‘The future of banking has no banks’ 💆🙇
Big argument in favour of Bitcoin. US at risk of losing out on 1 Million developer jobs over the next 7 years. Bitcoin thesis that has become Amazon bestseller. Elon Musk and the $258 Billion lawsuit.
Hello y'all. We've been getting all angsty about what it is like to be dispatching day in and out. So we asked Papa Elon what he thinks of The Token Dispatch👇
Pretty pleased 👌
You folks … gotta show us some love on telegram, eh? 🤟
Traditional banking has always been the safe option, right? Wrong!
Recent events have proven that the "dependable" and "stable" image of traditional banking may not always hold true.
So, what's the alternative?
Cue the entrance music for the superstar of the moment ... Bitcoin!
Hyperinflation to Hyper-bitcoinisation?
Bernstein analysts predict that we could be heading towards a hyper-bitcoinisation, where Bitcoin becomes the default value system of the world. As more and more people catch on to the benefits of this borderless, censorship-resistant, and natively digital system, hyper-bitcoinisation becomes a real possibility.
"The future of banking has no banks, we might make this our meme, " Gautam Chhugani, Bernstein analyst.
It's all thanks to the fear of hyperinflation caused by the global economic system's historical correction. People are turning to Bitcoin as a lifeboat amidst the devaluing of the US dollar, and it seems to be working!
What happens to the sticky deposits
Banks are built on the idea of "sticky" deposits - but not anymore? Customers can withdraw their funds in a flash, leaving banks scrambling to figure out their next move. That's exactly what happened with the recent collapses at Credit Suisse, Silicon Valley Bank (SVB), and Signature Bank.
And if banks can't count on that long-term funding, they might not be so eager to provide long-term credit either. It's a vicious cycle.
But its not that easy: Crypto’s banking quest
The world of crypto has been through a lot lately, with winter bringing in a chill and regulators cracking down. And now, the collapse of three crypto-friendly banks has added another hurdle to jump over for digital asset firms.
Now according to Brett Philbin, Rachel Millard and Rosie Gillam of Edelman Smithfield, this is what crypto firms can do to land a new banking partner:
Clearly articulating their focus on risk and compliance.
Revisiting messaging on their corporate website and social channels.
Engaging trade associations to fight battles.
Food for thought
Peter McCormack hopes that Balaji Srinivasan’s $1 Million bitcoin bet is wrong He argues that if Bitcoin does outperform the stock market, it could mean that the global economy is in a state of turmoil and traditional investments are failing. In the end, a stable and prosperous economy is preferable to the potential gains of a volatile cryptocurrency.
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TTD Blockquote 🔊
Nicole Sandler, Barclays' head of digital policy.
“They thought it would essentially die”
Sandler thinks that policymakers intentionally left the cryptocurrency market unregulated because they thought it was going to be a total flop. But DID IT? 😎
Sandler knows her stuff - she's been discussing digital assets with the European Commission since way back in 2016.
Sandler also noted that the regulatory process takes a long time, and the recent crackdown in the US wasn't because of any tech issues but because of some "bad actor" at the FTX exchange. We know who.
TTD Check it out 🧐
Who says academic papers have to be a snooze-fest?
One written on Bitcoin by Jason Lowery, a US Space Force major, has become a popular pick on Amazon. Lowery's Amazon bio claims he's advised senior US officials in offices related to the president, Secretary of Defense, and the Joint Chiefs of Staff.
Softwar is more than just a run-of-the-mill academic paper. It's a military-grade solution for securing information that could play a major role on the world's geopolitical stage! It's like James Bond meets The Social Network!
Yet to crack the top 500 books, but number one in the digital currencies category and number two in books on technology and engineering.
TTD What we following🚶♂️
Coinbase is making all the noise. All possible noise. In its latest salvo over the US regulator crypto hunt, it says that the US is at risk of losing out on 1 Million developer jobs over the next 7 years (report by Electric Capital).
US's global share of web3 developers has plummeted from 40% to 29% in 6 years.
US is losing almost 2% of its web3 developer share every year.
Reason: Regulation by enforcement, which is pushing tech innovation overseas. 70% decline in crypto prices, but still a 5% YoY increase in web3 development globally. 🚀
Coinbase says that other countries are stepping up because they have more clarity and openness when it comes to crypto innovation. Places like Europe and Asia, as well as emerging markets like LATAM, India, Hong Kong and Africa, are taking over and why not?
Solutions offered by Coinbase:
Provide regulatory clarity.
The US must invest in educational programs and initiatives to create top talent.
Collaboration between government, private sector, and academic institutions.
TTD Number picker
$258 Billion
The amount Elon Musk is being sued for. Over accusations that he ran a pyramid scheme to boost Dogecoin. This number is triple the decline in Dogecoin's market value in the 13 months leading up to the lawsuit.
Some Investors say: Musk deliberately drove up the price of Dogecoin by a whopping 36,000% over two years before letting it crash, all while raking in billions of dollars of profit at other investors' expense.
Also his appearance on SNL's Weekend Update on NBC, where he played a pretend financial expert and called Dogecoin "a hustle.”
The $258 billion damages figure is triple the estimated decline in Dogecoin’s market value in the 13 months before the lawsuit was filed.
TTD Surfer 🏄
Binance, CZ, and three crypto influencers, including NBA star Jimmy Butler, are facing a $1 Billion lawsuit for promoting unregistered securities.
Kaiko CEO suggests that strict US cryptocurrency regulations could shift the industry's "center of gravity" to Hong Kong.
UK banks are reportedly turning away crypto companies: applications rejected, accounts frozen, and overwhelmed with paperwork.
Web3 gaming to bridge the gap between Web2 and Web3: Aptos Labs Co-Founder and CEO Mo Shaikh.
A judge puts Binance US and Voyager deal on hold, saying that the US government has a "substantial case on the merits."
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