UK investors are turning to Bitcoin to hedge the collapse of the British Pound Sterling, California Governor, Gavin Newsome vetoed a statewide bill for crypto regulation and THIS Web3 app is making it possible to fall in love in the metaverse. My name is Ben, this is your nightly crypto news wrap up, LET’S GET IT!
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The United Kingdom’s currency, the GBP, or the British Pound Sterling, has been taking punches for years, and now it’s up against the ropes. Not to be confused with the Euro, the British Pound has lost a lot of steam and purchasing power since they’re dealing with 40-year high inflation, and it doesn’t help them at all that the U.S Dollar raging up and to the right. Let’s face it…the Pound is (chart below) collapsing against the dollar U.S Dollar, and it recently hit an all-time low at $1.03. As parity inches closer, U.K. investors are “starting to understand”; and to play it safe, they’re turning to Bitcoin to hedge their bets. James Butterfill, the head of research at CoinShares tweeted out, “When a FIAT currency is threatened, investors start to favor Bitcoin.” The chart he attached to the tweet backs this very well…See, normally there’s about $70 Million dollars of volume per day between the British Pound and Bitcoin…Yesterday, that number SPIKED to $881 million, which is over an 1,100% increase, that’s massive. This says a lot, not just the fact that FIAT is failing people all around the globe, but that they turn to Bitcoin to regain their losses. How has this played out on the charts? Let’s pass it to Frankie Candles for a Market Watch!
A bill known as AB 2269, or The Digital Financial Asset Law, was passed by the California State Assembly in late August without a SINGLE objection by any of the assembly members. The bill would have made every crypto company to get a license from the Department of Financial Protection and Innovation to operate in California, unless they want to pay some serious fines. California’s governor, Gavin Newsom, curiously vetoed the bill saying that it’s premature, too expensive and that he wanted to take a “more flexible approach to ensure regulatory oversight” In a memo he stated, “It is premature to lock a licensing structure in statue without considering both this work and forthcoming federal actions.” KEYWORDS “forthcoming federal actions.” He vetoed this because he knows the same bill is being lobbied on a federal level by Sam Bankman Fried. In Fried’s federal version, they’re setting out to make any and every decentralized transaction illegal in America. It’s in his own selfish interest to destroy decentralization, and his pockets are deep enough to make the federal government agree with him. This goes against the very reason we’re all involved in crypto in the first place. If you care about your financial freedom, if you care about your financial privacy, you should abandon FTX and join our political discord, the BitSquad Policy, to join the fight to save decentralization. Link in the description.
I’ve been in a relationship for quite some time, so I’ve never been involved in the online dating world, but boyyyyyy have I heard the nightmares. People in vulnerable places will end up messaging people who aren’t even real for months, or even years before they learn they’ve been getting catfished the whole time. I couldn’t even imagine how bad that would sting…but what if there’s a way to prevent this from happening…and what if Web3 is the answer? There are new Web3 dating apps coming soon, such as MetaMatch and TruYou.io that are a gateway to find your soulmate in the metaverse. Instead of swiping left and right, there is tokenized match making, and heighted verification so you can’t get catfished. How romantic. MetaMatch and TruYou are coming Q4 this year and Q1 next year, but if you want to trade in your tinder today, be sure to check out Metacubes.world. This is a dating DAO where you have to Mint a $300 dollar NFT to participate, and the rarity of the NFT dictates how many matches you can make. Also, you can earn crypto rewards are based off how many relationships you form and how much you communicate. I think it’s a good idea, because even though it costs to get in the door, investing in the idea shows others that you care and if you want to meet a partner has similar interest as you and that’s interested in web3, Metacubes the perfect place to get shot with cupid’s arrow. Best of luck out there in the Web3 dating community, and until you find your match, try smashing that like button. That’s all I got. Be blessed. Bitboy OUT!