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Michael Nye Weekly Crypto Update #2

Learn the latest news about cryptocurrencies!

What’s up everyone? The news never sleeps and neither do we. I’m posting directly to the Announcement Channel now. This gives Nye more time to travel internationally, go to petting zoos, and do whatever it is he does best. Gonna keep delivering all the hot takes and breakdowns, though.

So let’s get started!

😲 Trump Tweets About Bitcoin ⁉️

This is not a drill. The 45th President of the United States 🇺🇸 tweeted specifically about Bitcoin early evening today. Unfortunately he’s not a hodler, stating “I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.” This is the first time a sitting president has ever publicly discussed cryptocurrency.

The President went on to say that cryptos were used in illicit activities like buying drugs 💰. This created an epic thread on Twitter, as everyone involved in cryptocurrencies came to refute these allegations and explain that the US Dollar is used in far more illegal activities than Bitcoin.

Y’all should expect to get a lot of phone calls from grandma once this news hits the mainstream media. Trump also spoke ill of the Libra, which leads us to . . .

⚖️ Libra in the Spotlight, Bitcoin Suffers 📉 📉 📉

Facebook’s cryptocurrency Libra was back in the news. The U.S. Federal Reserve Chairman, Jerome Powell, issued a warning to the Swiss-based company. Speaking to the Financial Services Committee, Jerome stated that Libra cannot move forward with development until “serious concerns” surrounding money laundering, financial stability and security concerns are rectified.

Days ago, their blockchain lead, David Marcus, told the Senate Banking Committee that it would not have access to its users data. However, third-party wallet developers who use the Libra may require KYC/AML information from customers. Libras native wallet, Calibra, will hold specific customer information but will not share it for ad revenue purposes.

The price of Bitcoin dropped more than 10% following the Financial Services Committee testomony. Bitcoin had previously been in a bull trend, topping out at nearly $13,200.

🧱 ⛓Crypto Custodian Receives VISA Backing 💳

The cryptocurrency custodial provider, Anchorage, has received a $40 million investment from payment processor, VISA. In a Series B funding round, VISA was joined by firm Blockchain Capital and Andreessen Horowitz in raising money for the blockchain company.

Anchorage, a competitor of Coinbase, specializes in SEC-compliant custodial services for cryptocurrencies, including both “hot wallet” and “cold storage” solutions. A secure form of custody is a requirement for registered banks and money processors and may indicate a ramp-up in capacity.

Anchorage and VISA are both on the board of Facebook’s upcoming Libra.

☃️ Cold Storage Wallet Market Heats Up 🔥

The market research firm, Industry Research, has released a study on the state of the hardware wallet ecosystem. The projected size of the industry is $495 million by the year 2024, an increase over the $128 million market cap of 2018. If that doesn’t scream bullish, I don’t know what does 🐂 .

The most popular hardware wallet companies are Ledger and Satoshi labs, who produce the Ledger Nano S and Trezor One wallet respectively.

Security experts recommend buying hardware wallets directly through their manufactures and avoid third-party sites like Amazon and eBay for security reasons.

Casa Continues to Court Crypto

The software company Casa has released a new mobile app to attract users to Bitcoin. Their new Sats App allows clients to interact with their own lightning node remotely, giving them more control over how transactions are processed. By processing these payments, the app will reward the node owner. Security expert and Bitcoin OG Jameson Lopp currently serves as the Casa CTO.

Casa is focused on delivering Bitcoin security solutions for the everyday consumer including a multi-signature software wallet, and plug-and-play lightning node ⚡️.

Where Ya Boi At? 🌎

What, no selfies with Nye this week?

Come on people you know he’s out there. You can’t miss his with that shiny bleached hair! As a concession here’s a tweet where Nye says he’s going back to the gym.

I’m taking bets on how long he sticks to it this time 😂.

Ya Boi dropped in to Cali to watch the fireworks 🎆, and is heading out to Miami and Japan for something secret. Even I don’t know what it is.

Blockchain technology is only getting more advanced and refined as time goes on. You never know when the “next big thing” is going to happen right in front of our eyes, so exciting! Also, listen to the latest podcast at www.evolvement.io, we’ve got a bunch of them to drop soon. You can join Nye’s Telegram Telegram group for the latest updates here.

“Let’s Fucking Go!”

Article written by: Twitter https://twitter.com/kaltoro_

Follow Nye on Twitter: Twitter https://twitter.com/MrMichaelNye

Follow Evolvement podcast: Twitter https://twitter.com/EvolvementCast

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