Crypto's Black Friday
The new COVID variant put crypto assets on sale
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Dear Bankless Nation,
There was a new COVID variant detected in South Africa this week.
I’m not going to pretend like I know anything about virology or epidemiology, but the new variant B.1.1.529 is rumored to be a substantially mutated and highly contagious form of the virus. (good writeup here for anyone interested)
Par for course, markets didn’t react well to the news. Equities, oil, and naturally, crypto assets all tumbled. Markets hate uncertainty, and there’s a lot of uncertainty around this new variant.
While the virus can’t be good for global public health, the market correction is positive for the overall crypto economy.
Ethereum killers have gone parabolic, The Metaverse is now the future, DAOs are buying anything…
The markets need to sober up—at least for a bit. As Ben Cowen highlighted on State of the Nation last week, these corrections help extend the bull market and allow a more sustainable rise over the long run.
So even if the next few weeks are choppy, it doesn’t matter. We’ve already gone through the worst of COVID, and this is the new normal. At this point "New Covid variant leads to lockdowns for the Nth time" may as well have as much impact as "China bans Bitcoin for the Nth time”.
Don’t panic dump on last year's news. It’s just a brief moment in a long-term game.
Enjoy the Black Friday Sale.
Here’s what’s lined up for next week:
We talk to the founders of Polygon on scaling vs. abandoning Ethereum
Why Proof of Stake won’t drive wealth concentration
ZenLedger is dropping the ultimate guide to NFT taxes (who doesn’t love taxes)
- Lucas
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Recap for the week of November 22nd, 2021
🎙️WEEKLY PODCAST EPISODE
🎙️ Listen to podcast episode | iTunes | Spotify | YouTube | RSS Feed
ACTION RECAP 📚
Execute any good market opportunities you saw in Market Monday
Be thankful
WATCH & LISTEN 🔊
🎙️ Listen to Crypto Payments and the DeFi Mullet | Visa & Anchorage 🔥
🎙️ Listen to Layer Zero: pplpleasr
📺 Watch Super Scaling with StarkWare | Uri Kolodny & Eli Ben-Sasson
📺 Watch VCs Abandoning Ethereum | Macy’s & NFL NFTs | ConsistutionDAO
🎙️ Listen to What’s going on with the Apes? | Recap #2
METAVERSAL 🧙♂️
BANKLESS DAO 🏴
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Not financial or tax 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. This newsletter is not tax advice. Talk to your accountant. Do your own research.
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Wow, this coming week is looking good! Looking forward to hearing more about Polygon, and why PoS won't drive further wealth concentration!
While I agree about corrections being good for crypto, and I think we're making it through, be careful about saying we've been through the worst of COVID. Having colleagues, neighbors, and friends still dying daily makes it difficult to believe that we've been through the worst of COVID. Its tricky. I think it will be okay of course, but we're still in the thick of it in some states.