CAN PEPE THE FROG SAVE BAYC TROLL?
Joe Biden wants the public to speak, and more predictions about Bitcoin
Coo! It’s Crypto Owl! Time flies as fast as I, and we have already reached the middle of the week. So, let’s look around at what happened in the crypto world.
On Today’s Menu:
🥡 DELICIOUS WOK: Pepe The Frog Creator’s Attorney Will Be Defending Ryder Ripps
🥗 SALAD: Joe Biden Ask The Community To Help With The Executive Order
🥠 FORTUNE COOKIE: Bitcoin: Crash Or Rise?
PEPE THE FROG CREATOR’S ATTORNEY WILL BE DEFENDING RYDER RIPPS
I have an interesting update on BAYC horizons. In previous newsletters, I wrote about a scandalous BAYC moment, when a conceptual artist and Internet provocateur Ryder Ripps accused BAYC of being Nazi trolls and racists.
So, what do we have now?
Late last month Yuga Labs (the mother company behind Bored Ape Yacht Club) sued Ripps in federal court. They probably thought that will be enough to silent Ripps; mmmm, nope.
Ryder, on his behalf, hired Louis Tompros - attorney, that represented Matt Furie in multiple suits against him. Matt Furie is a creator of the legendary meme Pepe the Frog, which was recognized as a racist and white supremacist meme by mainstream media;
Tompros even appeared in a 2020 documentary called “Feels Good Man”, next to the Furie as he tried to restore Pepe’s image;
It’s not a coincidence that Ripps chose Tompros to be his defender on the court. Tompros successfully represented Furie back then, so now Ripps probably believes that the attorney can bring him the victory in court. Tompros got the idea of the whole Internet meme culture, so that’s a win for him;
Details are not disclosed yet, but Tompros says that he will probably keep the case as an issue of “artistic freedom”. Attorney also added, “Our plan is to respond, to explain why the lawsuit is baseless and why the use of trademark law in this type of context is inappropriate.”
Yuga Lab’s for this case hired a Silicon Walley law firm called Fenwick & West (they represented Facebook, Apple, eBay, and other giants), so, apes are also ready to fight for their own truth. I’m very excited to see how this case will be resolved. And I’ll be there to inform you as it happens.
JOE BIDEN ASK THE COMMUNITY TO HELP WITH THE EXECUTIVE ORDER
In March 2022, The President of the United States Joe Biden signed an “Executive Order on Ensuring Responsible Development of Digital Assets”.
The order said a few things:
Crypto has the potential for financial innovation because it is cheaper, faster, and even safer at some point. It was said, “We must support technological advances that promote responsible development and use of digital assets”;
Crypto should be considered as a matter of not doing any harm to consumers: “The increased use of digital assets and digital asset exchanges and trading platforms may increase the risks of crimes such as fraud and theft, <...> It is critical to ensure that digital assets do not pose undue risks to consumers, investors, or businesses,<...>”;
Crypto shouldn’t be an open gate for criminals to act: “Digital assets have facilitated sophisticated cybercrime‑related financial networks and activity <...> The growing use of digital assets in financial activity heightens risks of crimes such as money laundering, terrorist and proliferation financing, fraud and theft schemes, and corruption.”.
The community was quite happy about this order because even though it didn’t say anything new, it showed that the President was not drastically against Bitcoin and crypto in general. So, that was good news.
Now, after four months, the U.S. Department of the Treasury officially asked a public input and comments on Biden’s Executive Order due to the future policies on digital assets.
Under Secretary of the Treasury for Domestic Finance, Nellie Liang said, “The Treasury Department is seeking to benefit from the expertise of the American people and market participants by soliciting public comment as we engage in this important work."
People, who would like to leave an input with their comment, have time until August 8, 2022.
BITCOIN: CRASH OR RISE?
The community has mixed feelings about it. But there are some signs, that Bitcoin can crash even more (just a reminder: now Bitcoin is around $19,700)
“Bear flag” - a specific trading action pattern that informs about a pause in a market downtrend, which, however, usually leads to even more drastic moving down.
This is how it looks:
So, now we’re clearly in it.
As you can see, a “bear flag” represents an upside-down flag; the pole of the flag is a sharp downward movement, and then the flag shows a small jump in price. According to people, who can read price charts, it’s common for the price to drop down one more time, starting from the corner of the flag, similar to the length of the pole.
Crypto asset management company called Blofin volatility trader Griffin Ardern confirms that it’s a bear flag, and that “the breakdown could happen soon”. It also means that price could reach $17k or even less.
Of course, we shouldn’t take this for granted, because speculations like these fail, even if they’re based on analytical material.
But, as I said, the community has different opinions. So, let’s listen to them.
Coinshares CSO Meltem Demirors believes that crypto will reach its’ new all-time highs in 24 months or even earlier.
He says that Bitcoin is known for its volatility and cycles, as cryptocurrency drops 80-90% and then bounces back greatly.
Demirrors also claims that this bear market will wipe out weaker crypto assets, but that’s a quite common opinion - the managing director at Forex Suggest, says that “this is a cleansing process”, which is true.
What do you think? Could crypto actually reach new price records by 2024?
⚠️UPDATED WHILE WRITING⚠️
U.S. Bureau of Labor Statistics just recently announced that June’s Consumer Price Index (CPI) is higher than everyone expected: it’s 9.1%! In May, the index was the highest in 40 years - 8.6%. Well, not anymore.
This news means that, at least for now, the situation in the Crypto market will be definitely worse.
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Disclaimer: This newsletter is strictly educational. None of this information is intended to be financial advice. Always do your own research and act responsibly with your profits.