Binance in Dubai, GameStop announces NFT project, Central Bank of Honduras speaks out on Bitcoin and more

 

Without a doubt, we are living in extraordinary times. These are times of change. Changes that generate conflicts. And conflicts that generate change. The transformations are painful and the reactions are varied. Each country, each person, each group assimilates things in its own way. It’s not easy to adapt to an ever-changing world. Challenges? A lot of.

We have a pandemic, an extremely volatile and complicated labor market, extremely high inflation (especially in food and energy), a divided society, a logistical crisis, trade frictions, quite tense geopolitics, intense mistrust towards the institutions and a war in Europe. Oil was the headache this week.

Saudi Aramco, the world’s largest oil producer, has announced an investment of more than $50 billion for this year to increase crude oil production. Oil producers are making a lot of money from the latest price hikes. But those with the most production capacity want to increase their barrels per day to earn even more. We must remember that Russia is responsible for 10-25% of world oil production. The aspiration of many is to be less dependent on Russian oil. Is it time for alternative energies?

There is an extremely powerful idea circulating in the world: Technological innovation can improve everyone’s life. Automation, artificial intelligence, robotics, space aviation, alternative energy, Web3, metaverse, blockchain, NFT, Defi and cryptocurrencies. The world as we know it is changing.

Bitcoin and cryptocurrencies saw a wave of optimism as the world didn’t end after the US Federal Reserve hiked interest rates. Under such circumstances, the markets tend to worry a lot in the preparation period. After the event itself, the tension is released, turning into renewed hope. Of course, there are different interpretations surrounding the Fed’s actions. Regardless of the particular interpretations, the result was the same: cautious opportunism that pushed prices up.

Now we speak, with a critical eye, about this week’s crypto news.

Oil was discovered in the United Arab Emirates in 1960. The region is not even a shadow of what it once was. They were poor principalities, in an immense desert, living from fishing, picking dates and raising camels. The country has modernized thanks to petrodollars. And now it is an international center for tourism, trade, finance and industry. In Dubai, there is a lot of money. This license is not just any license. In reality, it is a gateway to a world of enormous capital coming from all over the world.

We don’t hear as much about Binance anymore, because the exchange is obviously at another stage of its growth. The “mobile exchange” has no home and no home. But this giant is everywhere. Which is not always easy because different governments have different rules. However, Binance has expanded across the planet. With its ups and downs and rustles. But expansion, after all. This license, in Dubai, is definitely a victory in this fight.

From the creators of the “Famous For Being Famous” phenomenon, we now have the meme stocks. They are companies without fundamentals, but with the ability to attract investors due to their popularity in online forums and social networks. There are assets that are self-fulfilling prophecies. That is, they go up in price, because investors think they will go up in price. But it is not something that happens spontaneously. In reality, these are very elaborate manipulation schemes. There are groups who are experts in creating illusions.

The concept of value is very subjective. What has value is in people’s minds. Attention is the true creator of value. Therefore, in this space, promotion is a value. We must keep the enthusiasm with promises of all kinds. Great stories, the fight of good against evil and the hero’s journey. Ready. We have a robinhood merchant. The person who thinks he is saving the world by participating in a stock market manipulation scheme. Gamestop on the NFT market? Why did they take so long?

El Salvador unilaterally took a rather reckless step with the Bitcoin law. This was possible, of course, because El Salvador is a free and sovereign country. Bukele obviously has the political support right now to do and undo at will. However, in such an interconnected world, the actions of one country affect other countries. El Salvador has put the Bitcoin issue on the table in Central America. Whether they like it or not, it is now up to each country to clarify its positions. And this will surely open an internal debate. In all certainty, the news from Central America will not stop coming.

Bukele is quite a controversial topic. We cannot deny it. It’s a very popular topic. But he is also a character who generates a lot of rejection. The reasons are many. This is neither the time nor the place to go into detail. The question: what do El Salvador’s creditors think? Is El Salvador currently well regarded by international lenders? Beyond political speeches, beyond headlines in the press, when we talk about bond issues, we must necessarily talk about rankings and perceptions. The opinion of investors is of paramount importance in obtaining international financing. What do international capitals think of Salvadoran debt? Is Bukele trustworthy? Can you give him credit? There, he left those questions hanging in the air.

This industry is growing. This means we already have the strength to sponsor the biggest events in the world. We are definitely out of the dark. We are no longer a niche. Being a niche facilitates extreme ideas. In other words, it is relatively easy to be a radical within a small community. On the one hand, it is easier to be right in opposition, because everything remains theoretical. On the other hand, consistency is much more achievable in small groups. But now we are going to be at the FIFA World Cup. Now our community is the world.

Disclaimer: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be considered as financial advice or investment recommendations. Every investment and trading move involves risk and it is everyone’s responsibility to do their research before making an investment decision.

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