Google Cloud now accepts Bitcoin!? & Securing your Web3 Identity.
From banning crypto ads in 2018 to now Google accepting Bitcoin. Wow!
Bitcoin is making huge adoption strides this week. The mother of all companies, Google, decided to start accepting Bitcoin and Crypto for its cloud services like Google Drive. Google is partnering with Coinbase for this and will use Coinbases custody tool as well.
It’s a huge step for crypto since Google banned Crypto Ads on their search engine in 2018! Although they will be settling the coins to fiat currency immediately. It’s not yet time for Google to hold Bitcoin on its balance sheet.
But when that does happen... When Google or Apple or Microsoft decide to buy just a bit of Bitcoin for their company, even a 1% allocation is a few billion dollars worth of Bitcoin. We wait and anticipate the day that happens, which it will. If you own Bitcoin, you are ahead of the biggest companies in the world.
So, you own Bitcoin. How else are you prepared for when Web3 hits mainstream?
Smart people in Web3 are purchasing their Web3 domains (NFT domains) names now, just as domain scalpers did back in the 90’s. The people who purchased good domain names at the beginning were able to sell them for $10,000,000+ dollars.
This phenomenon is repeating itself in Web3, but these NFT Domains are much more multi-faceted than your old school domain name. While NFT Domains are website domains, same as Web2, they also triple as a multi-chain wallet and a digital identity.
So far 2,700,000 NFT Domains have been registered, with 100,000+ new domains being registered every month. I spoke with the Matt Gould the CEO of Unstoppable Domains, the main platform for registering NFT Domains, and of course picked some up myself.
As we’re early, there’s still time to purchase yourname.crypto or yourname.eth, which even if you don’t plan to build a website, will work perfectly for Web3 social medias and all website logins (when they become mainstream) to have one unified account across the web.
If you’re lucky enough, you can also acquire some great business names you may be able to sell later for millions. The NFT domain market size is currently 1% of the traditional web domain market. Because the domains also double as digital identity, the market is expected to be exponentially larger than regular domains. Not everyone needs a website, but everyone in the world will eventually need a digital identity.
They are just as cheap as regular domains and never need renewal.
You own it outright! Go Decentralization!
Watch our quick interview and learn how to buy one.
We also did interviews this week with Blockchain.Land, a metaverse marketplace for companies to easily set up their business in the metaverse, and Satellite IM, a decentralized feature rich messaging platform competing to be the next Whatsapp and Signal messenger.
This Weeks Crypto News:
Blockchain News:
A 14,500 page Celsius court filing with the full names and recent transactions of users on the platform has been leaked. It’s since been removed from the internet but still can be found with hard searching.
Krissy Mashinsky address received $2.7 million dollars which she cashed out on May 31st right before Celsius froze trading.
Solana DeFi platform Mango Markets has been hacked with over $100 million reportedly stolen. Hacker turns around & offers to return most funds, if DAO promises not to pursue criminal investigations. Hacker uses all his stolen funds to vote Yes in the DAO to rid himself of criminal prosecution.
Binance Smart Chain halted after $570 million BNB token hack.
Binance burned $922,800 worth of $LUNC fees collected from spot and margin trading pairs.
‘Decentralized Autonomous Organization’ MakerDAO to hold Treasuries and Corporate bonds, becoming not as decentralized.
Malaysia announces plans to build a national public blockchain.
Portugal proposes a 28% tax on all cryptocurrency profits held for less than 12 months.
World's largest custodian bank, BNY Mellon, launches crypto custody services.
Binance held crypto security training for the National Bank of Georgia.
SEC launches investigation into Bored Ape Yacht Club creator Yuga Labs, a week after going after Kim Kardashian for her EthereumMax promotion.
Ripple CEO Brad Garlinghouse says he expects an "answer" in the SEC case by the first half of 2023.
Google now supports searching Ethereum addresses right in the search bar, and pulls up Etherscan with the amount of funds.
New head of SushiSwap accused of Crypto Fraud and sexually assaulting a horse. Only in Crypto.
OpenSea NFT Marketplace is now live on Avalanche blockchain.
Check out this summary from my friend, Ben Lakoff, on the biggest fundraising closes (from 145 companies) in blockchain for September 2022: here.
World Markets:
UK companies are collapsing at the fastest rate since the global financial crisis in 2008.
Bank of England doubles its temporary QE bond purchases to £10 billion per day.
Long-term UK Gilt bonds have posted a total return of -52.3% since Dec 2021. An entire decade of gains wiped out.
Jamie Dimon says U.S. is likely to go into a recession over the next 6 to 9 months (hint: it’s already here).
US Core PPI comes in at 8.5%, forecast 8.4% and previous 8.7%.
Technical Analysis:
$ETH Ethereum:
Ethereum price is down 5% this week, with indicators still showing bearish since changing almost 2 months ago. The price is still hovering around the 0.618 retracement area from the recent June 2022 lows. The last 30 days the price band is has been getting tighter and Ethereum is practically moving sideways since then, the volume appears to be lowering which is not a good sign. I expect a dip to the 78.6 Fibonacci level even if only temporarily.
This week Devcon6, the official Ethereum developer conference, was held in Bogota Colombia. Vitalik Buterin spoke about zero knowledge proofs , rollups, scaling Ethereum, and more. Here is a copy of his powerpoint presentation as he recently shared on twitter.
$BTC.D Bitcoin Dominance:
A great indicator for the state of the market What will rise first, Bitcoin, or Ethereum and the altcoins? If the Bitcoin Dominance is rising, Bitcoin is gaining a greater percentage of the entire cryptocurrency market cap. Since the beginning of September this indicator turned Bullish which means Bitcoins dominance is increasing. In a bear market case and coin prices are dropping, Bitcoin should be losing less % than altcoins. Currently at 41.4% of the entire crypto market, I think Bitcoins dominance will continue to rise to 44% or so into November. it doesn’t mean Bitcoin price will rise, it just means Bitcoin will grow more than other coins, or in a bear case, not lose as much value as much as other coins.
Consider looking into more Bitcoin and acquiring an NFT Domain, and that’s all for this weeks episode!
Ashton Addison
CEO, Crypto Coin Show