🥛Forget about prices, crypto is saving lives
- Writer Milk Man
- June 28, 2022
- •3 Min Read
GM. This is the Milk Road, the newsletter that makes crypto so fun it’ll give you 2nd-grade recess flashbacks.
Here’s what we got for ya today:
- Forget about prices, Crypto is saving lives
- The weekly crypto funds report
- Will FTX buy Robinhood?
- Meme of the day
CRYPTO HELPING THOSE IN WARZONES
Being able to make money with crypto is cool, but you know what's way cooler? Helping people & saving lives.
That's right. Crypto has been a lifeline for a lot of people around the world.
Here are two trends we're starting to see:
1/ More people and countries are adopting crypto during times of crisis
2/ Charities are using crypto to deliver help, fast
Let's take a look at three examples from around the world:
When Russia invaded Ukraine, the banks stopped working like normal. So the citizens looked to crypto for help.
"We wouldn't have been able to buy the first 100 bullet-proof vests to help civilians defend their houses without Bitcoin."
Many Palestinians are locked out of payment apps. Imagine if you couldn't use your banks' app, CashApp, Venmo, or ApplePay.
When they aren't locked out, there are insane fees just to send & receive money.
Brokers only charge about 1-2% in fees to send or receive crypto. It's been a super quick and easy alternative for people there.
The majority of Afghans don't have bank accounts. So they turn to crypto to transfer money.
There have been almost no remittances through international bank payments since August 2021 (when the U.S imposed new restrictions).
- Aseel is an e-commerce platform that uses crypto donations to buy supplies such as food and first aid. They can quickly give them out to those in need rather than wait days for banks to process the payment.
- Ukraine has raised over $100m in crypto donations since February to buy food & supplies
- The Giving Block, a crypto donations platform, has also raised $100m since last year
All in all, crypto is making a real impact for people around the world.
THE WEEKLY CRYPTO ASSET FLOW REPORT
The results from the latest Weekly Crypto Asset Flow Report are in: a total of $423m in crypto was sold off over the last week by funds.
This is the most that has ever been sold in a week (since they started keeping records of this a few years back).
IS FTX LOOKING TO BUY ROBINHOOD?
Rumors are swirling that FTX might buy the famous stock trading app Robinhood.
Juicy, I know.
But there’s one problem - the FTX team came out with a statement denying the rumors saying they’re not currently in M&A discussions.
Still - that didn’t stop Robinhood’s stock price from going up by 12%.
Although it looks like it might not happen right now, it did get us thinking about what if it did happen. And honestly, the acquisition makes a lot of sense.
Here are the reasons why it MIGHT make sense:
- Robinhood is struggling, but has one good thing going for them: crypto. In Q1 they saw a 13% increase in crypto trading revenue
- FTX recently launched a way to trade stocks on their platform: This would immediately give them a ton of traction
- Sam Bankman-Fried (founder of FTX) bought 7.6% of Robinhood last month
- Robinhood recently released a new crypto wallet
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CRAZY STORY OF THE DAY
Celsius is a crypto exchange that is currently going through some rough times. They're on the verge of going bankrupt.
2 weeks ago, Alex Mashinsky (the CEO) tweeted that they're working non-stop.
Yesterday, Alex got caught by officials at an airport trying to fly out of the country....
That's right. Alex tried pulling a Catch Me If You Can. I guess the only thing "non-stop" was Alex's flight to Israel.
The Macalinao Brothers (well-known Solana developers) are launching a new crypto VC fund called Ship Capital. Do they plan to stop building? No. They’re building & investing at the same damn time.
The Central African Republic launches a new crypto program, Sango, to build a crypto hub. They're going to tokenize natural resources, and create a virtual “crypto island”.
Bloomberg reports that ~$4b in loans backed by Bitcoin mining rigs are in danger of being sold off. This could force miners to sell even more BTC if prices go lower.
FTT DAO, a group of FTX fans, has raised $7m for an ecosystem fund that will go back to community-led projects and crypto education.
MEME OF THE DAY
That's all for today folks, see ya tomorrow!
Ben "2% Milk" Levy & Diego "El Lechero" Salinas
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DISCLAIMER: None of this is financial 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. Please be careful and do your own research.
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