Brazil spends some serious dough on crypto, SoRare teams up with the NBA to make a web3 basketball game and despite the bear market starting to show it’s ugly side, there are some still some positive things to hold on to as long as you keep a long term mindset. Welcome to Bitboy Crypto, the peoples channel. Home of the BitSquad, the largest and greatest crypto community in all the interwebs. No channel works harder to keep you in the know about crypto. My name is Frankie Candles, this is your nightly crypto news wrap up. LET’S GET IT!
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“Brazilian Bulls on Parade”
We have seen the charts and we know the macro…it’s no secret that the infamous SeptemBear is starting to show its face…and it’s highly likely that there’s more downside to follow, but that doesn’t change the long-term plan, and there’s more than enough facts to back that up. As we have seen this year and even last year, more and more countries are greenlighting crypto, as well as passing legislation to regulate the asset class. We know that Brazil has taken a heavy interest in crypto, and since many of their politicians were inspired by Miami, Rio de Janeiro specifically plans to be the main hub of their crypto eco system. It’s recently been reported that there’s been a significant uptick in Brazilian’s buying in, and in just May this year, they purchased over 910 MILLION on crypto. They’re also testing out a protype for a digital dollar, known as the “digital real,” which will begin real world testing by Q2 next year. Although the timeline is unclear on when it will rollout nationwide, the Brazilian Central Bank made it clear that, “this will help boost financial inclusion in the digital age, and it will benefit unbanked individuals.” Until everyone’s long term bullish mindset pays off, right now we have to face the hard truth of the bear market we’re in, so let’s do a market watch.
“Sports and Web3”
Earlier this year, web3 NFT platform SoRare, who originally started off back in 2019 with an NFT version of fantasy soccer, announced that they were expanding into Major League Baseball. Released this summer, the jest of the game is that you collect, play and win officially licensed NFT baseball cards, and you create 7 player fantasy team and compete against the world. After much success and hype surrounded the project, they have continued to expand even further into the sports world and SoRare has partnered with the NBA and plans to roll out the NBA game for this season that begins on October 18th. There is a free version of every game SoRare has to offer, but obviously the ETH and NFT rewards increase the more you play the game for real. I understand that the idea of this isn’t for everyone, but the sports fans eat it up and it goes to show that the crypto/ NFT space continues to crank out new, innovative ideas regardless of price action.
“Hold On for Dear Life”
Like I said before, it’s completely obvious that the SeptemBear is starting to show its face, and there’s likely more downside to come, but that doesn’t mean there isn’t a silver lining to this. If you don’t want to hold through a down trend and you want to find a smarter way to trade your way through this, head over to my channel…but at the same time, especially if you’re new, you have to differentiate between a trading portfolio and a long-term portfolio. Most traders, like myself, have both. With a long-term mindset, it’s okay to DCA into a long term portfolio as long as you know you’re not going to sell for years to come. You wouldn’t be alone if you did this, and there’s stats to back that up. A recent article from newsbtc.com shows us that long term holders, defined by those who hold by 155 days or longer, are only about 30 thousand users shy from an all-time high. That means regardless of intense negative price action, there’s a sea of people out there with Diamond Hands. They believe in the long term, they have conviction, and a bear market isn’t enough to send them packing. This all stems from the belief that in the years to come, they’re going to win, and if we don’t believe we’re going to win 5-10, even 20 years from now…what are we doing here? Finbold even released an article this morning titled, “47% of Bitcoin hodlers remain in profit despite its 60% price drop in 2022.” Obviously, there is a more optimal way to trade crypto than taking a 60% dent, but not everyone out there wants to actively trade every day. My point is, even if you against my trading advice and you just want to accumulate and HODL, on a long enough timeline, you’re still likely to win no matter what. That’s all I got.