Unpacking Worldcoin's AI Hype
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- 🇳🇬 Nigeria chasing mega Binance fine. Binance's regulatory issues are far from over; Nigeria is looking to take a hard stance against the exchange and reportedly wants a $10B fine.
- 🇧🇷 BlackRock gets Brazil BTC ETF. BlackRock is taking its BTC ETF show on the road, launching the iShares Bitcoin Trust ETF in Brazil today.
- 🇸🇻 El Salvador up big. President Nayib Bukele is taking a victory lap, noting that his country's BTC holdings are up over 40%.
📊 February stuns. Crypto tokens remain in pursuit of all-time highs while TradFi indices set new ones!
The S&P 500 (SPX), an index of the 500 largest stocks trading on US exchanges, has now closed out 16 of its last 18 weeks green, with the near uninterrupted 25% bull run since late October providing strong confirmation for the broader market’s risk-on appetite. The Risk Rally continues, but how long can it last?
| Prices as of 4pm ET | 24hr | 7d |
|
Crypto $2.33T | ↗ 2.8% | ↗ 19.5% |
|
BTC $62,794 | ↗ 3.4% | ↗ 23.1% |
|
ETH $3,436 | ↗ 3.5% | ↗ 16.7% |
Worldcoin is in the big leagues now after a massive buying spree fueled by AI investing narratives, pushed the low-float token's fully diluted value (FDV) into the stratosphere.
The project is now sporting a nearly $80 billion FDV, but with just 1.4% of the project's tokens currently in circulation, there's a big asterisk to that figure. The question is whether the project has any chance of maintaining such a high value as investor token unlocks drastically increase the available supply of the token.
To get a sense of where the token goes next, two Bankless analysts take opposite POVs in our latest Bull vs Bear. Let's kick things off with the bear case. 👇
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Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.
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