Crypto News: Bitcoin price takes a detour & IBM NFTs

Sometimes you win and sometimes you lose,
If you’re looking at the crypto market today and your seeing red, well the news isn’t
all bad. How can you say that?

Well, typically in run ups, corrections are normal
and great opportunities to enter the market. In fact  the last couple of days have been
kind to Ethereum which has just recently made new highs!  A massive gaming company, we’ll tell you
which one in a second, is now part of the Tezos family, WeWork is accepting crypto payments
and more Americans than ever are crypto curious. NFT’s breaking out of the art segment into
someplace you might never have guessed.  Stick around because we’ve got all these
stories and more in this week’s Exodus Crypto News.  Welcome back crypto fam and if you’re new
here, please…… Red is the color of the day not only in the
crypto markets but in the traditional markets as well.

It looks like we may be back into
a minor correlation between the two as all markets took a downturn when a story broke
yesterday that the US president might impose a capital gains tax increase up to 43% for
extremely wealthy individuals. If you want to know more how that might affect you and
your crypto, I would suggest consulting a licensed financial advisor, of which I am
not. So, let’s do a lightning round of the numbers.   

Everyone in crypto has heard about DOGE by now. It’s been on an epic run from $0.06
all the way up to $0.42 at the peak.  Is it sustainable? We’ll have to wait and
see. For a while now, DOGE coin supporters have been right and everyone throwing shade
has missed out on one of crypto’s recent greatest runs. 
Bitcoin has been having a bit of a rough go of it since the Coinbase IPO. The orange coin
briefly made a new all time high just under $65,000, but it’s been nothing but downward
price action since then. Questions abound about whether this is a correction or consolidation.
Everybody who watches this programs knows I speak about the institutional money flowing
into BTC and I can imagine they look like a pack of hungry wolves right about now ready
to pounce on the sale.

It’s a fine time to be in Ethereum! ETH
is making new all time highs and it’s doing it at a time while Bitcoin is seemingly stuck
in the dust.  
Have you heard about Solana? The project,
which means “sunshine or, sunny side” in Spanish, is definitely bringing the light.
The SOL token is up 151%% from just a month ago, from $13 to $35.  Markets aside Blockchain is moving closer
to the mainstream. Once again Wyoming is showing us the way.
The sparsely populated western state, known best for its mountainous vistas and long roads
where the speed limit is 80 MPH, has enacted legislation that officially recognizes DAOs
as a type of LLC (limited liability company).  This move will give DAOs legal authority in
the state and it’s a huge step forward for integrating smart contracts and other crypto
governance structures into the legal system.  So which state do you think is the next to
follow suit? Let us know in the comments. A new study has shown that more than 60% of
adults in the United States are interested in crypto.

So let’s do a bit of math to
see what this means.  It’s hard to know for sure, but surveys
estimate that about 30 million Americans own Bitcoin. In total there are 200 million adults
in the USA. So if we assume that in the next three years, those 60% of Americans who are
crypto curious actually buy some coins, that’s 120 million hodlers, or 4x the number of Americans
who own Bitcoin and other crypto currencies right now.  Not if, but when.

Bitcoin isn’t money because you can’t
spend it anywhere, or so the saying goes. Well… There are 20 million PayPal merchants
that now accept crypto, and if you’ve got about three-quarters of a Bitcoin you can
use it to buy a Tesla. So that’s definitely a start, but how about this.  Real estate company WeWork is now accepting
crypto payments in the form of BTC, ETH, USDC and even a few other lesser known coins. The
company has even said that they’ll be keeping a portion of all crypto payments on their
balance sheet.   So you can buy a car with Bitcoin, you can
pay for your office space with Ethereum, you can shop online with USDC… The notion that
you can’t spend crypto anywhere isn’t a valid argument anymore.  The gaming company Ubisoft has taken a big
step into crypto with their announcement that they’re going to start baking Tezos.   For anyone unfamiliar with Tezos, baking is
essentially the same thing as staking. So Ubisoft is locking up their Tezos XTZ to help
secure the network and earn a staking reward.  Tezos is a good fit for Ubisoft since the
blockchain has more scalability than Ethereum and significantly lower fees.

That’s important
for Ubisoft, since they may incorporate blockchain technology into their games in the future.
NFTs (non-fungible tokens) are super interesting because they get criticized all the time even
though the technology itself is totally neutral. The idea is that when you create a NFT there
is a limit on the number of tokens created, whether that’s 1 token or 1 million. Those
are the original tokens and nobody can create a duplicate and claim that it’s an original.  Given these technical parameters, it makes
sense that IPwe is partnering with IBM to record corporate patents using NFT tokens.
The patents are recorded onto the blockchain forever, and everyone can see the exact date
that the patent was issued.

This is an exciting new use case for NFTs
and truly it’s only the beginning. We expect to see a lot more novel use cases for NFTs
in the coming years.  In 2021 we’re really reaching the point
where crypto isn’t just about speculation, it’s about real world adoption! So whether
the markets are up or down today, the future remains bright in the long term.  Thanks for watching everyone, make sure to
hit those  Like and subscribe buttons, and until next time, hodl on!.

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