Crypto News October: The switch has been flipped! Almost overnight the bears have turned into bulls, and the market is back on. Exciting and game changing news is being developed daily.
Twitter Bitcoin Payments/NFT Authentication
Jack Dorsey, the owner of Twitter and founder/CEO of Square has announced his approval and love for Bitcoin on numerous occasions. He has long since vowed to do everything he can to promote mass adoption of Bitcoin worldwide. With this said, Twitter has integrated with Bitcoin and the lightning network[1]. Users are now able to tip each other directly on twitter with no transaction fees, almost instantaneously. This network can also be used to say, take your US dollars, convert to Bitcoin, send the Bitcoin to a friend overseas. That friend can then take their Bitcoin on Twitter and convert it to their national currency, with absolutely no fees. This is a massive development and cannot be understated. This essentially rewrites the legacy method of overcharging customers to move fiat internationally. This also allows users to make an income by having a fan base on twitter.
Twitter also announced the addition of NFT verification which is equally big crypto news. Instead of users copy pasting images of NFTs they like without ownership and using them as profile pictures, verification will show who owns the NFTs. This verification will be displayed on twitter along with which network the owner has the NFT on (Ethereum, Solana etc). NFTs are largely successful because they create communities much in the way that brands do in our normal lives. Think of Disney and the love many fans have had over the years. Now imagine verified Disney NFTs that are limited edition. If a famous actor or sports player changed their Twitter profile picture to a verified Disney NFT, think of the hype that would be created. This is just one example. Famous people have a long reach, and superfans will do anything to be part of the community.
TikTok Ethereum Integration
Tiktok has integrated with Ethereum, powered by ImmutableX. ImmutableX is a layer two scaling solution for Ethereum that solves the high gas fee problem. ImmutableX is carbon neutral, has zero gas fees, and is incredibly fast[2]. Tiktok is a massive company with incredible adoption much like Twitter. Having these social platforms integrate crypto in a user friendly way shows the adoption curve is widening. Their first NFT drop, “TikTok Top Moments”, is a collection of 6 videos with community-defining creators famous on the platform. Proceeds go mostly to the content creators, allowing fans to support the creators they follow and enjoy. This is just the start of the October crypto news. We are expecting more institutional buyer reports similar to the Tesla Purchases in January.
Visa Reveals Crypto Plans
Visa is 500-billion-dollar company, the largest payment company in the world. Visa recently revealed plans to become a central hub for exchanging of stable coins and central bank digital currencies [3]. This is a massive development as it helps break down the barrier between traditional blue-chip institutions and the newer world of crypto. This development would allow a process change involving large legacy banks, to a blockchain native solution. It would bring the security and transparency of Bitcoin and Ethereum, while benefiting from the speed that Visa has created. This development is in the early stages but sticks with the general theme of crypto coming to the masses. The easier it is for someone to use crypto without realizing they are using crypto, the faster this adoption comes. The average person is not married to the technology, they just want something that is intuitive and without hefty fees.
Elon Musk Changes Sentiment
Elon musk was already very famous before his involvement in crypto. He is the second richest person in the world and carries massive influence. We have coined the crypto market crash in the spring as “Elonageddon”. With a single negative announcement that carried only temporary minimal consequences, Elon Musk was able to assist in causing one of the worst market crashes in history. We thank him for the glorious “Dipportunity” he provided us during the following months. Elon recently stated “ It is not possible, I think, to destroy crypto, but it is possible for governments to slow down its advancement” [4]. Elon has flipped his spoken aloud stance of crypto multiple times but does admit to holding several crypto assets long term. We expect Tesla to once again allow Bitcoin purchases in the near future.
News Analysis
With the US dollar and many other national currencies weakening due to inflation, Bitcoin is looking like a ripe bet for storing value. The SEC fear regarding stable coin regulation is largely cleared from the market for the meantime. With that said there are stable coins that should be largely unaffected if Tether were to come under attack. The infrastructure bill with negative crypto consequences is also yet to pass. Looking at our other recent media articles, we know that Institutions have been buying the dip during the FUD storm over the last 6 months. This is a big game that usually leaves the retail investors hurting, and the large Institutions profiting as always. On chain data has been suggesting the upward price action for months; the supply is limited and the demand is increasing. Bitcoin recently jumped from about 41k to 48k in a matter of hours. If you have followed us in the past few weeks and have been dollar-cost-averaging any fundamental play in the market, you are in profit. Remember that it’s never too late to join an emerging market. Soon, 100% of wallets who purchased this year will be in profit. As always please do your own research and draw your own conclusions when investing, we hope this summary of the bullish news has been helpful.
[1] https://www.coindesk.com/tech/2021/09/23/twitter-to-add-bitcoin-lightning-tips-nft-authentication/
[3] https://decrypt.co/82233/visa-universal-payment-channel-stablecoin-cbdc
[4] https://dailyhodl.com/2021/09/30/crypto-is-unstoppable-says-billionaire-elon-musk-heres-his-advice-for-the-us-government/
