Glass Half Full: Positive Takes From the Crypto World
Cryptocurrency can’t stay out of the headlines these days; from layoffs at major exchanges to the Celsius freeze on consumer withdrawals, news has been rocky. Add a major macro-economic development – the Fed’s biggest rate hike in 28 years – and it’s a recipe for volatility.
But fear not, FlipFam. Crypto has been through the wringer before, and the patient hodlers were rewarded with gains. We know that it’s basically impossible to time a market bottom, though, and watching the pullback can be unpleasant and unsettling.
The news isn’t all grim … you just may have to dig a little deeper to find rosier takes. Here are a few nuggets of recent news that showcase the long-term promise and resilience of bitcoin and other currencies.
Recent BofA survey reveals crypto bullishness: Findings from a new Bank of America survey of current and prospective crypto users – conducted in early June – show that more people are becoming interested in using crypto as a payment method. What’s more, 91% of respondents said they have bought or expect to buy crypto in the next six months.
Kraken is continuing to hire: Amid news of impending layoffs at Coinbase, Crypto.com, and Gemini, Kraken has actually been staffing up, and hopes to add 500 roles by year-end. Meanwhile, Binance reassured its employees that it is “growing faster than ever.”
Political candidates have a new way to accept crypto donations: New platform Engage Raise is launching in July and will allow candidates to accept crypto-powered donations just as midterm campaigns heat up. This accelerates a recent trend, as more than $30 million worth of cryptocurrency has helped fund campaigns since the beginning of the 2020 election cycle.
Circle Launches Euro-Backed Stablecoin: Circle, the same company that launched the USDC stablecoin, will be debuting the Euro Coin (EUROC) on June 30, but only on the Ethereum blockchain. Circle also hopes to increase the number of networks that the euro-based stablecoin transacts on by the end of the year.
Finally, it’s important to remember that cryptocurrency has a pragmatic future as a usable currency. On Thursday, Jill Gunter, co-founder and chief strategy officer at Espresso Systems, told CNBC’s Squawk on the Street:
CoinFlip believes in the power of cryptocurrency to bring financial independence to everyone. But to achieve critical mass in the new digital economy, there will be some stumbling blocks – and failed experiments – along the way. Staying disciplined, prudent, and aware of the latest news, bad and good, is a smart way to manage this and future rounds of volatility.
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