Bitcoin Miami Highlights ₿'s Bright Future, Cash App's Paycheck to ₿, Inflation 40 Year High
Block's Paycheck into Bitcoin, Inflation 8.5%, Elon's Twitter Move
Happy Wednesday Everyone!
My 🌅 routine:
Run 3 Miles
Get Flash Loans using DeFi Infinite Money Machine & Stake in LP Pools
By Terrence Hooi |@HooiTerrence
Chief Investment Strategist
1.) Miami ₿itcoin 2022 Conference
Recently, we hear a lot about Bitcoin’s regulatory framework and scaling capacity. This week’s Bitcoin 2022 Miami conference highlighted a bright future for Bitcoin with over 35,000 people in attendance and over 7 million livestream viewers worldwide during the 4 days event as Bitcoin enthusiasts, miners. developers and institutions gather to discuss the future of Bitcoin.
Singular believes the current regulatory shift has accelerated the growth of the Lighting Network adoption and increase institutional investor interest for Bitcoin.
2.) Block Allows Users to Convert Paychecks to Bitcoin
This week, Cash App owned by Block (formerly Square) now allows users to automatically convert paychecks into Bitcoin on both Lightning Network and the bast layer.
Robinhood followed suit by announcing during the Bitcoin Conference that allows users to send and receive cryptocurrencies by integrating the Lightning network for bitcoin transactions in the coming months.
Singular’s Take: With Cash App’s 30 Million Monthly Active Users and Robinhood’s 17 Million Monthly Active Users, Singular believes this major move by Fintech giants will increase adoption rate of cryptocurrencies amongst retail investors.
3.) Will Elon Musk Change Twitter’s Business Model?
Elon Musk, who spent $2.98 billion to acquire a 9.2% stake in Twitter and was appointed to the company's board earlier this month. Will Elon change the following? Here’s what we found from Elon’s latest tweets:
Changing Twitter’s Algorithm to Open-Sourced.
Making Twitter a Free Speech platform?
Including an Edit Button?
Singular believes the above could impact Twitter’s business model with its main source of income coming from ad placements. We will continue to monitor Musk’s vision for Twitter that could impact its current business model.
4.) Inflation at 40 Year High At 8.5%
This week, Inflation hits 40-year high of 8.5 percent because of war in Ukraine, rent hikes
Gas prices jumped 48 percent year over year.
10yr Bonds Today at 2.72% from 2.8% yesterday. Slight decrease in Bond yields meaning inflation likely to continue rising.
Inflation Highest in 40-years (highest since 1981)
8:30 a.m. March U.S. CPI
8.5% versus year ago
Energy crisis with surging fuel costs already affecting consumers
Next Fed Meeting April 28th 2022, expecting a 50 basis point increase
Some Crypto/NFT Lingo
GM means "good morning". NFT enthusiasts say good morning to each other because they are a friendly happy optimistic global community and it is nice to say good morning to your friends as you start your day.
"Gonna Make It"
The happy future state when everyone understands our JPGs the way we do. "MOMA just bought a punk. WAGMI".
"We All Gonna Make It".
Same happy future state when everyone understands our JPGs the way we do. "MOMA just bought a punk. WAGMI".
The Fear of Missing Out.
Buying an NFT because you are afraid of missing out on the next big thing. "I FOMOed into Golden Snails and I am not sure why." Applies to Stocks & Crypto as well.