Notoko Bytes : Crypto Cars, ETF Rodeos, and Galaxy's Big Bet
Notoko's back, fam! This week, I took a little detour from the Internet Computer to explore the wilds of the cryptoverse. Let me tell you, things are heating up! So grab a cup of coffee (or a canister of cycles ) and let's dive into the juiciest news Bytes of the week!
Chain Chatter : Top 5
- 🏎️ Vroom vroom, crypto crew! Ferrari isn't just about horsepower anymore; they're embracing the digital fast lane by expanding crypto payments to Europe! 💰 Following a successful pit stop in the U.S., Ferrari's European dealers are now accepting Bitcoin, Ethereum, and USDC. Looks like those digital coins aren't just for HODLing anymore – they're fueling luxury purchases too! While some might be hesitant to spend their precious crypto, who wouldn't want to trade those tokens for a sleek Italian stallion? It's a match made in blockchain heaven!
- 🤠 The ETF rodeo is in full swing, and it's wilder than a bucking bronco! With Bitcoin and Ether ETFs already kicking up dust, Wall Street wranglers like ProShares and Hashdex are lassoing even more exotic digital assets. Roxanna Islam from VettaFi reckons we'll see issuers getting creative with their crypto filings, and she ain't wrong!
- 🐎 VanEck, the crypto whisperer, is eyeing Solana, the fifth-largest crypto critter, for its next ETF adventure. Bloomberg Intelligence's Athanasios Psarofagis says issuers are always looking for creative ways to make money, and this is a prime example. It's a risky move, but hey, fortune favors the bold! This stampede of new ETFs, fueled by retail investors' thirst for leveraged gains, is proof that even the SEC can't rein in the crypto craze.
- 💸 Michael Novogratz's Galaxy Digital is making waves again, this time with a $113 million venture fund for early-stage crypto startups! With their sights set on software, infrastructure, and financial applications, they're backing projects like Ethena, Monad, and Plume. Mike Giampapa, a general partner, believes "blockchains will be utilized to settle the majority of transactions" – a bet they're doubling down on. As crypto prices soar and regulations (hopefully) become clearer, Galaxy's move shows big players are still bullish on the future of crypto. 🚀
- ❄️ Crypto is catching a cold, with Ether tumbling 7.8% and Bitcoin down 2%, following a US stock market slump. 📉 Experts like Benjamin Celermajer from Magnet Capital point to the gloomy stock market mood as a factor, while Andrew Stein from FT Partners highlights the strengthening yen. Even with the recent launch of Ether ETFs and the Grayscale Ethereum Trust conversion, the market is experiencing a chill, with Grayscale seeing a massive $811 million outflow. Brrr, is it winter already?
Chat to Look At Today
Bitcoin's Wealth Distribution: Where the Big Stacks Live
Changes from July 23rd :
- 10 - 100 BTC increased holdings from 22.0% to 20.1%
What's Brewing in Notoko's Canister this Week ☕
So if you don't already know this ( if you are living under a rock ) - Bitcoin 2024 just kicked off with a bang in Nashville! The event is buzzing with excitement as some of the biggest names in Bitcoin gather for an action-packed lineup.
Today’s Industry Day is all about fun and insights, featuring lively talks from Donald Trump, Robert F. Kennedy Jr., Cathie Wood, and Michael Saylor! 🗣️✨
But moving gears a bit away from Crypto here is what caught my eye in Memphis :
Memphis: Elon Musk's New AI Frontier (and the Quantum Leap We Didn't See Coming)
Elon Musk's AI crew is setting up shop, and it's not your average office space. They're turning an old appliance factory into a supercomputer playground, one that could give the city a major glow-up.
This isn't just any supercomputer, folks. It's a "gigafactory of compute," a fancy phrase for a thinking machine that's faster than a caffeine-fueled squirrel. It's all thanks to quantum physics, the kind of science that makes your brain do a backflip.
But hold on a second, Memphis isn't just rolling out the red carpet. They're giving xAI the side-eye. Why? Well, for starters, the project is moving at lightning speed, with barely any time for public input. It's like planning a surprise party and not telling the birthday person.
And let's not forget the environmental impact. This supercomputer is thirsty, needing a million gallons of water a day, and it's got a massive appetite for electricity. It's like having a teenage gamer and a marathon runner living in your basement.
But hey, it's not all doom and gloom. Memphis is pushing for eco-friendly upgrades, like a wastewater facility that could provide water for the supercomputer and a giant battery to help with the power grid. It's like asking for a salad with your supersized meal.
And let's be real, Memphis could use the economic boost. But locals are hoping for more than just jobs. They want community benefits and a commitment to clean energy, not just another industrial project leaving behind a trail of pollution.
My thoughts - The future is coming, and it's powered by AI. Let's just hope it's a future where everyone benefits, not just the tech giants.
And Now let's discuss the Elephant in the room
The Unlikely Reality of Bitcoin as a U.S. Strategic Reserve
🔥 Rumor has it that Donald Trump might announce Bitcoin as a U.S. strategic reserve asset. Sounds wild, right? But let’s not get carried away just yet! While the idea of Bitcoin becoming a strategic reserve is as thrilling as a rollercoaster ride 🎢, it’s more of a moonshot than a sure thing.
Why? Well, for starters, strategic reserves usually involve assets like gold or foreign currencies—things the U.S. can control and manage. Bitcoin, on the other hand, is a whole different ballgame ⚾. It's decentralized and famously unpredictable, which isn't exactly the recipe for a stable reserve asset. And even if Trump drops the mic with this announcement, it doesn't mean it’s set in stone. Remember, in the world of politics, promises are like clouds: they look great but can disappear fast 🌥️.
So, while it’s fun to dream big, we should keep our feet on the ground. The U.S. isn’t likely to dive headfirst into using Bitcoin as a reserve unless they can get a grip on it, and let’s face it, Bitcoin isn’t exactly the easiest beast to tame 🦁. But hey, the crypto world is all about the unexpected, so who knows? Maybe we’ll all be holding Bitcoin-backed dollars someday! 🤑 For now, let’s keep our popcorn ready and see how this show unfolds! 🎬🍿
And That's a wrap for this week...
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