June Halftime Thoughts
Sports and Crypto
NBA TopShot is an NFT exchange of NBA highlights or clips of plays like dunks which was popular for a while. I am sure people are still holding those NFTs. Baseball has digital sports cards and wasn’t expensive but just still new and odd to collect. Lebron James did that commercial for crypto.com and Tom Brady did a commercial but have been silent when it trends down. The baseball pictures were boring but if there were NFT clips of home runs and baseball plays then that would be really interesting. Sort of like an NBA Topshot but for MLB. Some sports players started getting paid in crypto but that was back when crypto was at a higher price. It had been finance major athletes who wanted to trade salary for crypto but converting to all crypto is a risk for most. I don’t know who all gets paid in crypto but honestly, it’s slightly stupid because you could just get paid your sports salary in dollars and just buy some crypto. I think athletes honestly didn’t know what they were doing or just thought crypto wouldn’t have dips or falls.
Ethereum 2.0 Merge news
This may be something that the media promotes crypto as “clean” energy and also then bring most people into cryptocurrencies. Proof of stake will just be holders holding Ethereum, and somehow that keeps it all running smoothly. According to what I have heard online, lol, you’ll need to stake a lot of Ethereum. So the average person won’t really be able to participate in this. Ethereum has smart contracts and Dapps; just thinking about changing the whole system is probably hard. They have the Eth2 on coinbase but you can’t stake yet or buy it. It’s the same price as the main Ethereum but all this chatter about Ethereum 2, reminds me of Luna 2.0. Not that they are the same at all but the average person getting into cryptocurrencies, won’t know the difference. They may think “oh wow, so Ethereum once failed? That’s why there is 2.0 now?”. Luna was an algorithmic stable coin and Ethereum is just upgrading, big time difference.
According to CNBC, article on June 8th, Ethereum had a test run on the switch and I guess it went successfully. The all-time high for Ethereum was over $4k for a single ether and just a normal halving would pump so, 3 of them will do more than normal. There was already chatter in discords about Ethereum “flipping” bitcoin; meaning reaching its price or higher than Bitcoin’s price. I don’t think that’ll happen because Bitcoin will go up also and it’d would need a lot of pumps for Ethereum to reach Bitcoin’s price.
Pretty wild seeing Bitcoin drop down into the $20k range, and the ones who bought into Bitcoin at the peak are way down. It all depends on your average price of Bitcoin. It’s starting to look like the previous cycle for Bitcoin and just trending down to a flat low. People who thought it’d just keep going up and didn’t sell, their profits are probably gone. Some people who bought in as it was going down from Bitcoin’s all-time high, just have slowly been going down all year. If Bitcoin follows the 2017-2018 cycle, Bitcoin will go low but just higher than the previous cycle for a bottom. None one knows too, that’s what boggles my mind about crypto influencers is that they are just coming up with random predictions. Crypto just keeps getting cheaper and cheaper though for anyone wanting it.
I think others who are new to crypto investing think it’ll hit a bottom and then automatically bounce back up to an all-time high. It may if it follows the stock market now and has a boost when the halving cycle comes back around. The Ethereum 2.0 merge and the triple halving will have a pump but there is not much interest in that besides a few news networks. The anger stage of the market cycle is happening at Boxden and the anti-crypto people are loving the downtrend. I have observed that altcoins will automatically pump up or down with Bitcoin, not a secret but it’s just odd seeing it all happen. I highly doubt that it’s thousands of people behind phones and laptops selling and buying but more like lots of trading bots.
Crypto Regulation Bill
For the longest time, we finally are getting some regulation on crypto with Democrats and Republicans coming together to agree on something. Senator Kirsten Gillibrand & Senator Cynthia Lummis are the ones leading on this one too; so we are all betting they know the industry or at least the people around them do. They made it so there is no tax under $200 because it was intended to be a currency not a store of value. But they also brought up that letting 401ks invest in a crypto is a store of value, so it boils down to that Bitcoin is versatile. It is just a bill too, so they may bring it back into the news when they decide to pass it.
Be a nice human.