Hey crypto nation, after last week’s news about volcano mining in El Salvador, well,
we had a difficult time finding anything cooler to talk about so we decided to give you a
few minutes of your day back. Who am I kidding, crypto never stops. The markets
might be down but just in case you were worried; this is not the end of crypto. In fact Michael
Saylor thinks that this dip is a great opportunity to stack some more sats. Again How much
is he buying this time? We’ll tell you in a second, but first…
The CEO of Nvidia thinks that we’re headed toward a blockchain-based Metaverse, a survey
has revealed that hedge fund managers expect to invest hundreds of billions of dollars
in digital assets in the coming years and more people than ever before have bought crypto
in this well-known country. Stay tuned to find out which one!
Start your engines and get ready to race through the highlights on this week’s Exodus Crypto
News Welcome back everyone, I’m Kris Merkel
and if you’re not subscribed to the Exodus channel well... The metaverse is a digital
world where anything can exist, which is super cool but what does it have to do with blockchain?
A lot actually….
First and foremost, interoperability and security. For example, Fortnite has sold more than $1
billion worth of digital paraphernalia. Weapons, upgrades, skins, etc. Fortnite has created
a brand new digital economy which is amazing, except that everything depends on one centralized
company. If Fortnite shut down players would lose all of their digital items since they
can’t withdraw them from the game.
The good news is that blockchain fixes this.
If you own your items as NFTs on Ethereum you can keep all of your purchases even if
Fortnite goes offline. You could also trade items through decentralized marketplaces or
sell anything you don’t want for crypto. There are so many advantages to putting items
on the blockchain that in five or ten years every game is going to be doing it.
While that’s going to be a massive improvement for gamers, the blockchain metaverse isn’t
just limited to entertainment. Digital land is another popular part of this growing ecosystem.
That’s especially the case for Decentraland, where a piece of property just sold for record
price of $913,000.
Purchases that big are bound to attract attention and sure enough, Nvidia CEO Jensen Huang has
said, quote, “we’re right on the cusp” of a new digital metaverse. Those are some
big words coming from someone who is in a position to see what’s coming.
Everyone here at Exodus is excited to see what gets built and we’re definitely looking
forward to this new chapter in the story of blockchain
MicroStrategy should rename themselves MacroStrategy, since the company has taken an all or nothing
macro outlook that Bitcoin is the future of money. Even though MicroStrategy already owns
more than $3 billion worth of Bitcoin, Michael Saylor has recently announced another bold
plan to buy more.
Instead of issuing a new bond though, this time MicroStrategy is planning to sell up
to $1 billion of class A common stock for, quote, “general corporate purposes, including
the acquisition of Bitcoin.”
The management company Intertrust Group has published the results of a new survey that
polled 100 hedge fund executives. In all, 98% of the execs said that they’re likely
to invest in digital assets within the next five years. Breaking that down further, the
executives predicted that eventually 7.2% of all of their investments will be in crypto.
The number is even higher in North America, where the hedge fund managers have predicted
a 10.6% position in digital assets.
Given that hedge funds currently have about $3.8 trillion in AUM (Assets Under Management),
a 7.2% position in crypto would equal $270 billion dollars of investment. It’s a no-brainer
that all of that money is going to have an outsized impact on the crypto market cap as
prices go up, up and up.
According to another new survey, a record setting amount of adults have invested in
crypto in the United Kingdom. The results, courtesy of the Financial Conduct Authority,
show that 2.3 million people in the UK now have some crypto, an increase of 400,000 compared
to last year.
The average investment size is also going up, from 260 British Pounds in 2020 to 300
British Pounds this year, equal to about $420 dollars.
Even though it’s super exciting to see all these new investors enter the market, there
is one area of concern. According to the Financial Conduct Authority, not everyone who invests
in crypto actually understands what they’re buying. In fact, only 7 out of 10 respondents
were able to select the correct definition for a cryptocurrency from a list of descriptions.
Crypto is tough, we get it, and that’s one of the main reasons why Exodus is constantly
putting out new content. Whether it’s the Exodus blog or the YouTube channel, we want
to give everyone the resources they need to educate themselves about crypto and blockchain
technology.
Have you checked out the Exodus blog? We’ve got hundreds of great articles on everything
from Bitcoin to lending platforms to altcoins you’ve probably never heard of. Even though
the market is in a slump from a couple of month ago, the silver lining is that now is
a great time to learn about new projects and maybe pick up some promising coins at a very
attractive discount, Michael Saylor style. Where do you think the bitcoin price is
going in the next 6 months, share your thoughts in the comments below and Thanks for joining
us, make sure to hit those Like and subscribe buttons, and until next time hodl on!