Main Takeaway: Elon Gives Crypto Markets Hope
Elon Musk tweeted a reply to a tweet regarding Bitcoin falling from $69,000 to $16,000 saying that “BTC will make it, but might be a long winter.” This is a growing consensus on crypto Twitter as many small-cap coins get flushed out and the community returns to the original ethos of crypto and decentralized finance (DeFi), mainly being in the custody of your own cryptocurrencies. As retail and VCs begin divesting from bad projects, there could be a pushback into the king of crypto (Bitcoin), which will help heal the crypto narrative in these dark times.
In other news, Nike is releasing a metaverse platform for sneakers called .Swoosh – which only further cements the trend that Web3 adoption is in fact ongoing. Nike potentially has a huge metaverse opportunity since it has IP rights over sneaker designs and can easily implement a Move-to-Earn business model that’s profitable. Investors and traders should watch carefully how Nike innovates or approaches the current business models of StepN and StepWatch (among others).