EddieJayonCrypto
27 Oct 23
There is some positive motion on a slow news day. Well, if you don't pay attention to the strong GDP numbers that came out. Here is what is on my mind today.1. Senator Cynthia Lummis is seeking a DOJ investigation into what she alleges is illicit activities on Binance and also involving Tether. I ca...
There is some positive motion on a slow news day. Well, if you don't pay attention to the strong GDP numbers that came out. Here is what is on my mind today.1. Senator Cynthia Lummis is seeking a DOJ investigation into what she alleges is illicit activities on Binance and also involving Tether. I can understand why some might want to investigate the centralized exchange and the world's largest stablecoin (by market cap). That said, I think they would find no intentional criminal involvement. Meaning, Binance cannot control who is on their exchange if they pass through all of the compliance checks, not can Tether do the same for who uses the stablecoin. That is not to say they may have weak risk management, but that is not criminal. Basically, I think this is just a situation where someone must be blamed. 2. The SEC is being extremely silent on the idea of Grayscale being able to convert their GBTC to a Bitcoin spot ETF. It is rare that you get a leak from that agency any, but now we are entering a period where that5-day deadline is coming to a close. I would suspect they will come out with some sort of official word shortly. In my mind they must or diminish their ability to rule over what they say are 8-10 remaining Bitcoin spot ETF applications. 3. It looks like MoonPay and Mastercard have teamed up to increase Web3 innovations. This is actually a big deal. Think about how much wEb3 is based on gaming. Now think about how much gaming is focused on monetization. MoonPay is looking to improve compliance an efficiency in the space. While Mastercard is looking to further their Crypto Credential standards. This is something that I will definitely be following. 4. A few people have been asking me about what kind of play I would make given how close Grayscale is to obtaining the first Bitcoin spot ETF. For a long time GBTC has been a discount compared to Bitcoin itself. If you look at how that asset has performed against the coin, there is no comparison. GBTC has outperformed BTC my multiples. So, my play would be to purchase some GBTC ahead of the approval because I think that discount could turn into a premium. At the very least, it would rise to meet the price of BTC. That would still give you a rise in returns versus the coin itself. That said, I would also load up on as much BTC as I can. This is because I think you will be able to leverage BTC against traditional assets unlike any other coin on the market and you will only be able to do that if you are holding the coin directly. This would decrease my risk and increase my opportunity for further upside. 5. I told you that Solana has been riding high, very high at that. The fact is Solana has gained more than two times what BTC has. Now they are introducing a new incubator program to further expand what is on their network. What they promise is access to resources, including money and connections, for Web3 startups. This is actually bigger than what you may think. By working with this startups directly, hey increase their chances of finding he next big thing in the Web3 space. Which means other platforms would miss out. Sponsors:🌎 https://RebelReach.com - Robust hosting and marketing services!🌎 https://RebelVino.com - All things food and beverage!🌎 https://RebelVisions.com - Helping companies achieve more through operational excellence and disciplined project execution!🚨 Full Disclaimer: This video and its contents are for informational purposes only and do not constitute an offer to sell or trade, a solicitation to buy, or recommendation for any security, cryptocurrency, or related product, nor does it constitute an offer to provide investment advice or other related services by Eddie Jay on Crypto. Eddie Jay on Crypto may have a financial investment with the cryptocurrencies discussed in this video. In preparing this video, no individual financial or investment needs of the viewer have been taken into account nor is any financial or investment advice being offered. Any views expressed in this video were prepared based upon the information available at the time such views were written. Changed or additional information could cause such views to change.