President Biden signs the Inflation Reduction Act.
Popular altcoin Chiliz brings the heat.
And Goldman Sachs refers to XRP as a digital currency.
My name is Justin.
This is your nightly crypto news wrap-up.
Let's get it!
In Washington, President Biden will sign the landmark Inflation Reduction Act at the White House today.
This sweeping climate and health bill passed last week
after nearly a year of negotiating.
It's a victory for Democrats.
It comes at a critical time just ahead of the midterm elections.
The measure will allow Medicare to negotiate the cost of prescription drugs
with the goal of lowering out-of-pocket costs.
That's one provision.
It also increases taxes on large corporations.
It makes massive investments in cutting greenhouse gas emissions as well.
Republicans who oppose the bill said that new law actually does very little
to address the biggest causes of inflation despite its name.
Around 3:30 today,
President Biden signed another major spending bill called the inflation Reduction Act.
What a terrible name!
Just like how the Patriot Act's name was egregiously misleading.
Well, this one is far worse.
In a year, we're supposed to be taking a hawkish approach to battle inflation.
Their solution is to spend even more money.
$369 billion to be exact.
At the core, it's really a climate change, healthcare and tax enforcement bill.
And oh, boy, are they going to enforce those taxes to pay for this monolith of a bill!
Now, that explains why $80 billion from this bill is going straight to the IRS.
Also, any business that makes more than a billion dollars a year has to pay a mandatory 15% tax!
Huh?!
Is this really about inflation?
Or is it more about saving face before midterms?
According to the statistics from the University of Pennsylvania,
the Penn Wharton Budget Model states that
the impact on inflation is strategically indistinguishable from zero.
They also predicted the bill would actually increase inflation until 2024
and will have no impact on the GDP by 2031.
But this is a big win for everyone, right?
Since the beginning of August,
popular altcoin Chiliz has skyrocketed from around 12¢ to just under 22¢,
marking a 78% pump from top to bottom in just over two weeks.
Dang! Chiliz is heating up!
Why the big move up?
Well, if you don't know,
Chiliz dubs itself as the world's leading blockchain fintech provider for sports and entertainment.
And that's a fair assessment.
Chiliz powers Socios.com,
which is a platform that allows fans to engage with their favorite professional sports teams
using fan tokens to win prizes and even once-in-a-lifetime opportunities
to meet their favorite teams and athletes.
Earlier this year, Socios signed a multi-year deals with 13 NFL teams,
as well as the deal with Major League Soccer and almost every team in the league.
28 NBA teams are on board, too.
And at the start of this month,
Socios made a $100 million deal with FC Barcelona,
getting just shy of a 25% stake in the team.
Basically, when you think about the integration of Web3 and professional sports,
Socios is the name and Chiliz is the blockchain behind it.
Obviously, there's a lot of room for growth there considering the NFL preseason is underway
and the World Cup is coming up in just a few months.
But that's not the only reason it's ripping up the charts.
Just yesterday,
Chiliz put out a tweet that begins Phase 5 | Pequin.
This is a nod to the Phase 5 upgrade of the Scoville testnet,
which are the building blocks leading up to the release of the Chiliz Chain 2.0.
The CC2 is an EVM-compatible chain
that will run parallel to the existing layer 1 chain,
making it faster, stronger and cheaper.
This upgrade is crucial in the development of Chiliz.
And keep an eye on its price as the upgrade gets closer.
It's projected to roll out Q4 this year.
Regardless on how long Gary Gensler wants to drag his feet and regulate by enforcement,
Ripple is making moves and friends.
We all know that XRP is leading the charge with ISO 20022,
which leaves it at the forefront in changing the face of the cross-border payment system.
To add to the bullish narrative,
banking powerhouse Goldman Sachs has cited Ripple as an opportunity in payments.
And they classified XRP as a digital currency.
That alone is a big win for Ripple.
That's not the only big win this week.
Every year,
Inc. releases a list of 5,000 companies
which acts as a rank of the fastest growing companies in the country.
And it's a pretty big deal to make the cut.
Anyway, they know the real deal when they see it.
And XRP has been recognized for their effort.
Now, let's hope the positive momentum continues for a project
that could change the standard of finance as we know it.
That's all I got.
Have yourself a great rest of your evening.