Happy Monday. Let’s all make the absolute most of the week ahead ✅
Today’s free newsletter will get you started on the right note: from NFTs to Bitcoin and our new Market Meditations Reward Package for people who share our newsletter 💰
Delighted to say this article is brought to you by FTX 🙌, you can use my link to get a discount. We also have a comprehensive 👉 FTX tutorial 📺 which includes: a step by step on how to open an account, deposit and withdraw funds, place a buy or sell order and stop loss. We even let you in on why this is one of our preferred platforms.
Peter Brandt and $200K Bitcoin?
Today, Bitcoin fell a bit over 13%, causing a surge of panic and fear amidst those invested in Bitcoin and a variety of altcoins 😱
Veteran trader Peter Brandt has implied in a tweet that bitcoin will go through deep price corrections before it gets to the $200,000 mark. He cites the 2015-2017 bull run as evidence for his claim, stating that we experienced precisely nine corrections (during which Bitcoin fell about 10%-30% each time) previously.
This is fantastic news for traders and investor. For traders, Brandt’s comments suggest that there is a high probability of extreme volatility during a Bitcoin bull market. For investors who can stomach 30% price dips, you may well be able to hold your way to a $200K Bitcoin.
An Introduction to NFTs
Non-fungible tokens or NFTs are a special type of token that represent a unique asset like digital art, in-game items and other collectibles.
To understand what fungibility means, think about a $10 bill in your wallet. The $10 bill in my wallet holds the exact same value as the $10 in your wallet. We could exchange them with each other without the both of us losing any value. A store owner happily accepts both our $10 bills, even if we exchanged them before entering the store.
🚫 In contrast, non-fungibility means that the asset is unique, authentic and only an X amount of them exist. An NFT is simply a representation of such a unique item on the blockchain in the form of a token. Each NFT has its own unique value and is to be treated individually. Due to the public nature of a blockchain, owners of any given NFT can easily prove that they are the rightful owner of a particular piece or item.
Logan Paul recently launched an NFT sale for 3,000 personal NFTs and sold $3.54 million dollars worth on the first day 💰 Amidst the massive profit, however, there have also been a number of scams. For example, a copycat of a famous art piece by Banksy was sold for over $1 million dollars.
📣 Here are some things to bear in mind if you are looking to buy NFTs. NFTs derive their value less from the asset itself, and more from the fact you own them. They are valuable because people deem it so. In the same way that your collection of baseball cards, comic books, or beanie babies are valuable mostly because people deem these collectables valuable ✅
Buying an NFT never guarantees that you’ll be able to sell that to a next buyer, let alone at a higher price. It is by definition a collector’s item which you should be comfortable with holding for a very long time. What’s more, although platforms exist to connect buyers with sellers, there are no order books available to quickly sell or buy a particular item.
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JP Morgan on Crypto
Whilst Bitcoin price continues soaring into uncharted territory, not everybody wants to sing its praise. Market Meditators should note that not all institutional investors are looking to get involved in the crypto space, even if the news makes it seem that way 🚫
Recently, JP Morgan published a report including a comment on Bitcoin. The executive summary states JP Morgan is “open-minded about Bitcoin” and believes, theoretically, if Bitcoin were to match the private sector investment into gold, it would need to trade at $146K. Seemingly positive news, the report also states “The rise of bitcoin is an economic sideshow, but [it] is here to stay as an ‘alternative’ currency” and that crypto is the “poorest hedge for major drawdowns in equities.”
All in all, it seems that JP Morgan do believe that the price of Bitcoin can rise over time and it has a place as a currency but remain confident in their stance that the price of crypto assets are rooted in “speculative mania.”
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FTX Foundation Hits $2m Raised for World’s Most Effective Charities
Earlier this month, FTX launched the FTX Foundation, pledging 1% of all revenue generated from user fees to charitable causes and providing a trusted platform for cryptocurrency users to donate their profits 🌎
Recently, the total amount earmarked for charity under this initiative reached $2m - a huge milestone for the foundation and for the crypto community. If you want to learn more about FTX’s vision check our podcast with CEO @SBF_Alameda 🎤
On Mondays, our ‘Scan The Week’ section is designed to show our community what events and headlines we will be keeping an eye on.
Monday, 22nd February
Enabling a Distributed & Connected Energy Future 🌎
The conference reviews how blockchain can enable a distributed energy future and is open to the public. To attend this seminar talk, please register via Zoom.
Tuesday, 23rd February
Next In Tech: Blockchain Summit 📣
This virtual summit brings together finance and technology decision makers to debate the latest industry trends and future innovations.
Jerome Powell to Speak on State of U.S Economy 🇺🇸
Federal Reserve Chair Jerome Powell testifies before Congress, providing a broad overview of the economy and monetary policy.
Market Meditations Podcast Release 🎧
#48 How to Protect Your Profits with Trader SZ. Saeed Zaman is a well-known trader and mentor. He holds a degree in mathematics and has been a full-time trader for 8 years, covering a range of markets with a focus on FX.
Wednesday, 24th February
Oraichain Token (ORAI) Mainnet Launch 🚀
Oraichain mainnet will launch on 24 February, setting up the foundation for Oraichain’s AI services, DeFi and Decentralized Ledger Technology with a range of applications and platforms developed and powered by Oraichain.
Market Meditations Podcast Release 🎧
#49 How to Prepare for a Bear Market with Peter Saddington. Today's guest is Peter Saddington, a 3x founder, holds 3 masters degrees, he’s an angel investor, a father, an author, certified scrum trainer, founder of the agile community and overall amazing person.
Thursday, 25th February
Jewish readers will be celebrating the festival of Purim today: a day of costumes and carolling.
Saturday, 27th February
Warren Buffett Famous Letter Release 📖
On Saturday Warren Buffett will release his famous annual shareholder letter. This letter has been published by Buffett each year for decades.
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Disclaimer: The content in this newsletter is for informational purposes only. Nothing in this email is intended to serve as financial advice. We are not financial advisors. Every investment and trading move involves risk. Do your own research when making a decision.