EddieJayonCrypto
24 Aug 22
• Kucoin survey says there are over 100M active crypto investors in India (about 7.6% of the population)• Celsius saga continues with liquidators getting the green light to move forward• Sam Bankman-Fried and FTX inch closer to purchasing embattled crypto lender BlockFi• Developers have found and ar...
• Kucoin survey says there are over 100M active crypto investors in India (about 7.6% of the population)• Celsius saga continues with liquidators getting the green light to move forward• Sam Bankman-Fried and FTX inch closer to purchasing embattled crypto lender BlockFi• Developers have found and are addressing a couple of bugs stemming from the Mainnet merge updates• Fed Chair Powell is set to speak at the end of the week from Jackson HoleLooking at more long-term things that can affect the Cryptoverse in the future. Here is what is on my mind today.1. Even though India itself is not friendly toward crypto a new survey by Kucoin says there are over 100M active crypto investors. That equates to about 7.6% of India's population. This is not surprising when you think about the culture. India is always home. So when family migrates, especially for work they tend to send money back home for one reason or another. Clearly, crypto is a great way to move money. No matter what the country does to ebb the flow of digital assets, I think the people will continue to demand change through adoption. 2. Well, in another step in the saga that is Celsius, liquidators are going to be allowed to probe the hedge fund and liquidate assets. The Singapore High Court has handed down this judgement to British Virgin Islands court-appointed liquidator, Teneo. Don't forget, Voyager Digital is another Celsius creditor 3. We are learning now that a deal between BlockFi and Sam Bankman-Fried's FTX could be coming to a close. It is said the minimum price for the acquisition is $15M. I am not surprised that FTX is sticking with the purchase of the embattled lending platform. Don't forget I mentioned they already have a $250M revolving credit line with FTX. I think it is going to just be a matter of time before this deal is done. Further adding to the breadth and depth of FTX service offerings. 4. Developers have found and are addressing a couple of bugs stemming from the Mainnet merge updates. That said, I do not think this is going to hamper the merge in any way. Developers are saying they are working on it and that there are several other execution clients on Ethereum. The process is working. 5. Powell is set to speak at the end of the week from Jackson Hole. I am not expecting any surprises at all. I think he is going to say he is going to stay the course, then pause to see how the markets react. People in this position are history buffs and there is history that shows what happens when you underreact.