Vitalik Tied to Prometheum 🤯

GM. This is Degen Scoop. It’s Thursday AKA Friday Junior, let’s go:

• Vitalik Tied to Prometheum 🤯

• Jerome Powell: Stablecoins Are Money 💵

• The Bitcoin ETFs Keep Coming ₿

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Vitalik Buterin, Co-Founder of Ethereum, Tied to Prometheum

We touched on Prometheum a few days ago and it’s certainly the biggest mystery to hit Crypto Twitter in some time. Investigative work revealed that Vitalik Buterin, co-founder of Ethereum, is intertwined in this mess via an entity known as Wanxiang Blockchain Labs.

Wanxiang is a China-based organization that is a non-profit dedicated to blockchain research. Vitalik’s role isn’t entirely clear, but we do know that he publicly spoke at one of their events in 2016.

In an SEC filing from 2018, it was made known that Prometheum entered a partnership with Wanxiang Blockchain and lasted until late 2021. It’s not apparent as to how the two organizations worked in concert, but the Vitalik connection only thickens the plot of this developing story.

Federal Reserve Chair Claims Stablecoins Are Money

If we’ve learned anything from the past couple of years, it’s that stablecoins are one of the greatest use cases to come out of crypto. The PMF is clear and they work without much difficulty at all. It seems that Jerome Powell finally got the message that these tokens are money.

In this same hearing, he did claim that a CBDC will not be seen anytime soon, if ever. Powell’s comments indicate that there is no desire for a digital dollar sponsored by the Federal Reserve at this time. It would seem that this will be left to the private sector for the foreseeable future. It couldn’t be clearerwhy stables are fighting for market share before TradFi comes to the game.

Wall Street Files For Countless Bitcoin ETFs

It’s been about a week since BlackRock filed for a Bitcoin ETF. Their move has opened the flood gates and induced a number of other companies to follow suit and cash in on the opportunity. Some of the companies that have since filed for an ETF include: WisdomTree, Invesco, Fidelity, etc.

The consensus seems to be that BlackRock has an ace up their sleeve. Instead of letting them eat up all of the market share, every company has put in the work and filed for their own as well to capitalize on the opportunity. The announcement of EDX Markets yesterday shows that Wall Street is now crypto friendly as long as there is money to be made. This news has led Bitcoin to break $30,000 and Ethereum to hit $1,900.

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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.