Posted 1 month ago | by Catoshi Nakamoto
Global Bitcoin adaptation is on the rise despite recent bearish candles, XRP NFTs get a slam dunk, and Chainlink one-ups the US government’s Inflation tracking system. My name is Ben. This is your nightly news wrap-up.
Let’s get it!
A lot of deals on wall street are made behind closed doors and hyperbolic pumps in the stock market are shrouded in mystery. On the other hand, the crypto industry has made one thing blatantly obvious: Global Bitcoin adaptation is on the up and up. Despite the recent downtrend in prices, the past few weeks have been remarkably bullish for the future of Bitcoin and blockchain. Without digging into headlines like U.S. Mayors and sports icons being paid in Bitcoin, almost 700 of Bitcoin ATMs being installed around the world, and a large crypto.com logo on the mat of the octagon during UFC 273…I’d like to point your attention to three specific speakers that took the stage at the Bitcoin 2022 conference we attended in Miami. Politicians and representatives from Honduras, Portugal and Mexico all shared during the conference that they’re all moving forward with plans to regulate Bitcoin and other crypto assets in each of their countries respectively. Since El Salvador set the standard and endorsed Bitcoin as a legal tender, both Portugal and Honduras are looking like they could be next in line to follow in their footsteps. Although Mexico might not adopt Bitcoin as a legal tender like the others, Mexican Senator Indira Kempis stated, “In two months, we will propose legislation to modify regulations in fintech and monetary law.” (Source zycrypto.com) Even if they don’t adopt it as a legal tender, it’s still bullish that they see the writing on the wall and want to move forward with opening the door for their people. In my opinion, these countries are only first handful of dominos. The rest will follow when they see the opportunity work out for the countries who took a chance on the future of finance.
As we all await the long overdue conclusion of the SEC/ Ripple case, it would worry me if XRP wasn’t constantly working on the next big thing to improve their use case. Luckily for us, that’s not the case. The XRP Ledger is poised to take the NFT world by storm and if they deliver on their promises, other NFT platforms may very well drown in the OpenSea. Ripple stated in a recent blog that if you use XRPL to create NFTs, each transaction on its carbon neutral blockchain will cost a mere fraction of a penny and it will take no longer than 3-5 seconds to complete. Not only that, since the September inception of their $250 million dollar Creator Fund, Ripple has already onboarded almost 4000 creators. (Source) The latest of which includes VSA Partners. VSA is working hand in hand with Rare Air Media, who is going to create a one of a kind NFT drop that encompasses Michael Jordan’s life and career. The first set of these NFTs is set to hit the market Q2 on of this year. Jumpman Slam Dunk for XRP. (Swoosh)
With all the latest news about interest rate hikes and inflation, the Consumer Price Index, or CPI, has been the talk of the town. The problem with the CPI, is that the government skews reality to make the numbers look better and people have been skeptical on its reliability for decades. Who better to address this issue than blockchain? Truflation, a DeFi firm that runs on Chainlink, is building a more accurate competitor to the CPI that gives us the true inflation rate, hence the name; Truflation. The inflation gauge they’re building is unbiased and censorship resistant. It uses real market data to deliver real numbers in real time. Coindesk.com reports, “The key difference between the CPI and the Truflation index is that while the government uses survey data to measure inflation, Truflation looks at price data.” It’s a no brainer: what’s more accurate, real data or a skewed survey? I wasn’t surprised at all when I learned that Truflation’s numbers didn’t exactly line up with Uncle Sam’s. While the CPI for March 2022 was reported to be 7.9%, Truflation measured the real inflation rate to be 13.2%. Mic Drop.
That’s all I got. Be blessed, BitBoy out!