Crypto Roundup: Your Weekly Dose of Cryptocurrency News and Tips
“The rise of digital money will disrupt the monopoly of governments over the issuance of currency, leading to a new era of financial freedom.”
— The Sovereign Individual: Mastering the Transition to the Information Age
If you spend enough time learning about cryptocurrencies, you’re bound to come across references to “The Sovereign Individual.”
My personal copy has a forward written by Peter Thiel, co-founder of PayPal (Nasdaq: PYPL), Palantir (Nasdaq: PLTR), and various other tech ventures.
Published in 1997 — before the advent of Bitcoin — this book is downright prophetic when it comes to some of its predictions.
Written by James Dale Davidson and Lord William Rees-Mogg, this book does not explicitly mention cryptocurrency. But it does discuss the concepts of digital money, cryptography, and the decentralization of power that will be brought about by the Internet.
We will likely reference these concepts in future editions of Crypto Roundup. In the meantime, keep those thoughts in mind as we cover the news today.
But first, for the newcomers, let’s review how this works.
Once a week, we publish Crypto Roundup to bring you the “news you can use” in the crypto world. Our aim isn’t to get overly esoteric and geek out about things that may or may not make you money. Instead, our goal is to deliver a digest of info to regular folks to be able to stay informed along their crypto journey.
Let’s dive in…
Ripple Is Free To Ride the Waves 🧑⚖️🌊
Remember in the movie Point Break, when FBI agent Johnny Utah (Keanu Reaves) says “Via con Dios” after uncuffing Bohdi (Patrick Swayze) to let him ride one last mega wave?
I won’t spoil the ending. But ever imagine what would happen if the ending were different?
Well, in a big plot twist, a US judge has ruled that Ripple (XRP) is not a security. And now, it’s finally free to ride the waves of the open market once again.
For the uninitiated, Ripple was one of the SEC’s first targets. And a key part of their case hinged on their contention that XRP (and by implication, other cryptocurrencies) is a security. This decision sent shockwaves through the crypto market, and XRP’s price skyrocketed by a whopping 24% in just an hour (and is up roughly 50% since, as of this writing).
If you’re not familiar, Ripple is a digital payment protocol and a cryptocurrency (XRP). The goal is to enable fast, direct transfers of money between two parties in any type of currency (using XRP as the mechanism). The result: a decentralized, low-cost, high-speed global money transfer system.
What does all this mean? Well for starters, it’s a significant win for Ripple. It may also serve as a legal precedent. But the big win for investors is that major players like Coinbase will feel comfortable relisting and reenabling XRP on their exchanges.
Celsius Feels the Heat 🔥🌡️
The crypto lending platform Celsius is in hot water, with the Federal Trade Commission (FTC) slapping it with a trading ban and a staggering $4.7 billion fine. But the drama doesn’t end there.
Celsius’ co-founder and former CEO, Alex Mashinsky, has been arrested and sued by an alphabet soup of regulatory bodies, including the DOJ, SEC, CFTC, and FTC. The charges? A smorgasbord of fraud allegations and a conspiracy to manipulate the price of CEL. It’s a chilling reminder to only use an exchange you trust — and store your crypto in a secure wallet (a topic we’ve covered before.)
A $30 Trillion Opportunity For Crypto 🚀🌛
A recent piece in Forbes highlights something to think about as we watch for news of a potential bitcoin exchange-traded fund (ETF).
ETFs are the preferred vehicle for many financial advisors, who collectively manage about $30 trillion in assets. If crypto ETFs suddenly enter the picture, they will compete for those investment dollars. And if even just 1% or 2% of those funds are allocated into crypto, it would be a game-changer.
This is sort of saying the quiet part out loud. But it’s still an important reminder… if any recent spot bitcoin ETF filings get the green light from the SEC, it would eventually usher in a seismic shift in how we think about portfolio allocation and cryptocurrencies.
Elon Musk’s 2030 Crypto Prediction 🔮
Everyone likes a good piece Elon Musk news, right? Love him or hate him, the billionaire behind Tesla and Twitter is a lightning rod for headlines.
Recently, Musk endorsed a bold prediction from another Twitter user. Namely, that all currencies could be backed by computer processors by 2030. As this article points out, this would have seemed like a wild prediction just five years ago. But now, it may not seem all that crazy, considering the move towards digitalization of traditional currencies — or central bank digital currencies (CBDCs).
Crypto Tip of the Week: 2FA FTW
Always use two-factor authentication (2FA) for your crypto wallets and exchange accounts. This adds an extra layer of security by requiring a second form of verification, such as a code sent to your phone, in addition to your password. While it may seem like a hassle, 2FA can significantly reduce the risk of unauthorized access to your crypto assets. Remember, in the world of crypto, security is paramount.
And there it is — your weekly glimpse into the electrifying universe of cryptocurrency. Strap in as we navigate the twists and turns of the cryptoverse together, and brace yourself for our next weekly rendezvous, packed with more riveting updates, deep dives, and our fresh-off-the-press Tip of the Week. Until our paths cross again!
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