2021-1-29 16:36 |
This week, heavily shorted assets, especially GameStop and hedge funds, particularly Mervin Capital, took a turn when Wall Street Bets got restricted on Discord, suspended from buying the stocks on Robinhood while gaining support from Tesla CEO Elon Musk, Social Capital founder Chamath Palihapitiya, and day trader Dave Portnoy.
GameStop united the country at a time when nothing else could.
— WSB Chairman (@WSBChairman) January 28, 2021
The switch that has been flipped has a clear winner – the world of decentralization.
From Bitcoin, Ethereum, to DeFi, and web3 assets, we have already started to see the effects as cryptocurrency exchanges are recording high traffic and record user signups, making them unable to operate smoothly.
Meme coin Dogecoin has also been pumped over 1,000% (however, Mia Khalifa might have called the top on that one). Even DOGE and other crypto buys were restricted on Robinhood, which calls for the need for decentralized exchanges (DEX).
Moreover, as popular DEX Uniswap creator Hayden Adams has so proudly reminded, it “has never gone down since the initial launch of Uniswap v1 in November 2018.”
They can only control us because we use their currency.
— WSB Chairman (@WSBChairman) January 28, 2021
As Robinhood stopped allowing its users to buy more of GME, AMC, NOK & NAKD shares, which are linked to the platform having a cash crunch, the crypto market took this as an opportunity to point out how the cryptocurrency market is censorship-resistant and works 24/7.
“This is DeFi's moment. This is where we shine. No more financial censorship. No more bailing out the hedge funds,” tweeted Web3 browser Status.
I cringed, while nodding furiously. https://t.co/MwwDrnLfJB
— Haralabos Voulgaris (@haralabob) January 28, 2021
With Bitcoin, we have seen retail front-running the institutions, while the so-called “smart money” is still contemplating if it is worth an investment — retail came in cheaper and years before.
“This week is loudly shouting “retail is NOT dumb money,”’ noted on-chain analyst Willy Woo.
Just like the Bitcoin as a hedge against inflation narrative is gaining strength ever since the central banks around the world started unprecedented money printing, this week, we saw coordinated efforts to curb the “retail market manipulation” by suspending free trade and regulators coming in support of the wealthy, endorsing DeFi.
I've honestly never seen a more perfect storm for decentralized technologies.
— Qiao Wang (@QwQiao) January 28, 2021
While BTC is a stance against all the money manipulation the government does, Ethereum secures the decentralized financial system.
“DeFi, both on Ethereum and other crypto-networks, gives liveness to BTC as a monetary asset and allows people to imagine and create a coherent alternate financial world,” said Su Zhu, CEO at Three Arrows Capital.
Although the DeFi sector is still in its infancy stage and, as analyst Qiao Wang puts it, even a “giant casino” but unlike the traditional marketplace which is rigged by the ”oligarchs” like hedge funds, this burgeoning space is ruled by fairness, transparency, and immutability.
The post Wall Street Just Made the Best Case for Bitcoin, Ethereum & DeFi; Get Ready for Mass Adoption first appeared on BitcoinExchangeGuide.Similar to Notcoin - Blum - Airdrops In 2024
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