October 13, 2023
Crypto Market Update 13-10-23
Happy Friday everyone!
As you all know, there's little positive about this week given the escalation of new conflicts... but in the continuing aim of giving our help and informing those who follow us, here's our weekly recap 📰
Last 7 Days Market Performance
Bitcoin is down 4.5%, now at $ 26,734.00 📉
Ethereum is down 6.4%, now at $ 1,543.00 📉
Total crypto market cap: $ 1.08 Trillion
Fact for the week:
💔 October has come with more news that saddens us all... the escalation of wars worldwide is a strong regression in our development as humanity, despite enormous achievements since the darkest times of past centuries, we are still a long way from what should be required of us in the 21st century. It's a sad fact that marks this week and the coming times… if today you have those you love the most by your side, look at them and think that many in those places of suffering will see those people today for the last time.
Onto this week’s updates 🚦
🔴 “Bitcoin is Stupid Investment” 😵
Warren’s Buffet longtime business partner, Charlie Munger, just came out again against Bitcoin saying “that was the stupidest investment I ever saw”. Munger has been a long time critic of crypto, even comparing Bitcoin to “rat poison”. Although the Buffett & Munger duo are legendary successes in the investment world, they both failed to predict the value of tech companies like Apple, which they only invested in 2016. The reason was they didn't understand, so they didn't invest. Will the same thing happen now? 🤔
🟡 “Universal Viable Currency” 😯
Another quote, another legend. Podcast rock star Joe Rogan stated in his interview to Chat GPT creator, Sam Altman, that he believes bitcoin holds the most promise to emerge as “a universal viable currency.” Both personalities discussed the current panorama of global monetary policies and technological development, to reach a unanimous conclusion that the power over the issuance of money must leave the sphere of the States, under penalty of facilitating government surveillance. 📻
🟢 “ETH Could Reach $8K by 2026” 📈
British banking giant Standard Chartered made a new prediction to the second largest crypto, Ethereum, which can lead many to do the maths. The bank believes that ETH value could reach $ 8,000 by 2026 and between $26,000 to $35,000 by 2040. The reason is simple: the growing use and adoption of the ethereum protocol, will lead to a greater need for the use of ETH and consequently to its greater value. 🚀
🎬 We end as we began, with the sadness of recognising the growing conflicts. We hope for peace for all, perhaps something highly unlikely, but as we say in Portugal "hope is the last to die".
Lympid: Crypto interests on a trusted, regulated platform
Talk next week 👋
