happens in 2024? Bitcoin is expected to have its halving event in April or May of 2024. This is when the block reward will fall to 3.125. remember there is a scarcity to Bitcoin since it has a limited amount. This is why everyone is saying it Is an excellent source of stored value 6. Visa is looking to hire a crypto engineer that will focus on AI-written smart contracts. That right there is a major mouthful and has huge implications with what Visa is shooting for. This is a major global credit card company that is looking to not theoretically combine artificial intelligence and Web3, but realistically apply them to real-world action. Visa is a major source of consumer and commercial purchasing data. Imagine teaching AI using that information. This could go far beyond your normal predictive analytics. This is something I will definitely be paying attention to and even makes me think long about Visa from a stock perspective.