Just because it’s crypto doesn’t mean people want it. Would you buy an NFT for status? Crypto has the fastest adoption rate ever in history.

March 3, 2023

Crypto Market Update 03-03-23

Welcome to our weekly recap, your favorite way to catch up to crypto events!  📰😎

Curious fact first:

Why would you go to the gym when you can get lighter near the equator? That’s right, obviously your body would stay the same, however due to the centrifugal force derived from Earth’s rotation going somewhat against the gravitational force and the altitude making you a bit further away from Earth’s core, it would make you lighter. Might not be the most viable long-term weight loss program though… 😂

Onto this week’s traffic light:

🔴 Just because it’s crypto doesn’t mean people want it 🙄

It’s happening now in Hong Kong, the Chinese government launched a CBDC (Central Bank Digital Currency), however the citizens are not interested in adopting it. The “digital yuan” (“e-CNY”) was only used by 625 people in four days, and ‘underwhelming’ is surely an understatement for a region with more than 7 Million people. Could this be related to the fact that by using this CBDC citizens are giving up even more of their privacy to the government? We don’t know and can only speculate, but this argument is surely one that is talked about in the west, the potential for citizens' privacy invasion. 🙄

🟡 Would you buy an NFT for status? 🤔

According to Metajuice, a metaverse platform, 74% of collectors answered on a survey that they “buy NFTs for status, uniqueness and aesthetics”.   From the other side of the users perspective, businesses are  finally slowing down the recent months layoff spree. Other big players like VISA and Mastercard were also accused of applying a little breaking pressure in crypto related services, however VISA’s head of crypto already disputed such rumors and says VISA remains committed to the crypto industry 💼👍

🟢 Crypto has the fastest adoption rate ever in history 📈🚀

Data from Global Macro Investor found that cryptocurrencies have seen the fastest adoption rate of any rate technology in history, recording a 137% growth per annum, outgrowing technologies like the internet. This year’s volume is already higher on average from all of 2022 and we’re still in March, albeit 2022 was a terrible year for markets overall. As we quoted a few weeks ago, BitMEX CEO said at the time that some cryptocurrencies could start to fire to upside, now his take is that we’re on the verge of a crypto mega up-cycle, that will start to happen when central banks decide to stop raising interest rates and start with a reverse trend. So the question is: can crypto reach 1 billion users by 2025? The answer is: “putting the crypto industry’s growth into perspective shows that it’s still in its early phases, waiting for its full potential.” 🧐🤩

A great week overall, some FUD (Fear Uncertainty and Doubt) here and there but we get used to it eventually. What matters is the projects and teams keep working hard, keep developing and pushing boundaries of Finance and we at Lympid are no different, we are here for a better financial future for everyone. Have a great weekend! 😎


Great job on learning something new today 🎉