Arthur Hayes: Bitcoin Wins 👑

GM. This is Degen Scoop. It’s Friday, here’s the scoop for the end of the week:

• Arthur Hayes: Bitcoin Wins 👑

• Mastercard and Binance Partnership Dies 🪦

• UK Banning Crypto Cold Calls ☎️

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Arthur Hayes: Bitcoin Wins in Inflationary Environments

It’s no secret that Arthur Hayes is bullish on Bitcoin if you read any of his writing. It may not be the perfect form of money, but it’s not hard to recognize that it’s an asset that performs well as the money supply increases. One only needs to look back to 2021 and how the whole crypto market benefited from its PA.

The biggest draw of Bitcoin is its finite supply compared to fiat currency. At the order of politicians, fiat becomes less valuable over time due to money printing. This is impossible to do with Bitcoin given its nature; a major benefit over fiat currency. Bitcoin is still down from its highs, but Hayes remains optimistic in its future in the years to come.

The Partnership Between Mastercard and Binance Ending

The two companies had a partnership that saw a crypto card program get implemented in the following countries: Argentina, Bahrain, Brazil, and Colombia. The card programs are set to end in about a month on September 22, 2023. It’s unfortunate, because the ability to use crypto via a credit card is a major unlock.

We are certain this isn’t the last time a major centralized exchange partners with a major credit card provider. If anything, one would expect Coinbase or Kraken to try and do the same given the opportunity to add another revenue stream. It’s inevitable to become a mainstream product, the only question is when.

UK Initiates Ban on Cold Calls Regarding Crypto Financial Products

Ever since Brexit, the UK has found a fondness for making bad decisions. Yesterday, it was announced that the government would be assessing how to conduct a cold call ban on crypto financial products. The politicians could certainly do something more productive with their time such as inflation or lack of innovation coming out of the country.

This new effort is part of an initiative that aims to reduce fraud which is a valiant effort. It’s most interesting that in the available literature, any sort of crypto financial product is being framed as a vehicle for fraud which couldn’t be further from the truth. Fraud is certainly a problem, but finding a way to do this correctly is likely not in the cards.

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.