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Crypto Rollercoaster 🎢
Community Update 41
Equity markets dipped last week as the latest Covid-19 variant spread across the globe, but that was nothing compared to the capitulation in the crypto market. Check out whats going on below ⬇️
Creator of the Week 🧠
This weeks Creator is Charlie Mackenzie, who recently graduated from Cambridge University with a degree in Genomic Medicine. Charlie first became interest in Bitcoin in March 2020
Bitcoin has empowered Charlies family in such a way that they feel compelled to give back to the community and spread the message about Bitcoin. They plan on doing this by combining their passion for motor racing and Bitcoin and entering the Nankang CityCar Cup, where they’ll compete with four cars wrapped with the Bitcoin logo (see below).
They’ll also wrap their HGV transporter with the Bitcoin logo so that thousands of people on motorways across the U.K. (about 5,000 miles of motorway) will catch a glimpse of the Bitcoin logo.
Charlies and his family want to get people thinking about Bitcoin and, also to teach others about it through their social media channels. Check out their Instagram channel and keep an eye on their journey as they look to empower people across the country!
1. When did you get into crypto, what coins, and why?
In March 2020 I invested in Bitcoin. I was excited by Bitcoin because it is the only coin, in my opinion, that can fight against the systemic corruption in the banking system.
Bitcoin offers banking services to millions of people who are excluded from the traditional system and therefore condemned to poverty. More people in El Salvador have a Bitcoin wallet than a bank account! Its also great at protecting people against inflation/hyperinflation in countries like Lebanon, Turkey, and Venezuela. After all it is digital gold.
2. In your opinion, what is the most important thing to understand before making your first crypto investment?
An understanding of the economics of money and crypto is really useful, this is the video that taught me everything.
Aside from this I would recommend the following strategies,
Think long-term, it has been statistically proven that the chance of being down on an investment after 20 years is 0.066%
Understand Compound Interest and how, with time, the effects of compound interest can be exponential.
Use Dollar-Cost Averaging to invest in assets you like rather than going all in all at once.
Save as much money as you can and invest it. Sacrifice or cut down on smoking, fast food, drinking, and drugs to do this, and try and find side hustles to make more money. You will be healthier and richer because you have sacrificed unproductive habits! Start early to get ahead of your peers, this will benefit you later in life and potentially give you financial freedom and the ability to retire earlier.
3. Advice for someone interested in making their first crypto investment?
You should learn the above concepts to make sure you are investing safely, research the coins in detail that you are interested in and also be brave. Crypto can be volatile and scary, don’t let nerves get the better of you! In Bitcoin, Those who hold on to their investments through thick and thin are the best performers.
4. Top coin for 2022 and why?
Bitcoin – the only coin that has the potential to be a global reserve currency and payment network, with transactions that travel at the speed of light for low cost on the lightning network. Bitcoin is by definition the hardest, most perfect money mankind has ever seen. PS. There are some pretty cool altcoins out there and I don't think Bitcoin is the only coin that can do great things, however, it is the most obvious one to me at the moment. I own Divi, Polkadot, Cardano, MANTRA DAO, DeXe, and ethereum.
Web3 Insight 🌐
Mainstream crypto adoption and the spread of cryptocurrencies around the globe continued to accelerate this week as the market dipped violently
Despite this, El Salvador continued to buy the dip, to the dismay of Peter Schiff..
While prices plunged last week crypto regulation made some positive strides, with Morgan Stanley bullish on the opportunity of crypto market regulation coming in sooner rather than later. This comes on the back of news that Fidelity reportedly launching spot Bitcoin ETF in Canada.
Thats not all though, ex-Chancellor Philip Hammond believes the UK must move quickly on digital assets to secure its post-Brexit advantage in financial services.
Crypto.com continued its rapid expansion, this time acquiring two of IG Group’s US trading assets. This follows their landmark deal to buy the naming rights of the Staples Center in L.A.
In less encouraging news, it was reported by Peckshield (a blockchain security firm) that hackers stole $196 million from crypto exchange Bitmart which they later confirmed.
Reading List 💡
Tech News 🖥️
Chinese app giant Didi is planning a US stock market exit and a move in to Hong Kong.
Apple is having issues with Russian regulator’s demands on alternative app payments, specifically challenging antitrust action taken by Russia’s Federal Antimonopoly Service,
Stock Market 📈
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That’s all for now and we’ll see you next week,