Happy Friday, Blockfolians
The Lede
It’s the question on everyone’s mind. The question that people have been debating all week. Will Elon Musk talk about Doge when he hosts Saturday Night Live this weekend? And will it send Doge to the moon? Could it even…possibly…hit $1?
Of course, no one knows. And hopefully no one gets hurt betting too much on one outcome or another. But there is no denying that it is a hell of a cultural moment – and something unimaginable in the past. This clip from Matt Levine (who also quotes SBF in his piece) pretty well sums it up.
Just imagine traveling 10 years back in time and trying to explain this to someone; just imagine what an idiot you’d feel like. “There’s going to be this online currency that people think is a form of digital gold, and then there’s going to be a different online currency that is a parody of the first one based on a meme about a talking Shiba Inu, and that one will have a market capitalization bigger than 80% of the companies in the S&P 500, and its value will fluctuate based on things like who is hosting ‘Saturday Night Live’ and whether people tweet a hashtag about it on the pot-joke holiday, and Bloomberg will write articles and banks will write research notes about those sorts of catalysts, and it will remain a perfectly ridiculous content-free parody even as people properly take it completely seriously because there are billions of dollars at stake.”
This is the weirdest timeline, but hell if it ain’t fun.
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Highly Relevant Reading
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Dfinity launches “internet computer” after 5 years in development
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The most recent Canadian Bitcoin ETF has reached $1B Canadian dollars AUM after only 3 weeks
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Square’s Bitcoin revenue is up 11X year over year to $3.51B
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NYDIG scoops Dalio’s CFO
Community Commentary
Look at the date
Is regulation good for Bitcoin?
1/ The market needs to internalize that regulation of crypto exchanges is not only inevitable, it’s good for the industry. The more volumes that come from regulated exchanges and the more comfortable the trad world is with Bitcoin the better off we all are
A Really Big Number We Should Be Paying Attention To
$867 Trillion
That’s how much disruption the World Economic Forum thinks blockchain could bring
Final Thought
Heckuva rumor
