Crypto News: Bitcoin News, Tezos upgrade, and The Most Expensive NFT

Welcome back for another episode of bullish
billionaires and Bitcoin. 

Famous billionaire and renowned money manager, Stan Druckenmiller is long Bitcoin and believes
that it will outperform gold. PayPal has officially rolled out their crypto
service and what type of car would you buy for $110,000?  
Car We’ll start off this week’s news roundup
by revealing this year’s best performing asset. Any guesses as to what it is? You won’t have to wait long as we unpack
the highlights on this week’s Exodus Crypto News.   Name your favorite asset class. Stocks, bonds, commodities, gold, collectible
trading cards? Whatever it is, Bitcoin has done better. Bitcoin is the best performing asset of 2020,
having gone up about 125% since the start of the year.  In fact, Messari has even run the numbers
on a larger time frame and Bitcoin is the best performing asset not just this year,
but over the last four years as well.

Real estate, gold, the stock market… Nothing can beat the orange coin.  At this point there seems to be a feeling
in the Bitcoin community that hitting the all time high is just a matter of time. In fact, at the rate that Bitcoin is going
up we could be at $20,000 in the next week or two!  Or maybe sometime in December or January? That seems totally doable. Already we’ve had more daily closes above
$15k than any other time in Bitcoin’s history. Something big is definitely happening here. When do you think we’ll see the bitcoin
price at $20,000 again? Or what about $100,000? Let us know your bitcoin price prediction
in the comments.

It’s official! The billionaire Stan Druckenmiller, one of
the world’s most prominent fund managers, is long on Bitcoin. In a recent CNBC interview Druckenmiller explained
his reasoning for going long BTC. “Bitcoin could be an asset class that has
a lot of attraction as a store of value for both millennials and new West Coast money,
which, as you know, they’ve got a lot of it. It’s been around for 13 years and each passing
day it picks up more of its stabilization as a brand” So this isn’t another MicroStrategy moment
where someone is betting the house on one asset.

Nonetheless, it’s still really big news.  Druckenmiller backing Bitcoin matters because
it further legitimizes the cryptocurrency space. In a recent Tweet, Raoul Pal said essentially
the same thing. Quote,  “The significance of the worlds greatest
and most respected money manager – Stan Druckenmiller saying just now that he is long bitcoin can
not be overstated. That has removed every obstacle for any hedge
fund or endowment to invest…” And of course Druckenmiller isn’t alone,
he’s just the latest in a long line of companies and wealthy investors to announce that they’re
long BTC. There are several dozen companies which have
announced their Bitcoin holdings. From the half billion purchase by MicroStrategy
all the way down to some other companies holding just a few dozen BTC.  The macro environment for Bitcoin has literally
never looked better. Paul Tudor Jones, PayPal, Fidelity, Raoul
Pal, Stan Druckenmiller, MicroStrategy, Square, and the list just goes own and on. The institutional interest in BTC as a hedge
against the dollar grows by the month.  Don’t miss out on the next big crypto news. Subscribe to the channel now so you’re always
kept in the crypto hyperloop.  And just like that it’s live! PayPal users across the United States can
now use the application to buy Crypto.

Bitcoin, Ethereum, Bitcoin Cash and Litecoin,
it’s all there. Even those poor souls who live in New York
state, who are so often denied crypto services due to onerous regulations, can buy crypto
with PayPal.  That’s really big news, but here is something
we think could be even bigger. PayPal has announced that they’re also going
to make it possible to pay with crypto at any of the 26 million merchants who are integrated
with PayPal payments. All crypto payments will be converted into
fiat at the time of the sale, so that the seller isn’t exposed to that notorious crypto
volatility, they only get stuck with a perpetually declining dollar.  As we mentioned last week, the downside of
PayPal’s crypto service is that you can’t take your crypto off the platform. Not your keys, not your crypto! This is really good argument, but it’s also
important to recognize that not everyone wants the trouble of custodying their own coins. Here is a Tweet from the crypto luminary Scott
Melker, which does a really nice job summarizing the issue in just two sentences.

“It’s important to hold your own private
keys and custody your Bitcoin. It’s also important that people who don’t
want to do that can buy it on PayPal and go about their lives.”  So there you go. Anyone who wants to take control of their
crypto can do so, and for everyone else there is PayPal. With the increased exposure to new digital
assets, how do you think this “Crypto” in a box will change the ecosystem? And for those who want to learn what this
means for bitcoin investors, click the link above to visit the Exodus blog and find out.

DeFi was born and raised on Ethereum, but
that doesn’t mean it will stay there forever. One of the key problems with DeFi on Ethereum,
at least right now, is the lack of scalability. When there is a lot of user activity it can
cause transaction fees to go through the roof and the wait time for transactions to get
really out of hand. Well one blockchain’s limitation is another’s
opportunity, and Tezos is doing everything it can to expand its own DeFi ecosystem.

Recently the Tezos chain introduced a new
upgrade called Delphi, which should decrease gas consumption by about 75% in most scenarios.  That would make it significantly cheaper for
DeFi protocols to operate on Tezos, especially sophisticated protocols which require a lot
of computation. In addition, storage costs are also anticipated
to be four times cheaper, making it more feasible to store data onchain.  Maybe, on the margin. Protocols which don’t need to connect to
other DeFi platforms will probably be the first to jump ship to Tezos.  As BTC gets ready to moon, the chatter of
expensive cars increases.
 Lambo for you
Lambo for you Lambo for you
Lambo for you And, Lambo for you

 What’s the most
you would consider paying for a car? How about one that doesn’t actually drive
anywhere? 

Well.

In 2019 an unknown investor bought a jewel
encrusted F1 race car NFT for $110,000, it’s the most expensive NFT sale ever. For those who don’t know, NFT stands for
non fungible token. If you don’t know what an NFT is, click
the link above for a quick explainer.   Digital trading cards and paintings are two
of the most common NFT types, although as we saw here, you too, can also have a race
car NFT.  We’ll keep an eye on it and we’ll be sure
to let you know once the first million dollar NFT sale takes place. 
 If there is one key takeaway it’s that institutional
adoption of Bitcoin is growing at an exponential rate, and the price of BTC is really starting
to reflect that. Now that you can buy crypto with PayPal, even
more people are going to be looking to buy some BTC and it looks like at some point in
the next 90 days we’ll be hitting $20k, so that’s definitely something to look forward
to.  If you agree, hit that like button, subscribe
to the channel and keep stacking those sats.

Until next time, HODL on!.

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