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Unpacking Worldcoin's AI Hype

gm Bankless Nation, March has arrived. Is this the month we push through all-time highs?
Mar 1, 2024 β€’ 3 min read
Unpacking Worldcoin's AI Hype
Published on Mar 1, 2024
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Crypto Around the World
  1. πŸ‡³πŸ‡¬ 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.
  2. πŸ‡§πŸ‡· BlackRock gets Brazil BTC ETF. BlackRock is taking its BTC ETF show on the road, launching the iShares Bitcoin Trust ETF in Brazil today.
  3. πŸ‡ΈπŸ‡» El Salvador up big. President Nayib Bukele is taking a victory lap, noting that his country's BTC holdings are up over 40%.
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Investors Pile on Risk

πŸ“Š 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 β†— 2.8% β†— 19.5%
BTC $62,794 β†— 3.4% β†— 23.1%
ETH $3,436 β†— 3.5% β†— 16.7%
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Bull vs. Bear: Worldcoin
Bankless Author: David C. & Jack Inabinet

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. πŸ‘‡


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The Stablecoin King

Everyone has an opinion about Tether.

But what does Paolo think? Paolo Ardoino is the CEO of Tether, the $100 billion stablecoin company that owns more U.S. Treasuries than most countries.

We explore why Tether is winning and what really backs $USDT. We also cover the state of stablecoin regulation and market competitors.

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This Week's Yield Opps

Each week, Citizens get a curated list of yield opportunities that the Bankless team is watching. As a free subscriber, you're missing out! πŸ‘‡

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Earn Airdrops!

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It's airdrop season, and plenty of other protocols are preparing to reward early users. Get on their lists. Start hunting!

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.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.