7 May

“Although the short-term outlook for Bitcoin looks weak, one analyst and some evidence would suggest that Bitcoin is still on course to becoming a risk-off asset.

The fact that the world’s most fluid, 24/7 trading vehicle — Bitcoin — was down only about 15% in 2022 to May 3 vs. 20% for the Nasdaq 100 Stock Index may portend the crypto transitioning to a risk-off asset.

McGlone suggested that the transition of Bitcoin to become a risk-off asset ‘will propel it to $100K in 2022.’ However, with the worsening macroeconomic backdrop, popular YouTuber Benjamin Cowen said that Bitcoin may not hit $100,000 this year in the current “risk-off” environment–not ‘until inflation is under control.‘”

See Also: Inflation Will Create a Political Vacuum. Can Bitcoin Fill It?
See Also: US Jobs Report Shows Gain of 428,000, Adding to Price Pressures

The Google team will work on back-end services for developers creating Web3 applications. The idea is to make the company’s cloud platform the preferred choice among developers.

While the world is still early in its embrace of Web3, it is a market that is already demonstrating tremendous potential with many customers asking us to increase our support for Web3 and Crypto related technologies.”

See Also: Hop Protocol reveals details of Hop DAO and Optimism-style airdrop

“A decentralized autonomous organization (DAO) called TheCafeDAO opened a pop-up coffee stand in Seattle last weekend, a test run for what it hopes will be the first brick-and-mortar business run entirely through a DAO structure.

The DAO markets itself as “the cafe everyone owns,” with customers and employees being given “coffee tokens” that grant governance rights and discounts with each purchase.

What if we made a decentralized Starbucks?

The value of each token is $5, pegged to the price of a 12-ounce cup of coffee. Every time a coffee from the stand is purchased, a new token is minted.

A chunk of that token, roughly $3.50 worth, is then burned to account for operating costs. The remaining portion is then split among the customer, employees and DAO treasury. Token holders can either redeem their coins for fiat or hold them for governance rights, with one cup of coffee equaling one vote in whatever proposals are made by the DAOs members.”

“For Tesla (TSLA), it lasted just over three months before it decided to shutter the payment offering, citing environmental concerns. But the reality is, few people – if anyone – actually bought a Tesla with bitcoin because of the tax liability when liquidating the bitcoin and the administrative burden of new anti-money laundering filings required for any purchase of goods worth over $10,000.

It’s not surprising then that most of the retail payment volume for merchants comes from cheaper goods.

Luxury goods like Gucci products are an even easier way to launder money than real estate. So for Gucci, those who want to purchase goods worth over $10,000 will need to file paperwork reporting their purchase. Gucci’s compliance and risk analysis teams may have an even lower threshold for crypto transactions because of money-laundering concerns. This undoubtedly would create a friction point for consumers, and the more of these there are, the less attractive a payment method becomes.”