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Bitcoin, the peer-to-peer electronic cash system, is becoming widely accepted to be BCH instead of BTC.
Novogratz, a huge BTC bull and the manager behind billion-dollar crypto investments – as well as CEO of Galaxy Digital Investments, did the unthinkable by openly admitting BTC sucks as far as transfers are concerned.
If you want to read this news piece in-depth, my friend @Pantera wrote an excellent post on it, but basically, he downright admitted that:
"Bitcoin Isn’t Good For Payments
Bitcoin’s not going to be payments. The system really isn’t set up for payments. It’s not fast enough for thousands and thousands of transactions."
This piece just shows something we knew all along: That BTC bulls are putting all of their money on the “store of value” argument and that they are dropping every other argument they used to have.
This, however, is a paper-thin measure as BTC’s store of value fallacy is being increasingly debunked, with some news on this Crypto Pulse post pointing that out as well.
Finally, let me add my own personal opinion into this piece, which is that BTC has one feature and one feature only:
We had the Miami Conference for BTC 2021 lately, and everyone from scammers to Bitcoin Maxis and politicians joined in…
…everyone except those barred from attending of course.
Tony Hawk was there, Mayweather was there, Jack Dorsey was there, Tim Dillon, even the shady Jake Paul!
They talked a lot about everything that doesn’t matter and little about:
- Decentralized Projects and Crypto;
- Smart Contracts…
Basically, due to how useless BTC is and how intolerant and censorship-based the conference was, it really was full of empty speeches and a lack of vision.
We had the “Fuck Elon, we ain’t selling” moment that reminded us all of the “BITCONNEEEEEECT” speech from Carlos Matos. It really did more harm to BTC than good but I’m pretty happy as it just served to show how serious and committed the community is to BTC’s success…
Here’s the clip of the insane moment, full of BCC vibes and hobo marketing style shilling:
Then we had Jack Dorsey stating BTC is banking the unbanked, which is ironic since we all know the unbanked don’t even have enough Net Worth to cover the fees.
Mayweather wore an ETH shirt, Ouch, and a guy ripped his shirt apart to show a DOGE t-shirt underneath.
In the bathroom, they had Bitcoin Cash toilet paper… which is ironic as even the BCH toilet paper has more function than BTC.
All in all, pretty cool highlight of how BTC is grasping at straws by this point.
Like it or not, PayPal has a lot of potential as an onboarding ramp for Crypto and to get more people invested in the Cryptosphere.
We all know the way Paypal handles crypto is far from ideal, but even these things have their weight and lots of positive repercussions.
Well, Paypal enabled Crypto withdrawals now, which enables the withdrawal of BTC or ETH (which is kinda dumb as those are the ones with the highest fees).
Nonetheless, this is definitely worth including as it is another step forward in exposing more minds to crypto, hopefully, some of them will dig deeper and discover the true revolutionary ways to use decentralized quality crypto economies.
This was probably one of the only good news in the Miami conference, and it will also impact the crypto markets as more people will get exposed to it.
Each time something like this happens, ripples are felt due to various factors:
- News Agencies talk about crypto;
- People get exposed to crypto;
- People look at BTC and try to find ways to overcome its problems, such as scalability problems, high fees, and centralization.
This is especially true when it happens in places with low purchasing power as the fees impact people in a far more powerful way than in places where the GDP is higher and the income per capita has a higher number.
If this goes forward, El Salvadore can be the first country where BTC is used as legal payment.
However, I can see this being a precedent being created by El Salvador for other cryptos to be adopted since:
1 – El Salvador has a largely unbanked rate (70%);
2 – El Salvador has an economy running on cash.
Now, having in mind that the crowd has low-income numbers, has a transactional setting based on cash, and is largely unbanked, we can see this precedent can create huge bursts of attention towards the crypto that is adequate for this type of scenario, which BTC is not.
El Salvador would have a lot to gain from adopting BCH, and it is only a matter of time since money talks and solutions that are cheaper and better than BTC will eventually be found.
If you are wondering if El Salvador is indeed the 1st country to accept Crypto as legal payment, thinking about Venezuela, Puerto Rico, etc… know that those countries only accept crypto as “companion payment”, and countries like the US only legalize “crypto-assets”.
Jeff Curries, Goldman Sachs’ Head of Research for commodities laughs at the concept of BTC being digital gold, comparing it to copper as he points out:
- Both are Risk-On Assets;
- Both fail to serve as Hedge on Inflation;
- Both have too high of a volatility index;
He also downplayed BTC Maximalists arguments and pointed out the stability, reliability, and use cases of gold to insist that BTC Maxi’s arguments of digital gold aren’t well-founded.
I’ve been personally telling people through my posts BTC can’t be a hedge against inflation and can’t be a good store of value due to its inevitable demise due to lack of solid fundamentals and use cases, so this just points out more and more people are seeing BTC for what it is.
Carl Icahn, a man who was seen in the past claiming all of crypto was a bubble, ridiculous and that he wouldn’t touch that stuff with a long stick now hints at his big plans to invest in Crypto.
The investor claims he has about $1.5 billion ready to invest in an industry that is here to stay, “in one form or another”, which is a big step from where he was in the past claiming it was just a Ponzi scheme.
Carl Icahn wasn’t the only big fish to change his mind on crypto recently.
Michael Saylor, Mark Cuban, Howard Marks, and Ray Dalio also had pretty negative thoughts on crypto and despised it at one point or another – but are now either adopters, bulls, or planning to get in the market.
This is great news for Crypto all together, and a good indication that there are more bulls to be unleashed as these players make their moves.
Central Bank Digital Currencies took an extra step this week as China’s own CBDC project entered its latest trial phase with lottery “red envelopes” being distributed to 200,000 Beijing Residents.
The amount being distributed in this latest trial phase is $6.2 million in digital currency, aimed at digital crypto commerce by having a very important feature: The funds are to be spent at merchants and vendors who adopted the system already.
China’s plan to have the biggest global CBDC and rule the world of centralized Cryptos is looking better than ever… and even though I think of centralized crypto and CBDC as a threat rather than an opportunity, I got to give it to China… they sure can hustle.
This token is BABB Financial Services’ token, and it was listed on Bittrex this week. It’s another DeFi token used worldwide.
BitBook Token: BBT (New Listing on Pancake Swap)
The BBT Token is the token for BitBook. BitBook is a travel platform where people can book accommodation and earn tokens in the process. It Provides a passive income to users that create and share travel content and is built with a focus on scalable growth where everyone benefits.
Portion: PRT for NFTs (New Listing on Bittrex)
Portion is a marketplace for NFTs, both physical and digital formats. It has a DeFi component for investments and transactions. The token was listed on Bittrex recently and is being traded under its handle PRT.
NFT Stars: NFTS (New Listing on CoinMarketCap)
NFT Stars is an NFT Marketplace like the marketplaces you’re used to dealing with, but with a twist: It only holds 3 auctions per day, raising exclusivity and perceived scarcity, therefore trying to inflate the prices artists get for their work.
And it’s done!
This week’s Crypto Pulse Mega-Post is now over and you’ve read a bit about everything.
If you stuck with it until the end, then thank you for your time and I hope this provided value to you as it was pretty time-consuming for me to research, write, format, etc…
Make sure to capitalize on everything going on in the market this upcoming week and have a blast profiting from this awesome new paradigm that is crypto.