This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out.Visa bought a CryptoPunk!NFT lovers and haters alike woke up to the surprising news that Visa spent approximately $150,000 on a CryptoPunk.Here is their official announcement: “Over the last 60 years, Visa has built a collection of historic commerce artifacts - from early paper credit cards to the zip-zap machine. Today, as we enter a new era of NFT-commerce, Visa welcomes CryptoPunk #7610 to our collection.”There was a wide variety of opinions on the matter. Some view the move as a PR stunt that is a top signal, while others viewed it as evidence that NFTs are ready to be adopted by the mainstream. Let's dig in.Visa paid about $150,000 in Ethereum for the punk, which amounts to fairy dust for them considering the size of their company. Their last quarterly report revealed they had a cash reserve of $20.13 billion, so their purchase represented 0.00000746268% of their stockpile. If the punk they purchased was $1.5 million, it would still only represent 0.0000746268% of their cash reserves, a fraction that looks identical even when closely examining it. Visa was trending on Twitter and grabbed the attention of the crypto world. Cheap PR. Now they also own an asset that will likely appreciate because of their purchase. Good move.Visa's announcement of the purchase went viral, but also had and accompanying blog post and a 17-page research report supporting their decision to buy the NFT. It is abundantly clear that Visa did their research before buying the piece. They clearly understand both the direction of the NFT market and their role within it. By purchasing a CryptoPunk, Visa can honestly claim they are connecting with the space. Below is their rationale for buying the NFT they did.“What began as an early artistic experiment has quickly become a cultural icon for the crypto community. In fact, to recognize the role that CryptoPunks have played as an historic NFT project, bridging culture and commerce, Visa has decided to purchase CryptoPunk 7610.”But do they plan to stick around and what role will Visa play? Here is what they had to say in this regard:“Enabling secure commerce is what we do — we’re the network working for everyone — and that extends to new forms of digital commerce that unlock access. So, it’s not surprising that we’re thinking deeply about this space and how we can apply our expertise in enabling seamless and secure digital payments to make NFT-commerce accessible and usable for buyers and sellers.”If we want mainstream adoption, progress will continue to look a lot like this. It means sharing the space we love with entities that are a lot bigger than ourselves, with unique motives and interests. Yes, the move was genius from a marketing standpoint, but it looks like Visa is ready to play the game and be a true early adopter in the crypto/NFT space. A lot of thought went into their decision, leading me to believe that the massive reaction is a well-deserved side effect of their diligence. Props to them.I AM GIVING AWAY $5000! In an effort to give back to this amazing community, I have decided to give away 10 $500 prizes in Bitcoin and Ethereum. You can simply subscribe to my YouTube channel and hit the link below to qualify.https://gleam.io/smrng/scott-melker-100k-subscribers-giveaway-5000IF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.COIn This Issue:Visa Bought A CryptoPunkBitcoin Thoughts And AnalysisAltcoin ChartsBitcoin Is The NeedleDaily News And Market RecapEurope Launching Bitcoin ETF As USA Falls Further BehindSBF Is Cautious About NFTsThe Wolf Of All Streets Podcast Ft. Bobby LeeMy Recommended Platforms And Tools
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The Wolf Den #314 - Visa Bought An NFT
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This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out.Visa bought a CryptoPunk!NFT lovers and haters alike woke up to the surprising news that Visa spent approximately $150,000 on a CryptoPunk.Here is their official announcement: “Over the last 60 years, Visa has built a collection of historic commerce artifacts - from early paper credit cards to the zip-zap machine. Today, as we enter a new era of NFT-commerce, Visa welcomes CryptoPunk #7610 to our collection.”There was a wide variety of opinions on the matter. Some view the move as a PR stunt that is a top signal, while others viewed it as evidence that NFTs are ready to be adopted by the mainstream. Let's dig in.Visa paid about $150,000 in Ethereum for the punk, which amounts to fairy dust for them considering the size of their company. Their last quarterly report revealed they had a cash reserve of $20.13 billion, so their purchase represented 0.00000746268% of their stockpile. If the punk they purchased was $1.5 million, it would still only represent 0.0000746268% of their cash reserves, a fraction that looks identical even when closely examining it. Visa was trending on Twitter and grabbed the attention of the crypto world. Cheap PR. Now they also own an asset that will likely appreciate because of their purchase. Good move.Visa's announcement of the purchase went viral, but also had and accompanying blog post and a 17-page research report supporting their decision to buy the NFT. It is abundantly clear that Visa did their research before buying the piece. They clearly understand both the direction of the NFT market and their role within it. By purchasing a CryptoPunk, Visa can honestly claim they are connecting with the space. Below is their rationale for buying the NFT they did.“What began as an early artistic experiment has quickly become a cultural icon for the crypto community. In fact, to recognize the role that CryptoPunks have played as an historic NFT project, bridging culture and commerce, Visa has decided to purchase CryptoPunk 7610.”But do they plan to stick around and what role will Visa play? Here is what they had to say in this regard:“Enabling secure commerce is what we do — we’re the network working for everyone — and that extends to new forms of digital commerce that unlock access. So, it’s not surprising that we’re thinking deeply about this space and how we can apply our expertise in enabling seamless and secure digital payments to make NFT-commerce accessible and usable for buyers and sellers.”If we want mainstream adoption, progress will continue to look a lot like this. It means sharing the space we love with entities that are a lot bigger than ourselves, with unique motives and interests. Yes, the move was genius from a marketing standpoint, but it looks like Visa is ready to play the game and be a true early adopter in the crypto/NFT space. A lot of thought went into their decision, leading me to believe that the massive reaction is a well-deserved side effect of their diligence. Props to them.I AM GIVING AWAY $5000! In an effort to give back to this amazing community, I have decided to give away 10 $500 prizes in Bitcoin and Ethereum. You can simply subscribe to my YouTube channel and hit the link below to qualify.https://gleam.io/smrng/scott-melker-100k-subscribers-giveaway-5000IF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.COIn This Issue:Visa Bought A CryptoPunkBitcoin Thoughts And AnalysisAltcoin ChartsBitcoin Is The NeedleDaily News And Market RecapEurope Launching Bitcoin ETF As USA Falls Further BehindSBF Is Cautious About NFTsThe Wolf Of All Streets Podcast Ft. Bobby LeeMy Recommended Platforms And Tools