Crypto News 03/02: Fidelity thinks Bitcoin is a good investment at the moment with news from Shiba Inu, Dune Analytics, Pixel Vault, Dogecoin, NFT
From noting that Bitcoin is a very good investment right now, to NFTs set to outperform crypto in 2022. Here are some highlights from the crypto market.
Financial services giant Fidelity sees Bitcoin (BTC) as a good investment, despite the market’s recent drop of more than 50% from November’s ATH above the $69,000 region.
In report new, the company identified two key reasons why investors should evaluate bitcoin separately from all other cryptocurrencies.
“Bitcoin’s profitability record is being driven by two strong headwinds: the growth of the digital asset ecosystem and the potential instability of the traditional macroeconomy.”
While Fidelity stressed the rationale behind the need to separate Bitcoin from the rest of the fledgling asset class, it argues that BTC’s competitors have an important role to play.
“Bitcoin is fundamentally different from any other digital asset. There is no digital asset that could replace Bitcoin as a currency. But the rest of the ecosystem can meet other needs or solve other problems that bitcoin cannot.”
The report also notes that when it comes to stability and security, Bitcoin has stood the test for over a decade.
The second main reason is its ability to act as a hedge against inflation.
The increased use of monetary and fiscal policy to support economic growth may raise concerns about the overall stability of the financial system and the economy’s ability to sustain itself.
Bitcoin’s ruleset, history, and decentralization have created the highest level of scarcity of any digital asset protocol. This makes it a hedge that helps solve some of the potential problems of the legacy financial system.
In one post On the blog, Shiba Inu developer Shytoshi Kusama announced a partnership with an Italian fast food restaurant called Welly’s.
Welly’s underwent a complete rebrand, making the Shiba Inu dog a new icon and introducing a new tagline that references Ryoshi, the anonymous creator of the coin meme. The restaurant has also adjusted its menu and marketing strategy.
SHIB cryptocurrency is used as a means of payment in store, with Dogecoin being the other possible option.
Kusama claims the restaurant offers “extremely high quality food” with healthy options.
Dune Analytics news
Dune Analytics, a free blockchain research tool, was recently launched notification raised another $69,420,000. The round was led by Coatue, a global investment manager focused on the technology sector.
According to an announcement by Dunes Blog, the capital invested will be used to empower another generation of “Dune Wizards”, aka Web3 data analysts. The group currently has just 16 employees but will now be hiring more.
While Dune offers blockchain data for free, Dune will now invest in educational resources to help ordinary people interpret this data. This will be especially important as blockchains and their use cases grow.
The tool also plans to improve the query engine, speed up execution times and enable support for all major blockchains.
News Pixel Vault
Venture capital firms led by Velvet Sea Ventures and 1 Advisor invest $100 million in Pixel Vault, an NFT collection of superheroes to collectively create NFT multi-franchise entertainment, Pixel Vault Inc.
According to Pixel Vault, the goal of the new company is to use NFT and intellectual property to create stories about the crypto community across multiple mediums, including television, films, and games. Pixel Vault owns 100% of the intellectual property, assets and operations of PUNKS Comic, MetaHero and all future franchises.
Pixel Vault founder and CEO Sean Gearin, also known as GFunk, founded the company in May 2021. In a statement, he said that the goal of all of the above projects is that Pixel Vault is about community empowerment, decentralized governance, and true digital ownership. believe that “fans are the owners and builders” of the ecosystem.
In a recent tweet, Dogecoin co-founder Billy Markus urged the community not to focus on “unsustainable” hypes.
OK #dogecoin community, real talk. You have now seen that the hype for all crypto projects and all projects in general is unsustainable.
Instead of focusing on hype and price, focus on helping build and improve something that can last. pic.twitter.com/i5izbNdkAZ
— Shibetoshi Nakamoto (@BillyM2k) February 2, 2022
He believes investors should shift their focus from price speculation to construction and renovation projects with long-term potential. The meme coin is down more than 80% from its record high.
According to Markus, even creating a meme about Dogecoin will be a positive contribution to the community.
The software engineer behind the most famous crypto joke claims that excessive toxicity or dislike will have a negative impact on the Dogecoin brand and thus hurt adoption. He encourages people to have fun with their creations.
According to Galaxy Digital boss Mike Novogratz, NFT will surpass crypto in 2022.
NFTs will lead Crypto/Web 3 in 2022. This is my tweet.
— Mike Novogratz (@novogratz) February 2, 2022
The billionaire recently predicted that the crypto market will continue to struggle to regain its composure if US stocks remain on the downtrend.
Cryptocurrencies will struggle to regain momentum until stocks find a bottom.
In October, Novogratz said the NFT market was overheating and urged buyers to dump some stocks and get into the NFT. However, this did not happen and the field continues to grow.
Join Bitcoin Magazine Telegram to follow news and comment on this article: https://t.me/coincunews
Synthetic Team Cuong
- TauRx Announces Results from Phase 3 Alzheimer's Disease Study, LUCIDITY, Assuring Path for Regulatory Submissions
- Online Travel Platforms Raise Concerns with Penang Government On Short-Term Rental Plans
- Many universities announce further matriculation scores
- 14-Year-Old Hanoian Wins International Young Eco-Hero Award
- IBM and CEO Arvind Krishna Welcome President Biden to Poughkeepsie Site, Company Plans to Invest $20 billion in the Hudson Valley Region Over 10 Years