You just can’t keep a good crypto down!
Especially when it’s that mighty Ethereum. It’s in the spotlight once again, thanks to ARK’s exciting venture into sports gaming.
ARK Invest and 21Shares have given a new plan to the SEC. They want to start two new Ethereum funds called ARKZ and ARKY.
If you didn’t know it already, big sports groups like NBA and NFL are already using Ethereum technology. They’re making digital collectibles and games with it.
However, progress, as ever, all depends on The SEC (as crypto matters do much of the time it seems). The SEC has previously rejected two bitcoin spot ETF applications in January 2022 and March 2022.
Nevertheless, it is evident that more people might want to buy Ethereum because of these new funds. Also, with sports teams using Ethereum technology, more people might get interested. Just like when NBA made digital basketball cards that became really popular.
Investor legend, Cathie Wood, from ARK Invest, believes Ethereum can be worth a lot of money in the future.
For investors, this is more proof that digital currencies are gaining acceptance among powerful institutions and leaders. After all, remember what former US President Donald Trump did recently (see previous Trades of the Week for details) – he now has around $2M invested in Ethereum.
In other news, USDC features twice this week.
Firstly, there was the exciting announcement that USDC has been introduced on both the Polygon and the Polkadot blockchains. That’s great news for crypto watchers and investors.
Why? Because as Polkadot’s Dr. Gavin Wood declared, it means “A stable future ahead!” Polygon co-founder Jaynti Kanani’s was also jubilant, tweeting: “Welcome aboard USDC!”
In effect, USDC could become an even more preferred stablecoin, similar to how the Euro became a currency of worth across the world.
Not to be outdone, Solana has rolled out a payment plugin with Shopify, allowing USDC transactions.
Ethereum co-founder Vitalik Buterin declared it: “A new commerce horizon!” and USDC co-founder Jeremy Allaire said it was a move that was, “Bridging the gap between crypto and e-commerce.”
As a result, mainstream e-commerce could witness a significant boost in crypto-based transactions. Again, this is similar to PayPal accepting Bitcoin, another prime example of overall increased crypto adoption.
Question is – are you into crypto yet? If not, this sort of news should be edging you toward realising that crypto is here to stay – therefore making it a SOLID asset in time.
And that is the #1 takeaway – time is on crypto’s side.
If you are on the edge of crypto investing, check out our Price Cost Averaging calculator to help you determine the right amount to invest and the best frequency to do so. This will help you stay on track to reach your financial goals. Check out this week’s Trades of the Week to get the full story.