so um
yeah uh
but i think we probably
are
the are in a recession and that that
recession will get get worse
all right welcome back everybody to
altcoin daily my name's austin
elon musk in a recent episode of the
all-in podcast says he expects global
markets to continue crashing now while
this episode is almost 90 minutes long i
want to share with you a much shorter 90
90-second clip that really sums up
elon's view of where this economy is
headed if you hold cryptocurrency there
is progress happening in this market in
today's video i want to share that with
you progress that is fundamentally
bullish long term but in the short term
throughout the rest of 2022 here's why
elon musk expects another crash and
while he says that could potentially be
a good thing watch this
where do you think the economy is is
headed right now do you think we're in a
recession or is it just a risk how do
you how do you assess our current
economic situation well predicting
economic record economics is always
difficult um and and one should assign
probabilities to these things
now the thing is that
recessions are not necessarily a bad
thing i've now been through a few of
them and what has happened is if you
have um
a boom that goes on for too long you get
misallocation of capital uh it starts
raining money on fools basically it's
like any any dumb thing gets money and
i'm sure you've seen a few of those um
so
at first at some point it gets just out
of control and you just have a
misallocation of of human capital uh
where people are doing things that are
silly and not useful to their fellow
human beings um and and then those
companies there needs to be sort of an
economic enema if you will eventually
the economic enema does its job it
clears out the pipes if you will yes
and um and and sort of the the the
companies um
uh go bankrupt and the ones that are
doing useful products uh are prosperous
um
so um
yeah uh
but i think we probably are
that are in a recession and that that
recession will get get worse
um
but you know these things pass and then
there will be boom times again um so
it'll probably be some some tough going
for
i don't know a year uh maybe maybe
you know 12 to 18 months is usually um
the amount of time that it takes for the
a correction to to happen
all right interesting perspective
give me your thoughts down below let's
all check the comment section together
right now
and while i am not a registered
financial advisor i have no clue what
the price of bitcoin will do tomorrow
and neither do you that does not mean
through the next 3 12 18 months whatever
that is as markets continue to trend
down that does not mean that progress
isn't happening so check the time stamps
down below but first piece of news as
per the blocks q1 shareholder letter
over 10 million cash app accounts have
now bought bitcoin now the app generated
over 624 million in gross profits for
the company over that time and just 43
million of that came from bitcoin sales
so more and more people are choosing to
accumulate and think about it back in
april cash app announced its integration
with the lightning network granting
customers access to immediate and free
bitcoin transactions
and they also announced their new get
paid in bitcoin feature which converts
its customers recurring paychecks into
bitcoin automatically in a direct quote
from square we've experienced growing
momentum with customers bringing their
paychecks into cash app and hope this
feature will expand awareness of our
direct deposit capabilities
yes
love this bear markets are the time to
accumulate
and next up what progress is happening
with ethereum well ethereum is on track
for the test net merge in june so not
their main net merge but their test net
merge is about to happen
ethereum's ropeston public testnet will
undergo their merge next month we know
this from the developer activity on
github so just as a reminder the merge
refers to ethereum's transition from
proof of work to proof of stake
and after the shift transactions on the
ethereum blockchain would be processed
and validated by stakers instead of
miners which would in turn create a
faster and eco-friendly network so here
was the direct tweet from the developers
robston beacon chain config has been
merged expect client release soon
specifically merge transition on june 8
for the test net so expect the test net
merge to happen on june 8th and
estimates for the rollout to the main
net are expected to be in the last
quarter of this year
so progress continues to happen for the
eth network
and next up very quick piece of news on
one of tara luna's used to be biggest
supporters mike novogratz novogratz says
his luna tattoo is a constant reminder
that investing requires humility
and mike novogratz is a billionaire he
made his money by making
good choices when investing and this
goes to show you that not everybody is
right all the time and investing is
risky he just put out a letter yesterday
explaining to his community that he was
wrong obviously and this will always be
a reminder of that
and he did explain that his company
galaxy digital invested in luna in q4 of
2020 using their balance sheet capital
and clarified that the firm's treasury
never used the stablecoin ust
so what did galaxy digital lose
well the firm expects to post a 300
million dollar loss in net comprehensive
income as of may 11th bringing the
partner's capital down to 2.2 billion a
12 decline from march 31st so a lot of
people lost money mike novogratz no
exception
but next up huge piece of adoption news
for crypto.com
shopify has just expanded their crypto
payment options with a crypto.com pact
shopify merchants also have access to
jackmauler strike coinbase commerce and
bidpay and now crypto.com as well so
what does this mean if you hold chrome
well this means that merchants using
shopify now have another way of
accepting cryptocurrency payments with
crypto.com and those sellers using the
crypto.com pay feature can allow
customers to settle their accounts with
over 20 different tokens
this is significant to me because
shopify is obviously huge
and next up ftxus to launch zero
commission stock trading so this is the
merging of traditional finance of the
stock market with the crypto market
and this marks the very first time in
history that clients will now be able to
fund their accounts their brokerage
their stock accounts with popular
stablecoins like usdc
so according to the announcement ftx
stocks will be offered through the ftx
us mobile app and they plan to offer
trading in hundreds of u.s listed
companies their stocks and exchange
traded funds the reason i thought this
was interesting is because while
coinbase has said that they want to do
this and binance tried to do this but
was shut down because it was not
compliant with this product ftx is
registered with the sec with finra etc
so cool to see the merging of these two
worlds
and by the way many of you know this but
ftx us is a sponsor of the channel and
if you want to download the app right
now use code altcoin daily when you sign
up and get up to 100 in crypto with
altcoin daily this promo will not last
forever link down below take advantage
next up what about apecoin
apecoin migration from ethereum draws
interest from avalanche and flow so the
board api club linked eight coin dow
that's their token that's apecoin is in
talks with the layer one suitors as the
project considers a post-ethereum future
and apecoin is doing this because
ethereum fees are expensive
after their other side metaverse land
sale that cost investors more than 100
million dollars in transaction fees
board members of the board api club
linked apecoin are listening to other
offers migrating apecoin off ethereum
and by the way they're not ditching
ethereum it's not ethereum or something
else
it's eth and something else what other
chains can we give our users the option
to use
two suitors are avalanche and flow
according to executives at the firms
behind both networks
and hugo labs first alluded to a
potential apecoin migration back on
april 30th on twitter this has been the
largest nft mint in history by several
multiples the scale of this mint was so
large that ether scan crashed we are
sorry for turning off the lights on
ethereum for a while it seems abundantly
clear that apecoin will need to migrate
to its own chain in order to properly
scale we'd like to encourage the dao to
start thinking in its direction
so ultimately token holders will decide
and i guess avalanche and flow
blockchains are in the lead
as of now
that is the video my name is austin like
always see you tomorrow but you know
these things pass and then there will be
room times again