Crypto Market Update 27-01-23

Hello everyone and welcome to our weekly recap 🥳

In case you didn't know, the elixir of youth has been discovered... or at least that's what millionaire Bryan Johnson and his team of 30 doctors claim. 👶 This week it came out that Bryan and his team are in the final stages of developing a plan that could take you back to age 18 (read more)... magical isn't it? The only problem is that to get it you'll need to have at least 2 million dollars in your account, so it won't be that easy.

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Now, we've got two million to get, so we'd better get back to business: 💼💵

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🔴 Porsche's NFT collection has hit the brakes.

After dabbling for the first time with NFTs back in 2021 (read more), the German car manufacturer announced late last year that a new NFT collection would be launched this January. Well, it came and it was disappointing (read more). The minting of the NFT, or in other words the conversion of digital data into a digital asset present on a blockchain, started at a whopping 0.911 ETH (~ $1490), the number being associated with Porsches most famous car model 911,  and a total of 7500 NFT’s would be available to mint. The utility of such NFT was never much clear and only around  2300 were minted resulting in a poor launch and, more importantly, a failure in understanding the real capabilities of the NFT technology. As such, the “holders have spoken (read more)” and Porsche halted the minting process This was not a winning race. 🤐

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🟡 Tesla didn’t buy or sell bitcoin in Q3 and Q4 of 2022.

Being a publicly traded company, its financial statements are public, as such, despite that in Q2 2022 the EV manufacturer sold 75% of its Bitcoin holdings (read more), as of January 25 it is reported that it holds an estimated 9720 BTC (~ $ 224 million). The valuation is different from previous dates due to the market declining for the last couple of months but the takeaway is that in spite of late last year's scandals Elon Musk is still hodling read more. 💎 🙌

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🟢 Crypto regulation is coming slowly but surely.

If you ask a decent group of people what they think about crypto, some might say it’s a total scam and others might say it’s the future of finance and/or society. Speculation aside, the fact is that there are regulatory frameworks in place out there (read more), crypto lawyers are in great demand (read more) and even the EU is making its moves towards a more clear environment for banks (read more). It’s probably safe to say that crypto is here to stay and in the words of Visa CEO (read more) “It’s very early days, but we continue to believe that stablecoins and central bank digital currencies have the potential to play a meaningful role” and they “have a number of initiatives underway”. 🚀

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And that's all for this week! Hopefully next week can continue on this positive wave that brought us January, we will be here to surf it with you 🏄‍♂️ 👋

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