Olebulls October Crypto Report!
Evening Hivers! Continuing my crypto reports mowing forward as I found it a good way of keeping myself up to date on what’s happening out there in the “crypto news world”! Remember, I stay up to date, you stay up to date – everyone wins! Now, let’s see how October went and what was the most important topics that I found and wanted to share with you.
On 11th of October, we could see that bitcoin skyrockets to 5 month High: Dominance soars as altcoins lose value against BTC (reported from Market Watch). Market cap exceeds $1.1 trillion dollars. We could also read on 20th of October that BTC sets new all-time high at $ 66,500 because of ETF debut. The opportunities to trade BTC as well as financial products that reflect the price are increasing. This makes the market more accessible to both private individuals, professional investors as well as banks and funds. ProShares Bitcoin Strategy ETF (BITO) is the first U.S. bitcoin-linked ETF offering investors an opportunity to gain exposure to bitcoin. The Fund seeks to provide capital appreciation primarily through managed exposure to bitcoin futures contracts. You can read more at the main source here. $BITO , which is traded on the New York Stock Exchange hit 1 billion assets under management (AUM) – fastest ETF to do so EVER!
Some minor news that I found interesting was that:
- Bitpay allows Verifone customers to pay with crypto.
- FED announced that it has no plans to ban any digital assets. Right after the announcement of the FED we saw greens all over in the crypto market. On the other hand, chairman of the NatWest banking group admires Chinas recent crypto ban (which you could read about in my crypto report of September here. He also stated crypto as gambling, lol! He viewed it as one of the banks biggest worries. You bet.
- One could also see that the federal high court of Nigeria approves eNaria CBDC rollout. The “fed” in Nigeria approved the rollout of a central bank digital currency or CBDC if you want, as a legal tender. Named eNaria, it will be issued by the central bank and supported by a wallet called eNaira. Great news for Nigeria in my opinion – wish Norway where there any time soon, I doubt!
- New Zealand launched its first Bitcoin only investment fund – a fund for the Kiwi Investor!
- Trump again: “I don’t want other currencies coming out and hurt my precious dollar”.
- Shark tank star Kevin O’Leary has revealed that he has bought more crypto than gold, his holdings are now at 7%!
- Fed adopts ISO 20022 format for payments that ripple is compliant with!
- Billionaire Orlando Bravo’s Firm Plans to invest in Blockchain Tech Companies, Go HIVE Orlando!
Important topics
An interesting article we could read about was the one with Jean-Pierre Verster! He is a hedge fund Guru of South Africa who doesn’t believe that crypto has any form of “intrinsic value” (vel ye it is hard to evaluate crypto still). He even insists on telling us that the crypto market have elements of a ponxi scheme (pyramid scheme) and for that reason he did not consider buying crypto to back up his portfolio. To bad for him. I bet deep down he regrets that thought today, ha-ha! As of Splinterlands could remind of the latter scheme they are now showing us, with the new government tokens (SPS), that this is far from a f***ing ponxi schemes. Ye, it is in most cases always good to be one of the first players in something that is doing great! But that applies to every single investment in the entire world, regardless. Go Splinterlands, keep up!
Axie infinity investor Arca launched a closed-venture fund focused on digital assets like NFTs. The NFT game is so popular that it was oversubscribed above its $30 million cap. That is good news for crypto gaming world in general. Samsung also backs Axie infinity and investing - @Splinterlands next?
Another interesting was the report from Bank of America (report) who announced that 1/3 out of all united states citizen will use crypto in 2022. That was a 140-pager report and I believe it counts for some. It covered the digital industry including NFTs as well. According to the writers behind the report they see the NFT industry as very “young”, and the industry still has an enormous growth potential. 27% in numbers. And guys, massive adoption creates institutional interest. It is worth mention that the report of Bank of America they point out that illegal usage of Bitcoin dropped significantly. Dropping from almost 40% to 0-1% in 2021, that’s fantastic!
Something that I am a bit worried about is that on the 14th of October Michael Burry (“The Big Short” investor) seeks to short the crypto market. He has said it before on twitter and are now saying it again, will he succeed even in the crypto market? Maybe on short terms? Yet to see, something to think about… And ofc I need to mention Mr. financial freedom man, Robert Kiyosaki who warns US about a giant crash coming in our way followed by a deep depression and his answer to this is that he recommends Bitcoin. When heads like that recommends crypto mowing forward, we will most likely in the near future see some more increase.
Another announcement from the Worldcoin is out and it’s awesome. They will give free crypto to everyone that’s wanting to do an eye scan. Their target is to get 1B crypto owners within 2 years. They will work for one goal – to accelerate global crypto adoption.
In October we also hear something from Tesla with their Elon rocket musk CEO in the front seat. They hint that they may soon support crypto payments - they now start to believe in crypto as a “liquid alternative to cash” for the long term. And as many others they now seem to express their long-term belief in crypto assets. The company also stated it this way: “We believe in the long-term potential of digital assets both as an investment and also as a liquid alternative to cash.” Source
We need to round off this report with a short overview of the staking industry. Staking in October has risen to a $18B industry, according to Staked. Much driven by the ETH 2.0’s Proof-of-stake (PoS) campaign and institutions quest for internet bonds, with now over two dozen of PoS protocols on the market. That is insane valuation!
Thanks for reading this month’s crypto report!
Cheers
-Olebulls