DAOventures newsletter — April Week 1 2022
DAO Citadel V2: +4.79%
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DAO Metaverse: +2.27%
DAO AVAX DEX indexfarm: +16.11%
DAO AVAX Farm: +7.6%
This week’s best-performing assets
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AssangeDAO (JUSTICE): +175.53%
Redacted Cartel (BTRFLY): +133.86%
Alpha Finance (ALPHA): +103.38%
Gelato (GEL): +81.35%Market Insight
El Salvador’s Bitcoin Experiment
El Salvador made Bitcoin legal tender last September 2021, the first country in the world to do so. This was an unprecedented move by international standards. It’s now been about 6 months. So how has things been?
Alex Kantrowitz, writing for Decrypt, appears to be optimistic. He said in El Zonte, a small town of 3000 in El Salvador, bitcoin took off for a reason.
First, it was useful to people. The most immediate benefit was that it helped Salvadorans avoid exploitative remittance fees they paid on the $6 billion that friends and family outside the country sent back each year.
And now, bitcoin is everywhere in El Salvador. One can use it at McDonald’s, fancy coffee shops, or small groceries run from people’s living rooms that have QR codes hanging out front to enable Bitcoin transactions.
It appears the experiment is working out and President Nayib Bukele is planning to launch bitcoin-backed bonds to raise $1 billion for El Salvador.
More to read: Why El Salvador’s Wild Bitcoin Experiment Just Might Work,
El Salvador’s leader wants to go in even bigger on bitcoin
Inflation & Crypto
The main narrative of bitcoin is that it is digital gold and can acts as an inflation hedge. This is due to the fact that bitcoin has a fixed limit of 21 million coins that can ever be created. This limited supply allows bitcoin to resist inflation.
But is this true? COVID-19 presented the ideal conditions to test this theory once countries across the world began injecting trillions of dollars into their economies.
From May 2020 through April 2021, inflation was very low, although it did increase near the end of the period. Meanwhile, bitcoin boomed.
Recently, inflation has been sharply higher, but bitcoin has languished. A few days ago, bitcoin started to trend upwards only because Terraform Labs and others started purchasing a lot of bitcoin to back Luna.
For the moment, it’s still too early to tell if bitcoin can be a hedge against inflation, but what’s undeniable is, that since its creation, bitcoin has outperformed many traditional asset classes.
More to read: Will Cryptocurrency Protect Against Inflation?,
Bitcoin and Inflation: Everything You Need to Know,
and Inflation: Everything You Need to Know
Partner’s Update: Metapoly Genesis NFT Sale
Metapoly’s Genesis NFT Sale is happening!
IDO Genesis NFT Mint Details
- NFT Type: Genesis NFT
- Price: $500
- Accepted Currency: ETH / USDT / USDC
- Total Supply: 300–30 Ape Gang, 90 Crown, 90 Key, 90 Moneybag
- NFT Property: 4 — Ape Gang, Crown, Key, Moneybag
IDO Genesis NFT Mint Timeline
- Phase 1 Minting : 2 Apr 8pm SGT — 3 Apr 7:59pm SGT
- Phase 2 Minting : 3 Apr 8pm SGT — 5 Apr 7:59pm SGT
Read more: Announcing Metapoly IDO — Genesis NFT Mint,
$USM: Asset-backed Stablecoin for Metaverse
Partner’s Update: CDzExchange
The BNB2x-ALI vault, with +12.16% performance, beat merely holding BNB at 6.72%. It also outperformed BTC and ETH, which are currently 4.44% and 10.54% respectively.
To invest in CDzExchange BNB2x-ALI, visit https://app.cdz.exchange/leverage
DAOventures newsletter is meant for informational purposes only. It is not meant to serve as investment or financial advice.
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