By taking a look at some of the notable events happening for crypto in the last few weeks, it will help to understand exactly how fast this space moves.
It moves so extraordinarily fast… it’s almost scary.
Here is some food for thought below… 💭🥐
Just a few months ago the market was red all around.
We were hit with headline after headline, each one bashing the entire industry.
Combine this with the #Bitcoin mining ban in China, and you’d think this would line up to be the perfect “black swan,” right?
but it wasn’t.
Why?
Because cryptocurrency was silently transitioning from being a “fringe asset class”, straight to being a part of mainstream finance
Big companies, celebrities, and even entire countries are now taking part in this revolution
The cat is out of the bag.
At the end of September, news broke of Sorare, an NFT fantasy sports game raising $680M from remarkable investors.
Hosted on Ethereum, the platform has over 600,000 users + partnerships with 180+ soccer organizations
This raise perfectly illustrated the state of the NFT market
Going into October we then had VISA announcing plans to build out a layer two network for stablecoins
They plan to help scale many different blockchains & make them interoperable with CBDC’s
VISA has more than a billion users.
They even deployed their first smart contract!
Then, a few more days into October, the Bank of America released a particularly interesting paper with very bullish insight for crypto
From the report:
“We are bullish on the prospects for digital assets as it enters the mainstream”
Adding that they expect “significant growth”
Then on October 7th, NFTs were back breaking records.
.@CozomoMedici, who was previously revealed to be .@SnoopDogg, purchased Fidenza 938 at a mind-blowing valuation of $8.5M
This shattered the prior record for the most expensive photo ever being purchased in the world.
A short time after all of this, Coinbase joined the hype by releasing a signup for their NFT platform
They received a shocking 1M+ signups in the first day after announcing, with that number now exceeding 1.5M!
For reference, only 3.5M users have ever interacted with DeFi…
Next, the largest geographical transition of hash power in recorded history occurred, with a new flood of miners rushing towards the U.S. from China
Two birds were killed with one stone here (mining centralization + environment)
The United States now has the most hash power
Around the same time on October 15th, the market cap of cryptocurrency briefly surpassed its previous all time high
Although a massive feat, the noise on this statistic was way more “quiet” this time around
Cryptocurrency is now an established, multi-trillion dollar asset class
Then, of course just a few days ago we had the official announcement of the #Bitcoin ETF
The move signified the “green light” for big companies to adopt Bitcoin tech
Trillions of dollars in traditional finance are now taking interest in crypto, and its only just begun for them.
Lastly, DeFi is back and absolutely booming.
The last few weeks have brought up news leaders in the space, attracting billions in TVL.
In the last two months alone, DeFi protocols have amassed over $50B in total value locked.
People aren’t ignoring this 👀
TLDR?
It’s clear that both digital assets and decentralized finance are growing at a pace faster than we can even begin to comprehend.
We are only just getting started, & the next few months are about to get very interesting…
Enjoy! 🥐
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