Attention turns to Bitcoin as America puts up a new all-time high for national debt, MicroStrategy Billionaire Michael Saylor claps back in a debate about Bitcoin’s Lightning Network and is Coinbase getting into the derivates market? Stick around to the end to find out! My name is Aj, this is your nightly crypto news wrap up, LET’S GET IT!
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Bitcoin > USD
Normally when we talk about new all-time highs, it’s a good thing…but today, I’m sorry, but that’s not the case. As of yesterday, America’s national debt has exceeded $31 Trillion dollars for the first time in history. Also, as you know, the FED has been hiking up the interest rates to battle the inflation issue. This is a terrible combination and we’re about to see how sharp this double-edged sword really is…because now, it’s going to cost that much more to pay it all back. The Peterson Foundation estimates that the “higher rates could add an additional $1 trillion dollars to what the federal government spends on interest this decade.” Oh, and that’s on top of that 8 trillion we already racked up since 2020. This is what I like to refer as a slippery slope and it really shouldn’t be a surprise to anyone that this is one of the MANY reasons why SO many people are bullish on Bitcoin. As the value and meaning of the U.S. dollar hangs in the balance, Bitcoin accumulation just hit a seven year high. As you see in this chart, these numbers line up with the same bottom signals we saw in 2015 AND in 2019. So, given the macro, I’m not gunna sit here and say the bottom is in, because it very well not might be…but my point is this: over the years, when politicians around the world are faced with massive financial decisions, greed seems to win every time. On the flipside, whales are buying bitcoin in droves and retail is catching on too. In the last year alone, the number of Bitcoin holders has grown by 4.5 million people. In 70 some years, when our grandkids read the history books, will they learn that THIS is the point in time when crypto began to completely replace the failed legacy system? I sure hope so! But until then, let’s enjoy the ride! Let’s pass it to our guy, Frankie Candles for a Market Watch!
Saylor Claps Back
Thanks Frank! Ya know, In life, it’s really important to pick your battles. For example, MicroStrategey’s executive chairman Michael Saylor, aka the popular billionaire investor who stepped down as CEO to focus on Bitcoin MORE…well, he’s not exactly the guy you want to call out. Saylor is like the sprained ankle of crypto, and Eric Wall, the CIO of Arcane Assets, thought it would be a good idea to troll Saylor on Twitter for not using Bitcoin’s Lightening network more than 3 times. What a frivolous thing to call someone out on…wow..oh, and if you don’t know, the lighting network is a basically second layer for Bitcoin that helps scale micropayments. Anyway, Saylor clapped back and said, yes, he has used the lightning network more than three times. Also, in classic Saylor fashion, he held a MEME contest on the matter, and the top three participants that get the most likes on their MEMEs will receive one million Satoshi’s from Saylor sent via the lightning network. Even though a million satoishi’s is only like 200 bucks, everyone got a kick out of it, and I really hope this one wins! (Laugh clip for transition)
Is Coinbase Getting into Derivatives?
Ya know, I think Coinbase is a great place for new users to get their feet wet, but once you’re in the game for long enough, you hit a wall because you can only do so much on their platform. Being able to buy and hold is all good and well, but if you only make money when the market goes up, you’re missing half the opportunity. You need to be able to go long AND short… and add leverage once you know what you’re doing. Lucky for us, it seems like Coinbase is making moves to get into the derivatives market! Earlier this year, Coinbase acquired Fair-X, which is a CFTC regulated derivatives exchange. More recently, they hired a former Goldman Sachs derivative executive, Usman Naeem. He is now their new global head of derivative sales and agency trading at their office in London. Fingers crossed that this becomes a part of a larger push to get derivative trading completely legitimized…and I hope they beat FTX to the punch! That’s all I got. Be blessed!