2023 - Thanksgiving Break Thoughts about the Crypto Industry
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Crypto is Advancing Despite Hurdles
This year has been a crazy year for Crypto and there is still a month left.
SBF was convicted, CZ just resigned (this week), and the SEC sued Ripple and lost.
The only US public crypto exchange, Coinbase, is being sued by the SEC.
Then the SEC lost a case with Grayscale finally enabling the company to launch an ETF.
Wow, you’d think I was a lawyer (I am not) the way this has already mentioned the SEC so many times.
But the truth is, that US regulations have plagued much of the crypto industry this year.
This is in combination with rising inflation which has made capital hard to come by.
Thus, these two factors have been a hot topic because we are all trying to understand where crypto will thrive.
In spite of the uncertainty caused by regulatory scrutiny and inflation…
Meaningful progress has been made in the space that we should be thankful for in the spirit and applaud.
Spot Bitcoin ETF Approvals Are Coming Which is a Turning Point For The Crypto Industry
While the US decided to investigate Binance which ultimately led to the resignation of CZ,
It signals a positive swing for ETF products.
Ultimately, regulators want these products to be in the hands of trusted parties like BlackRock and Fidelity (For More Info).
Regulators already have the relationships and there is a system that the traditional financial institutions already abide by.
Thus, it’s a good thing to have institutional interest in crypto, which should spark the next bull run.
Catalyzing the next bull run from an investment lens will open a new curiosity about cryptocurrencies.
I know from my personal experience, the bull market in 2017 fueled my passion for crypto and its capabilities.
With these crypto products coming from large financial brands, skepticism will subside in the space.
Thus, leveraging the inherent trust consumers have in these traditional institutions to ease their entry into the crypto sphere.
This trust enables TradFi institutions to expand their crypto offerings and offer tokenized assets (For More Info).
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NFT Utility is Becoming More Prevalent Pushing the Use Case Forward
NFTs are beyond Monkey pictures.
While much of the NFT has recently been deemed worthless,
There have been examples of where web3 native companies and corporations have entered the community.
In the past few weeks, we analyzed Pudgy Penguins (For More Info).
The brand has brought physical value through the NFT collection to life.
And has integrated NFTs to give buyers special online experiences.
Pudgy Penguins’ value is validated by its products being sold in Walmart.
I expect after the success of pudgy penguins in giant retail shops, other NFT projects will attempt to create phygital goods.
Additionally, brands like Starbucks have created loyalty experiences for their customers.
Moreover, institutions will trade tokenized assets on chain.
Thus, NFTs will play a vital part in ensuring the authenticity of these assets.
Closing Insights on TradFi's Role and the Future of Utility NFTs in Crypto
There are more things to think about as we exit the bear market.
But these two particular topics struck me as developments that push the crypto industry forward.
Thus, the builders behind these new innovations should be applauded.
Be sure to check out the CryptoJeter articles linked above.
They’ll enable you to understand why TradFi's involvement is a sign of development for the crypto industry.
And you’ll get a better understanding of why NFTs with utility offer a glimpse into the future of retail.
For those of you who are reading this article, thank you, and happy holidays.