Good morning lions I hope you're all having a wonderful weekend and enjoying the market gains. September was a relatively challenging month for many and if there is anything I can say about it is that time in market quite often is a beneficial position. In other words don't fomo and don't try and chase the dips and peaks.
We're seeing some wonderful movement on the global policy front leading to a more open and accepting world for digital assets.
2022 is already gearing up to be an unknown year with many nations accepting that Cryptocurrency is here to stay.
In today's post I thought I'd run through some of the exciting changes currently occuring.
El Salvador and Chivo
El Salvador recently provided an update on how many people have downloaded their Chivo wallet.
On the back of the presidents commitment to provide $30 of Bitcoin to El Salvadorians who downloaded and installed the Chivo up El Salvadorians have taken up the offer with a staggering 2.25 million people downloading the app growing at a pace of 100,000 new registrations.
All but one of the 200 Bitcoin ATMs rolled out are in use and the network is seeing over 60,000 transactions a day Source
US confirms no crypto ban
Lady Liberty stands tall today as anxiety increased due to the China Crypto ban leaving everyone asking if the US was next.
Jerome powell the federal reserve chairman has recently come out on public record and stated that the US has no intention on banning cryptocurrency.
This comes has Jerome faced questions by the house of Representatives for a statement made previously relating to CBDCs and stablecoins. Jerome informed the house that he had misspoken and that Cryptocurrency was not being impacted by the federal reserve Source
Coinbase to offer payment of wages
From world wide athletes and sports stars to Joe Smith down the road and everyone in-between have been calling for part of wages earned to be paid in Cryptocurrency.
Prakash Hariramani the senior director of coinbase product recently announced the Future of Payroll which will enable customers to have part or all their wage directly paid to coinbase who will provide Cryptocurrency in USDC values without any fees.
Coinbase is also working with companies who wish to sign upto the offer providing incentives and support.
Coinbase sees the move to be beneficial to the sector enabling people to have their wages paid into a stable coin or a yield earning asset such as Dai instantly earning rewards.
Coinbase is also expanding its cash back services on its cryptocard to also include fiat.
You can read more and the announcement Here
Central Europe surges in crypto uptake
On the back of China's epic exit from Cryptocurrency the move could not have come at a worse time for Chinese nationals as Crypto uptake takes a surge forward in Europe.
Europe now holds 25% of the market with a jump in Decentralised Finance according to data from Chainalysis.
The jump in user base is closing in fast on the North American market share which is currently at 34%.
Furthermore 20 - 30% of all transactions are of Stable Coins and the kicker. Bitcoin is no longer the most traded Cryptocurrency losing ground to Ethereum which is now 40% of all transactions compared to bitcoins 27% and alt coins still trail behind at a small 8% (come on Leo and Hive capture that market!)
Opinion
So it seems Cryptocurrency is finally starting to pick up traction and I think by 2022 we will see a significant jump in total market cap. Will it be enough to add an additional Trillion+ and peak bitcoin to $100,000. No one knows but we have already Q3 a little different to previous years and Q4 is already starting off with significant growth.
As more people come online we will see further market action and growth in Bitcoin and Ethereum which will hopefully have a flow on effect on other coins.
Either way, if you're in the market today you're in a good position to see some value growth as more people entre and crypto goes mainstream.
image sources provided and supplemented by Canva Pro Subscription. This is not financial advice and readers are asked to do their own research or seek professional services