☕️ The Bull Case for Bitcoin 🐂 💸
📉 Bitcoin’s down, but not out, and we’re looking internationally for evidence of Bitcoin’s revival 🌎
Bullish Bitcoin bets are more than just unfalsifiable belief in Bitcoin’s inevitable domination.
In a way, bullish investments call for a bullish mindset: Embody the animal’s stubbornness and steadfast determination.
No, you don’t need to develop a raging temper or begin trampling Spaniards in the streets of Pamplona or bucking aspiring cowboys from your haunches.
But bullish investments take real boldness, an acute belief in yourself, even when the chips are down and the odds are against you.
And we’ve found good reasons to believe in Bitcoin, but that hope is not coming from where you’d expect.
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☕️ Nigeria Tops Crypto Awareness 🪙 🇳🇬
Nigerians stand at the international peak of crypto awareness, with 99% of the country being familiar with cryptocurrency.
Consensys and YouGov partnered to conduct a global survey with respondents across fifteen nations.
And yes, their findings revealed that Nigeria was far ahead of the rest of the world in both crypto literacy and adoption. Roughly 70% of Nigerian respondents demonstrated a clear understanding of the fundamentals of blockchain technology.
You have to step back for a moment and admire Nigeria’s togetherness. The only thing 99% of Americans have in common is that we can’t confidently point to Nigeria on a map.
☕️ Epic Games vs. Valve’s Steam 🎮 ♨
Epic Games has been in a long, public battle with Steam over the presence of AI in games.
Epic has tried to welcome AI, while the PC gaming giant, Steam, has implemented a full-bore AI ban on its platform. Enemy AI in games is still okay, but Steam has taken a hard line against ChatGPT’s presence in games or generative AI.
And that battle was thrown into relief last week when Steam rejected a user’s game they had spent 3.5 years developing because it contained AI-generated assets.
Sad to hear Steam is decel
“No AI in games” is idiotic
— Garry Tan 陈嘉兴 — e/acc (@garrytan)
Sep 2, 2023
It’s a strange line to draw in that sand, considering AI is already a large part of most games.
Without AI, how are you supposed to develop a false sense of confidence about your own skills before you go online and get decimated by a bunch of twelve-year-olds?
☕️ Celsius Founder’s Assets Frozen ❄🧊
Former Celsius Chief and Co-Founder Alex Mashinsky has had his assets frozen as part of the ongoing criminal case against him.
Mashinsky was arrested last July and charged with multiple counts of securities fraud, in addition to illegal manipulation of Celsius’s CEL token.
The asset freeze restricted Goldman Sachs from selling assets from several accounts linked to Mashinsky, and forbade the sale of a real estate property in Texas.
The asset freeze will reduce Mashinsky’s potential as a flight risk as prosecutors take the next four to six weeks to gather evidence.
The trial, which should take place sometime next fall, is already being affectionately referred to by prosecutors as “Terminator 3: Demise of the Mashinsky.”
Spilling the Beans
The Bull Case for Bitcoin 🐂 💸
Bitcoin’s price has been down in the dumps and with the everpresent shadow of the Bear Market, it can be easy to lose confidence.
But there are indicators that rather than a continuing decline, Bitcoin may be gathering its energy for another bull run.
But don’t rest your eyes on domestic affairs.
Here in America, we just have unclear regulation and the TradFi Bitcoin applications that were supposed to usher in a new era, both of which seem to be caught in SEC limbo.
If you want to see visions of Bitcoin’s future, you need to look internationally.
Remember that global survey we covered in the espresso shots? The one that discovered that 99% of Nigerians are familiar with crypto? You should know that Nigeria is not alone.
Another survey, this one conducted by KuCoin, found that more than half of the Turkish population own crypto.
But these developments aren’t limited to Nigeria or Turkey — consider Latin America.
El Salvador gained international attention as the first country to declare Bitcoin legal tender.
Crypto adoption and enthusiasm have also spread throughout the region to countries such as Argentina, Ecuador, and Colombia.
But Nigeria, Turkey, and Latin America are radically different. Why are they all putting their faith in crypto?
Because their governments and TradFi have failed them. High inflation rates and economic instability have turned all of these populaces toward DeFi.
But why hasn’t that happened in America? It’s not like we haven’t been burned by TradFi. Look at any of the stock market crashes, the 2008 financial crisis, or our current recession.
It’s not that we’re rooting for government infrastructure to fail, but plenty of other countries have come to the realization that crypto is the way of the future.
And we’re staying optimistic that eventually, America will get on board. Even as the ETF applications remain in limbo, we’re fairly confident that Bitcoin will be reinvigorated by the next election cycle.
But that’s a pretty long-term outlook. In the short term, there is a bright side to Bitcoin’s current dire straits.
And that’s that BTC’s pretty cheap right now!
With Bitcoin’s price dipping, this may be time to defer to that oft-repeated piece of Wall Street wisdom. “Buy the Dip.”
Whether crypto prevails in America is yet to be seen, but for now, Bitcoin, like that snooty kid from your college, will always emphasize how popular they were during study abroad.
Meme of the Day
Ugh, now we all have to listen to Bitcoin talk endlessly about their trip for the next 3 years. 🤦♂️
"Travel is the only thing that costs money that makes you richer ♥️”
~ Bitcoin while studying abroad
— Coffee & Crypto Daily (@GetCoffeeCrypto)
Sep 6, 2023
Accidental Fork: This occurs when two miners mine the same block of data at the same time.
Accidental forks such as this can be resolved as more blocks are mined. When one of the blockchains becomes longer than the other, the shorter blockchain is abandoned.
The Last Sip
99% of Nigerians are familiar with crypto, but we took the time to imagine some of our own data regarding united sentiments in foreign nations.
99% of Belgians agree that mayonnaise is superior to ketchup for french-fry dipping.
99% of the French agree that Americans are boorish and have unrefined palettes. Ironically, they feel less passionately than the Belgians when it comes to french fries.
99% of North Koreans agree that hacking crypto is a civil liberty and should be protected. Additionally, bunkers > bungalows.
Coffee & Crypto Team
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.