Yesterday in Crypto - Issue #35

Read time: ~7 minutes

🚀 What's Happening?

According to recent reports from KuCoin and other sources, Turkey is experiencing a significant uptick in cryptocurrency adoption. Over the past 18 months, the number of crypto investors in Turkey has increased by 12%. Now, more than 50% of Turkish adults are involved in the crypto market.

👫 Demographics

The crypto landscape in Turkey is quite diverse. While men still dominate the space, making up 57% of investors, women, especially younger ones, are catching up. Nearly half of the crypto investors between the ages of 18 and 30 are women. This shows a narrowing gender gap and growing acceptance of cryptocurrencies among all age groups.

🌟 Young Generations Lead the Way

Young people are at the forefront of this crypto expansion. A significant 31% of all crypto investors in Turkey joined the market in the last quarter alone. Moreover, 54% of investors under the age of 30 entered the market last year.

💰 Investment Choices

Bitcoin and Ethereum are the top choices for Turkish investors. Bitcoin attracts 71% of the total investor interest, followed by Ethereum and stablecoins. Stablecoins, in particular, are gaining traction, capturing the attention of 33% of investors.

🛒 Usage and Motivation

Turkey has an inflation problem.

According to TradingEconomics, “The annual inflation rate in Turkey rose to 47.8% in July 2023 from 38.2% in June, and above market forecasts of 47.3%, as several tax hikes and the lira depreciation pushed prices higher.”Turkey is not alone. Unless you’ve been living under a rock for the past few years, surely you’ve noticed the rising prices all around you.

It doesn’t matter what the “official” inflation rates are… we’ve all felt it in our bills - groceries, gas, streaming services, insurance, etc.

Crypto, namely BTC and ETH, are excellent inflation hedges. As their market caps increase over time, the volatility of these assets should decrease. This will make them even better inflation hedges than they are today.

Stablecoins are pegged to the US Dollar - allowing citizens of other countries to access pseudo USD and save themselves from their own countries high inflation rates.

👥 Community Influence

Friends and communities play a significant role in crypto adoption in Turkey. A whopping 57% of participants got into crypto through friends or relatives, highlighting the importance of personal networks in this space.

🔍 Why It Matters

The rising number of crypto investors in Turkey is not just a local phenomenon; it's indicative of the global trend of increasing crypto adoption. The rampant inflation that is killing the worlds fiat currencies is very hard to reverse. In fact, every fiat currency to ever exist has failed. The world will turn to crypto… will you be early, or late?

🚀 What's Happening?

The U.S. Securities and Exchange Commission (SEC) has once again hit the pause button on spot Bitcoin ETFs, affecting big names like BlackRock, WisdomTree, and Fidelity. But here's why this delay might actually be a good thing:

📅 The Inevitable is Coming

Let's be clear: spot Bitcoin ETFs are not a matter of 'if,' but 'when.' The SEC has up to 240 days to make a decision, and they're using this time wisely. But with a U.S. appeals court recently criticizing the SEC's previous rejections, the writing is on the wall: approval is inevitable.

🚀 More Time to Accumulate

For retail investors, this delay is a golden opportunity. It gives you more time to accumulate Bitcoin before the eventual ETF approval sends prices soaring. Think of it as an extended Black Friday sale on Bitcoin!

💼 Corporations Are Smiling

Don't think for a second that corporations are upset about this delay. On the contrary, it gives them more time to accumulate Bitcoin at lower prices before the inevitable approval and subsequent price surge.

📉 Market Reaction? No Worries

Yes, Bitcoin's price dipped following the announcement, but this is a short-term reaction. In fact, it’s a good thing. Long-term, the fundamentals haven't changed, and the delay could actually be a strategic advantage for savvy investors.

🌟 In Conclusion

While the delay might seem like a setback, it's actually setting the stage for a more robust and well-accepted Bitcoin ETF market. So, keep your eyes on the prize pack your bags before we head off to the moon 🚀🚀🚀🚀.

🌟 What is Stride?

Stride is a layer-1 blockchain designed to offer liquid staking solutions.

Miss our first coverage of liquid staking? Click HERE and scroll to section 3.

Stride is built on the Cosmos SDK and aims to redefine how staking rewards are earned and managed. Stride is not just another staking platform; it's a comprehensive ecosystem that includes governance, rewards, and enhanced security features.

🚀 Why Stride is a Cut Above the Rest

Stride's recent transition to Interchain Security (ICS) with the Cosmos Hub is nothing short of revolutionary. This move catapulted its economic security from a mere $25 million to a jaw-dropping $2.3 billion. This isn't just an upgrade; it's a seismic shift that positions Stride as an ultra-secure and resilient platform, making it an irresistible choice for institutional investors.

💰 Tokenomics: STRD

• Utility: STRD isn't just a governance token; it's your ticket to the Stride ecosystem. Stake it, earn rewards, and have a say in the platform's future.

• Staking Rewards: Forget traditional tokenomics; Stride is rewriting the rules. STRD stakers have democratically decided to claim protocol revenue for themselves. This means double rewards: protocol revenue plus inflationary STRD rewards. Talk about a win-win!

• No Slashing: With the ICS transition, the risk of STRD slashing is gone. Stake without the stake!

💼 Governance and Validators

Stride's validators are evolving into "governors," and they're not just figureheads. These are the ecosystem's new power players, maintaining public RPC endpoints, running relayers, and attracting STRD delegations.

👥 Competition and Market Position

While competition exists, Stride's unique features and first-mover advantage in the Cosmos ecosystem make it the go-to platform for liquid staking. Their competition inside Cosmos is QuickSilver and Persistence. Outside the Cosmos, Lido is leading the pack.

We covered Lido in full yesterday. Click HERE to explore.

What's Next? Sky's the Limit!

Stride is just getting started.

Here’s some of their current stats from DeFi Llama

As Liquid Staking garners more attention, Stride is primed to increase their TVL and their revenue for stakers.

Final Thoughts: Don't Miss the Stride Surge

Stride's groundbreaking approach to ICS, tokenomics, and governance isn't just innovative; it's the future. With its bolstered security, lucrative staking rewards, and robust governance, Stride is not just a project to watch; it's a project to be part of.

Disclaimer: I own STRD in my portfolio.

That’s all for today. We’ll see you on Monday. Enjoy some college football this weekend with your family.

"Given a 10% chance of a 100 times payoff, you should take that bet every time."

– Jeff Bezos, Founder, Amazon