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Hi Everyone,
They might not be quite as popular or successful as Tesla, but another major Silicon Valley darling boarded the Bitcoin train yesterday. ... |
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Of all the companies we guessed might make this move next, I don't think anyone expected it to be WeWork.
It seems that Coinbase is a major client of theirs, which I guess makes a lot of sense given their decentralized work culture, and they managed to convince WeWork of the massive benefits of monetary diversification.
The company, whose attempt to go public blew up very publicly in 2019, seems to be gearing up to go public once again, this time through a special purpose acquisition company (SPAC) affiliated direct listing rather than the traditional initial public offering (IPO).
The approach of using a direct listing seems to be trending lately, as investors apparently prefer paying more for less.
No doubt the global pandemic has done a number on their fragile balance sheet in the short-term, but what may be interesting is the way in which COVID-19 may end up changing the way we all work in a way that just might suit WeWork.
It's also nice to see how the company remains progressive, even after losing their flamboyant leader. There may be hope for them yet.
The rising trend of companies accepting and holding bitcoin as they would any other currency is basically what will end up cementing bitcoin as the number one global currency. |
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Decentralized volume overdrive
What is cementing the place of cryptocurrencies in the future markets is not so much corporate adoption as massive usage.
There is no doubt that much of this is pure speculation trading, but this is a very mighty milestone. ... |
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It may be a bit difficult to get a handle on this new world of decentralized exchanges (DEXs), but CoinGecko data does a pretty good job of showing us the explosion that's taking place right now.
In this graph, we can see the 24-hour trading volume from Pancake Swap shooting past $4 billion for the first time. |
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Of course, the real winners are the base layer protocols on which these DEXs sit. Ethereum is by far the most popular, but others are also rising quickly.
In this graph provided by Messari analyst Ryan Watkins, we can see that Q1 of 2021 nearly tripled the already massive volumes of the previous quarter as the Ethereum network, slow as it may be, confirmed $1.5 trillion worth of transactional value in three months. |
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As far as absolute numbers, there's no doubt that these markets are still quite small when compared with that of global stocks.
The Nasdaq itself has done a very steady $220 billion in daily volumes this week, just like it did last week and the week before.
When we think about it in terms of percentage growth however, it's very easy to foresee a world where DEX volumes far surpass these numbers and overtake the traditional markets.
Not today though. We're still early. |
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In other news
Speaking of building materials...It may be due to inflation but analysts seem to be chalking it up to rising demand.
Lumber prices are rising quickly. As we said many times, there's an infinite amount of cash now competing for a finite amount of goods and services.
So it's really no wonder that the lumber market is so hot right now.
That's it for me. Have a wonderful evening! |
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Mati Greenspan Analysis, Advisory, Money Management |
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