March 29, 2021.
The first quarter of 2021 is most likely all about the big players but it just doesn't mean the big players in crypto, but the biggest financial juggernaut this planet has ever seen.
Some Overview
Jerome Powell, chair of the Federal Reserve has dropped a crypto bombshell and Fidelity, one of the biggest financial institutions in the world is taking a crack at a Bitcoin ETF. And for every NFT fans, Tezos is setting sail.
Jerome Powell to Bitcoin
Jerome Powell, head of the United States Federal Reserve, briefly mentioned Bitcoin this week and qoute Bitcoin as more of a speculative asset and essentially a substitute for Gold rather than the Dollar.
It's incredible that the most influential monetary policy maker in the United States has compared Bitcoin to Gold. He didn't call Bitcoin a fraud, a ponzi scheme or an outright worthless.
However, Jerome did go on to say that cryptocurrencies are highly volatile and therefore not really useful as a store of value, and they are not backed by anything.
Interesting point though, but have you looked at the dollar lately? It's backed by 27 trillion dollars of unpayable debt.
You've got to wonder, would you rather hold fiat currency "backed" by tens of trillions of dollars worth of debt or a cryptocurrency backed by nothing? That's the very question that we hope someone had asked it to Mr. Powell.
The Fidelity application
The SEC or Securities and Exchange Commission is where the Bitcoin ETF applications go to die. That being said, if there ever was an ETF that gets approved, it could be the Fidelity application.
Here are 4 reasons why:
Fidelity is one of the largest and most trusted financial institutions in the world.
Fidelity has their own custody service having a way to safely custody a commodity.
The new head of the Securities and Exchange Commission is Gary Gensler. Now, before getting into government work, he taught a course on blockchain technology and cryptocurrencies at MIT. Given the background of Mr, Gensler, let's hope that Gary Gensler is going to take a more or will positive and good approach to crypto.
Finally, Canada just approved a Bitcoin ETF in February 2021 and Brazil just announced that they'll be doing the same.
Not to get too elevated on hopium, and but if there was ever a time for the SEC to approve a Bitcoin ETF application, it could be now and it will just be a matter of waiting.
NFT on Tezos
NFTs aren't just for Etherians anymore. The Tezos network is now dipping their Network in the water. OpenSea, the largest NFT market in the world is going to start supporting the Tezos NFT standard.
This will provide a much-needed alternative for artists who are paying exuberant gas fees to mint NFTs and allow a whole new cohort of investors to get involved with Tezos' NFT. Hopefully, this will also encourage all the new artists to build their work on Tezos since they will be able to sell their creation or artwork on the most liquid NFT Marketplace in the world.
The FTX stadium
You might heard of these names before, Barclays Center, Wrigley Field and MetLife Stadium just to name a few. What you won't find on that list is a stadium of any consequence that's named after a cryptocurrency or a cryptocurrency company. And I can't wait for the day when I can watch a game at Bitcoin field. But FTX stadium is just a step in the very right and bright direction, at least.
The famous cryptocurrency exchange FTX is reported on planning to buy the name to the Miami Heat stadium. As of today, the structure is known or called as the American Airlines Arena, and if the deal will go through, the name will be a lot shorter like FTX Arena, FTX Stadium, the FTX Sports Zone. Whatever the name will be, this will be another great milestone in the history of cryptocurrency.
FTX will reportedly pay $90 million over the course of 19 years for the naming right. Congrats to the entire FTX team especially to Sam Bankman-Fried.
Tesla use BTC for payment option
A few months ago, Tesla announced that they had bought 1.5 billion worth of Bitcoin and that they were planning to accept BTC payments for their cars, and that day has finally come and now a BTC payment option is on their website.
Now, if you think this is just a publicity stunt, guess again. Tesla has said that when people pay in Bitcoin, they're going to keep the BTC on their balance sheet instead of converting it to Dollars, and that's some Michael Saylor level conviction right there. Kudos to you Tesla!
What else can you buy more with crypto?
We're way beyond for just buying pizza at this point. You can buy Real Estate, software, and if you have a crypto debit card, the sky is the limit. Literally, you can book your next vacation with crypto and fly there.
END.