Game Theory: Russia to Adopt Cryptocurrency as Legal Tender | Resolution of the 2016 Bitfinex Hack
Russia Adoption | Bitfinex Hack | Market Update | Major Crypto News
Disclaimer: I am not a financial advisor, everything on this report is financial opinion. Please consult your financial advisor before participating in crypto.
Intro
I want to start today’s newsletter by thanking all my readers. I’ve accepted a part-time role as a researcher/writer for Crypto Banter, and your support and positive reviews were a large part of keeping me motivated from the start. Crypto Banter is a crypto-based media company and venture firm from South Africa and is one of the fastest-growing crypto-related YouTube channels. Primary host Dan Nuer of the flagship show does a fantastic job breaking down crypto narratives. Worth the watch.
And if you’re wondering, I will continue to write my newsletter. So again, thank you for the continued support. Moving on.
Russia Adoption
Wow! Yesterday was a crazy day in crypto!
The Russian government and state banks agreed to begin drafting laws to make crypto legal tender. That adds another country to the growing list of countries that adopted or are in the process of adopting crypto/Bitcoin as legal tender. Also included are El Salvador and Tonga.
Russia adopting cryptocurrency has enormous implications for the game theory narrative surrounding crypto. I will cover game theory deeper in the future but reference a bit today.
The adoption by the world power will garner a lot of attention and contemplation by other countries about the benefits. It will influence some countries to follow and add pressure for action by others. The US, bogged down by bureaucracy, is inclined to begin expediting regulatory processes so the country doesn’t lose this stage of the digital technological race.
As the crypto game theory states, the early adopters benefit most. Countries, companies, and individuals included. For example, every major company in the US takes some stance. To list a few, Walmart, Google, Apple, Blackrock, Tesla, Fidelity, Goldman Sachs, and JP Morgan have all become involved in digital assets.
Game theory is in full effect.
Bifinex Hack Resolution
The other big news of the day and one of the wildest crypto stories is the resolution of the Bitfinex hack from 2016. The Department of Justice tracked the stolen $4 billion in Bitcoin to some strange characters. Jack Niewold covers it in the following tweet better than I could ever have. Below the tweet thread, I’ve added the possible rap video of the year released by one of the alleged hackers/launders a few years back. Suitable for a laugh.
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Crypto Market Update
Ethereum (ETH), the $387 billion assets, climbed 3% to $3424. Last week my newsletter did a deep dive on ETH, showcasing the asset’s potential for growth.
Ethereum Dominance (ETH.D) climbed 2.56% to 19.32%. Institutions are venturing beyond Bitcoin to the so-called “oil” of crypto.
Arweave (AR) climbed 10% today to $40. The decentralized storage solution, and one of my favorite infrastructure projects, has bottomed out in the previous weeks and looks prime for dollar-cost averaging.
Notable Gainers
WAVE $12.08 +16%
FLOW $8.21 +13%
KDA $9.93 +11%
XRP $7% +7%
MATIC $2.04 +6%
ONE $0.22 +6%
QRDO $3.97 +13%
Bitcoin Fear and Greed Index: 54 Nuetral
“Bitcoin” Google Trends: 33
Bitcoin Options Max Pain (Mar 26): 42K
How to use The Fear and Greed Index for investing
Major Crypto News
Coinbase forms a second PAC to support crypto-friendly candidates. The Political Action Committee reportedly will support “crypto-forward lawmakers” ahead of the 2022 midterm elections in the United States.
Terra Community DAO Partners with Washington Nationals. The Terra Community Trust (TCT) entered a 5-year, $38.15 million with the Nationals MLB franchise to promote Terra across parts of its home venue and TV network to further implementation of UST across venue transactions.
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Thanks for reading fam!
Gabi
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