~Estimated Read Time: 3 Minutes
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Bitcoin: $19,528.55 (-57.89%) (YTD)
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USDC: $1.00 (+0.04%) (YTD)
Solana: $34.04 (-80.14%) (YTD)
Hey Tea Sippers 👋,
Let out a sigh of relief, phew! Why? Because it’s Friday of course. Let’s recap what major events happened this week.
The Alzheimer’s cure may be here as Biogen has reported that their new drug has slowed the rate of cognitive declines, exciting.
In other news, the price of the British pound has dropped and is continuing to shed pounds in comparison to the U.S dollar. Investors are currently worried about Prime Minister Truss’s proposal to borrow funds to pay for tax cuts. Things could get interesting.
Anyways, I will send you off now. I hope that you enjoy the stories I have for you today. Grab your tea and start sipping!
Cheers! ☕️
The White House provides clarity on digital assets.
The White House on September 16th, 2022 gave their input on the development and continued construction of digital assets within our preexisting society. The topic of conversation revolved around the development of a CBDC, a central bank digital currency. Think of it like a digital form of USD created by the government, but also controlled by the government…
What did they say?
First, it’s important to know why they feel this technology could be benefecial.
Improves inefficiencies
Low-cost transactions
Preserves US global leadership
What’s the problem with our current system?
The current system leaves many behind
About 7 million people don’t have a bank account
24 million rely on costly nonbank services, like money orders
Paying with traditional financial infrastructure is typically costly and slow
The goal is to make payments more efficient, faster, and most important of all more inclusive. The current model of finance leaves many out, but more specifically prevents a lot of people from joining.
New developments are in the works and are set to launch very soon:
2023- The Fed plans to launch FedNow- an instantaneous 24/7 interbank system advancing instant payments
Clearinghouse real-time payments system
Development and use of digital assets to improve inefficiencies as well
The Big Gulp ☕️:
The goal is to increase the inclusion of the financial system and make it easier for individuals to transact but also be involved in it. The President aims to create a federal framework to regulate nonbank providers as well as put together big teams to conduct research on digital assets and the essential use cases to continue the spread. There is a lot set to come out in the future months and years regarding this topic. Stay tuned!
Extra Tea ☕️
Adoption- Post offices plan to adopt NFTs for postage stamp collecting.
Apple- Plans to allow NFTs in apps with a 30% commission fee.
Pentagon- Recently reached out to Inca Digital to examine crypto risks.
China- They account for 84% of all blockchain patent applications.
Amazon- Plans to work on a digital Euro with the European central bank and Caixa Bank.
Surge- Bitcoin payments app Strike raises another $80 million dollar round to spread bitcoin payments on the lightning network.
Tea Pods ☕️
Understanding the macro of our current society helps you understand the crypto markets as well. There is often a direct parallel between the traditional and digital asset worlds. Listen to this podcast by Raoul Pal of Real Vision and Dan Morehead of Pantera capital on where they think the digital world will go.
Listen Here.
Sencha Tea Fact of the Week ☕️
“Bitcoin was almost named “Netcoin” by Satoshi Nakamoto.”
Since you made it this far!
If you or a friend know anyone interested in the space, feel free to recommend them.
Cheers!☕️