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Dear Bankless Nation,
Number went up.
Crypto has been on an absolute tear this week. ATHs all around!
Bitcoin hit all-time-high at $67,120 š
Ether hit $4,360 (just $20 off its all-time-high)
BED Index all-time-high at $182
Locked valued in DeFi all-time-high at $102 billion (above $100B!)
Locked value in L2s all-time-high at $3.95 billion
Whatās this mean?
It means weāre back in price discovery mode. Valuations have never been higher than this week and itās anybodyās guess when weāll level out next.
Weāre in uncharted territory and the sentiment is bullish. Has the market properly priced in EIP-1559? What about the recent Bitcoin futures ETF? Or Ethereumās 90% issuance reduction?
Where will we end up by the end of the year?
It feels good to go up. But alsoā¦ letās stay sober.
Itās been a long time since our previous price ATHs in April and May and Crypto Twitter is buzzing with energy. Letās take a minute to give ourselves a pat on the back, admire our bags, and then get back to building.
Cause thereās still a lot to do:
Regulation continues to bear down on crypto. In the US, the White House is considering an executive task force to bring broader oversight to crypto. Our tool here is political activism. Politicians are coming to crypto. Hester Peirce and Andrew Yang are both notable figures, but we need more. Contact your representative. Engage.
Less than 5% of the world uses crypto. This is bad and good. The badāan adoption rate of 3.9% means weāre still a vulnerable minority. Crypto hasnāt achieved its adoption goals. But itās also good. Think of how many more lives we can improve by going bankless. Crypto is complicated, unfamiliar, and unintuitive. Many people wonāt take the plunge until they get help from a friend. They need help from you. You can onboard your friends to crypto.
If you really want to do the most you can to help crypto, apply your talents. Get a job in crypto! You can certainly take the leap and find a full-time job, but thereās also a way to start smaller. You can join a DAO. If youāve kept up with us lately, weāve covered the basics of DAOs like what DAOs are and how to join. Now, we have a helpful guide on how to earn an income while working at your own pace.
Iāve said it time and time again, but weāre still early. This may not be the ground floor, but weāre somewhere between the first and second inning.
Now that weāre crossing ATHs, letās use this energy to help the world go bankless.
Hereās what we have planned for this week:
Podcast with fund manager Eric PetersāInstitutions are Bullish!
Weāre dropping a massive š„ guide on how to earn airdrops
Our meta-level view on the state of Ethereum
Have a šŖ weekend.
- RSA
š Sponsor:Ā Lidoāsimplified and secure liquid staking for digital assets.
Recap for the week of October 18th, 2021
šļøĀ WEEKLY PODCAST EPISODE
šļø Listen to podcast episodeĀ |Ā iTunesĀ |Ā SpotifyĀ |Ā YouTubeĀ |Ā RSS Feed
ACTION RECAPĀ š
WATCH & LISTENĀ š
šļø Listen to Forward With Crypto | Andrew Yang
šŗ Watch Danny Ryan | Layer Zero
šŗ Watch The Secret Weapon of DeFi 2.0 | Zeus from Olympus DAO
šŗ Watch David read SEC commissioner Hester Peirceās speech (ASMR anyone?)
METAVERSALĀ š§āāļø
BANKLESS DAOĀ š“
Weekly Subscriber Perks š„
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Full Access: The Politicians Are Coming | Market Monday
Exclusive Debrief: Forward with Crypto | Andrew Yang
Early Access: Institutions are Bullish | Eric Peters
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šŗ STATE OF THE NATION
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šļøĀ WEEKLY ROLLUP. Download the crypto meta to your brain in this weekly show.
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Not financial or tax advice.Ā 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. This newsletter is not tax advice. Talk to your accountant. Do your own research.
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If you don't have a compelling better place to put your money, I'd say HODL for now. ATH for most of the blue chip coins are local tops with more and more adoption taking place.