03/28/2022: Weekly Briefing
During the Oscar broadcast, crypto.com had ads about donating crypto to help Ukraine. It has received a lot of crypto donations over recent weeks.
Very often I get people asking me what is the use case for crypto? How is it better or more effective than our current financial system? We are seeing it unfold right now. It allows individuals and organizations to send money swiftly and directly. If there are macro factors, like war, sanctions, or natural disaster, that can cause disruptions to the financial system or your ability to get money out of the bank, crypto offers an alternative way to receive and spend money.
I believe we’ll continue to see more uses of crypto in other countries and other situations. Especially in instances where the local currency has been devalued or when there are capital controls on money leaving the country. This is why I believe China has cracked down on cryptocurrency; it is an alternative way for individuals to move money around—something that may feel destablizing to a government that controls capital outflows. Also, China has been working on creating a sovreign digital currency, and my guess is they will want citizens to use that rather than an unregulated cryptocurrency like bitcoin.
In summary, crypto donations to Ukraine have proven to be an effective and quick way to send funds. While traditional international wire transfers can sometimes take 2-3 days to complete, crypto is relatively quick (maybe taking up to about ~30min). This can be critical when you need money right away.
Other comments:
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Money & Crypto
Articles: I’ve heard from many of you that you’re struggling to open links to articles. Click here for articles.
The war in Ukraine and the staggering number of crypto donations are a prime use case of crypto (Wired)
India passes a 30% capital gains tax on all crypto transactions. That is quite surprising and very high. (CoinDesk)
US government pushes back on corporations using Chapter 11 bankruptcy as a way of reorganizing (WSJ)
Museums digitizing art and selling as NFTs. I’ve always believed that art is one of the strongest use cases for NFTs. (NYT)
Reaching your storage limit on Gmail? Google One is a subscription service that grants more space . I caved and bought into this beacuse I tried cleaning my gmail myself but it was taking forever.(Wired)
Etc.
How to set your Instagram feed in chronological order
Stephen Wilhite, creator of the GIF, passes away
Best dressed at the Oscars
Podcast Pick of the Week
🎧NPR listeners voted for their favorite Best Picture Oscar winners of all time (Parasite, Lord of the Rings, Casablanca, Schindler’s List among others)
Disclaimer: All opinions are my own. The content on this site and on the podcast does not constitute financial, legal, accounting, tax, or investment advice.
