tl;dr
• Bitcoin paychecks are not a bad thing• Crypto ATMs were always going to be short-lived, you shouldn't be surprised• Bermuda has a regulatory framework for crypto and is actively courting crypto businesses• Mike Miglone, veteran commodities analyst for Bloomberg, says Gold and Bitcoin are good for ...
• Bitcoin paychecks are not a bad thing
• Crypto ATMs were always going to be short-lived, you shouldn't be surprised
• Bermuda has a regulatory framework for crypto and is actively courting crypto businesses
• Mike Miglone, veteran commodities analyst for Bloomberg, says Gold and Bitcoin are good for the coming "great reversion"
• BAYC, FOUNDER (my bad I said it was the CEO), Gordon Goner blames Discord for server woes
For the coming week, I am looking for more financial people to say there is economic turmoil coming. Here is what is on my mind.
1. I was reading an article that was saying Bitcoin paychecks are coming under scrutiny. I think the idea is comical. Most people getting pain in crypto have enough cash to not have to worry about it and are using the opportunity to massively DCA. The case about them getting paid less is also false. If this week's price of crypto in fiat is less than that of last week, one would simply receive more crypto. Thusly, they are not losing money at the time of payment. Also, the same way the value can go down it can also go up. I seriously think people need to think more.
2. I am not sure why people think crypto ATMs are the same as regular ATMs. They aren't really ATMs. They were machines that enabled one to flip fiat to crypto and have that crypto sent somewhere. Simply an ability to onramp fiat. I had always thought they would be very short-lived given how easy it is to directly onramp fiat via DEXs and CEXs.
3. While the United States drags its feet in creating a regulatory framework for crypto and India is outright trying to eradicate the very existence of crypto, Bermuda already has a robust regulatory framework and is trying to attract more crypto companies. Much like Bermuda is a hub for the insurance industry, it is specifically working to become one for the crypto industry.
4. Mike Miglone, a veteran commodity analyst with Bloomberg is saying, "I think what’s going to happen is the great reversion." He goes on to say, "It’s so overdue, and all risk assets, everywhere from condos in Miami and Toronto to the stock market." and "My outlook is I think some of the best assets to own will be gold, US long bonds and Bitcoin." Mr. Miglone is, in no uncertain terms, that he expects real estate to take a hit and for Bitcoin to be a safe haven. Clearly, that would make the whole crypto space rise.
5. Let me get this straight, you choose the wrong tech for something then blame the very tech for your loss. That just doesn't make sense to me. Well, the CEO (CORRECTION: Co-founder, Gordon Goner (pseudonym)) of BAYC has done just that after their Discord servers were used to pilfer 145 - 200 ETH. I think he would be much better served saying his team is looking into the incident and may have to make some tech changes to strengthen their core technology.