Arry's Airdrop #11: USA Loves Bitcoin Mining and $BTFD 🇺🇸
The news in "Uptober" continues on and we're just getting past the halfway point this month. All eyes are of course on $BTFD (The new Bitcoin Futures ETF that was just approved by the SEC) - which is literally launching Tuesday, October 19th (the day you're reading this newsletter). Also, note, the ETF stock ticker symbol being "BTFD" cannot be anymore (hilariously) on point with the culture of the crypto-excited world.
Expect all kinds of hype, positive energy, volatility (up and down) and more of this "Uptober" momentum to continue on. I'm bracing myself already. This is exciting and all - but let's take a big step back and look at reality.
This evening, I had the privilege of being a guest speaker to Professor William Covington's Technology Law and Public Policy Clinic (University of Washington). At the end, Professor asked me what message I wanted to leave the students with as we wrapped up the class. I'd like to share the same messages with all of you that have joined me on this journey along the way - whether it was in one of the various meetup groups, the podcast, working shoulder-to-shoulder with the Cascadia Blockchain Council, or in one of my courses I teach:
US Leads In Bitcoin Mining Since China’s Latest Crack Down
China’s latest crackdown on bitcoin mining has resulted in virtually all of the bitcoin mining there to leave the country.
Mining rig manufacturers have since turned their attention to new markets in North America and Asia to recover their losses.
The US now runs the lion’s share of the global hash rate at 35.4%. Read more to learn how emerging global players are responding to this shift in light of upcoming climate talks in Glasgow.
Why this matters:
While a lot of folks and the media have looked at China's crack down on bitcoin and mining as negative, in the name of decentralization and watching the state of geo-political affairs globally, this has been positive for folks in the pro-Capitalist and pro-free markets world. We'll have to wait and see if the US is able to maintain its lead going forward. This is where policies, regulations, and clarity will matter.
McDonald's China To Give Away 188 NFTs
Despite the China crypto ban, McDonald’s China will give away 188 NFTs to celebrate its 31st anniversary.
The “Big Mac Rubik’s Cube” NFTs were created in partnership with Cocafe (a digital asset creation agency) and are built on the Confluux public blockchain.
CITIC Group (a state-owned investment company of the People’s Republic of China) owns the majority of McDonald’s China’s stake.
Why this matters:
Interestingly, McDonald’s decision to introduce NFTs seems to contradict the Chinese authority’s intent to completely ban all crypto operations in the country.
Bitcoin Trading Volume Outperforms Top Stocks… By A LotRecent data shows Bitcoin’s average daily trading volume is nearly 4x higher(on average) than the top stocks Tesla (TSLA), Apple (AAPL), Amazon (AMZN) and Microsoft (MSFT) between October 1st and 11th.
The higher trading activity could indicate that more investors want to get involved in order to profit from the ongoing rally Bitcoin has been seeing in October, or eh hem, "Uptober".
Investors may now be encouraged after BTC’s red September (aka "Rekt-ember") and are now looking to rotate funds into Bitcoin in light of its 20%+ gains so far this month.
Why this matters:
Folks are on the edge of their seats wondering if we'll hit new ATH (All Time Highs) on the price of Bitcoin/cryptocurrencies with the continued "Uptober" up-trend. Plus, remember, we also have $BTFD (newly highly anticipated Bitcoin Futures ETF) launching tomorrow.
DeFi Guides Your Grandparents Can Follow 👵🏻
DeFi (decentralized finance) is an exciting new investment category for adventurous blockchain bulls, but it's not without its complexity and nuance.
If you want a comprehensive source for all things DeFi - broken down in plain English, then Let’s Do DeFi is one resource you’ll want to bookmark. It is updated regularly and includes:
Retire On The Blockchain with A Diverse Portfolio
This is not investment advice. BUT... holding retirement funds in a traditional bank (in an IRA or 410(k)) for any significant period of time, leaves you exposed to mercurial monetary policy and government agendas. Thankfully, blockchain and crypto are providing a safe haven for savvy investors looking to preserve their wealth over time.
By allocating a portion of your retirement funds into stablecoins held on the blockchain, you can earn up to 8.8% APY interest compared to less than 1% on your IRA accounts.
Join my weekly AMA , every Friday, 12-1pm PSTBlockchain is a game changer as a powerful alternative technology to what most businesses use today. Cryptocurrencies and other kinds of digital tokens are fascinating. This meetup is all about focusing our time on global impactful topics, not just crypto-fluffery.
Join us if you want to get into real authentic discussions about what really matters in the blockchain space and have some actual FUN while we're at it, via the Blockchain Underground.
See you next week!
– Arry (@ArryinSeattle)
This newsletter is a way to provide a reliable and trustworthy resource for my friends, colleagues, and fellow crypto, DeFi, NFT, and blockchain nerds, and to distribute knowledge, experience, and connections. Subscribe via the button above!
Arry is the Chair of the Cascadia Blockchain Council, a group supported by the Washington Technology Industry Association (WTIA), the largest US tech association representing technology companies from Oregon to British Columbia. She is also the co-organizer for the States' Assn for Blockchain and was one of the early pioneers that completed a $32m tokensale in an Initial Coin Offering (ICO) back in 2017. She founded the Cascadia Blockchain Council in 2018 and has been an avid educator, advocate, investor, and innovator in the space since 2016.