This week it’s all about the big players. We don’t just mean the big players in crypto, we mean the biggest financial juggernaut this planet has ever seen Jerome Powell, chair of the Federal Reserve has dropped a crypto bombshell and Fidelity, one of the largest financial institutions in the world, is taking a crack at a Bitcoin ETF., and for you NFT fans Tezos is setting sail and just what can you buy with your crypto?
Jerome Powell, head of the United States Federal Reserve, briefly mentioned Bitcoin this week. And I quote, “More a speculative asset. It's essentially a substitute for gold rather than for the dollar. The most influential monetary policymaker in the United States has compared Bitcoin to gold. You’ll notice that he didn’t call Bitcoin rat poison squared. He didn’t say it’s a fraud, a ponzi scheme or outright worthless.We’re really making some progress here!
However, Jerome did go on to say that cryptocurrencies are volatile and not backed by anything. Interesting point, Jerome, but have you looked at the dollar lately? It’s backed by, uhhhhhh, what is it??? Oh yeah! $27 trillion dollars of unpayable debt. You’ve got to wonder, would you rather hold a fiat currency “backed” by tens of trillions of debt, or a cryptocurrency backed by nothing? Now that’s a question that we wish someone had asked Mr. Powell.
The SEC is where Bitcoin ETF applications go to die. That being said, if ever there was an ETF that gets approved it could be the Fidelity application. Here are four reasons why. Fidelity is one of the largest and most trusted financial institutions in the world. They have awesome name recognition Fidelity has their own custody service. Having a way to safely custody a commodity, whether it’s gold or BTC, is an important part of getting an ETF approved Gary Gensler is the new head of the SEC.
Before getting into government work he taught a course on blockchain technology and cryptocurrencies at MIT. Given his background we’re all crossing our fingers that Gary is going to take a more positive approach to crypto And finally, Canada approved a Bitcoin ETF last month and Brazil just announced that they’ll be doing the same
Not to get too elevated on hopium, but if there was ever a time for the SEC to approve a Bitcoin ETF application it could be now.
NFTs aren’t just for Etherians anymore! The Tezos network is dipping their toes in the water. OpenSea, the largest NFT marketplace 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 NFTs.
Hopefully it will also encourage new artists to build on Tezos since they’ll be able to sell their artwork on the most liquid NFT marketplace in the world.
You’ve heard the names before… The 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. I can’t wait for the day when I can catch a game at Bitcoin field, but FTX stadium is a step in the right direction at least.
The cryptocurrency exchange FTX is reportedly planning to buy the naming rights to the Miami Heat stadium. Currently the building is known as the AmericanAirlines Arena, but if the deal goes through the name is going to get a lot shorter. FTX stadium? FTX arena? The FTX sports zone? Whatever they end up calling it, this will be another milestone in cryptocurrency history. FTX will reportedly pay $90 million over the course of 19 years for the naming rights. Congrats Sam Bankman-Fried and the entire FTX team!
A few months ago we said that Tesla had bought $1.5 billion worth of BTC and that they were planning to accept BTC payments for their cars. Well, the day has finally come and there’s now a BTC payment option on the website. Think it’s 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. That’s some Michael Saylor level conviction right there, kudos to you Tesla! What Else can you buy with your crypto? We’re way beyond Alpaca socks and Pizza at this point. Real estate, software, and if you have a a crypto debit card. We’ll the sky is the limit. Literally. Book your next vacay and fly there.